931 N Superior St · Toledo, OH 43604

$375,000

8 bd · 4.0 ba · 7,216 sqft · MultiFamily public records · 16 Days on market

Built 1887 7,274 sqft lot

---

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 +6.2/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Exceptional investment opportunity! This well-maintained quadplex, originally built in 1887, is fully occupied with long-term tenants and offers immediate cash flow. Each unit is separately metered for gas and electric, allowing tenants to pay their own utilities. All units feature washer and dryer hookups, and all appliances are included and provided by the owner. Major updates include three furnaces that are approximately two years old, newer windows, all new water lines, and lead certification for all units through the City of Toledo. Outside, tenants enjoy a newer rear deck, privacy-fenced backyard, and an irrigation system for easy maintenance.

Key facts

• 7,274 sq ft lot
• Built 1887
• Listed 16 days

Property features AI

Finance

• Other: Irrigation equipment
• Financial info: 4 total units (3 leased, 1 vacant); Tenant pays electricity and gas; Owner pays common area and exterior maintenance, HVAC maintenance, roof maintenance, sewer, trash collection, water, insurance, snow removal, taxes, and lawn care
• HOA & community: Cats and dogs allowed

Exterior

• Parking: Off-street parking
• Utilities: Electricity connected (200+ amp service); Natural gas connected; Public water; Public sewer
• Home design: Residential income property (quadruplex); Two stories
• Construction: Brick construction; Block foundation; Flat roof; Has basement (block construction, exterior entry, unfinished)
• Exterior features: Landscaped lot; Front sprinklers; River frontage

Interior

• Kitchen: Refrigerator; Electric range connection
• Flooring: Combination flooring
• Heating & cooling: Natural gas heating; Hot water heating
• Interior features: Entrance foyer; Pantry; Walk-in closet(s); Wide interior halls and doors; Built-in features
• Laundry & utility: Accessible utilities/laundry

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $602/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $375k).
• Recommended offer: $369k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.0% 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: Leverette Elementary School (math 3% / reading 13%, grade F, #1,517 of 1,584 statewide, top 96%, 429 students, 0% FRL); Woodward High School (math 2% / reading 22%, grade F, #726 of 781 statewide, top 94%, 672 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: 16 active listings in the ZIP; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $6,016/mo this rent would consume 348% 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 $11k of equity ($3k loan paydown + $9k 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 $105k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $60k; list at $375k implies a 525% 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 $369,375 (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: 1.60% ✓
• Cap rate: 14.00%
• Cash-on-cash: 27.53%
• DSCR: 2.22
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 32.3%
• Equity multiple: 2.77×
• Total profit: $185,820
• Equity at exit: $155,090

10-year hold

• IRR: 33.2%
• Equity multiple: 5.41×
• Total profit: $462,701
• Equity at exit: $228,984

Cash invested: $105,000 (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: 20.8×

Monthly cashflow live

• Estimated rent: $6,016 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$221 /mo · $2,652/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,263
• Net cashflow: $2,409

Break-even live

Break-even rent $2,967

Max offer price $375,000

Occupancy floor 55%

Sensitivity live

Price	-10% $2,621	-5% $2,515	+0% $2,409	+5% $2,303	+10% $2,197
Rent	-10% $1,934	-5% $2,171	+0% $2,409	+5% $2,646	+10% $2,884
Rate	-1.0pp $2,598	-0.5pp $2,504	base $2,409	+0.5pp $2,312	+1.0pp $2,213

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,016
Total (4 units)			$6,016

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $375,000 Coming Soon 16 DOM
2. 2026-06-17
   days on market $375,000 Coming Soon 15 DOM
3. 2026-06-16
   days on market $375,000 Coming Soon 14 DOM
4. 2026-06-15
   days on market $375,000 Coming Soon 13 DOM
5. 2026-06-14
   days on market $375,000 Coming Soon 11 DOM
6. 2026-06-10
   days on market $375,000 Coming Soon 8 DOM
7. 2026-06-09
   days on market $375,000 Coming Soon 7 DOM
8. 2026-06-08
   days on market $375,000 Coming Soon 6 DOM
9. 2026-06-07
   days on market $375,000 Coming Soon 5 DOM
10. 2026-06-05
    days on market $375,000 Coming Soon 2 DOM
11. 2026-06-03
    remarks 657-char remark
12. 2026-06-03
    listed $375,000 Coming Soon 1 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: $2,652 · $221/mo
• Projected year-2 tax: $4,251 · $354/mo
• Expected delta: +$1,599/yr (+$133/mo · 60.3%)

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,192
• − Mortgage interest: −$21,006
• − Property taxes: −$2,652
• − Insurance: −$1,875
• − Repairs & maintenance: −$5,775
• − Management: −$5,775
• − Depreciation: −$10,909
• Taxable income: $24,200
• Est. tax owed @ 24.0%: −$5,808
• After-tax cash flow: $23,098/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): 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

+525.0% since first listed

2 events — show timeline

• 2026-06-03 Coming Soon $375,000 NORIS
• 2016-03-10 Sold (Public Records) $60,000 Public Records

Property tax history

+0.1%/yr

Latest (2025): $2,652 · +3.4% YoY. Source: county tax records.