3201 Warsaw St · Toledo, OH 43608

$49,900

3 bd · 2.0 ba · — sqft · MultiFamily · 293 Days on market

Built 1912 Poor condition 3,489 sqft lot Est $62k · 19% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.5/5.0
• Livability +3.3/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Priced to sell large commercial building on corner street with apartments on second level and former store front. 3 bed room apartment and efficiency unit . Opportunity awaits with endless possibilities ..Don't miss on this one!

Key facts

• 3,489 sq ft lot
• 2 garage spots
• Built 1912

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $50k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 33.6% vs local median 7.6% 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.

Location & tenants

• 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-, schools D-, crime 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.
• Market conditions: Rents rising (+3.9%/yr); 58 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $1,876/mo this rent would consume 77% of the median local household income ($29k/yr) (locally 911% 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 $345 of loan paydown is wiped out by about $1k 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 + 3.9% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 293 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y ago; this cycle's ask has dropped $28k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 293 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 3.76% ✓
• Cap rate: 33.64%
• Cash-on-cash: 97.67%
• DSCR: 5.35
• GRM: 2.2

CMA / ARV

• ARV (median comp): $61,820
• List price: $49,900
• Delta: -19.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
237 E Hudson St	0.25mi	4/2.0 (+1)	—	6mo	$62,500	—	66
243 E Weber St	0.21mi	4/2.0 (+1)	—	8mo	$70,000	—	66
3104 Franklin Ave	0.15mi	4/2.0 (+1)	—	14mo	$61,000	—	64
439 E Weber St	0.48mi	4/2.0 (+1)	—	1mo	$66,000	—	60
352 E Pearl St	0.42mi	3/2.0	—	13mo	$60,000	—	57
3242 Cambridge St	0.51mi	4/2.0 (+1)	2,828	4mo	$56,000	$20	56
248 Kenilworth Ave	0.46mi	3/2.0	—	14mo	$80,000	—	54
2824 Chestnut St	0.62mi	4/2.0 (+1)	2,055	2mo	$81,000	$39	52
306 Dexter St	0.40mi	3/2.0	—	20mo	$50,000	—	52
540 E Central Ave	0.61mi	4/2.0 (+1)	—	9mo	$47,300	—	46
3235 Parkwood Ave	0.71mi	4/2.0 (+1)	2,520	12mo	$50,000	$20	39
625 Arcadia Ave	0.74mi	4/2.0 (+1)	2,242	14mo	$64,000	$29	36

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 · 3.89% rent growth · sell at horizon

5-year hold

• IRR: 99.7%
• Equity multiple: 5.73×
• Total profit: $66,065
• Equity at exit: $7,440

10-year hold

• IRR: —
• Equity multiple: 12.31×
• Total profit: $157,988
• Equity at exit: $4,314

Cash invested: $13,972 (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 43608

• Home prices YoY: -21.3%
• Rents YoY: 3.9%
• Active inventory: 58
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,876 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $1,137

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 34%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,067
1× unit	1	1	$809
Total (2 units)			$1,876

