1624-1650 Michigan Ave

Maumee, OH 43537

$1,645,000B

3 bd · 2.0 ba · 11,610 sqft · Built 1964 · MultiFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $33,167/mo
• Mortgage (P&I): −$8,627
• Tax + insurance: −$3,270
• HOA: −$0
• Vac / Maint / Mgmt: −$6,965
• Net cashflow: $14,305/mo
• Annual: $171,663/yr
• Cap rate: 16.73%
• Cash-on-cash: 37.27%
• DSCR: 2.66
• 1% rule: 2.02%
• Cash to close: $460,600

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $1.65M.
• 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).
• It's been on market 18 days — a 2% lower offer ($1.62M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.62M (1.5% below list) — sets the bar for market timing.
• 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.
• 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); Gateway Middle School (math 63% / reading 66%, grade A-, #205 of 654 statewide, top 34%, 522 students, 34% FRL); Maumee High School (math 67% / reading 76%, grade B+, #98 of 781 statewide, top 13%, 648 students, 26% FRL) — zoned schools at 30% 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).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $688k; list at $1.65M implies a 139% gain — meaningful room to come down on a strong offer.
• 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.
• 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.
• 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.

Questions for listing agent

• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.