1115 Lincoln Ave · Toledo, OH 43607

$59,900

5 bd · 2.0 ba · 2,576 sqft · MultiFamily public records · 51 Days on market

Built 1902 0.25 ac lot $23/sqft · 37% below area Est $95k · 37% under ↓ 8% since listing

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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 +4.5/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Up/down duplex on a large lot near the Toledo Museum of Art. Lower unit offers 3 bedrooms, upper unit features 2 bedrooms. Separate utilities already in place. Property includes a large front porch and a mix of basement and crawl space. Being sold as-is to settle an estate and priced for condition, ideal for investors looking for a value-add opportunity. Strong potential for rental or resale with the right improvements.

Key facts

• Separate utilities
• Large front porch
• Large lot

Tags

• LARGE LOT
• LARGE FRONT PORCH
• SEPARATE UTILITIES
• VALUE-ADD OPPORTUNITY

Property features AI

Finance

• Financial info: Two-unit building (both units currently vacant); Owner pays all utilities

Exterior

• Parking: Driveway
• Utilities: Natural gas available; Public water; Public sewer
• Home design: Duplex residential income property; Two-story
• Construction: Vinyl siding; Combination foundation; Shingle roof; Built year per public records
• Exterior features: Front porch

Interior

• Flooring: Carpet
• Heating & cooling: Heating present (type: Other)
• Interior features: Partial basement; Other interior features
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $640/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 32.0% 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: Robinson Elementary School (math 2% / reading 2%, grade F, #1,580 of 1,584 statewide, top 100%, 358 students, 0% FRL); Jesup W. Scott High School (math 8% / reading 17%, grade F, #726 of 781 statewide, top 94%, 736 students, 0% FRL) — zoned schools average 0% FRL vs 72% district-wide (72 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 7% at this address vs 20% district-wide (-12 pts) — the specific schools serving this property underperform the Toledo City average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+8.2%/yr); 85 active listings in the ZIP; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $2,260/mo this rent would consume 66% of the median local household income ($41k/yr) (locally 1157% 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 $414 of loan paydown is wiped out by about $2k 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 + 8.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 3.77% ✓
• Cap rate: 31.95%
• Cash-on-cash: 91.65%
• DSCR: 5.08
• GRM: 2.2

CMA / ARV

• ARV (median comp): $94,715
• List price: $59,900
• Delta: -36.76%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1063 Norwood Ave	0.15mi	5/2.0	2,452 (-5%)	4mo	$45,000	$18	82
907 Oakwood Ave	0.29mi	4/2.0 (-1)	2,709 (+5%)	7mo	$125,000	$46	67
1118 Oakwood Ave	0.04mi	6/2.0 (+1)	2,888 (+12%)	12mo	$125,000	$43	63
2750 Monroe St	0.45mi	4/2.0 (-1)	2,750 (+7%)	13mo	$140,000	$51	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 98.3%
• Equity multiple: 6.00×
• Total profit: $83,911
• Equity at exit: $8,931

10-year hold

• IRR: —
• Equity multiple: 14.88×
• Total profit: $232,845
• Equity at exit: $5,179

Cash invested: $16,772 (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 43607

• Home prices YoY: -27.5%
• Rents YoY: 8.2%
• Active inventory: 85
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,260 high
• Mortgage (P&I): −$314
• Tax from tax record: −$165 /mo · $1,985/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $1,281

Break-even live

Break-even rent $639

Max offer price $59,900

Occupancy floor 38%

Sensitivity live

Price	-10% $1,315	-5% $1,298	+0% $1,281	+5% $1,264	+10% $1,247
Rent	-10% $1,102	-5% $1,192	+0% $1,281	+5% $1,370	+10% $1,459
Rate	-1.0pp $1,311	-0.5pp $1,296	base $1,281	+0.5pp $1,265	+1.0pp $1,250

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,260
Total (2 units)			$2,260

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $59,900 Active 51 DOM
2. 2026-06-18
   days on market $59,900 Active 48 DOM
3. 2026-06-17
   days on market $59,900 Active 47 DOM
4. 2026-06-16
   days on market $59,900 Active 46 DOM
5. 2026-06-15
   price $59,900 Active 45 DOM
6. 2026-06-15
   days on market $65,000 Active 45 DOM
7. 2026-06-14
   days on market $65,000 Active 43 DOM
8. 2026-06-10
   days on market $65,000 Active 40 DOM
9. 2026-06-09
   days on market $65,000 Active 39 DOM
10. 2026-06-08
    days on market $65,000 Active 38 DOM
11. 2026-06-07
    days on market $65,000 Active 37 DOM
12. 2026-06-05
    days on market $65,000 Active 34 DOM
13. 2026-06-03
    days on market $65,000 Active 33 DOM
14. 2026-06-02
    days on market $65,000 Active 32 DOM
15. 2026-06-01
    days on market $65,000 Active 31 DOM
16. 2026-05-31
    days on market $65,000 Active 30 DOM
17. 2026-05-30
    days on market $65,000 Active 29 DOM
18. 2026-05-01
    listed $65,000 Active 423-char remark

ⓘ 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: $1,985 · $165/mo
• Projected year-2 tax: $1,985 · $165/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 ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,120
• − Mortgage interest: −$3,355
• − Property taxes: −$1,985
• − Insurance: −$300
• − Repairs & maintenance: −$2,170
• − Management: −$2,170
• − Depreciation: −$1,743
• Taxable income: $15,399
• Est. tax owed @ 24.0%: −$3,696
• After-tax cash flow: $11,676/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): 19,469
• Household income: $41,335
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 1157.0

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 0.57)
• Race & ethnicity: Black 59% White 27% Two or more races 6% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Other Indo-European 1% Spanish 1% Russian/Polish/Slavic 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: ▼ -66.58%
• Current HPI: 175.2772
• Rent YoY: ▲ 8.19%
• 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

-7.8% since first listed

2 events — show timeline

• 2026-06-15 Price Changed $59,900 NORIS
• 2026-05-01 Listed $65,000 NORIS

Property tax history

+6.4%/yr

Latest (2025): $1,985 · +4.3% YoY. Source: county tax records.