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
59 E Hudson St Toledo, OH	3.0	1.0	1368	$1,100	$0.80	43d	1	0.15mi
31 W Oakland St Toledo, OH	4.0	1.0	1188	$1,249	$1.05	23d	1	0.18mi
124 Everett St Toledo, OH	2.0	1.0	—	$950	—	13d	1	0.37mi
340 E Lake St Toledo, OH	2.0	1.0	683	$775	$1.13	23d	1	0.42mi
333 E Lake St Toledo, OH	2.0	1.0	800	$495	$0.62	23d	1	0.43mi
319 Dexter St Toledo, OH	2.0	1.0	990	$1,005	$1.02	43d	1	0.43mi
227 Everett St Toledo, OH	2.0	1.0	914	$850	$0.93	43d	1	0.44mi
424 E Lake St Toledo, OH	3.0	1.0	1228	$1,075	$0.88	13d	1	0.52mi
329 Mettler St Toledo, OH	2.0	1.0	908	$975	$1.07	13d	1	0.54mi
405 E Manhattan Blvd Toledo, OH	2.0	1.0	1000	$900	$0.90	13d	1	0.55mi
516 E Hudson St Toledo, OH	3.0	1.0	1204	$1,098	$0.91	13d	1	0.56mi
152 Austin St Toledo, OH	4.0	1.5	1370	$1,150	$0.84	23d	1	0.57mi
420 Everett St Toledo, OH	2.0	1.0	1000	$975	$0.97	23d	1	0.57mi
524 E Hudson St Toledo, OH	3.0	1.0	1150	$895	$0.78	21d	1	0.58mi
524 E Hudson St Toledo, OH	2.0	1.0	1050	$825	$0.79	43d	1	0.58mi
225 Palmer St Toledo, OH	2.0	1.0	924	$895	$0.97	43d	1	0.64mi
425 Boston Pl Unit A Toledo, OH	2.0	1.0	1200	$895	$0.75	23d	1	0.64mi
2621 Chestnut St Toledo, OH	3.0	1.0	1444	$1,250	$0.87	43d	1	0.70mi
610 Cadillac Ct Toledo, OH	3.0	1.0	1409	$1,050	$0.75	23d	1	0.71mi
614 Cadillac Ct Toledo, OH	3.0	1.0	1581	$1,075	$0.68	23d	1	0.72mi
625 Arcadia Ave Toledo, OH	2.0	1.0	—	$849	—	23d	1	0.74mi
2907 Rockwood Pl Toledo, OH	3.0	1.0	1494	$1,100	$0.74	13d	1	0.82mi
710 E Lake St Toledo, OH	3.0	1.0	1242	$1,000	$0.81	13d	1	0.84mi
703 Ashwood Ave Toledo, OH	2.0	1.0	—	$1,000	—	13d	1	0.89mi
119 Winthrop St Toledo, OH	3.0	1.0	1734	$1,350	$0.78	23d	1	0.94mi
1337 Moore St Toledo, OH	3.0	1.5	1194	$995	$0.83	21d	1	0.96mi
830 Homer Ave Toledo, OH	3.0	1.0	1208	$895	$0.74	43d	1	0.99mi
3905 Peru St Toledo, OH	4.0	3.0	1548	$1,300	$0.84	21d	1	1.06mi
3950 Woodhaven Dr Toledo, OH	2.0	1.0	1072	$745	$0.69	23d	1	1.07mi
3606 Doyle St Toledo, OH	3.0	2.0	1650	$1,100	$0.67	43d	1	1.15mi
4140 Caroline Ave Toledo, OH	3.0	1.5	1378	$1,650	$1.20	23d	1	1.21mi
2131 Franklin Ave Toledo, OH	2.0	2.0	1255	$900	$0.72	43d	1	1.21mi
4039 Vermaas Ave Toledo, OH	2.0	1.0	900	$900	$1.00	23d	1	1.23mi
4220 Caroline Ave Toledo, OH	3.0	1.0	944	$1,095	$1.16	43d	1	1.25mi
4124 Vermaas Ave Toledo, OH	2.0	1.0	1245	$997	$0.80	43d	1	1.26mi
3615 Berkeley Dr Toledo, OH	3.0	1.0	1096	$1,400	$1.28	13d	1	1.27mi
3474 Maher St Toledo, OH	2.0	1.0	736	$1,125	$1.53	43d	1	1.27mi
625 Virginia St Toledo, OH	2.0	1.0	1000	$800	$0.80	43d	1	1.27mi
625 Virginia St Toledo, OH	2.0	1.0	1000	$850	$0.85	13d	1	1.27mi
401 W Bancroft St Toledo, OH	4.0	1.0	927	$865	$0.93	23d	1	1.27mi

Listing history 22 events

1. 2026-06-18
   days on market $49,900 Active 293 DOM
2. 2026-06-17
   days on market $49,900 Active 292 DOM
3. 2026-06-16
   days on market $49,900 Active 291 DOM
4. 2026-06-15
   days on market $49,900 Active 290 DOM
5. 2026-06-14
   days on market $49,900 Active 288 DOM
6. 2026-06-10
   days on market $49,900 Active 285 DOM
7. 2026-06-09
   days on market $49,900 Active 284 DOM
8. 2026-06-08
   days on market $49,900 Active 283 DOM
9. 2026-06-07
   days on market $49,900 Active 282 DOM
10. 2026-06-05
    days on market $49,900 Active 279 DOM
11. 2026-06-03
    days on market $49,900 Active 278 DOM
12. 2026-06-02
    days on market $49,900 Active 277 DOM
13. 2026-06-01
    days on market $49,900 Active 276 DOM
14. 2026-05-31
    days on market $49,900 Active 275 DOM
15. 2026-05-30
    days on market $49,900 Active 274 DOM
16. 2026-02-26
    price $49,900 230-char remark

    Show marketing remark (230 chars)

    Priced to sell large commercial building on corner street with apartments on second level and former store front. 3 bed room apartment and efficiency unit . Opportunity awaits with endless possibilities ..Don't miss on this one!

