1668 Brownstone Blvd Apt 613

Toledo, OH 43614

$67,000B-

2 bd · 1.5 ba · 1,208 sqft · Built 1974 · Condo · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,118/mo
• Mortgage (P&I): −$351
• Tax + insurance: −$134
• HOA: −$222
• Vac / Maint / Mgmt: −$235
• Net cashflow: $176/mo
• Annual: $2,114/yr
• Cap rate: 9.45%
• Cash-on-cash: 11.27%
• DSCR: 1.50
• 1% rule: 1.67%
• Cash to close: $18,760

Investor read

• This is a 2-bed/1.5-bath condo listed at $67k. Condition is rated fair.
• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• It's been on market 61 days — a 6% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $463 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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-, crime F, commute 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.
• Zoned schools: Glendale-Feilbach Elementary School (math 7% / reading 15%, grade F, #1,459 of 1,584 statewide, top 92%, 353 students, 0% FRL); Bowsher High School (math 23% / reading 45%, grade F, #596 of 781 statewide, top 76%, 1,240 students, 49% FRL) — zoned schools average 25% FRL vs 72% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+8.0%/yr); 126 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 71d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 92% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $6k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $67k implies a 123% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $19k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 9.4% vs local median 7.0% 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.

Questions for listing agent

• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Minor: exterior paint — Light discoloration
• Minor: interior paint — Some scuff marks