1547 Airline Ave · Toledo, OH 43609

$119,900

4 bd · 2.0 ba · 1,248 sqft · MultiFamily public records · 7 Days on market

Built 1912 8,800 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
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• 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

Great investment opportunity!! Two units rented for $900/month ($1800/month total) with two bedrooms & one bath each, a full basement under each unit for great storage, & large private yard. Private entrances from Airline and Wayne St with a nice porch on each side. Updates include new siding, new furnaces in each unit, newer carpet/flooring, recently painted, some plumbing updates & updated porch on the Airline side. Selling as a package with 1538 N Michigan (MLS 6105129) & 1038 Prouty (MLS 6105128). Due to Tenant occupancy all showings will be held after receipt of the offer and POF

Key facts

• Long-term tenants
• New flooring
• Cash-flowing duplex

Tags

• INCOME-PRODUCING DUPLEX
• CASH-FLOWING DUPLEX
• LONG-TERM TENANTS
• NEW WINDOWS
• NEW FLOORING
• STABLE INCOME

Property features AI

Finance

• Financial info: Two-unit building, both units leased; One building total; Tenants pay electricity and gas; Owner pays water

Exterior

• Parking: Concrete parking
• Utilities: Electricity connected; Public sewer; Public water
• Home design: Residential income property (duplex); Duplex structure; Multi/split levels; One-story total
• Construction: Vinyl siding; Other foundation details; Built-in year not provided
• Exterior features: Shingle roof

Interior

• Kitchen: Other appliances
• Flooring: Carpet flooring
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Other interior finishes
• Laundry & utility: Other laundry features

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $553 ($7k/yr) — positive. Per door: $277/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 11.8% 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: Burroughs Elementary School (math 12% / reading 22%, grade F, #1,337 of 1,584 statewide, top 86%, 311 students, 0% FRL); Bowsher High School (math 23% / reading 45%, grade F, #596 of 781 statewide, top 76%, 1,240 students, 49% 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 (+7.8%/yr); 99 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $1,665/mo this rent would consume 47% 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 $2k of equity ($829 loan paydown + $899 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 $34k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 18y ago; this cycle's ask is 14006% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $87k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,900

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 1912 — 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: 1.39% ✓
• Cap rate: 11.83%
• Cash-on-cash: 19.78%
• DSCR: 1.88
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 25.1%
• Equity multiple: 2.32×
• Total profit: $44,432
• Equity at exit: $39,376

10-year hold

• IRR: 30.9%
• Equity multiple: 5.26×
• Total profit: $142,943
• Equity at exit: $51,144

Cash invested: $33,572 (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: 12.0×

Monthly cashflow live

• Estimated rent: $1,665 high
• Mortgage (P&I): −$629
• Tax from tax record: −$83 /mo · $1,000/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $553

Break-even live

Break-even rent $965

Max offer price $119,900

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,666
Total (2 units)			$1,665

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
319 N Detroit Ave Toledo, OH	3.0	1.0	1341	$845	$0.63	44d	1	0.42mi
1321 Gordon St Toledo, OH	3.0	1.0	1121	$1,050	$0.94	44d	1	0.51mi
523 Nicholas St Toledo, OH	3.0	1.0	1290	$1,350	$1.05	14d	1	0.56mi
532 Carlton St Toledo, OH	3.0	1.0	1130	$1,050	$0.93	44d	1	0.58mi
1418 Colburn St Toledo, OH	3.0	1.0	992	$1,200	$1.21	14d	1	0.62mi
724 Spencer St Toledo, OH	3.0	1.5	1127	$1,100	$0.98	44d	1	0.78mi
2314 Airline Ave Toledo, OH	3.0	1.0	1123	$1,478	$1.32	23d	1	0.98mi
915 Woodstock Ave Toledo, OH	3.0	1.5	1500	$1,100	$0.73	23d	1	1.01mi
2424 Broadway St Toledo, OH	3.0	1.0	1416	$1,049	$0.74	14d	1	1.14mi
1140 Palmwood Ave Toledo, OH	3.0	1.0	1292	$1,500	$1.16	44d	1	1.21mi
569 Colima Dr Toledo, OH	3.0	1.0	1253	$1,300	$1.04	23d	1	1.36mi
619 Durango Dr Toledo, OH	3.0	1.0	1276	$1,350	$1.06	44d	1	1.44mi

Listing history 6 events

1. 2026-06-18
   days on market $119,900 Coming Soon 7 DOM
2. 2026-06-17
   days on market $119,900 Coming Soon 6 DOM
3. 2026-06-16
   days on market $119,900 Coming Soon 5 DOM
4. 2026-06-15
   days on market $119,900 Coming Soon 4 DOM
5. 2026-06-14
   remarks 699-char remark
6. 2026-06-14
   listed $119,900 Coming Soon 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: $1,000 · $83/mo
• Projected year-2 tax: $1,435 · $120/mo
• Expected delta: +$435/yr (+$36/mo · 43.5%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,980
• − Mortgage interest: −$6,716
• − Property taxes: −$1,000
• − Insurance: −$600
• − Repairs & maintenance: −$1,598
• − Management: −$1,598
• − Depreciation: −$3,488
• Taxable income: $4,979
• Est. tax owed @ 24.0%: −$1,195
• After-tax cash flow: $5,444/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

+370.2% since first listed

36 events — show timeline

• 2026-06-11 Coming Soon $119,900 NORIS
• 2025-10-14 Price Changed $87,000 NORIS
• 2025-10-14 Price Changed $30,000 NORIS
• 2024-12-17 Rental Removed $845 RENTALBEAST
• 2024-12-13 Price Changed $845 RENTALBEAST
• 2024-12-06 Rental Removed $850 RENTALBEAST
• 2024-12-06 Listed for Rent $850 RENTALBEAST
• 2024-12-06 Price Changed $850 RENTALBEAST
• 2024-11-27 Listed for Rent $895 RENTALBEAST
• 2024-11-17 Rental Removed $895 RENTALBEAST
• 2024-11-01 Price Changed $895 RENTALBEAST
• 2024-10-27 Price Changed $945 RENTALBEAST
• 2024-09-26 Price Changed $950 RENTALBEAST
• 2024-09-07 Listed for Rent $1,000 RENTALBEAST
• 2023-09-22 Pending — NORIS
• 2023-09-21 Sold (MLS) $87,000 NORIS
• 2023-08-08 Contingent — NORIS
• 2023-08-04 Listed $90,000 NORIS
• 2023-03-17 Pending — NORIS
• 2023-03-17 Listing Removed — NORIS
• 2023-03-12 Price Changed $80,000 NORIS
• 2023-03-04 Listed $90,000 NORIS
• 2023-03-01 Coming Soon — NORIS
• 2022-03-01 Sold (Public Records) $30,000 Public Records
• 2022-02-18 Sold (MLS) $30,000 NORIS
• 2022-01-24 Pending — NORIS
• 2021-11-28 Relisted — NORIS
• 2021-11-16 Pending — NORIS
• 2021-10-20 Listed $39,900 NORIS
• 2015-06-30 Listing Removed — NORIS
• 2012-10-13 Listed $28,900 NORIS
• 2011-03-29 Listing Removed — NORIS
• 2010-03-29 Listed $39,000 NORIS
• 2010-02-21 Listing Removed — NORIS
• 2008-08-21 Listed $49,900 NORIS
• 1992-07-14 Sold (Public Records) $25,500 Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,000 · +1.7% YoY. Source: county tax records.