1532 Liberty St · Toledo, OH 43605

$114,900

2 bd · 2.0 ba · 1,804 sqft · MultiFamily public records · 109 Days on market

Built 1963 3,800 sqft lot Est $77k · 49% over

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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: 2 units. confirmed

Listing remarks MLS

Whether you're looking to expand your portfolio or live in one unit while renting out the other - you don't want to miss out on this updated, income ready duplex! Each unit features 2 beds and 1 bath with well-sized bedrooms and spacious living areas. Both units are equipped with new water heaters and furnace.

Key facts

• 3,800 sq ft lot
• 4 parking spots
• Built 1963

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $744 ($9k/yr) — positive. Per door: $372/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.1% vs local median 7.7% 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: Rents rising fast (+5.4%/yr); 119 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 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 $794 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 $32k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y 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.

Recommended offer $104,559 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.67% ✓
• Cap rate: 14.06%
• Cash-on-cash: 27.75%
• DSCR: 2.23
• GRM: 5.0

CMA / ARV

• ARV (median comp): $77,313
• List price: $114,900
• Delta: 48.62%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 24.5%
• Equity multiple: 2.04×
• Total profit: $33,471
• Equity at exit: $17,132

10-year hold

• IRR: 33.7%
• Equity multiple: 4.43×
• Total profit: $110,417
• Equity at exit: $9,934

Cash invested: $32,172 (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 43605

• Home prices YoY: -25.6%
• Rents YoY: 5.4%
• Active inventory: 119
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,920 high
• Mortgage (P&I): −$603
• Tax from tax record: −$122 /mo · $1,468/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $744

Break-even live

Break-even rent $978

Max offer price $114,900

Occupancy floor 56%

Sensitivity live

Price	-10% $809	-5% $777	+0% $744	+5% $711	+10% $679
Rent	-10% $592	-5% $668	+0% $744	+5% $820	+10% $896
Rate	-1.0pp $802	-0.5pp $773	base $744	+0.5pp $714	+1.0pp $684

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: $28,725
• Closing costs: $3,447
• 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	45d	1	0.60mi
606 Earl St Toledo, OH	3.0	1.5	1700	$1,150	$0.68	22d	1	0.67mi
2129 Nevada St Toledo, OH	3.0	1.0	1352	$1,200	$0.89	15d	1	0.97mi
245 Plymouth St Toledo, OH	3.0	1.0	1600	$1,125	$0.70	15d	1	1.32mi
420 Platt St Toledo, OH	2.0	1.0	1499	$685	$0.46	22d	1	1.38mi
414 Platt St Unit ST-3 Toledo, OH	3.0	1.0	1500	$1,150	$0.77	24d	1	1.39mi
20 Greenwood Ave Toledo, OH	3.0	1.0	1496	$1,150	$0.77	15d	1	1.48mi

Listing history 21 events

1. 2026-06-03
   status $114,900 Pending 109 DOM
2. 2026-05-31
   days on market $114,900 Contingent 109 DOM
3. 2026-05-30
   days on market $114,900 Contingent 108 DOM
4. 2026-05-05
   historical Contingent 311-char remark

   Show marketing remark (311 chars)

   Whether you're looking to expand your portfolio or live in one unit while renting out the other - you don't want to miss out on this updated, income ready duplex! Each unit features 2 beds and 1 bath with well-sized bedrooms and spacious living areas. Both units are equipped with new water heaters and furnace.

5. 2026-02-10
   listed $114,900 Active 311-char remark

   Show marketing remark (311 chars)

   Whether you're looking to expand your portfolio or live in one unit while renting out the other - you don't want to miss out on this updated, income ready duplex! Each unit features 2 beds and 1 bath with well-sized bedrooms and spacious living areas. Both units are equipped with new water heaters and furnace.

6. 2023-08-15
   soldstatus $120,000
7. 2023-08-11
   soldstatus $89,000
8. 2010-11-05
   historical
9. 2010-08-23
   listed
10. 2009-10-24
    historical
11. 2009-06-24
    listed $39,900
12. 2008-01-31
    historical
13. 2007-01-03
    historical
14. 2007-01-03
    listed $65,000
15. 2006-06-16
    listed $70,000
16. 2006-05-30
    historical
17. 2005-12-31
    listed $70,000
18. 2002-05-28
    soldstatus $20,200
19. 2002-05-23
    soldstatus $20,200
20. 2002-03-31
    listed $20,200
21. 1996-12-09
    soldstatus $893,000

ⓘ 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: $1,468 · $122/mo
• Projected year-2 tax: $1,630 · $136/mo
• Expected delta: +$162/yr (+$14/mo · 11.0%)

ⓘ 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 ≥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: −$6,436
• − Property taxes: −$1,468
• − Insurance: −$574
• − Repairs & maintenance: −$1,843
• − Management: −$1,843
• − Depreciation: −$3,343
• Taxable income: $7,532
• Est. tax owed @ 24.0%: −$1,808
• After-tax cash flow: $7,121/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

-87.1% since first listed

18 events — show timeline

• 2026-05-05 Contingent — NORIS
• 2026-02-10 Listed $114,900 NORIS
• 2023-08-15 Sold (Public Records) $120,000 Public Records
• 2023-08-11 Sold (Public Records) $89,000 Public Records
• 2010-11-05 Listing Removed — NORIS
• 2010-08-23 Listed — NORIS
• 2009-10-24 Listing Removed — NORIS
• 2009-06-24 Listed $39,900 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) $20,200 Public Records
• 2002-05-23 Sold (MLS) $20,200 NORIS
• 2002-03-31 Listed $20,200 NORIS
• 1996-12-09 Sold (Public Records) $893,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $1,468 · +14.0% YoY. Source: county tax records.