1224 N Michigan St · Toledo, OH 43604

$69,900

3 bd · 1.0 ba · 1,136 sqft · SingleFamily public records · 91 Days on market

Built 1887 4,100 sqft lot $62/sqft · 110% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.2/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Listing remarks MLS

Turn-key property currently rented for $850 plus $75 for water, can be purchased individually or offered as bundle opportunity with 34 E Oakland, 1752 Marne Ave, 1404 Greenwood Ave, 847 Clark St. All properties tenant occupied and managed by one property manager.

Key facts

• 4,100 sq ft lot
• 2 garage spots
• Built 1887

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $590 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $64k (9.0% below list) — sets the bar for market timing.
• Cap rate 16.4% 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: 16 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $1,346/mo this rent would consume 78% of the median local household income ($21k/yr) (locally 693% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $2k of equity ($483 loan paydown + $2k appreciation (2.4% local appreciation)).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $34k; list at $70k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,609 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1887 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.93% ✓
• Cap rate: 16.43%
• Cash-on-cash: 36.20%
• DSCR: 2.61
• GRM: 4.3

CMA / ARV

• ARV (median comp): $33,294
• List price: $69,900
• Delta: 109.95%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
907 Lagrange St	0.25mi	2/1.0 (-1)	1,144 (+1%)	11mo	$45,000	$39	73
1411 N Erie St	0.20mi	3/1.0	1,010 (-11%)	10mo	$25,000	$25	64
626 Walnut St	0.43mi	3/1.0	1,088 (-4%)	11mo	$27,000	$25	64
1523 Elm St	0.40mi	3/1.0	1,109 (-2%)	18mo	$68,900	$62	62
1221 Peck St	0.56mi	3/1.0	1,159 (+2%)	10mo	$29,000	$25	62
718 Buffalo St	0.52mi	3/1.0	1,104 (-3%)	11mo	$45,000	$41	62
1133 Sherman St	0.51mi	3/1.0	1,080 (-5%)	11mo	$50,000	$46	59
1110 Sherman St	0.50mi	3/1.0	1,256 (+11%)	16mo	$54,000	$43	45
914 Moore St	0.70mi	2/1.0 (-1)	1,096 (-4%)	16mo	$31,900	$29	43
1431 Moore St	0.61mi	2/1.0 (-1)	1,275 (+12%)	6mo	$38,500	$30	42
1351 Moore St	0.62mi	2/2.0 (-1)	1,261 (+11%)	9mo	$50,500	$40	36
1343 Moore St	0.63mi	3/1.0	1,294 (+14%)	19mo	$53,500	$41	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.35% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.8%
• Equity multiple: 3.23×
• Total profit: $43,671
• Equity at exit: $28,909

10-year hold

• IRR: 41.4%
• Equity multiple: 6.41×
• Total profit: $105,818
• Equity at exit: $42,683

Cash invested: $19,572 (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 43604

• Home prices YoY: 2.1%
• Active inventory: 16
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,346 high
• Mortgage (P&I): −$367
• Tax from tax record: −$77 /mo · $929/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $590

