506 W Wayne St · Maumee, OH 43537

$250,000

5 bd · 3.0 ba · 2,707 sqft · MultiFamily public records · 23 Days on market

Built 1877 6,800 sqft lot $92/sqft · 19% below area Est $282k · 11% 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 +12.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Great opportunity to own a 3-unit (triplex) in a convenient area of Maumee! This property offers strong income potential with projected rents of approximately $2,700-$2,900 per month once fully occupied. Currently, the townhome unit is occupied on a month-to-month basis at $950/month, while the lower 2-bedroom and upper 2-bedroom units are vacant and ready for lease, providing immediate upside for the next owner. The layout includes a spacious 2-story townhome with approximately 1,000+ sq ft, 2 bedrooms, a bonus room (potential 3rd bedroom), and washer/dryer hookups; a main floor 2-bedroom unit with built-in shelving; and an upper 2-bedroom unit with a functional layout and good natural light. Appliances stay, and the property features a durable metal roof along with updates throughout. Off-street parking and a detached garage add convenience. Sewer has been inspected and certified through 2029 per Maumee requirements. Located in the desirable Maumee School District, this property is ideal for investors or owner-occupants. Easy to show—vacant units available immediately; occupied unit requires notice.

Key facts

• 6,800 sq ft lot
• 2 garage spots
• Built 1877

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $567/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 2.8% 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+, schools 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.
• Market conditions: 113 active listings in the ZIP; solid renter incomes; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $4,424/mo this rent would consume 64% 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 $2k of loan paydown is wiped out by about $8k 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 $70k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $170k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1877 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,250 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1877 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.77% ✓
• Cap rate: 14.45%
• Cash-on-cash: 29.14%
• DSCR: 2.30
• GRM: 4.7

CMA / ARV

• ARV (median comp): $281,574
• List price: $250,000
• Delta: -11.21%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 E Dudley St	0.57mi	5/2.0	2,856 (+6%)	10mo	$264,000	$92	52

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: 23.6%
• Equity multiple: 1.97×
• Total profit: $67,869
• Equity at exit: $37,276

10-year hold

• IRR: 31.5%
• Equity multiple: 3.84×
• Total profit: $198,955
• Equity at exit: $21,615

Cash invested: $70,000 (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: 113
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $4,424 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$380 /mo · $4,558/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$929
• Net cashflow: $1,700

Break-even live

Break-even rent $2,272

Max offer price $250,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,425
Total (3 units)			$4,424

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-06
   historical Contingent 1124-char remark

   Show marketing remark (1124 chars)

   Great opportunity to own a 3-unit (triplex) in a convenient area of Maumee! This property offers strong income potential with projected rents of approximately $2,700-$2,900 per month once fully occupied. Currently, the townhome unit is occupied on a month-to-month basis at $950/month, while the lower 2-bedroom and upper 2-bedroom units are vacant and ready for lease, providing immediate upside for the next owner. The layout includes a spacious 2-story townhome with approximately 1,000+ sq ft, 2 bedrooms, a bonus room (potential 3rd bedroom), and washer/dryer hookups; a main floor 2-bedroom unit with built-in shelving; and an upper 2-bedroom unit with a functional layout and good natural light. Appliances stay, and the property features a durable metal roof along with updates throughout. Off-street parking and a detached garage add convenience. Sewer has been inspected and certified through 2029 per Maumee requirements. Located in the desirable Maumee School District, this property is ideal for investors or owner-occupants. Easy to show—vacant units available immediately; occupied unit requires notice.

2. 2026-04-27
   listed $250,000 Active 1124-char remark

   Show marketing remark (1124 chars)

   Great opportunity to own a 3-unit (triplex) in a convenient area of Maumee! This property offers strong income potential with projected rents of approximately $2,700-$2,900 per month once fully occupied. Currently, the townhome unit is occupied on a month-to-month basis at $950/month, while the lower 2-bedroom and upper 2-bedroom units are vacant and ready for lease, providing immediate upside for the next owner. The layout includes a spacious 2-story townhome with approximately 1,000+ sq ft, 2 bedrooms, a bonus room (potential 3rd bedroom), and washer/dryer hookups; a main floor 2-bedroom unit with built-in shelving; and an upper 2-bedroom unit with a functional layout and good natural light. Appliances stay, and the property features a durable metal roof along with updates throughout. Off-street parking and a detached garage add convenience. Sewer has been inspected and certified through 2029 per Maumee requirements. Located in the desirable Maumee School District, this property is ideal for investors or owner-occupants. Easy to show—vacant units available immediately; occupied unit requires notice.

3. 2026-04-08
   historical $250,000 1124-char remark

   Show marketing remark (1124 chars)

   Great opportunity to own a 3-unit (triplex) in a convenient area of Maumee! This property offers strong income potential with projected rents of approximately $2,700-$2,900 per month once fully occupied. Currently, the townhome unit is occupied on a month-to-month basis at $950/month, while the lower 2-bedroom and upper 2-bedroom units are vacant and ready for lease, providing immediate upside for the next owner. The layout includes a spacious 2-story townhome with approximately 1,000+ sq ft, 2 bedrooms, a bonus room (potential 3rd bedroom), and washer/dryer hookups; a main floor 2-bedroom unit with built-in shelving; and an upper 2-bedroom unit with a functional layout and good natural light. Appliances stay, and the property features a durable metal roof along with updates throughout. Off-street parking and a detached garage add convenience. Sewer has been inspected and certified through 2029 per Maumee requirements. Located in the desirable Maumee School District, this property is ideal for investors or owner-occupants. Easy to show—vacant units available immediately; occupied unit requires notice.

4. 2024-08-06
   soldstatus $170,000
5. 2011-12-08
   soldstatus $125,000
6. 1986-06-11
   soldstatus $54,000
7. 1978-09-08
   soldstatus $45,000

ⓘ 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: $4,558 · $380/mo
• Projected year-2 tax: $4,558 · $380/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 ≥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: $53,088
• − Mortgage interest: −$14,004
• − Property taxes: −$4,558
• − Insurance: −$1,250
• − Repairs & maintenance: −$4,247
• − Management: −$4,247
• − Depreciation: −$7,273
• Taxable income: $17,510
• Est. tax owed @ 24.0%: −$4,202
• After-tax cash flow: $16,197/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

+455.6% since first listed

7 events — show timeline

• 2026-05-06 Contingent — NORIS
• 2026-04-27 Listed $250,000 NORIS
• 2026-04-08 Coming Soon $250,000 NORIS
• 2024-08-06 Sold (Public Records) $170,000 Public Records
• 2011-12-08 Sold (Public Records) $125,000 Public Records
• 1986-06-11 Sold (Public Records) $54,000 Public Records
• 1978-09-08 Sold (Public Records) $45,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $4,558 · +1.9% YoY. Source: county tax records.