2274 Robinwood Ave

Toledo, OH 43620

$297,000D

6 bd · 4.0 ba · 7,016 sqft · Built 1909 · MultiFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,728/mo
• Mortgage (P&I): −$1,558
• Tax + insurance: −$457
• HOA: −$0
• Vac / Maint / Mgmt: −$573
• Net cashflow: $140/mo
• Annual: $1,683/yr
• Cap rate: 6.86%
• Cash-on-cash: 2.02%
• DSCR: 1.09
• 1% rule: 0.92%
• Cash to close: $83,160

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $297k.
• At list price, monthly cash flow is $140 ($2k/yr) — positive. Per door: $70/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (8.1% below list).
• It's been on market 28 days — a 2% lower offer ($293k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $273k (8.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#645 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, schools D-, crime F.
• Toledo City (urban): math 15% / reading 24% proficiency, ranked #634 of 656 in OH (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 16y ago; this cycle's ask has dropped $83k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $165k; list at $297k implies a 80% gain — meaningful room to come down on a strong offer.
• At $2,728/mo this rent would consume 153% of the median local household income ($21k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.