540 Church St · Toledo, OH 43605

$84,900

5 bd · 2.0 ba · 2,168 sqft · MultiFamily public records · 191 Days on market

Built 1894 5,700 sqft lot $39/sqft · 14% above area Est $73k · 16% over

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Why this score? — see what drove the C+ 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
• Rent growth +3.8/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.2/15.0
• 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

Make this your next investment property! The lower unit is currently vacant and freshly renovated, nearly ready for a new resident, with average rents for similar units in the area coming in at around $750 per month. The upper unit is already rented on a brand new one year lease, offering immediate rental income. The upper unit also features an in-unit washer and dryer, and both units boast newer vinyl flooring throughout.

Key facts

• Newer vinyl flooring
• 5,700 sq ft lot
• 2 parking spots

Tags

• IN-UNIT WASHER AND DRYER
• NEWER VINYL FLOORING

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $85k.

Deal economics

• At list price, monthly cash flow is $857 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.4% vs local median 7.7% 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-, 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: Grove Patterson Academy Elementary School (math 47% / reading 66%, grade C+, #761 of 1,584 statewide, top 48%, 403 students, 38% FRL); Waite High School (math 12% / reading 24%, grade F, #687 of 781 statewide, top 88%, 997 students, 0% FRL) — zoned schools average 19% FRL vs 72% district-wide (53 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 37% at this address vs 20% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Toledo City average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.4%/yr); 118 active listings in the ZIP; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k 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 + 5.4% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 191 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 25y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 191 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1894 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.18% ✓
• Cap rate: 18.41%
• Cash-on-cash: 43.28%
• DSCR: 2.93
• GRM: 3.8

CMA / ARV

• ARV (median comp): $72,985
• List price: $84,900
• Delta: 16.33%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
702 Clark St	0.13mi	4/2.0 (-1)	2,242 (+3%)	11mo	$62,500	$28	74
507 Walden Ave	0.21mi	4/2.0 (-1)	2,100 (-3%)	23mo	$53,000	$25	60
912 E Broadway St	0.54mi	4/2.0 (-1)	2,160 (-0%)	14mo	$67,500	$31	58
810 Euclid Ave	0.31mi	4/2.0 (-1)	2,396 (+10%)	11mo	$62,500	$26	53
425 Arden Pl	0.34mi	4/2.0 (-1)	1,936 (-11%)	13mo	$60,000	$31	50
1030 E Broadway St	0.66mi	4/2.0 (-1)	2,095 (-3%)	12mo	$105,000	$50	48
969 Berry St	0.55mi	5/2.0	2,354 (+9%)	16mo	$122,500	$52	47
349 Parker Ave	0.66mi	4/2.0 (-1)	2,468 (+14%)	2mo	$79,900	$32	40
1326 Idaho St	0.68mi	4/2.0 (-1)	1,854 (-14%)	24mo	$70,000	$38	19

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 42.8%
• Equity multiple: 2.91×
• Total profit: $45,403
• Equity at exit: $12,659

10-year hold

• IRR: 50.0%
• Equity multiple: 6.45×
• Total profit: $129,450
• Equity at exit: $7,341

Cash invested: $23,772 (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 43605

• Home prices YoY: -25.6%
• Rents YoY: 5.4%
• Active inventory: 118
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,849 high
• Mortgage (P&I): −$445
• Tax from tax record: −$123 /mo · $1,472/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $857

Break-even live

Break-even rent $764

Max offer price $84,900

Occupancy floor 49%

Sensitivity live

Price	-10% $905	-5% $881	+0% $857	+5% $833	+10% $809
Rent	-10% $711	-5% $784	+0% $857	+5% $930	+10% $1,003
Rate	-1.0pp $900	-0.5pp $879	base $857	+0.5pp $835	+1.0pp $813

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,850
Total (2 units)			$1,849

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Listing history 48 events

1. 2026-06-21
   days on market $84,900 Active 191 DOM
2. 2026-06-18
   days on market $84,900 Active 188 DOM
3. 2026-06-17
   days on market $84,900 Active 187 DOM
4. 2026-06-16
   days on market $84,900 Active 186 DOM
5. 2026-06-15
   days on market $84,900 Active 185 DOM
6. 2026-06-14
   days on market $84,900 Active 183 DOM
7. 2026-06-10
   days on market $84,900 Active 180 DOM
8. 2026-06-09
   days on market $84,900 Active 179 DOM
9. 2026-06-08
   days on market $84,900 Active 178 DOM
10. 2026-06-07
    days on market $84,900 Active 177 DOM
11. 2026-06-05
    days on market $84,900 Active 174 DOM
12. 2026-06-03
    days on market $84,900 Active 173 DOM
13. 2026-06-02
    days on market $84,900 Active 172 DOM
14. 2026-06-01
    days on market $84,900 Active 171 DOM
15. 2026-05-31
    days on market $84,900 Active 170 DOM
16. 2026-05-30
    days on market $84,900 Active 169 DOM
17. 2026-04-09
    price $84,900 426-char remark

    Show marketing remark (426 chars)

    Make this your next investment property! The lower unit is currently vacant and freshly renovated, nearly ready for a new resident, with average rents for similar units in the area coming in at around $750 per month. The upper unit is already rented on a brand new one year lease, offering immediate rental income. The upper unit also features an in-unit washer and dryer, and both units boast newer vinyl flooring throughout.

