1624-1650 Michigan Ave · Maumee, OH 43537

$1,645,000

3 bd · 2.0 ba · 11,610 sqft · MultiFamily public records · 18 Days on market

Built 1964 0.55 ac 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
• Schools +5.6/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

This is a 23 unit multifamily property located in Maumee, Ohio, featuring five brick ranch-style buildings constructed in 1963. The property includes 17 one-bedroom units of approximately 600 square feet and 6 two-bedroom units of approximately 800 square feet. All units feature separately metered gas forced air heating, central air conditioning, stoves and refrigerators, and washer/dryer hookups in each unit. The property features newer gable roofs across all buildings. Located on Michigan Avenue with access via Heatherdowns to south on Eastgate

Key facts

• Newer gable roofs
• Multifamily property
• Washer dryer hookups

Tags

• MULTIFAMILY PROPERTY
• BRICK RANCH-STYLE BUILDINGS
• CENTRAL AIR CONDITIONING
• WASHER DRYER HOOKUPS
• NEWER GABLE ROOFS
• ACCESS VIA HEATHERDOWNS

Property features AI

Finance

• Financial info: 23 total units (22 leased, 1 vacant); Tenants pay cable, electricity, gas and internet; Owner pays common area and exterior maintenance, grounds care, HVAC maintenance, pest control, repairs, roof maintenance, sewer, trash collection, water, insurance, management, snow removal, taxes and lawn care

Exterior

• Parking: Driveway; Off-street parking
• Utilities: Cable available; Public water; Public sewer
• Home design: Residential income property (apartment/multi-family); Single-story (one level); City street frontage on an irregular lot; Additional parcel included
• Construction: Brick construction; Shingle roof; Crawl space foundation; Built as multi-family apartment (23 units across 5 buildings)
• Exterior features: Private entrance; Rear patio

Interior

• Kitchen: Water heater
• Flooring: Carpet; Laminate; Linoleum; Luxury vinyl
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Screens on windows
• Laundry & utility: In-unit laundry with washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $1.65M.

Deal economics

• At list price, monthly cash flow is $14k ($172k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($33k rent vs $1.65M).
• Recommended offer: $1.62M (1.5% below list) — sets the bar for market timing.
• Cap rate 16.7% vs local median 2.6% in Maumee — 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 76/100 on livability (#221 in OH, #3,442 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: amenities F, commute F, health & safety F.
• Maumee City (suburban): math 65% / reading 67% proficiency, ranked #194 of 656 in OH (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fort Miami Elementary School (math 62% / reading 42%, grade C-, #851 of 1,584 statewide, top 56%, 330 students, 30% FRL); Maumee High School (math 67% / reading 76%, grade B+, #98 of 781 statewide, top 13%, 648 students, 26% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: 114 active listings in the ZIP; solid renter incomes; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $33,167/mo this rent would consume 481% of the median local household income ($83k/yr) (locally 592% 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 $11k of loan paydown is wiped out by about $49k 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 $461k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($1.62M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $688k; list at $1.65M implies a 139% gain — meaningful room to come down on a strong offer.

Recommended offer $1,620,325 (1.5% below list)

Questions for the listing agent

1. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-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?
4. 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.
5. 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.
6. 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: 2.02% ✓
• Cap rate: 16.73%
• Cash-on-cash: 37.27%
• DSCR: 2.66
• GRM: 4.1

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: 33.2%
• Equity multiple: 2.40×
• Total profit: $645,375
• Equity at exit: $245,275

10-year hold

• IRR: 40.2%
• Equity multiple: 4.77×
• Total profit: $1,738,534
• Equity at exit: $142,230

Cash invested: $460,600 (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 43537

• Home prices YoY: -29.6%
• Active inventory: 114
• Price-to-rent: 95.1×

Monthly cashflow live

• Estimated rent: $33,167 high
• Mortgage (P&I): −$8,627
• Tax from tax record: −$2,585 /mo · $31,016/yr
• Insurance: −$685
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,965
• Net cashflow: $14,305

Break-even live

Break-even rent $15,059

Max offer price $1,645,000

Occupancy floor 52%

Sensitivity live

Price	-10% $15,236	-5% $14,771	+0% $14,305	+5% $13,840	+10% $13,374
Rent	-10% $11,685	-5% $12,995	+0% $14,305	+5% $15,615	+10% $16,925
Rate	-1.0pp $15,134	-0.5pp $14,724	base $14,305	+0.5pp $13,879	+1.0pp $13,445

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

Units	Beds	Baths	Est. rent
▸ 23× units	3	2	$33,166
Total (23 units)			$33,167

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: $411,250
• Closing costs: $49,350
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $1,645,000 Active 18 DOM
2. 2026-06-18
   days on market $1,645,000 Active 15 DOM
3. 2026-06-17
   days on market $1,645,000 Active 14 DOM
4. 2026-06-16
   days on market $1,645,000 Active 13 DOM
5. 2026-06-15
   days on market $1,645,000 Active 12 DOM
6. 2026-06-14
   days on market $1,645,000 Active 10 DOM
7. 2026-06-10
   days on market $1,645,000 Active 7 DOM
8. 2026-06-09
   days on market $1,645,000 Active 6 DOM
9. 2026-06-08
   days on market $1,645,000 Active 5 DOM
10. 2026-06-07
    days on market $1,645,000 Active 4 DOM
11. 2026-06-03
    remarks 552-char remark
12. 2026-06-03
    listed $1,645,000 Active 1 DOM

ⓘ 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: $31,016 · $2,585/mo
• Projected year-2 tax: $31,016 · $2,585/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 (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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $398,004
• − Mortgage interest: −$92,146
• − Property taxes: −$31,016
• − Insurance: −$8,225
• − Repairs & maintenance: −$31,840
• − Management: −$31,840
• − Depreciation: −$47,855
• Taxable income: $155,082
• Est. tax owed @ 24.0%: −$37,220
• After-tax cash flow: $134,444/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: Maumee City
• NCES district ID: 3904436
• Math proficiency: 65% ▼ -10.00%
• Reading proficiency: 67% ▼ -7.00%
• Median HH income: $53,412
• Composite: 56.38/100
• National rank: #1162
• State rank: #194 of 656 in OH

Livability — Maumee

• Score: 76/100
• State rank: #221
• US rank: #3442

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Maumee, OH
• County: Lucas County · 380,724 people
• City population: 30,111
• Metro: Toledo, OH
• Population (ZIP): 30,111
• Household income: $82,752
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 592.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 6% Black 6% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 9% Lithuanian 4% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 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: ▼ -85.67%
• Current HPI: 203.8449
• 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

+139.3% since first listed

2 events — show timeline

• 2026-04-16 Listed $1,645,000 NORIS
• 2004-12-16 Sold (Public Records) $687,500 Public Records

Property tax history

+7.7%/yr

Latest (2025): $31,016 · +2.7% YoY. Source: county tax records.