1163 Bernath · Toledo, OH 43615

$289,000

4 bd · 3.0 ba · 2,400 sqft · MultiFamily public records · 7 Days on market

Built 1979 10,500 sqft lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +12.1/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Livability +3.3/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Two family Townhouse in Springfield Schools! Units are identical with 1200 sq ft., 2 beds, 1.5 baths & separate full basements with laundry hookup. Large parking area. Tenants pay all the utilities! All new windows and sliding glass doors in both units! Good roof, poured foundations & great overall condition! The north unit totally redone with new everything! Rents should be much higher.

Key facts

• Laundry hookups
• Large parking area
• 0.24 acre lot

Tags

• TOWNHOUSE STYLE DUPLEX
• LARGE PARKING AREA
• SEPARATE FULL BASEMENTS
• LAUNDRY HOOKUPS

Property features AI

Finance

• Financial info: Two total units (one rented, one vacant); Tenant pays all utilities; Owner pays common area maintenance, exterior maintenance, snow removal and lawn care

Exterior

• Parking: Asphalt driveway and parking lot
• Utilities: Electricity connected (circuit breakers); Natural gas connected; Public water (connected); Sanitary sewer
• Home design: Residential income property (duplex); Two-story (two total stories, two and one half levels); Single building containing two units
• Construction: Aluminum siding and brick exterior; Combination and other foundation
• Exterior features: Shingle roof

Interior

• Kitchen: Electric range; Refrigerator
• Flooring: Luxury vinyl; Tile
• Heating & cooling: Forced air heating; Central air conditioning; Has heating and cooling
• Interior features: Dual closets; Additional unspecified interior features
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.5-bath units multifamily listed at $289k.

Deal economics

• At list price, monthly cash flow is $-64 ($-765/yr) — negative. Per door: $-32/mo.
• To cash-flow at today's rent, offer at most $278k (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $247k (14.7% below list).
• Recommended offer: $247k (14.7% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 7.6% in Toledo — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• 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-, crime F, commute F.
• Springfield Local (suburban): math 47% / reading 57% proficiency, ranked #404 of 656 in OH (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Holloway Elementary School (math 48% / reading 60%, grade C, #829 of 1,584 statewide, top 53%, 352 students, 51% FRL); Springfield Middle School (math 44% / reading 53%, grade C-, #435 of 654 statewide, top 67%, 744 students, 81% FRL); Springfield High School (math 40% / reading 60%, grade D+, #384 of 781 statewide, top 49%, 922 students, 48% FRL).
• Market conditions: Rents rising (+2.6%/yr); 114 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $2,466/mo this rent would consume 51% of the median local household income ($58k/yr) (locally 1683% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $162k; list at $289k implies a 78% gain — meaningful room to come down on a strong offer.

Recommended offer $246,600 (14.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.85% ✗
• Cap rate: 6.03%
• Cash-on-cash: -0.95%
• DSCR: 0.96
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.59% rent growth · sell at horizon

5-year hold

• IRR: -18.3%
• Equity multiple: 0.36×
• Total profit: $-51,859
• Equity at exit: $43,091

10-year hold

• IRR: -11.4%
• Equity multiple: 0.33×
• Total profit: $-54,323
• Equity at exit: $24,987

Cash invested: $80,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 43615

• Home prices YoY: -31.9%
• Rents YoY: 2.6%
• Active inventory: 114
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $2,466 high
• Mortgage (P&I): −$1,516
• Tax from tax record: −$376 /mo · $4,511/yr
• Insurance: −$120
• HOA: −$0
• Vacancy / Maint / Mgmt: −$518
• Net cashflow: $-64

Break-even live

Break-even rent $2,547

Max offer price $277,734

Occupancy floor 98%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1.5	$2,466
Total (2 units)			$2,466

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5404 Cresthaven Ln Apt 4 Toledo, OH	3.0	2.0	1600	$1,099	$0.69	13d	1	1.42mi

Listing history 6 events

1. 2026-06-18
   days on market $289,000 Active 7 DOM
2. 2026-06-17
   days on market $289,000 Active 6 DOM
3. 2026-06-16
   days on market $289,000 Active 5 DOM
4. 2026-06-15
   days on market $289,000 Active 4 DOM
5. 2026-06-14
   remarks 553-char remark
6. 2026-06-14
   listed $289,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $4,511 · $376/mo
• Projected year-2 tax: $4,511 · $376/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,592
• − Mortgage interest: −$16,188
• − Property taxes: −$4,511
• − Insurance: −$1,445
• − Repairs & maintenance: −$2,367
• − Management: −$2,367
• − Depreciation: −$8,407
• Taxable loss: −$5,695
• Est. tax savings @ 24.0%: +$1,367
• After-tax cash flow: $602/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Springfield Local
• NCES district ID: 3904822
• Math proficiency: 47% ▼ -17.00%
• Reading proficiency: 57% ▼ -11.00%
• Median HH income: $54,807
• Composite: 44.87/100
• National rank: #2719
• State rank: #404 of 656 in OH

Livability — Toledo

• Score: 66/100
• State rank: #645
• US rank: #11442

Category grades

Amenities C- Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Toledo, OH
• County: Lucas County · 380,724 people
• City population: 280,811
• Metro: Toledo, OH
• Population (ZIP): 40,146
• Household income: $57,713
• Rent vs Own: 46.0% rent · 54.0% own
• Severe rent burden: 1683.0

Population outlook (Lucas County) Hauer SSP2

• Today (2025): 420,751 people
• By 2030: 410,187 · -2.5%
• By 2040: 384,019 · -8.7%
• By 2050: 355,125 · -15.6%
• By 2075: 291,683 · -30.7%
• By 2100: 233,670 · -44.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (62%)
• Race & ethnicity: White 62% Black 26% Two or more races 6% Hispanic / Latino 4% Asian 3%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 5% · China, Canada
• Languages at home: 93% English-only · Arabic 2% Spanish 1% Chinese 1%

Political lean MEDSL · Lucas

• 2024 margin: D (+12.6) · D 55.8% · R 43.2%
• 2008→2024 swing: -18.9pp toward R · 2008: 31.4pp · 2024: 12.6pp
• All cycles: 2024: D+12.6 2020: D+16.8 2016: D+17.4 2012: D+30.4 2008: D+31.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -96.44%
• Current HPI: 205.95
• Rent YoY: ▲ 2.59%
• Metro: Toledo, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+263.5% since first listed

11 events — show timeline

• 2026-06-11 Listed $289,000 NORIS
• 2025-10-14 Price Changed $162,000 NORIS
• 2025-10-14 Price Changed $128,000 NORIS
• 2022-06-25 Price Changed $850 RENT.
• 2019-08-16 Sold (Public Records) $162,000 Public Records
• 2019-08-14 Sold (MLS) $162,000 NORIS
• 2019-06-18 Listed $169,900 NORIS
• 2017-11-02 Sold (Public Records) $128,000 Public Records
• 2017-10-31 Sold (MLS) $128,000 NORIS
• 2017-09-12 Listed $131,900 NORIS
• 1986-03-31 Sold (Public Records) $79,500 Public Records

Property tax history

+1.2%/yr

Latest (2025): $4,511 · +2.8% YoY. Source: county tax records.