3124 N Erie St · Toledo, OH 43611

$55,000

2 bd · 1.0 ba · 848 sqft · SingleFamily public records · 70 Days on market

Built 1890 5,900 sqft lot $65/sqft · 17% below area Est $66k · 17% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Listing remarks MLS

Welcome home to this delightful and well-maintained 2-bedroom, 1-bath residence, perfect for those seeking comfort and convenience. Recently refreshed with new carpeting and a full interior paint job, this home offers a crisp, clean slate ready for your personal touch. You'll love the cozy atmosphere and the airy, light-filled rooms. With the added convenience of main-level laundry hookups and a location that offers easy access to local amenities and major transportation routes, this property is truly move-in ready with appliances!

Key facts

• 5,900 sq ft lot
• Built 1890
• Listed 70 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($846 rent vs $55k).
• Recommended offer: $52k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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: 64 active listings in the ZIP; 12 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; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent is only 16% of the median local income ($62k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 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 + 3.0% rent growth), your $15k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y 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 $38k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $51,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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: 1.54% ✓
• Cap rate: 12.91%
• Cash-on-cash: 23.63%
• DSCR: 2.05
• GRM: 5.4

CMA / ARV

• ARV (median comp): $66,355
• List price: $55,000
• Delta: -17.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2816 N Michigan St	0.38mi	2/1.0	774 (-9%)	5mo	$64,362	$83	64
2422 N Ontario St	0.69mi	2/1.0	814 (-4%)	2mo	$55,000	$68	59
3511 N Erie St	0.38mi	3/1.0 (+1)	925 (+9%)	6mo	$105,000	$114	57
3228 E Manhattan Blvd	0.52mi	2/1.0	785 (-7%)	9mo	$55,000	$70	56
3404 E Manhattan Blvd	0.47mi	2/1.0	920 (+8%)	14mo	$79,600	$87	52
3628 Terrace Dr	0.70mi	3/1.0 (+1)	925 (+9%)	6mo	$82,500	$89	42
3617 Waldorf Dr	0.68mi	3/1.0 (+1)	900 (+6%)	14mo	$107,000	$119	41
3522 Wallace Blvd	0.61mi	3/1.0 (+1)	940 (+11%)	11mo	$29,000	$31	39
3623 Terrace Dr	0.70mi	3/1.0 (+1)	925 (+9%)	12mo	$75,500	$82	37

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.8%
• Equity multiple: 1.68×
• Total profit: $10,405
• Equity at exit: $8,201

10-year hold

• IRR: 25.3%
• Equity multiple: 3.20×
• Total profit: $33,945
• Equity at exit: $4,755

Cash invested: $15,400 (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 43611

• Home prices YoY: -24.4%
• Active inventory: 64
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $846 high
• Mortgage (P&I): −$288
• Tax from tax record: −$54 /mo · $650/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $303

Break-even live

Break-even rent $463

Max offer price $55,000

Occupancy floor 59%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2929 N Summit St Toledo, OH	1.0	1.0	650	$550	$0.85	14d	1	0.23mi
2932 N Ontario St Toledo, OH	2.0	1.0	750	$750	$1.00	23d	1	0.24mi
3563 E Manhattan Blvd Toledo, OH	1.0–2.0	1.0	707	$850	$1.20	14d	1	0.54mi
413 Sandusky St Toledo, OH	2.0	1.0	900	$775	$0.86	23d	1	0.55mi
2023 N Erie St Toledo, OH	1.0	1.0	951	$685	$0.72	21d	1	1.03mi
2514 York St Unit Back Toledo, OH	2.0	1.0	696	$850	$1.22	14d	1	1.16mi
1951 N Summit St Unit 2 Toledo, OH	2.0	1.0	835	$800	$0.96	44d	1	1.19mi
3405 Beaumont Dr Toledo, OH	2.0	1.0	855	$745	$0.87	14d	1	1.23mi
3439 Jeannette Ave Toledo, OH	3.0	1.0	1098	$1,095	$1.00	44d	1	1.34mi
3474 Maher St Toledo, OH	2.0	1.0	736	$1,125	$1.53	44d	1	1.38mi
622 Whitlock Ave Toledo, OH	3.0	1.0	925	$1,195	$1.29	44d	1	1.41mi
2039 Genesee St Toledo, OH	1.0	1.0	660	$625	$0.95	44d	1	1.43mi

