1531 Freedom St · Toledo, OH 43605

$94,000

4 bd · 2.0 ba · 1,804 sqft · MultiFamily public records · 205 Days on market

Built 1963 3,800 sqft lot Est $69k · 37% over ↓ 28% since listing

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Why this score? — see what drove the C+ 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
• Rent growth +3.8/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Minimum bid auction $25,000 Wednesday March 29th, 2023, @ 5:00 PM. Preview and registration begin 1 hour prior to auction. 1 of 3 properties being auction this day. A part of an 8-day caravan auction. You don't want to miss these great investment opportunities! Come bid your price!

Key facts

• 3,800 sq ft lot
• Built 1963
• Listed 205 days

Property features AI

Finance

• Other: Lot approximately 0.087 acres (about 3,798 sq ft)
• Financial info: 2-unit building (both units leased); Tenant pays electricity and gas; owner pays water

Exterior

• Utilities: Public water; Sanitary sewer; Electric with circuit breakers
• Home design: Duplex residential income property; One-level (single story)
• Construction: Brick construction; Slab foundation
• Exterior features: Shingle roof

Interior

• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Water heater; Has basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $94k.

Deal economics

• At list price, monthly cash flow is $898 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $94k).
• Recommended offer: $83k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.8% 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: East Broadway Elementary School (math 4% / reading 11%, grade F, #1,518 of 1,584 statewide, top 96%, 411 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 (+5.4%/yr); 117 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $1,920/mo this rent would consume 59% of the median local household income ($39k/yr) (locally 1257% 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 $650 of loan paydown is wiped out by about $3k 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 + 5.4% rent growth), your $26k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 24y ago; this cycle's ask has dropped $16k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $82,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 205 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.04% ✓
• Cap rate: 17.75%
• Cash-on-cash: 40.93%
• DSCR: 2.82
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $68,552
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1022 Liberty St	0.32mi	4/2.0	1,604 (-11%)	20mo	$67,500	$42	50
1326 Idaho St	0.73mi	4/2.0	1,854 (+3%)	24mo	$70,000	$38	42
728 Plymouth St	0.70mi	4/2.0	1,600 (-11%)	24mo	$46,000	$29	29

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 40.0%
• Equity multiple: 2.77×
• Total profit: $46,637
• Equity at exit: $14,016

10-year hold

• IRR: 47.5%
• Equity multiple: 6.11×
• Total profit: $134,458
• Equity at exit: $8,127

Cash invested: $26,320 (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 43605

• Home prices YoY: -25.6%
• Rents YoY: 5.4%
• Active inventory: 117
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,920 high
• Mortgage (P&I): −$493
• Tax from tax record: −$87 /mo · $1,044/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $898

Break-even live

Break-even rent $784

Max offer price $94,000

Occupancy floor 48%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,920
Total (2 units)			$1,920

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: $23,500
• Closing costs: $2,820
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1505 Navarre Ave Toledo, OH	3.0	1.0	1331	$1,145	$0.86	43d	1	0.60mi
606 Earl St Toledo, OH	3.0	1.5	1700	$1,150	$0.68	21d	1	0.67mi
2129 Nevada St Toledo, OH	3.0	1.0	1352	$1,200	$0.89	13d	1	0.97mi
29 Garfield Pl Toledo, OH	4.0	2.0	1300	$1,250	$0.96	13d	1	1.18mi
245 Plymouth St Toledo, OH	3.0	1.0	1600	$1,125	$0.70	13d	1	1.32mi
414 Platt St Unit ST-3 Toledo, OH	3.0	1.0	1500	$1,150	$0.77	23d	1	1.39mi
20 Greenwood Ave Toledo, OH	3.0	1.0	1496	$1,150	$0.77	13d	1	1.48mi

Listing history 28 events

1. 2026-06-18
   days on market $94,000 Active 205 DOM
2. 2026-06-17
   days on market $94,000 Active 204 DOM
3. 2026-06-16
   days on market $94,000 Active 203 DOM
4. 2026-06-15
   days on market $94,000 Active 202 DOM
5. 2026-06-14
   statusdays on market $94,000 Active 200 DOM
6. 2026-04-19
   status Pending
7. 2026-01-14
   price $94,000
8. 2025-11-10
   price $99,000
9. 2025-09-30
   listed $110,000 Active
10. 2023-07-31
    soldstatus $1,315,000
11. 2023-07-21
    soldstatus $46,964 Closed 282-char remark

    Show marketing remark (282 chars)

    Minimum bid auction $25,000 Wednesday March 29th, 2023, @ 5:00 PM. Preview and registration begin 1 hour prior to auction. 1 of 3 properties being auction this day. A part of an 8-day caravan auction. You don't want to miss these great investment opportunities! Come bid your price!

