4110 Lyman Ave · Toledo, OH 43612

$39,900

3 bd · 1.0 ba · 1,302 sqft · SingleFamily public records · 11 Days on market

Built 1923 3,600 sqft lot $31/sqft · 65% below area

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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
• Rent growth +4.0/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

4110 LYMAN RTOLEDO OHIO 436123 BED 1 BATH 1302 SQFT CENTRAL AIR ,NEWER ROOF NICE CLEAN INSIDE,2 CAR GARAGE DETACHEDFENCED YARD .

Key facts

• 3,600 sq ft lot
• 2 garage spots
• Built 1923

Property features AI

Exterior

• Parking: Detached garage with concrete driveway; 2 parking spaces (garage total)
• Utilities: Public water; Public sewer (sewer connected); 100 Amp electric service
• Home design: Single-family residence; Residential property; Two levels (2 stories); No common walls; Not attached
• Construction: Aluminum siding; Block foundation; Year built from public records
• Exterior features: Shingle roof

Interior

• Kitchen: Main-level kitchen (approx. 11 x 10)
• Bedrooms: Second bedroom located on the upper level (approx. 12 x 11); Third bedroom located on the upper level (approx. 11 x 9); Additional upper-level room (approx. 12 x 12)
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Total of 6 rooms; Basement: Block; Other interior features
• Laundry & utility: Laundry located on the upper level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $674 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 26.6% 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: Deveaux Elementary School (math 13% / reading 16%, grade F, #1,400 of 1,584 statewide, top 90%, 475 students, 0% FRL); Start High School (math 11% / reading 33%, grade F, #672 of 781 statewide, top 86%, 1,242 students, 50% FRL) — zoned schools average 25% FRL vs 72% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+6.0%/yr); 92 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent runs 31% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 6y 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: property tax is 3.6% of price; built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,900

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 3.23% ✓
• Cap rate: 26.56%
• Cash-on-cash: 72.36%
• DSCR: 4.22
• GRM: 2.6

CMA / ARV

• ARV (median comp): $115,565
• List price: $39,900
• Delta: -65.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4218 Parrakeet Ave	0.15mi	3/1.0	1,163 (-11%)	2mo	$107,500	$92	74
3514 Willys Pkwy	0.73mi	3/1.5	1,312 (+1%)	1mo	$64,900	$49	62
1805 Tremainsville Rd	0.42mi	3/1.5	1,152 (-12%)	1mo	$92,000	$80	59
3713 Drexel Dr	0.71mi	3/1.0	1,356 (+4%)	1mo	$115,000	$85	59
1344 Corbin Rd	0.62mi	3/1.0	1,200 (-8%)	1mo	$157,500	$131	57
1546 Gould Rd	0.58mi	3/1.0	1,159 (-11%)	1mo	$75,000	$65	54
3515 Watson Ave	0.58mi	3/2.0	1,157 (-11%)	0mo	$150,000	$130	50
4612 Willys Pkwy	0.68mi	3/1.0	1,163 (-11%)	1mo	$85,000	$73	49
4228 N Lockwood Ave	0.53mi	3/2.0	1,493 (+15%)	0mo	$85,000	$57	46
1425 Hagley Rd	0.62mi	4/1.5 (+1)	1,436 (+10%)	1mo	$147,000	$102	46
2044 Brussels St	0.75mi	2/1.0 (-1)	1,200 (-8%)	1mo	$59,900	$50	46
3938 Berkeley Dr	0.69mi	3/1.0	1,472 (+13%)	1mo	$120,000	$82	45

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

Projected returns pro-forma

-3.0% appreciation · 6.01% rent growth · sell at horizon

5-year hold

• IRR: 75.7%
• Equity multiple: 4.63×
• Total profit: $40,532
• Equity at exit: $5,949

10-year hold

• IRR: 80.3%
• Equity multiple: 10.70×
• Total profit: $108,376
• Equity at exit: $3,450

Cash invested: $11,172 (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 43612

• Home prices YoY: -17.5%
• Rents YoY: 6.0%
• Active inventory: 92
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,290 high
• Mortgage (P&I): −$209
• Tax from tax record: −$120 /mo · $1,439/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $674

