1140 S Mccord Rd Unit E-11 · Holland, OH 43528

$55,000

1 bd · 1.0 ba · 576 sqft · Condo public records · 49 Days on market

Built 1979 $100/mo HOA · 9% of rent

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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
• Schools +4.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Nice 55+ community conveniently located close to shopping, library and the freeway system. Pets under 25 welcome and leash required when walking. This unit can be purchased separately or combined with 3 others for a total price of $220,000.00

Key facts

• $100 HOA
• Parking
• Built 1979

Property features AI

Finance

• Other: Located on a private, asphalt road
• HOA & community: Monthly association fee of $100; Pets allowed with breed restrictions; Community picnic area

Exterior

• Parking: On-site parking (1 space) on asphalt
• Security: Other security features
• Utilities: Public sewer; Private water source; Electric: other; Other utilities
• Home design: Residential condominium, attached unit; One story
• Construction: Brick and wood siding exterior; Slab foundation; Year built source: Assessor
• Exterior features: Other exterior features; Asphalt roof

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Total rooms include living room, dining room, kitchen and one additional room (4 total rooms)
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Window cooling unit(s)
• Interior features: Window treatments; Other interior features
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $55k.

Deal economics

• At list price, monthly cash flow is $384 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.7% vs local median 2.4% in Holland — 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 80/100 on livability (#110 in OH, #1,661 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, commute F.
• Springfield Local (suburban): math 47% / reading 57% proficiency, ranked #404 of 656 in OH (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Dorr Street Elementary School (math 42% / reading 52%, grade D-, #942 of 1,584 statewide, top 61%, 393 students, 60% FRL); Springfield Middle School (math 44% / reading 53%, grade C-, #435 of 654 statewide, top 67%, 744 students, 81% FRL); Springfield High School (math 40% / reading 60%, grade D+, #384 of 781 statewide, top 49%, 922 students, 48% FRL).
• Market conditions: 79 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent is only 14% of the median local income ($94k/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 ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Recommended offer $53,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.96% ✓
• Cap rate: 14.68%
• Cash-on-cash: 29.94%
• DSCR: 2.33
• GRM: 4.3

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: 24.6%
• Equity multiple: 2.01×
• Total profit: $15,627
• Equity at exit: $8,201

10-year hold

• IRR: 32.4%
• Equity multiple: 3.95×
• Total profit: $45,397
• 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 43528

• Home prices YoY: -19.7%
• Active inventory: 79
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,075 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$54 /mo · $647/yr
• Insurance: −$23
• HOA: −$100
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $384

Break-even live

Break-even rent $589

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 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7300 Nightingale Dr Holland, OH	1.0–2.0	1.0–2.0	813	$1,320	$1.62	2d	13	1.03mi
5953 Walnut Cir Unit G11 Toledo, OH	1.0	1.0	670	$945	$1.41	23d	1	1.12mi
5943 Walnut Cir Dr Toledo, OH	1.0–2.0	1.0–1.5	1000	$945	$0.94	21d	3	1.14mi
5727 Tibaron Ln Toledo, OH	1.0–2.0	1.0–2.0	738	$995	$1.35	23d	1	1.40mi

HOA detail condo

• Monthly dues: $100 · $1,200/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-18
   status Pending
2. 2026-03-28
   listed $55,000 Active

ⓘ 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: $647 · $54/mo
• Projected year-2 tax: $753 · $63/mo
• Expected delta: +$105/yr (+$9/mo · 16.3%)

ⓘ 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 4/10 Moderate 7 d/yr ≥99°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: $12,904
• − Mortgage interest: −$3,081
• − Property taxes: −$647
• − Insurance: −$275
• − Repairs & maintenance: −$1,032
• − Management: −$1,032
• − HOA: −$1,200
• − Depreciation: −$1,600
• Taxable income: $4,036
• Est. tax owed @ 24.0%: −$969
• After-tax cash flow: $3,642/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: Springfield Local
• NCES district ID: 3904822
• Math proficiency: 47% ▼ -17.00%
• Reading proficiency: 57% ▼ -11.00%
• Median HH income: $54,807
• Composite: 44.87/100
• National rank: #2719
• State rank: #404 of 656 in OH

Livability — Holland

• Score: 80/100
• State rank: #110
• US rank: #1661

Category grades

Amenities B Commute F Cost of living A+ Crime C- Employment B- Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Holland, OH
• County: Lucas County · 380,724 people
• City population: 16,207
• Metro: Toledo, OH
• Population (ZIP): 16,207
• Household income: $93,986
• Rent vs Own: 22.7% rent · 77.3% own
• Severe rent burden: 307.0

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 (74%)
• Race & ethnicity: White 74% Black 8% Hispanic / Latino 8% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 7% Romanian 6% Iranian 2%
• Foreign-born: 6% · Canada, China, Jamaica
• Languages at home: 94% English-only · Spanish 3% Arabic 1% Other Indo-European 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: ▼ -52.78%
• Current HPI: 215.3916
• 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

2 events — show timeline

• 2026-05-18 Pending — NORIS
• 2026-03-28 Listed $55,000 NORIS

Property tax history

+0.9%/yr

Latest (2025): $647 · +6.3% YoY. Source: county tax records.