17. 2026-01-07
    price $59,000 230-char remark

    Show marketing remark (230 chars)

    Priced to sell large commercial building on corner street with apartments on second level and former store front. 3 bed room apartment and efficiency unit . Opportunity awaits with endless possibilities ..Don't miss on this one!

18. 2025-11-17
    price $67,000 230-char remark

    Show marketing remark (230 chars)

    Priced to sell large commercial building on corner street with apartments on second level and former store front. 3 bed room apartment and efficiency unit . Opportunity awaits with endless possibilities ..Don't miss on this one!

19. 2025-09-03
    price $74,000 230-char remark

    Show marketing remark (230 chars)

    Priced to sell large commercial building on corner street with apartments on second level and former store front. 3 bed room apartment and efficiency unit . Opportunity awaits with endless possibilities ..Don't miss on this one!

20. 2025-08-29
    listed $78,000 Active 230-char remark

    Show marketing remark (230 chars)

    Priced to sell large commercial building on corner street with apartments on second level and former store front. 3 bed room apartment and efficiency unit . Opportunity awaits with endless possibilities ..Don't miss on this one!

21. 2004-06-16
    historical
22. 2004-05-10
    listed $29,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $22,512
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$1,801
• − Management: −$1,801
• − Depreciation: −$1,452
• Taxable income: $13,665
• Est. tax owed @ 24.0%: −$3,280
• After-tax cash flow: $10,367/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.

Condition & rehab AI · 4 photos

Poor 20/100 Extensive rehab

This abandoned property requires extensive rehabilitation to become a viable investment opportunity.

Repairs flagged

• Major Boarded-up windows — Structural damage and security risk
• Major Overgrown vegetation — Safety hazard and aesthetic issue
• Major General disrepair — Structural and safety concerns

Value-add opportunities

• Both Landscaping and curb appeal — Improves safety and aesthetics
• Both Boarded-up windows — Enhances safety and security
• Both Structural repairs — Ensures safety and stability

Renovation cost estimate screening

Repair item	Severity	Est. cost
Boarded-up windows · Structural damage and security risk	Major	$15,000–50,000
Overgrown vegetation · Safety hazard and aesthetic issue	Major	$15,000–50,000
General disrepair · Structural and safety concerns	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Landscaping and curb appeal — Improves safety and aesthetics ↑
• Both Boarded-up windows — Enhances safety and security ↑
• Both Structural repairs — Ensures safety and stability ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Toledo City
• NCES district ID: 3904490
• Math proficiency: 15% ▼ -16.00%
• Reading proficiency: 24% ▼ -13.00%
• Median HH income: $32,137
• Composite: 15.76/100
• National rank: #9276
• State rank: #634 of 656 in OH

Livability — Toledo

• Score: 66/100
• State rank: #645
• US rank: #11442

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Toledo, OH
• County: Lucas County · 380,724 people
• City population: 280,811
• Metro: Toledo, OH
• Population (ZIP): 13,593
• Household income: $29,275
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 911.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 57% White 25% Two or more races 9% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 4% Lithuanian 2% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 7%

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: ▼ -37.73%
• Current HPI: 139.4964
• Rent YoY: ▲ 3.89%
• 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

+66.9% since first listed

7 events — show timeline

• 2026-02-26 Price Changed $49,900 NORIS
• 2026-01-07 Price Changed $59,000 NORIS
• 2025-11-17 Price Changed $67,000 NORIS
• 2025-09-03 Price Changed $74,000 NORIS
• 2025-08-29 Listed $78,000 NORIS
• 2004-06-16 Listing Removed — NORIS
• 2004-05-10 Listed $29,900 NORIS