Break-even live

Break-even rent $438

Max offer price $39,900

Occupancy floor 43%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4038 Lyman Ave Toledo, OH	3.0	1.0	1175	$1,395	$1.19	43d	1	0.04mi
4120 Parrakeet Ave Toledo, OH	3.0	2.0	1410	$1,450	$1.03	43d	1	0.11mi
1477 W Sylvania Ave Toledo, OH	3.0	1.0	1570	$1,250	$0.80	43d	1	0.15mi
4223 Birchall Rd Toledo, OH	3.0	1.0	1338	$1,395	$1.04	23d	1	0.22mi
1489 Berdan Ave Toledo, OH	3.0	1.0	1068	$1,250	$1.17	43d	1	0.37mi
4315 Garden Park Dr Toledo, OH	3.0	1.0	1268	$1,423	$1.12	23d	1	0.38mi
3805 Hoiles Ave Toledo, OH	3.0	1.0	1370	$1,025	$0.75	23d	1	0.45mi
3713 Hazelhurst Ave Toledo, OH	3.0	1.5	1352	$1,700	$1.26	43d	1	0.45mi
3915 Willys Pkwy Unit 3915 Toledo, OH	3.0	1.0	1080	$800	$0.74	21d	1	0.46mi
3725 Hoiles Ave Toledo, OH	3.0	1.0	1180	$1,245	$1.06	23d	1	0.47mi
4138 N Lockwood Ave Toledo, OH	2.0	1.0	1300	$1,050	$0.81	23d	1	0.53mi
4614 Commonwealth Ave Toledo, OH	3.0	1.5	1459	$1,295	$0.89	13d	1	0.54mi
3606 Revere Dr Toledo, OH	4.0	1.0	1320	$1,500	$1.14	43d	1	0.56mi
4158 Mayfield Dr Toledo, OH	2.0	1.0	960	$850	$0.89	13d	1	0.65mi
1731 Mansfield Rd Toledo, OH	3.0	1.0	1138	$1,195	$1.05	23d	1	0.68mi
3541 Willys Pkwy Toledo, OH	3.0	1.0	1113	$1,400	$1.26	43d	1	0.68mi
4459 N Haven Ave Toledo, OH	3.0	1.0	1416	$1,200	$0.85	13d	1	0.68mi
1846 Loxley Rd Toledo, OH	2.0	1.0	876	$900	$1.03	43d	1	0.69mi
3683 Upton Ave Toledo, OH	3.0	1.0	1119	$1,100	$0.98	43d	1	0.69mi
1338 Crestwood Rd Toledo, OH	3.0	1.0	1000	$1,250	$1.25	13d	1	0.71mi
1016 Mallett St Unit 1 Toledo, OH	2.0	1.0	1300	$900	$0.69	43d	1	0.72mi
1014 Berdan Ave Toledo, OH	3.0	1.0	1215	$1,200	$0.99	43d	1	0.79mi
3615 Berkeley Dr Toledo, OH	3.0	1.0	1096	$1,400	$1.28	13d	1	0.81mi
4039 Vermaas Ave Toledo, OH	2.0	1.0	900	$900	$1.00	23d	1	1.01mi
4129 Vermaas Ave Toledo, OH	3.0	1.5	1385	$1,250	$0.90	43d	1	1.01mi
4406 Asbury Dr Toledo, OH	4.0	2.0	1089	$1,550	$1.42	13d	1	1.02mi
2301 Portsmouth Ave Toledo, OH	4.0	1.0	1335	$1,395	$1.04	23d	1	1.02mi
1718 Giant St Toledo, OH	3.0	1.0	1080	$1,395	$1.29	13d	1	1.02mi
4124 Vermaas Ave Toledo, OH	2.0	1.0	1245	$997	$0.80	43d	1	1.04mi
1838 Giant St Toledo, OH	3.0	1.0	962	$1,200	$1.25	13d	1	1.07mi
1804 Bigelow St Toledo, OH	3.0	1.0	995	$937	$0.94	43d	1	1.10mi
3950 Woodhaven Dr Toledo, OH	2.0	1.0	1072	$745	$0.69	23d	1	1.13mi
3905 Peru St Toledo, OH	4.0	3.0	1548	$1,300	$0.84	21d	1	1.16mi
4140 Caroline Ave Toledo, OH	3.0	1.5	1378	$1,650	$1.20	23d	1	1.16mi
4220 Caroline Ave Toledo, OH	3.0	1.0	944	$1,095	$1.16	43d	1	1.16mi
1801 Christian Ave Toledo, OH	1.0–2.0	1.0	750	$939	$1.25	13d	1	1.17mi
1573 Jermain Dr Toledo, OH	3.0	1.0	1254	$1,195	$0.95	13d	1	1.19mi
3644 Harley Rd Toledo, OH	2.0	1.0	1025	$975	$0.95	23d	1	1.37mi
3430 Anderson Pkwy Toledo, OH	3.0	2.0	1372	$1,650	$1.20	23d	1	1.38mi
1732 Newport Ave Toledo, OH	3.0	1.0	896	$1,350	$1.51	23d	1	1.39mi

