5912 Edgewater Dr · Toledo, OH 43611

$285,000

28 bd · 16.0 ba · 3,080 sqft · MultiFamily public records · 22 Days on market

Built 1907 3,100 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

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 MLS

Rare chance to own a cash-flowing 4-unit near the water! All units are 2-bedrooms. Three units are occupied with long-term tenants at below-market rents, generating $1,700/month. Unit 3 is vacant and available to show—perfect for owner-occupant or investor value-add. Tenants pay their own gas and electric. Total potential rent over $3,200+/month! Great income opportunity in a desirable location.

Key facts

• Waterfront views
• 3,100 sq ft lot
• Built 1907

Tags

• WATERFRONT VIEWS
• INCOME PRODUCING PROPERTY
• CASH FLOW OPPORTUNITY

Property features AI

Finance

• Other: Living area reported as 3,080; Lot size about 0.07 acres (approx. 3,100 sq ft); Waterfront features nearby: lake, river
• Financial info: 4-unit building (all 4 units leased); Tenant pays: electricity, gas, internet; Owner pays: gas, sewer, trash collection, water, insurance, snow removal, taxes, lawn care

Exterior

• Parking: Off-street parking; Parking lot
• Utilities: Electricity connected (200+ amp service); Natural gas connected; Public sewer; Public water; Internet available
• Home design: Residential income property (apartment); Multi-family structure; Two levels / 2 stories
• Construction: Vinyl siding; Slab foundation
• Exterior features: Shingle roof; Corner lot; Additional parcel included (Parcel # 0208184)

Interior

• Flooring: Carpet; Hardwood; Laminate; Linoleum; Other
• Heating & cooling: Forced air heating; Has heating
• Interior features: Other
• Laundry & utility: Common area laundry; Main-level laundry; Inside laundry

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $382/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $285k).
• Recommended offer: $281k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.7% 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: Edgewater Elementary School (math 17% / reading 37%, grade F, #1,193 of 1,584 statewide, top 76%, 183 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: 64 active listings in the ZIP; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $4,449/mo this rent would consume 86% of the median local household income ($62k/yr) (locally 298% 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 $2k of loan paydown is wiped out by about $9k 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 + 3.0% rent growth), your $80k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 19y 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.
• Current owner paid $226k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $280,725 (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 1907 — 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: 1.56% ✓
• Cap rate: 12.73%
• Cash-on-cash: 22.97%
• DSCR: 2.02
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 16.0%
• Equity multiple: 1.64×
• Total profit: $51,203
• Equity at exit: $42,494

10-year hold

• IRR: 24.6%
• Equity multiple: 3.13×
• Total profit: $170,202
• Equity at exit: $24,642

Cash invested: $79,800 (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 43611

• Home prices YoY: -24.4%
• Active inventory: 64
• Price-to-rent: 21.4×

Monthly cashflow live

• Estimated rent: $4,449 medium
• Mortgage (P&I): −$1,495
• Tax from tax record: −$374 /mo · $4,483/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$934
• Net cashflow: $1,528

Break-even live

Break-even rent $2,515

Max offer price $285,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,448
Total (4 units)			$4,449

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-18
   days on market $285,000 Active 22 DOM
2. 2026-06-17
   days on market $285,000 Active 21 DOM
3. 2026-06-16
   days on market $285,000 Active 20 DOM
4. 2026-06-15
   days on market $285,000 Active 19 DOM
5. 2026-06-14
   days on market $285,000 Active 17 DOM
6. 2026-06-10
   days on market $285,000 Active 14 DOM
7. 2026-06-09
   days on market $285,000 Active 13 DOM
8. 2026-06-08
   days on market $285,000 Active 12 DOM
9. 2026-06-07
   days on market $285,000 Active 11 DOM
10. 2026-06-05
    days on market $285,000 Active 8 DOM
11. 2026-06-03
    days on market $285,000 Active 7 DOM
12. 2026-06-02
    days on market $285,000 Active 6 DOM
13. 2026-06-01
    days on market $285,000 Active 5 DOM
14. 2026-05-31
    days on market $285,000 Active 4 DOM
15. 2026-05-30
    days on market $285,000 Active 3 DOM
16. 2026-05-27
    listed $285,000 Active
17. 2025-10-21
    soldstatus $225,500
18. 2025-10-14
    price $225,500 404-char remark

    Show marketing remark (404 chars)

    Rare chance to own a cash-flowing 4-unit near the water! All units are 2-bedrooms. Three units are occupied with long-term tenants at below-market rents, generating $1,700/month. Unit 3 is vacant and available to show—perfect for owner-occupant or investor value-add. Tenants pay their own gas and electric. Total potential rent over $3,200+/month! Great income opportunity in a desirable location.

