56 E Pearl St · Toledo, OH 43608

$80,000

3 bd · 1.0 ba · 1,187 sqft · SingleFamily public records · 262 Days on market

Built 1916 4,299 sqft lot $67/sqft · 71% above area

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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
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Rent growth +3.5/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

NOTICE: We are not considering seller financing or creative financing offers that do not consist of us in recorded first lien position with a minimum of 30% down. Thank you for understanding! This property is being sold as part of an 46-unit portfolio or a 7-unit sub-portfolio. In place cap is ~8.5%, pro forma cap is ~11.0%, and occupancy is 100%. Asking price for the 46-unit portfolio is $3.57M and asking price for the 5-unit sub-portfolio is $597.5K. The sub-portfolio includes 205 Eastern, 323 Langdon, 2388 York, 1512 Vinal, 142 S Detroit, 56 E Pearl, and 920 Rogers. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

Key facts

• 4,299 sq ft lot
• 2 garage spots
• Built 1916

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $338 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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-, 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 (+3.9%/yr); 58 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent runs 44% of the median local income ($29k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k 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 + 3.9% rent growth), your $22k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 262 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $16k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 262 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 1916 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.36% ✓
• Cap rate: 11.37%
• Cash-on-cash: 18.12%
• DSCR: 1.81
• GRM: 6.1

CMA / ARV

• ARV (median comp): $46,862
• List price: $80,000
• Delta: 70.72%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
40 E Oakland St	0.12mi	3/1.0	1,110 (-6%)	4mo	$53,000	$48	80
330 E Lake St	0.31mi	3/2.0	1,211 (+2%)	3mo	$72,000	$59	75
3103 Cottage Ave	0.45mi	3/1.0	1,194 (+1%)	4mo	$58,000	$49	75
125 E Oakland St	0.11mi	2/1.0 (-1)	1,088 (-8%)	4mo	$18,000	$17	73
312 W Oakland St	0.37mi	3/1.0	1,248 (+5%)	2mo	$17,851	$14	72
3377 Lagrange St	0.05mi	2/1.0 (-1)	1,030 (-13%)	4mo	$80,000	$78	67
3118 Elm St	0.51mi	3/1.0	1,140 (-4%)	4mo	$50,000	$44	66
150 W Park St	0.40mi	2/1.0 (-1)	1,124 (-5%)	4mo	$12,000	$11	64
307 Majestic Dr	0.32mi	3/2.0	1,309 (+10%)	3mo	$91,000	$70	62
235 Bronson Ave	0.50mi	3/2.0	1,104 (-7%)	2mo	$48,000	$43	59
255 E Pearl St	0.17mi	4/2.0 (+1)	1,360 (+15%)	1mo	$97,000	$71	58
3550 Wersell Ave	0.50mi	3/1.0	1,054 (-11%)	3mo	$48,000	$46	56

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 · 3.89% rent growth · sell at horizon

5-year hold

• IRR: 10.7%
• Equity multiple: 1.43×
• Total profit: $9,558
• Equity at exit: $11,928

10-year hold

• IRR: 20.4%
• Equity multiple: 2.79×
• Total profit: $40,147
• Equity at exit: $6,917

Cash invested: $22,400 (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 43608

• Home prices YoY: -21.3%
• Rents YoY: 3.9%
• Active inventory: 58
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,086 high
• Mortgage (P&I): −$420
• Tax from tax record: −$66 /mo · $798/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $338

