709 Thayer St · Toledo, OH 43609

$80,000

4 bd · 3.0 ba · 1,840 sqft · MultiFamily public records · 30 Days on market

Built 1887 4,300 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.4/10.0
• Rent growth +4.5/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Multi-family units

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

Listing remarks MLS

Move in ready! Ready for tenants. Spacious 3 bed/2 bath lower unit and smaller 1 bed/1 bath unit. Both in very good condition. Lower previously rented for $495/mo.

Key facts

• Barn doors
• New flooring
• New paint

Tags

• BARN DOORS
• NEW PAINT
• NEW FLOORING
• CLEAN DRY BASEMENT
• WASHER AND DRYER HOOKUP
• SEPARATE METERS

Property features AI

Finance

• Other: Living area approximately 1,840; Lot about 0.1 acre (4,300 sq ft)
• Financial info: Two-unit property (one unit vacant); Tenant pays all utilities, electricity and gas; Owner pays water and taxes

Exterior

• Parking: Detached garage; Asphalt parking; 2 parking spaces (2-car garage)
• Utilities: Electricity connected (200+ amp service); Natural gas connected; Public water; Public sewer
• Home design: Residential income property (duplex); Two-story
• Construction: Vinyl siding; Wood siding; Block foundation; Built as a duplex
• Exterior features: Shingle roof; Corner lot

Interior

• Kitchen: No appliances included
• Flooring: Luxury vinyl
• Heating & cooling: Forced air heating; Window cooling units
• Interior features: Other
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $80k.

Deal economics

• At list price, monthly cash flow is $791 ($9k/yr) — positive. Per door: $396/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.2% vs local median 7.6% in Toledo — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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.
• 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.
• Zoned schools: Marshall Stemm Academy (math 2% / reading 8%, grade F, #1,554 of 1,584 statewide, top 100%, 374 students, 0% FRL); Waite High School (math 12% / reading 24%, grade F, #687 of 781 statewide, top 88%, 997 students, 0% FRL) — zoned schools average 0% FRL vs 72% district-wide (72 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+7.8%/yr); 99 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $1,684/mo this rent would consume 48% of the median local household income ($42k/yr) (locally 1603% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $1k of equity ($553 loan paydown + $600 appreciation (0.8% local appreciation)).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.8% appreciation + 7.8% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y 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 $22k; list at $80k implies a 264% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,800 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1887 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.10% ✓
• Cap rate: 18.17%
• Cash-on-cash: 42.40%
• DSCR: 2.89
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $46,000
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
825 Colburn St	0.26mi	4/2.0	1,999 (+9%)	4mo	$50,000	$25	66
225 Wasaon St	0.70mi	4/2.0	2,024 (+10%)	1mo	$18,700	$9	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.75% appreciation · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 49.2%
• Equity multiple: 3.66×
• Total profit: $59,474
• Equity at exit: $26,272

10-year hold

• IRR: 53.2%
• Equity multiple: 8.56×
• Total profit: $169,249
• Equity at exit: $34,124

Cash invested: $22,400 (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 43609

• Home prices YoY: 0.3%
• Rents YoY: 7.8%
• Active inventory: 99
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,684 high
• Mortgage (P&I): −$420
• Tax from tax record: −$86 /mo · $1,032/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $791

Break-even live

Break-even rent $682

Max offer price $80,000

Occupancy floor 48%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$1,684
Total (2 units)			$1,684

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1021 Walbridge Ave Toledo, OH	3.0	1.0	1592	$975	$0.61	43d	1	0.42mi
2424 Broadway St Toledo, OH	3.0	1.0	1416	$1,049	$0.74	14d	1	0.57mi
523 Nicholas St Toledo, OH	3.0	1.0	1290	$1,350	$1.05	14d	1	0.91mi
825 Brighton Ave Toledo, OH	3.0	1.0	1533	$1,350	$0.88	43d	1	1.00mi
2802 Broadway St Unit 1 Toledo, OH	3.0	1.0	1650	$1,400	$0.85	14d	1	1.32mi