19. 2025-10-08
    soldstatus $225,500 Closed 404-char remark

    Show marketing remark (404 chars)

    Rare chance to own a cash-flowing 4-unit near the water! All units are 2-bedrooms. Three units are occupied with long-term tenants at below-market rents, generating $1,700/month. Unit 3 is vacant and available to show—perfect for owner-occupant or investor value-add. Tenants pay their own gas and electric. Total potential rent over $3,200+/month! Great income opportunity in a desirable location.

20. 2025-09-03
    historical Contingent 404-char remark

    Show marketing remark (404 chars)

    Rare chance to own a cash-flowing 4-unit near the water! All units are 2-bedrooms. Three units are occupied with long-term tenants at below-market rents, generating $1,700/month. Unit 3 is vacant and available to show—perfect for owner-occupant or investor value-add. Tenants pay their own gas and electric. Total potential rent over $3,200+/month! Great income opportunity in a desirable location.

21. 2025-08-26
    soldstatus $16,000
22. 2025-08-25
    status Active 404-char remark

    Show marketing remark (404 chars)

    Rare chance to own a cash-flowing 4-unit near the water! All units are 2-bedrooms. Three units are occupied with long-term tenants at below-market rents, generating $1,700/month. Unit 3 is vacant and available to show—perfect for owner-occupant or investor value-add. Tenants pay their own gas and electric. Total potential rent over $3,200+/month! Great income opportunity in a desirable location.

23. 2025-08-16
    historical Contingent 404-char remark

    Show marketing remark (404 chars)

    Rare chance to own a cash-flowing 4-unit near the water! All units are 2-bedrooms. Three units are occupied with long-term tenants at below-market rents, generating $1,700/month. Unit 3 is vacant and available to show—perfect for owner-occupant or investor value-add. Tenants pay their own gas and electric. Total potential rent over $3,200+/month! Great income opportunity in a desirable location.

24. 2025-08-07
    listed $229,900 Active 404-char remark

    Show marketing remark (404 chars)

    Rare chance to own a cash-flowing 4-unit near the water! All units are 2-bedrooms. Three units are occupied with long-term tenants at below-market rents, generating $1,700/month. Unit 3 is vacant and available to show—perfect for owner-occupant or investor value-add. Tenants pay their own gas and electric. Total potential rent over $3,200+/month! Great income opportunity in a desirable location.

25. 2012-05-02
    soldstatus $139,000
26. 2011-12-06
    historical
27. 2011-09-06
    listed $159,000
28. 2011-05-05
    historical
29. 2008-04-16
    listed $184,900
30. 2008-04-11
    historical
31. 2007-10-11
    listed $189,900
32. 2007-07-04
    historical
33. 2007-01-04
    listed $199,900
34. 1996-08-28
    soldstatus $92,500

ⓘ 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: $4,483 · $374/mo
• Projected year-2 tax: $4,483 · $374/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 · 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: $53,388
• − Mortgage interest: −$15,964
• − Property taxes: −$4,483
• − Insurance: −$1,425
• − Repairs & maintenance: −$4,271
• − Management: −$4,271
• − Depreciation: −$8,291
• Taxable income: $14,683
• Est. tax owed @ 24.0%: −$3,524
• After-tax cash flow: $14,810/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): 18,664
• Household income: $62,042
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 298.0

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: Predominantly White (77%)
• Race & ethnicity: White 77% Black 11% Hispanic / Latino 8% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 13% Lithuanian 5% Slovak 2%
• Foreign-born: 1% · 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: ▼ -79.15%
• Current HPI: 245.2841
• 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

+208.1% since first listed

19 events — show timeline

• 2026-05-27 Listed $285,000 NORIS
• 2025-10-21 Sold (Public Records) $225,500 Public Records
• 2025-10-14 Price Changed $225,500 NORIS
• 2025-10-08 Sold (MLS) $225,500 NORIS
• 2025-09-03 Contingent — NORIS
• 2025-08-26 Sold (Public Records) $16,000 Public Records
• 2025-08-25 Relisted — NORIS
• 2025-08-16 Contingent — NORIS
• 2025-08-07 Listed $229,900 NORIS
• 2012-05-02 Sold (Public Records) $139,000 Public Records
• 2011-12-06 Listing Removed — NORIS
• 2011-09-06 Listed $159,000 NORIS
• 2011-05-05 Listing Removed — NORIS
• 2008-04-16 Listed $184,900 NORIS
• 2008-04-11 Listing Removed — NORIS
• 2007-10-11 Listed $189,900 NORIS
• 2007-07-04 Listing Removed — NORIS
• 2007-01-04 Listed $199,900 NORIS
• 1996-08-28 Sold (Public Records) $92,500 Public Records

Property tax history

+3.6%/yr

Latest (2025): $4,483 · +5.8% YoY. Source: county tax records.