Listing history 27 events

1. 2026-06-18
   days on market $55,000 Active 70 DOM
2. 2026-06-17
   days on market $55,000 Active 69 DOM
3. 2026-06-16
   days on market $55,000 Active 68 DOM
4. 2026-06-15
   days on market $55,000 Active 67 DOM
5. 2026-06-14
   days on market $55,000 Active 65 DOM
6. 2026-06-10
   days on market $55,000 Active 62 DOM
7. 2026-06-09
   days on market $55,000 Active 61 DOM
8. 2026-06-08
   days on market $55,000 Active 60 DOM
9. 2026-06-07
   days on market $55,000 Active 59 DOM
10. 2026-06-05
    days on market $55,000 Active 56 DOM
11. 2026-06-03
    days on market $55,000 Active 55 DOM
12. 2026-06-02
    days on market $55,000 Active 54 DOM
13. 2026-06-01
    days on market $55,000 Active 53 DOM
14. 2026-05-31
    days on market $55,000 Active 52 DOM
15. 2026-05-30
    days on market $55,000 Active 51 DOM
16. 2026-04-09
    listed $55,000 Active 537-char remark

    Show marketing remark (537 chars)

    Welcome home to this delightful and well-maintained 2-bedroom, 1-bath residence, perfect for those seeking comfort and convenience. Recently refreshed with new carpeting and a full interior paint job, this home offers a crisp, clean slate ready for your personal touch. You'll love the cozy atmosphere and the airy, light-filled rooms. With the added convenience of main-level laundry hookups and a location that offers easy access to local amenities and major transportation routes, this property is truly move-in ready with appliances!

17. 2025-10-14
    price $38,000 232-char remark

    Show marketing remark (232 chars)

    No stairs! This is a 2 bedroom all on 1 level home. Would great for investors or home ownership. Large eat-in kitchen, ample size backyard. Large living room/dining room combo. 3 miles to downtown Toledo. Close to I-280 expressway!!

18. 2024-10-25
    historical $900
19. 2024-10-10
    listed $900
20. 2024-08-30
    soldstatus $38,000 Closed 232-char remark

    Show marketing remark (232 chars)

    No stairs! This is a 2 bedroom all on 1 level home. Would great for investors or home ownership. Large eat-in kitchen, ample size backyard. Large living room/dining room combo. 3 miles to downtown Toledo. Close to I-280 expressway!!

21. 2024-08-17
    status Pending 232-char remark

    Show marketing remark (232 chars)

    No stairs! This is a 2 bedroom all on 1 level home. Would great for investors or home ownership. Large eat-in kitchen, ample size backyard. Large living room/dining room combo. 3 miles to downtown Toledo. Close to I-280 expressway!!

22. 2024-07-25
    historical Contingent 232-char remark

    Show marketing remark (232 chars)

    No stairs! This is a 2 bedroom all on 1 level home. Would great for investors or home ownership. Large eat-in kitchen, ample size backyard. Large living room/dining room combo. 3 miles to downtown Toledo. Close to I-280 expressway!!

23. 2024-07-22
    listed $44,888 Active 232-char remark

    Show marketing remark (232 chars)

    No stairs! This is a 2 bedroom all on 1 level home. Would great for investors or home ownership. Large eat-in kitchen, ample size backyard. Large living room/dining room combo. 3 miles to downtown Toledo. Close to I-280 expressway!!

24. 2024-07-18
    historical
25. 2023-12-18
    listed $44,888 Active
26. 2012-05-27
    historical
27. 2012-03-10
    listed $12,500

ⓘ 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: $650 · $54/mo
• Projected year-2 tax: $754 · $63/mo
• Expected delta: +$104/yr (+$9/mo · 16.0%)

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,158
• − Mortgage interest: −$3,081
• − Property taxes: −$650
• − Insurance: −$275
• − Repairs & maintenance: −$813
• − Management: −$813
• − Depreciation: −$1,600
• Taxable income: $2,927
• Est. tax owed @ 24.0%: −$702
• After-tax cash flow: $2,936/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

+340.0% since first listed

12 events — show timeline

• 2026-04-09 Listed $55,000 NORIS
• 2025-10-14 Price Changed $38,000 NORIS
• 2024-10-25 Rental Removed $900 APPFOLIO
• 2024-10-10 Listed for Rent $900 APPFOLIO
• 2024-08-30 Sold (MLS) $38,000 NORIS
• 2024-08-17 Pending — NORIS
• 2024-07-25 Contingent — NORIS
• 2024-07-22 Listed $44,888 NORIS
• 2024-07-18 Listing Removed — NORIS
• 2023-12-18 Listed $44,888 NORIS
• 2012-05-27 Listing Removed — NORIS
• 2012-03-10 Listed $12,500 NORIS

Property tax history

+0.3%/yr

Latest (2025): $650 · +5.5% YoY. Source: county tax records.