1238 N Ontario St · Toledo, OH 43604

$130,000

3 bd · 2.0 ba · 3,453 sqft · SingleFamily · 247 Days on market

Built 1897 Poor condition $38/sqft · 7% above area Est $122k · 7% over

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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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Appreciation +6.2/10.0
• ARV discount +4.4/15.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0

Listing remarks MLS

TWO PROPERTIES! RENTAL/ BUILDING FOR BUSINESS. These two properties have over 3200 combined sq ft. This 3-bedroom home offers over 1700 sq ft 2 full baths, living room, dining room, large eat in kitchen. Includes a nice yard and plenty of potential for live-work or investment. In addition to the home there is a building that sits on the property which can be used to open a business or possibly rental income, whichever you choose! Put your thinking cap on and take advantage of this opportunity. Endless possibilities await! Call for a showing today! Home is currently rented. Property is in Historic District.

Key facts

• Live-work potential
• Rental income
• Built 1897

Tags

• LIVE-WORK POTENTIAL
• BUILDING FOR BUSINESS
• RENTAL INCOME

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $130k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $545 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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-, 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.
• Market conditions: 16 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $1,827/mo this rent would consume 106% of the median local household income ($21k/yr) (locally 693% 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 $4k of equity ($899 loan paydown + $3k appreciation (2.4% 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 (2.4% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 247 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 247 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
9. 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.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.41% ✓
• Cap rate: 11.32%
• Cash-on-cash: 17.97%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (median comp): $121,706
• List price: $130,000
• Delta: 6.81%
• Verdict: FAIR
• Comps: 10 within 2.0 mi

Projected returns pro-forma

2.35% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.0%
• Equity multiple: 2.26×
• Total profit: $45,998
• Equity at exit: $53,764

10-year hold

• IRR: 24.5%
• Equity multiple: 4.32×
• Total profit: $120,780
• Equity at exit: $79,381

Cash invested: $36,400 (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 43604

• Home prices YoY: 2.1%
• Active inventory: 16
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,827 medium
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $545

Break-even live

Break-even rent $1,137

Max offer price $130,000

Occupancy floor 65%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
335 N Superior St Toledo, OH	3.0	2.0	3600	$4,500	$1.25	44d	1	0.88mi

Listing history 22 events

1. 2026-06-18
   days on market $130,000 Active 247 DOM
2. 2026-06-17
   days on market $130,000 Active 246 DOM
3. 2026-06-16
   days on market $130,000 Active 245 DOM
4. 2026-06-15
   days on market $130,000 Active 244 DOM
5. 2026-06-14
   days on market $130,000 Active 242 DOM
6. 2026-06-10
   days on market $130,000 Active 239 DOM
7. 2026-06-09
   days on market $130,000 Active 238 DOM
8. 2026-06-08
   days on market $130,000 Active 237 DOM
9. 2026-06-07
   days on market $130,000 Active 236 DOM
10. 2026-06-05
    days on market $130,000 Active 233 DOM
11. 2026-06-03
    days on market $130,000 Active 232 DOM
12. 2026-06-02
    days on market $130,000 Active 231 DOM
13. 2026-06-01
    days on market $130,000 Active 230 DOM
14. 2026-05-31
    days on market $130,000 Active 229 DOM
15. 2026-05-30
    days on market $130,000 Active 228 DOM
16. 2025-10-10
    listed $130,000 Active 614-char remark

    Show marketing remark (614 chars)

    TWO PROPERTIES! RENTAL/ BUILDING FOR BUSINESS. These two properties have over 3200 combined sq ft. This 3-bedroom home offers over 1700 sq ft 2 full baths, living room, dining room, large eat in kitchen. Includes a nice yard and plenty of potential for live-work or investment. In addition to the home there is a building that sits on the property which can be used to open a business or possibly rental income, whichever you choose! Put your thinking cap on and take advantage of this opportunity. Endless possibilities await! Call for a showing today! Home is currently rented. Property is in Historic District.

17. 2013-04-16
    historical
18. 2012-10-01
    listed $14,900
19. 2012-09-16
    historical
20. 2012-03-16
    listed $19,900
21. 2004-12-25
    historical
22. 2004-06-25
    listed $69,900

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

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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,927
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$650
• − Repairs & maintenance: −$1,754
• − Management: −$1,754
• − Depreciation: −$3,782
• Taxable income: $4,754
• Est. tax owed @ 24.0%: −$1,141
• After-tax cash flow: $5,400/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates to bring it up to a livable condition. Significant investment is needed to improve the exterior, interior, and landscaping to increase its value.

Repairs flagged

• Major exterior siding — Severe peeling and damage
• Major exterior paint — Severe peeling and damage
• Major interior paint — Visible wear and tear
• Major kitchen cabinets — Old and worn-out
• Major bathroom fixtures — Old and worn-out
• Major landscaping — Overgrown vegetation

Value-add opportunities

• Both exterior siding and paint — Improves curb appeal and value
• Both interior paint — Enhances interior aesthetics and value
• Both kitchen cabinets and countertops — Modernizes the kitchen and adds value
• Both bathroom fixtures — Modernizes the bathroom and adds value
• Both landscaping — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe peeling and damage	Major	$15,000–50,000
exterior paint · Severe peeling and damage	Major	$15,000–50,000
interior paint · Visible wear and tear	Major	$15,000–50,000
kitchen cabinets · Old and worn-out	Major	$15,000–50,000
bathroom fixtures · Old and worn-out	Major	$15,000–50,000
landscaping · Overgrown vegetation	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both exterior siding and paint — Improves curb appeal and value ↑
• Both interior paint — Enhances interior aesthetics and value ↑
• Both kitchen cabinets and countertops — Modernizes the kitchen and adds value ↑
• Both bathroom fixtures — Modernizes the bathroom and adds value ↑
• Both landscaping — Enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 9,594
• Household income: $20,734
• Rent vs Own: 80.5% rent · 19.5% own
• Severe rent burden: 693.0

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 0.61)
• Race & ethnicity: Black 51% White 34% Two or more races 9% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 95% English-only · Spanish 3% Arabic 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: ▲ 2.35%
• Current HPI: 111.6154
• Rent YoY: —
• 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

+86.0% since first listed

7 events — show timeline

• 2025-10-10 Listed $130,000 NORIS
• 2013-04-16 Listing Removed — NORIS
• 2012-10-01 Listed $14,900 NORIS
• 2012-09-16 Listing Removed — NORIS
• 2012-03-16 Listed $19,900 NORIS
• 2004-12-25 Listing Removed — NORIS
• 2004-06-25 Listed $69,900 NORIS