4515 W Bancroft St · Toledo, OH 43615

$124,900

2 bd · 2.0 ba · 880 sqft · Condo · 4 Days on market

Built 1981

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Why this score? — see what drove the D+ 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 +19.8/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• Livability +3.3/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming 2-bedroom, 1.5-bath condo in the sought-after Ottawa Woods Condominiums, just minutes from the University of Toledo. Boasting 880 sq ft of thoughtfully laid out living space with a finished basement. Recently renovated both bathrooms, new paint and flooring throughout! The home features central air, a private entrance, and covered parking with an assigned carport. Enjoy easy access to the community's sparkling in-ground pool, serene green spaces, and the University, Parks biking/walking trail. With lawn, exterior, pool, water/sewer and trash service all managed by the HOA, this condo delivers low-maintenance living, ideal for students, professionals, or anyone seeking convenience near shops, schools, and expressways. Whether you're starting out or looking to downsize, this condo blends comfort, community amenities, and a prime location. Don't miss your chance, schedule a showing today!

Key facts

• New furnace
• Bike trail
• Covered parking

Tags

• FULLY FINISHED BASEMENT
• NEW FURNACE
• CENTRAL AIR CONDITIONING
• COVERED PARKING
• SWIMMING POOL
• BIKE TRAIL

Property features AI

Exterior

• Home design: Built in 1981
• Construction: 1981 construction
• Exterior features: Located in the Reynolds Corners subdivision

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $149 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).

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: Grove Patterson Academy Elementary School (math 47% / reading 66%, grade C+, #761 of 1,584 statewide, top 48%, 403 students, 38% FRL); Rogers High School (math 8% / reading 27%, grade F, #689 of 781 statewide, top 90%, 721 students, 0% FRL) — zoned schools average 19% FRL vs 72% district-wide (53 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 37% at this address vs 20% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Toledo City average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.6%/yr); 115 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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.

Recommended offer $124,900

Questions for the listing agent

1. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 1.03% ✓
• Cap rate: 7.72%
• Cash-on-cash: 5.10%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.59% rent growth · sell at horizon

5-year hold

• IRR: -8.8%
• Equity multiple: 0.68×
• Total profit: $-11,284
• Equity at exit: $18,623

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $294
• Equity at exit: $10,799

Cash invested: $34,972 (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 43615

• Home prices YoY: -31.9%
• Rents YoY: 2.6%
• Active inventory: 115
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,281 high
• Mortgage (P&I): −$655
• Tax est. 1.5%: −$156 /mo · $1,874/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $149

Break-even live

Break-even rent $1,093

Max offer price $124,900

Occupancy floor 83%

Sensitivity live

Price	-10% $235	-5% $192	+0% $149	+5% $105	+10% $62
Rent	-10% $47	-5% $98	+0% $149	+5% $199	+10% $250
Rate	-1.0pp $211	-0.5pp $180	base $149	+0.5pp $116	+1.0pp $83

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4515 W Bancroft St Toledo, OH	3.0	2.0	1120	$1,500	$1.34	15d	1	0.02mi
4020 W Bancroft St Ottawa Hills, OH	1.0	1.0	720	$775	$1.08	45d	1	0.56mi
4012 W Bancroft St Ottawa Hills, OH	2.0	1.0	1008	$972	$0.96	25d	1	0.57mi
1599 Twin Oaks Dr Toledo, OH	2.0	1.0	864	$976	$1.13	15d	1	0.73mi
1130 Pine Valley Ln Toledo, OH	1.0–2.0	1.0–2.0	799	$1,299	$1.63	15d	6	0.78mi
1169 Shadow Ln Unit 103 Toledo, OH	1.0	1.0	975	$849	$0.87	25d	1	0.84mi
1101 Linden Ln Toledo, OH	1.0–2.0	1.0–2.0	975	$1,345	$1.38	45d	4	0.87mi
1318 Montain Rd Toledo, OH	2.0	1.0	1050	$1,195	$1.14	22d	1	0.94mi
4239 Central Ave Ottawa Hills, OH	2.0	2.0	1108	$1,799	$1.62	45d	1	1.07mi
2704 Westmar Ct Toledo, OH	1.0–2.0	1.0–1.5	944	$1,599	$1.69	15d	1	1.19mi
5460 Dorr St Toledo, OH	1.0–2.0	1.0	553	$710	$1.28	45d	1	1.22mi
3414 Dorr St Toledo, OH	1.0–2.0	1.0–1.5	570	$825	$1.45	25d	5	1.44mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watersewertrashpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-21
   days on market $124,900 Active 4 DOM
2. 2026-06-18
   remarks 699-char remark
3. 2026-06-18
   listed $124,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $15,368
• − Mortgage interest: −$6,996
• − Property taxes: −$1,874
• − Insurance: −$624
• − Repairs & maintenance: −$1,229
• − Management: −$1,229
• − Depreciation: −$3,633
• Taxable loss: −$219
• Est. tax savings @ 24.0%: +$53
• After-tax cash flow: $1,835/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): 40,146
• Household income: $57,713
• Rent vs Own: 46.0% rent · 54.0% own
• Severe rent burden: 1683.0

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: Majority White (62%)
• Race & ethnicity: White 62% Black 26% Two or more races 6% Hispanic / Latino 4% Asian 3%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 5% · China, Canada
• Languages at home: 93% English-only · Arabic 2% Spanish 1% Chinese 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: ▼ -96.44%
• Current HPI: 205.95
• Rent YoY: ▲ 2.59%
• 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

+52.3% since first listed

9 events — show timeline

• 2026-06-18 Listed $124,900 FSBO.com
• 2026-03-08 Listed for Rent $1,500 RENTALBEAST
• 2025-07-13 Pending — FAOR
• 2025-07-11 Sold (MLS) $119,350 FAOR
• 2025-07-01 Contingent — FAOR
• 2025-06-28 Listed $115,000 FAOR
• 2025-06-24 Coming Soon $115,000 FAOR
• 2008-03-31 Listing Removed — NORIS
• 2007-09-28 Listed $82,000 NORIS