Listing history 25 events

1. 2026-06-18
   days on market $80,000 Active 30 DOM
2. 2026-06-17
   days on market $80,000 Active 29 DOM
3. 2026-06-16
   days on market $80,000 Active 28 DOM
4. 2026-06-15
   days on market $80,000 Active 27 DOM
5. 2026-06-14
   days on market $80,000 Active 25 DOM
6. 2026-06-10
   days on market $80,000 Active 22 DOM
7. 2026-06-09
   days on market $80,000 Active 21 DOM
8. 2026-06-08
   days on market $80,000 Active 20 DOM
9. 2026-06-07
   days on market $80,000 Active 19 DOM
10. 2026-06-05
    days on market $80,000 Active 16 DOM
11. 2026-06-03
    days on market $80,000 Active 15 DOM
12. 2026-06-02
    days on market $80,000 Active 14 DOM
13. 2026-06-01
    days on market $80,000 Active 13 DOM
14. 2026-05-31
    days on market $80,000 Active 12 DOM
15. 2026-05-30
    days on market $80,000 Active 11 DOM
16. 2026-05-19
    listed $80,000 Active
17. 2025-10-13
    price $22,000 163-char remark

    Show marketing remark (163 chars)

    Move in ready! Ready for tenants. Spacious 3 bed/2 bath lower unit and smaller 1 bed/1 bath unit. Both in very good condition. Lower previously rented for $495/mo.

18. 2025-10-09
    price $24,000 92-char remark

    Show marketing remark (92 chars)

    GREAT INVESTMENT PROPERTY NEEDS WORK. 2ND FLOOR COULD BE APARTMENT IT HAS SEPERATE ENTRANCE.

19. 2010-04-09
    soldstatus $22,000 163-char remark

    Show marketing remark (163 chars)

    Move in ready! Ready for tenants. Spacious 3 bed/2 bath lower unit and smaller 1 bed/1 bath unit. Both in very good condition. Lower previously rented for $495/mo.

20. 2009-11-23
    listed $29,900 163-char remark

    Show marketing remark (163 chars)

    Move in ready! Ready for tenants. Spacious 3 bed/2 bath lower unit and smaller 1 bed/1 bath unit. Both in very good condition. Lower previously rented for $495/mo.

21. 2008-01-31
    historical
22. 2007-08-03
    listed $59,900
23. 2003-02-13
    soldstatus $24,000 92-char remark

    Show marketing remark (92 chars)

    GREAT INVESTMENT PROPERTY NEEDS WORK. 2ND FLOOR COULD BE APARTMENT IT HAS SEPERATE ENTRANCE.

24. 2003-02-04
    price $29,000 92-char remark

    Show marketing remark (92 chars)

    GREAT INVESTMENT PROPERTY NEEDS WORK. 2ND FLOOR COULD BE APARTMENT IT HAS SEPERATE ENTRANCE.

25. 2003-01-13
    listed $29,000 92-char remark

    Show marketing remark (92 chars)

    GREAT INVESTMENT PROPERTY NEEDS WORK. 2ND FLOOR COULD BE APARTMENT IT HAS SEPERATE ENTRANCE.

ⓘ 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: $1,032 · $86/mo
• Projected year-2 tax: $1,140 · $95/mo
• Expected delta: +$108/yr (+$9/mo · 10.5%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $20,208
• − Mortgage interest: −$4,481
• − Property taxes: −$1,032
• − Insurance: −$400
• − Repairs & maintenance: −$1,617
• − Management: −$1,617
• − Depreciation: −$2,327
• Taxable income: $8,734
• Est. tax owed @ 24.0%: −$2,096
• After-tax cash flow: $7,402/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: Toledo City
• NCES district ID: 3904490
• Math proficiency: 15% ▼ -16.00%
• Reading proficiency: 24% ▼ -13.00%
• Median HH income: $32,137
• Composite: 15.76/100
• National rank: #9276
• State rank: #634 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): 21,404
• Household income: $42,313
• Rent vs Own: 55.7% rent · 44.3% own
• Severe rent burden: 1603.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 47% Black 29% Hispanic / Latino 17% Two or more races 9%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Arabic 1% French/Haitian/Cajun 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: ▲ 0.75%
• Current HPI: 235.2515
• Rent YoY: ▲ 7.80%
• 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

+175.9% since first listed

10 events — show timeline

• 2026-05-19 Listed $80,000 NORIS
• 2025-10-13 Price Changed $22,000 NORIS
• 2025-10-09 Price Changed $24,000 NORIS
• 2010-04-09 Sold (MLS) $22,000 NORIS
• 2009-11-23 Listed $29,900 NORIS
• 2008-01-31 Listing Removed — NORIS
• 2007-08-03 Listed $59,900 NORIS
• 2003-02-13 Sold (MLS) $24,000 NORIS
• 2003-02-04 Price Changed $29,000 NORIS
• 2003-01-13 Listed $29,000 NORIS

Property tax history

+1.3%/yr

Latest (2025): $1,032 · +14.7% YoY. Source: county tax records.