12. 2023-03-17
    status Pending 282-char remark

    Show marketing remark (282 chars)

    Minimum bid auction $25,000 Wednesday March 29th, 2023, @ 5:00 PM. Preview and registration begin 1 hour prior to auction. 1 of 3 properties being auction this day. A part of an 8-day caravan auction. You don't want to miss these great investment opportunities! Come bid your price!

13. 2023-03-17
    price $46,964 282-char remark

    Show marketing remark (282 chars)

    Minimum bid auction $25,000 Wednesday March 29th, 2023, @ 5:00 PM. Preview and registration begin 1 hour prior to auction. 1 of 3 properties being auction this day. A part of an 8-day caravan auction. You don't want to miss these great investment opportunities! Come bid your price!

14. 2023-02-20
    listed $25,000 Active 282-char remark

    Show marketing remark (282 chars)

    Minimum bid auction $25,000 Wednesday March 29th, 2023, @ 5:00 PM. Preview and registration begin 1 hour prior to auction. 1 of 3 properties being auction this day. A part of an 8-day caravan auction. You don't want to miss these great investment opportunities! Come bid your price!

15. 2012-03-26
    soldstatus $8,260 80-char remark

    Show marketing remark (80 chars)

    Brick Twinplex each unit has 2 bedrooms and 1 full bath. Needs TLC and updating.

16. 2012-03-01
    price $8,260 80-char remark

    Show marketing remark (80 chars)

    Brick Twinplex each unit has 2 bedrooms and 1 full bath. Needs TLC and updating.

17. 2012-02-10
    listed $7,000 80-char remark

    Show marketing remark (80 chars)

    Brick Twinplex each unit has 2 bedrooms and 1 full bath. Needs TLC and updating.

18. 2010-11-05
    historical
19. 2010-08-23
    listed
20. 2008-01-31
    historical
21. 2007-01-03
    historical
22. 2007-01-03
    listed $65,000
23. 2006-06-16
    listed $70,000
24. 2006-05-30
    historical
25. 2005-12-31
    listed $70,000
26. 2002-05-28
    soldstatus $130,000
27. 2002-05-23
    soldstatus
28. 2002-03-31
    listed

ⓘ 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: $1,044 · $87/mo
• Projected year-2 tax: $1,255 · $105/mo
• Expected delta: +$211/yr (+$18/mo · 20.2%)

ⓘ 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: $23,040
• − Mortgage interest: −$5,265
• − Property taxes: −$1,044
• − Insurance: −$470
• − Repairs & maintenance: −$1,843
• − Management: −$1,843
• − Depreciation: −$2,735
• Taxable income: $9,839
• Est. tax owed @ 24.0%: −$2,361
• After-tax cash flow: $8,410/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): 24,441
• Household income: $39,118
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 1257.0

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: White 57% Hispanic / Latino 21% Black 14% Two or more races 14%
• Hispanic origin (detail): Mexican 17% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Portuguese 1%
• Foreign-born: 3% · Canada
• Languages at home: 91% English-only · Spanish 7% 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: ▼ -47.85%
• Current HPI: 138.6894
• Rent YoY: ▲ 5.37%
• 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

-27.7% since first listed

23 events — show timeline

• 2026-04-19 Pending — NORIS
• 2026-01-14 Price Changed $94,000 NORIS
• 2025-11-10 Price Changed $99,000 NORIS
• 2025-09-30 Listed $110,000 NORIS
• 2023-07-31 Sold (Public Records) $1,315,000 Public Records
• 2023-07-21 Sold (MLS) $46,964 NORIS
• 2023-03-17 Pending — NORIS
• 2023-03-17 Price Changed $46,964 NORIS
• 2023-02-20 Listed $25,000 NORIS
• 2012-03-26 Sold (MLS) $8,260 NORIS
• 2012-03-01 Price Changed $8,260 NORIS
• 2012-02-10 Listed $7,000 NORIS
• 2010-11-05 Listing Removed — NORIS
• 2010-08-23 Listed — NORIS
• 2008-01-31 Listing Removed — NORIS
• 2007-01-03 Listed $65,000 NORIS
• 2007-01-03 Listing Removed — NORIS
• 2006-06-16 Listed $70,000 NORIS
• 2006-05-30 Listing Removed — NORIS
• 2005-12-31 Listed $70,000 NORIS
• 2002-05-28 Sold (Public Records) $130,000 Public Records
• 2002-05-23 Sold (MLS) — NORIS
• 2002-03-31 Listed — NORIS

Property tax history

+8.1%/yr

Latest (2025): $1,044 · +39.5% YoY. Source: county tax records.