Break-even live

Break-even rent $657

Max offer price $80,000

Occupancy floor 64%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
59 E Hudson St Toledo, OH	3.0	1.0	1368	$1,100	$0.80	44d	1	0.05mi
31 W Oakland St Toledo, OH	4.0	1.0	1188	$1,249	$1.05	23d	1	0.22mi
333 E Lake St Toledo, OH	2.0	1.0	800	$495	$0.62	23d	1	0.32mi
405 E Manhattan Blvd Toledo, OH	2.0	1.0	1000	$900	$0.90	14d	1	0.44mi
424 E Lake St Toledo, OH	3.0	1.0	1228	$1,075	$0.88	14d	1	0.45mi
516 E Hudson St Toledo, OH	3.0	1.0	1204	$1,098	$0.91	14d	1	0.54mi
524 E Hudson St Toledo, OH	2.0	1.0	1050	$825	$0.79	44d	1	0.56mi
524 E Hudson St Toledo, OH	3.0	1.0	1150	$895	$0.78	21d	1	0.56mi
319 Dexter St Toledo, OH	2.0	1.0	990	$1,005	$1.02	44d	1	0.58mi
227 Everett St Toledo, OH	2.0	1.0	914	$850	$0.93	44d	1	0.61mi
329 Mettler St Toledo, OH	2.0	1.0	908	$975	$1.07	14d	1	0.70mi
420 Everett St Toledo, OH	2.0	1.0	1000	$975	$0.97	23d	1	0.72mi
610 Cadillac Ct Toledo, OH	3.0	1.0	1409	$1,050	$0.75	23d	1	0.73mi
152 Austin St Toledo, OH	4.0	1.5	1370	$1,150	$0.84	23d	1	0.77mi
425 Boston Pl Unit A Toledo, OH	2.0	1.0	1200	$895	$0.75	23d	1	0.77mi
710 E Lake St Toledo, OH	3.0	1.0	1242	$1,000	$0.81	14d	1	0.80mi
225 Palmer St Toledo, OH	2.0	1.0	924	$895	$0.97	44d	1	0.83mi
2621 Chestnut St Toledo, OH	3.0	1.0	1444	$1,250	$0.87	44d	1	0.87mi
2907 Rockwood Pl Toledo, OH	3.0	1.0	1494	$1,100	$0.74	14d	1	0.91mi
3950 Woodhaven Dr Toledo, OH	2.0	1.0	1072	$745	$0.69	23d	1	0.93mi
830 Homer Ave Toledo, OH	3.0	1.0	1208	$895	$0.74	44d	1	0.96mi
4140 Caroline Ave Toledo, OH	3.0	1.5	1378	$1,650	$1.20	23d	1	1.04mi
4220 Caroline Ave Toledo, OH	3.0	1.0	944	$1,095	$1.16	44d	1	1.09mi
4039 Vermaas Ave Toledo, OH	2.0	1.0	900	$900	$1.00	23d	1	1.09mi
1337 Moore St Toledo, OH	3.0	1.5	1194	$995	$0.83	21d	1	1.10mi
4124 Vermaas Ave Toledo, OH	2.0	1.0	1245	$997	$0.80	44d	1	1.11mi
4129 Vermaas Ave Toledo, OH	3.0	1.5	1385	$1,250	$0.90	44d	1	1.14mi
1014 Berdan Ave Toledo, OH	3.0	1.0	1215	$1,200	$0.99	44d	1	1.20mi
3615 Berkeley Dr Toledo, OH	3.0	1.0	1096	$1,400	$1.28	14d	1	1.21mi
3474 Maher St Toledo, OH	2.0	1.0	736	$1,125	$1.53	44d	1	1.22mi
3439 Jeannette Ave Toledo, OH	3.0	1.0	1098	$1,095	$1.00	44d	1	1.24mi
244 Sunset Blvd Toledo, OH	2.0	1.0	726	$1,045	$1.44	21d	1	1.30mi
1016 Mallett St Unit 1 Toledo, OH	2.0	1.0	1300	$900	$0.69	44d	1	1.33mi
3405 Beaumont Dr Toledo, OH	2.0	1.0	855	$745	$0.87	14d	1	1.33mi
4406 Asbury Dr Toledo, OH	4.0	2.0	1089	$1,550	$1.42	14d	1	1.34mi
2131 Franklin Ave Toledo, OH	2.0	2.0	1255	$900	$0.72	44d	1	1.42mi
4158 Mayfield Dr Toledo, OH	2.0	1.0	960	$850	$0.89	14d	1	1.44mi
625 Virginia St Toledo, OH	2.0	1.0	1000	$850	$0.85	14d	1	1.44mi
625 Virginia St Toledo, OH	2.0	1.0	1000	$800	$0.80	44d	1	1.44mi
3541 Willys Pkwy Toledo, OH	3.0	1.0	1113	$1,400	$1.26	44d	1	1.45mi

Listing history 33 events

1. 2026-06-18
   days on market $80,000 Active 262 DOM
2. 2026-06-17
   days on market $80,000 Active 261 DOM
3. 2026-06-16
   days on market $80,000 Active 260 DOM
4. 2026-06-15
   days on market $80,000 Active 259 DOM
5. 2026-06-14
   days on market $80,000 Active 257 DOM
6. 2026-06-10
   days on market $80,000 Active 254 DOM
7. 2026-06-09
   days on market $80,000 Active 253 DOM
8. 2026-06-08
   days on market $80,000 Active 252 DOM
9. 2026-06-07
   days on market $80,000 Active 251 DOM
10. 2026-06-05
    days on market $80,000 Active 248 DOM
11. 2026-06-03
    days on market $80,000 Active 247 DOM
12. 2026-06-02
    days on market $80,000 Active 246 DOM
13. 2026-06-01
    days on market $80,000 Active 245 DOM
14. 2026-05-31
    days on market $80,000 Active 244 DOM
15. 2026-05-30
    days on market $80,000 Active 243 DOM
16. 2026-01-14
    price $89,000 703-char remark

    Show marketing remark (703 chars)