Listing history 13 events

1. 2026-05-12
   status Pending 425-char remark
2. 2026-04-30
   listed $39,900 Active 425-char remark
3. 2025-08-07
   soldstatus $80,100
4. 2021-11-01
   historical
5. 2021-10-04
   status Active
6. 2021-09-21
   status Pending
7. 2021-08-23
   listed $79,000 Active
8. 2020-10-20
   soldstatus $54,200

   Show marketing remark (128 chars)

   4110 LYMAN RTOLEDO OHIO 436123 BED 1 BATH 1302 SQFT CENTRAL AIR ,NEWER ROOF NICE CLEAN INSIDE,2 CAR GARAGE DETACHEDFENCED YARD .

9. 2020-10-14
   price $54,200

   Show marketing remark (128 chars)

   4110 LYMAN RTOLEDO OHIO 436123 BED 1 BATH 1302 SQFT CENTRAL AIR ,NEWER ROOF NICE CLEAN INSIDE,2 CAR GARAGE DETACHEDFENCED YARD .

10. 2020-06-18
    listed $49,900

    Show marketing remark (128 chars)

    4110 LYMAN RTOLEDO OHIO 436123 BED 1 BATH 1302 SQFT CENTRAL AIR ,NEWER ROOF NICE CLEAN INSIDE,2 CAR GARAGE DETACHEDFENCED YARD .

11. 2020-03-06
    historical
12. 2020-02-10
    listed $1,110,000
13. 2011-06-20
    soldstatus $16,050

ⓘ 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: $1,439 · $120/mo
• Projected year-2 tax: $1,439 · $120/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 ≥101°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: $15,486
• − Mortgage interest: −$2,235
• − Property taxes: −$1,439
• − Insurance: −$200
• − Repairs & maintenance: −$1,239
• − Management: −$1,239
• − Depreciation: −$1,161
• Taxable income: $7,974
• Est. tax owed @ 24.0%: −$1,914
• After-tax cash flow: $6,171/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): 28,480
• Household income: $50,728
• Rent vs Own: 45.4% rent · 54.6% own
• Severe rent burden: 1203.0

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 (63%)
• Race & ethnicity: White 63% Black 23% Two or more races 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2%
• Common ancestry: Romanian 9% Lithuanian 3% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% 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: ▼ -50.05%
• Current HPI: 235.5389
• Rent YoY: ▲ 6.01%
• 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

+148.6% since first listed

13 events — show timeline

• 2026-05-12 Pending — NORIS
• 2026-04-30 Listed $39,900 NORIS
• 2025-08-07 Sold (Public Records) $80,100 Public Records
• 2021-11-01 Listing Removed — NORIS
• 2021-10-04 Relisted — NORIS
• 2021-09-21 Pending — NORIS
• 2021-08-23 Listed $79,000 NORIS
• 2020-10-20 Sold (MLS) $54,200 NORIS
• 2020-10-14 Price Changed $54,200 NORIS
• 2020-06-18 Listed $49,900 NORIS
• 2020-03-06 Listing Removed — NORIS
• 2020-02-10 Listed $1,110,000 NORIS
• 2011-06-20 Sold (Public Records) $16,050 Public Records

Property tax history

+0.8%/yr

Latest (2025): $1,439 · -4.4% YoY. Source: county tax records.