18. 2025-11-12
    listed $89,900 Active 426-char remark

    Show marketing remark (426 chars)

    Make this your next investment property! The lower unit is currently vacant and freshly renovated, nearly ready for a new resident, with average rents for similar units in the area coming in at around $750 per month. The upper unit is already rented on a brand new one year lease, offering immediate rental income. The upper unit also features an in-unit washer and dryer, and both units boast newer vinyl flooring throughout.

19. 2025-10-14
    price $28,000 101-char remark

    Show marketing remark (101 chars)

    Investors delight. Seperate utilities, 2 beds each unit. Roof 10 years old, fenced yard 2 car garage.

20. 2025-10-14
    price $62,000

    Show marketing remark (101 chars)

    Investors delight. Seperate utilities, 2 beds each unit. Roof 10 years old, fenced yard 2 car garage.

21. 2025-10-14
    price $10,000

    Show marketing remark (101 chars)

    Investors delight. Seperate utilities, 2 beds each unit. Roof 10 years old, fenced yard 2 car garage.

22. 2024-03-14
    historical $700
23. 2024-02-04
    listed $700
24. 2023-08-03
    soldstatus $62,000
25. 2023-07-28
    soldstatus $62,000 Closed
26. 2023-06-20
    historical Contingent
27. 2023-06-14
    listed $79,000 Active
28. 2023-01-18
    historical
29. 2022-07-18
    listed $79,900 Active
30. 2022-02-27
    price $575
31. 2020-10-09
    soldstatus $24,900
32. 2014-07-16
    soldstatus $10,000
33. 2014-04-11
    listed $11,000
34. 2014-03-29
    historical
35. 2014-01-29
    listed $11,000
36. 2013-10-03
    historical
37. 2013-03-08
    listed $11,000
38. 2013-03-06
    historical
39. 2012-11-07
    listed $19,900
40. 2012-11-07
    historical
41. 2012-05-07
    listed $40,000
42. 2012-04-05
    historical
43. 2010-10-15
    listed $33,900
44. 2002-03-19
    soldstatus $28,000
45. 2002-03-14
    soldstatus $28,000 101-char remark

    Show marketing remark (101 chars)

    Investors delight. Seperate utilities, 2 beds each unit. Roof 10 years old, fenced yard 2 car garage.

46. 2001-09-09
    listed $30,000 101-char remark

    Show marketing remark (101 chars)

    Investors delight. Seperate utilities, 2 beds each unit. Roof 10 years old, fenced yard 2 car garage.

47. 1989-01-13
    soldstatus $29,000
48. 1976-05-26
    soldstatus $25,900

ⓘ 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: $1,472 · $123/mo
• Projected year-2 tax: $1,472 · $123/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: $22,188
• − Mortgage interest: −$4,756
• − Property taxes: −$1,472
• − Insurance: −$424
• − Repairs & maintenance: −$1,775
• − Management: −$1,775
• − Depreciation: −$2,470
• Taxable income: $9,515
• Est. tax owed @ 24.0%: −$2,284
• After-tax cash flow: $8,005/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: 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): 24,441
• Household income: $39,118
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 1257.0

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 0.61)
• Race & ethnicity: White 57% Hispanic / Latino 21% Black 14% Two or more races 14%
• Hispanic origin (detail): Mexican 17% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Portuguese 1%
• Foreign-born: 3% · Canada
• Languages at home: 91% English-only · Spanish 7% Arabic 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: ▼ -47.85%
• Current HPI: 138.6894
• Rent YoY: ▲ 5.37%
• 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

+227.8% since first listed

32 events — show timeline

• 2026-04-09 Price Changed $84,900 NORIS
• 2025-11-12 Listed $89,900 NORIS
• 2025-10-14 Price Changed $28,000 NORIS
• 2025-10-14 Price Changed $62,000 NORIS
• 2025-10-14 Price Changed $10,000 NORIS
• 2024-03-14 Rental Removed $700 APPFOLIO
• 2024-02-04 Listed for Rent $700 APPFOLIO
• 2023-08-03 Sold (Public Records) $62,000 Public Records
• 2023-07-28 Sold (MLS) $62,000 NORIS
• 2023-06-20 Contingent — NORIS
• 2023-06-14 Listed $79,000 NORIS
• 2023-01-18 Listing Removed — NORIS
• 2022-07-18 Listed $79,900 NORIS
• 2022-02-27 Price Changed $575 RENT.
• 2020-10-09 Sold (Public Records) $24,900 Public Records
• 2014-07-16 Sold (MLS) $10,000 NORIS
• 2014-04-11 Listed $11,000 NORIS
• 2014-03-29 Listing Removed — NORIS
• 2014-01-29 Listed $11,000 NORIS
• 2013-10-03 Listing Removed — NORIS
• 2013-03-08 Listed $11,000 NORIS
• 2013-03-06 Listing Removed — NORIS
• 2012-11-07 Listing Removed — NORIS
• 2012-11-07 Listed $19,900 NORIS
• 2012-05-07 Listed $40,000 NORIS
• 2012-04-05 Listing Removed — NORIS
• 2010-10-15 Listed $33,900 NORIS
• 2002-03-19 Sold (Public Records) $28,000 Public Records
• 2002-03-14 Sold (MLS) $28,000 NORIS
• 2001-09-09 Listed $30,000 NORIS
• 1989-01-13 Sold (Public Records) $29,000 Public Records
• 1976-05-26 Sold (Public Records) $25,900 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,472 · -4.3% YoY. Source: county tax records.