    NOTICE: We are not considering seller financing or creative financing offers that do not consist of us in recorded first lien position with a minimum of 30% down. Thank you for understanding! This property is being sold as part of an 46-unit portfolio or a 7-unit sub-portfolio. In place cap is ~8.5%, pro forma cap is ~11.0%, and occupancy is 100%. Asking price for the 46-unit portfolio is $3.57M and asking price for the 5-unit sub-portfolio is $597.5K. The sub-portfolio includes 205 Eastern, 323 Langdon, 2388 York, 1512 Vinal, 142 S Detroit, 56 E Pearl, and 920 Rogers. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

17. 2025-11-10
    price $93,680 703-char remark

    Show marketing remark (703 chars)

    NOTICE: We are not considering seller financing or creative financing offers that do not consist of us in recorded first lien position with a minimum of 30% down. Thank you for understanding! This property is being sold as part of an 46-unit portfolio or a 7-unit sub-portfolio. In place cap is ~8.5%, pro forma cap is ~11.0%, and occupancy is 100%. Asking price for the 46-unit portfolio is $3.57M and asking price for the 5-unit sub-portfolio is $597.5K. The sub-portfolio includes 205 Eastern, 323 Langdon, 2388 York, 1512 Vinal, 142 S Detroit, 56 E Pearl, and 920 Rogers. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

18. 2025-10-13
    price $10,000 59-char remark

    Show marketing remark (59 chars)

    REO Tax Sale. All liens paid/released. Very good condition.

19. 2025-10-09
    price $58,000
20. 2025-09-25
    listed $96,500 Active 703-char remark

    Show marketing remark (703 chars)

    NOTICE: We are not considering seller financing or creative financing offers that do not consist of us in recorded first lien position with a minimum of 30% down. Thank you for understanding! This property is being sold as part of an 46-unit portfolio or a 7-unit sub-portfolio. In place cap is ~8.5%, pro forma cap is ~11.0%, and occupancy is 100%. Asking price for the 46-unit portfolio is $3.57M and asking price for the 5-unit sub-portfolio is $597.5K. The sub-portfolio includes 205 Eastern, 323 Langdon, 2388 York, 1512 Vinal, 142 S Detroit, 56 E Pearl, and 920 Rogers. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

21. 2025-05-24
    historical $1,100
22. 2025-05-01
    listed $1,100
23. 2023-07-31
    soldstatus $1,315,000
24. 2023-07-21
    soldstatus $46,964 Closed
25. 2023-03-17
    status Pending
26. 2023-03-17
    price $46,964
27. 2023-02-19
    listed $25,000 Active
28. 2010-01-12
    soldstatus $10,000
29. 2010-01-08
    soldstatus $10,000 59-char remark

    Show marketing remark (59 chars)

    REO Tax Sale. All liens paid/released. Very good condition.

30. 2009-11-13
    listed $11,500 59-char remark

    Show marketing remark (59 chars)

    REO Tax Sale. All liens paid/released. Very good condition.

31. 2002-09-06
    soldstatus $58,000
32. 2002-08-27
    soldstatus $58,000
33. 2002-07-17
    listed $59,900

ⓘ 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: $798 · $66/mo
• Projected year-2 tax: $1,023 · $85/mo
• Expected delta: +$225/yr (+$19/mo · 28.2%)

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,027
• − Mortgage interest: −$4,481
• − Property taxes: −$798
• − Insurance: −$400
• − Repairs & maintenance: −$1,042
• − Management: −$1,042
• − Depreciation: −$2,327
• Taxable income: $2,937
• Est. tax owed @ 24.0%: −$705
• After-tax cash flow: $3,355/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): 13,593
• Household income: $29,275
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 911.0

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 0.60)
• Race & ethnicity: Black 57% White 25% Two or more races 9% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 4% Lithuanian 2% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 7%

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: ▼ -37.73%
• Current HPI: 139.4964
• Rent YoY: ▲ 3.89%
• 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

+48.6% since first listed

18 events — show timeline

• 2026-01-14 Price Changed $89,000 NORIS
• 2025-11-10 Price Changed $93,680 NORIS
• 2025-10-13 Price Changed $10,000 NORIS
• 2025-10-09 Price Changed $58,000 NORIS
• 2025-09-25 Listed $96,500 NORIS
• 2025-05-24 Rental Removed $1,100 TENANTTURNER2
• 2025-05-01 Listed for Rent $1,100 TENANTTURNER2
• 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
• 2023-02-19 Listed $25,000 NORIS
• 2010-01-12 Sold (Public Records) $10,000 Public Records
• 2010-01-08 Sold (MLS) $10,000 NORIS
• 2009-11-13 Listed $11,500 NORIS
• 2002-09-06 Sold (Public Records) $58,000 Public Records
• 2002-08-27 Sold (MLS) $58,000 NORIS
• 2002-07-17 Listed $59,900 NORIS

Property tax history

+8.5%/yr

Latest (2025): $798 · +26.6% YoY. Source: county tax records.