Break-even live

Break-even rent $599

Max offer price $69,900

Occupancy floor 51%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1031 N Michigan St Toledo, OH	3.0	2.0	1488	$1,195	$0.80	23d	1	0.15mi
630 Mulberry St Toledo, OH	2.0	1.0	1000	$950	$0.95	23d	1	0.15mi
1449 N Huron St Toledo, OH	4.0	2.0	1430	$1,045	$0.73	14d	1	0.32mi
1119 N Summit St Toledo, OH	1.0–2.0	1.0–2.0	1023	$1,750	$1.71	14d	2	0.34mi
1119 N Summit St Toledo, OH	2.0	2.0	1226	$1,750	$1.43	23d	1	0.34mi
1119 N Summit St Toledo, OH	2.0	2.0	1500	$1,890	$1.26	43d	1	0.34mi
626 Walnut St Toledo, OH	3.0	1.0	1088	$995	$0.91	43d	1	0.40mi
1337 Moore St Toledo, OH	3.0	1.5	1194	$995	$0.83	21d	1	0.66mi
426 Beacon St Toledo, OH	1.0–2.0	1.0–1.5	809	$882	$1.09	14d	10	0.73mi
625 Riverside Dr Toledo, OH	1.0–2.0	1.0–2.0	860	$1,767	$2.05	14d	37	0.80mi
513 Adams St Toledo, OH	1.0–2.0	1.0	1175	$1,424	$1.21	14d	11	0.85mi
2621 Chestnut St Toledo, OH	3.0	1.0	1444	$1,250	$0.87	43d	1	0.86mi
128 Carbon St Toledo, OH	3.0	1.0	1113	$1,200	$1.08	23d	1	0.93mi
225 Palmer St Toledo, OH	2.0	1.0	924	$895	$0.97	43d	1	0.95mi
1951 N Summit St Unit 2 Toledo, OH	2.0	1.0	835	$800	$0.96	43d	1	0.95mi
1305 Mott Ave Toledo, OH	3.0	1.0	1080	$1,000	$0.93	43d	1	0.99mi
332 14th St Unit 303 Toledo, OH	3.0	1.5	1040	$1,000	$0.96	43d	1	1.00mi
200 N St Clair St Toledo, OH	2.0	1.0–2.0	835	$2,550	$3.05	14d	15	1.00mi
322 14th St Apt 203 Toledo, OH	3.0	1.5	1065	$1,000	$0.94	14d	1	1.01mi
1306 Mott Ave Toledo, OH	3.0	1.5	1282	$1,149	$0.90	43d	1	1.01mi
420 Everett St Toledo, OH	2.0	1.0	1000	$975	$0.97	23d	1	1.01mi
329 Mettler St Toledo, OH	2.0	1.0	908	$975	$1.07	14d	1	1.02mi
2131 Franklin Ave Toledo, OH	2.0	2.0	1255	$900	$0.72	43d	1	1.02mi
221 Licking St Unit 2 Toledo, OH	3.0	1.0	1048	$1,099	$1.05	23d	1	1.04mi
152 Austin St Toledo, OH	4.0	1.5	1370	$1,150	$0.84	23d	1	1.05mi
227 Everett St Toledo, OH	2.0	1.0	914	$850	$0.93	43d	1	1.11mi
319 Dexter St Toledo, OH	2.0	1.0	990	$1,005	$1.02	43d	1	1.14mi
470 2nd St Unit 1 Toledo, OH	2.0	1.0	950	$799	$0.84	43d	1	1.15mi
414 Platt St Unit ST-3 Toledo, OH	3.0	1.0	1500	$1,150	$0.77	23d	1	1.21mi
420 Platt St Toledo, OH	2.0	1.0	1499	$685	$0.46	21d	1	1.22mi
1964 Burr St Toledo, OH	3.0	1.0	1159	$1,250	$1.08	43d	1	1.26mi
1848 Genesee St Toledo, OH	3.0	1.0	1069	$1,300	$1.22	23d	1	1.30mi
1848 Genesee St Toledo, OH	3.0	1.0	1069	$1,200	$1.12	43d	1	1.30mi
653 Oswald St Toledo, OH	2.0	1.0	920	$800	$0.87	43d	1	1.36mi
401 W Bancroft St Toledo, OH	4.0	1.0	927	$865	$0.93	23d	1	1.39mi
223 Valleywood Dr Toledo, OH	2.0	1.0	1098	$1,099	$1.00	23d	1	1.40mi
409 W Bancroft St Toledo, OH	2.0	1.0	730	$880	$1.21	43d	1	1.41mi
524 E Hudson St Toledo, OH	3.0	1.0	1150	$895	$0.78	21d	1	1.44mi
524 E Hudson St Toledo, OH	2.0	1.0	1050	$825	$0.79	43d	1	1.44mi
29 Garfield Pl Toledo, OH	4.0	2.0	1300	$1,250	$0.96	14d	1	1.44mi

Listing history 22 events

1. 2026-02-20
   listed $69,900 Active 264-char remark

   Show marketing remark (264 chars)

   Turn-key property currently rented for $850 plus $75 for water, can be purchased individually or offered as bundle opportunity with 34 E Oakland, 1752 Marne Ave, 1404 Greenwood Ave, 847 Clark St. All properties tenant occupied and managed by one property manager.

2. 2025-10-14
   price $34,000 553-char remark

   Show marketing remark (553 chars)

   Discover the potential of this practical 2-bedroom, 1-bathroom home, which includes updated flooring and a generous fenced-in backyard for privacy and outdoor activities. The interior provides a functional layout that efficiently utilizes space, featuring comfortable living areas and adequately sized bedrooms. This property offers a solid foundation for customization and enhancements according to personal taste. Explore the opportunities to personalize and enhance this home to meet your lifestyle or investment goals. This home is being sold as is.

3. 2025-10-14
   price $26,500

   Show marketing remark (553 chars)

   Discover the potential of this practical 2-bedroom, 1-bathroom home, which includes updated flooring and a generous fenced-in backyard for privacy and outdoor activities. The interior provides a functional layout that efficiently utilizes space, featuring comfortable living areas and adequately sized bedrooms. This property offers a solid foundation for customization and enhancements according to personal taste. Explore the opportunities to personalize and enhance this home to meet your lifestyle or investment goals. This home is being sold as is.

4. 2025-10-14
   price $10,000

   Show marketing remark (553 chars)

   Discover the potential of this practical 2-bedroom, 1-bathroom home, which includes updated flooring and a generous fenced-in backyard for privacy and outdoor activities. The interior provides a functional layout that efficiently utilizes space, featuring comfortable living areas and adequately sized bedrooms. This property offers a solid foundation for customization and enhancements according to personal taste. Explore the opportunities to personalize and enhance this home to meet your lifestyle or investment goals. This home is being sold as is.

5. 2025-09-21
   historical $850
6. 2025-08-21
   listed $850
7. 2024-07-21
   historical $850
8. 2024-06-13
   listed $850
9. 2024-05-23
   status Pending 553-char remark

   Show marketing remark (553 chars)

   Discover the potential of this practical 2-bedroom, 1-bathroom home, which includes updated flooring and a generous fenced-in backyard for privacy and outdoor activities. The interior provides a functional layout that efficiently utilizes space, featuring comfortable living areas and adequately sized bedrooms. This property offers a solid foundation for customization and enhancements according to personal taste. Explore the opportunities to personalize and enhance this home to meet your lifestyle or investment goals. This home is being sold as is.

10. 2024-05-23
    soldstatus $34,000 Closed 553-char remark

    Show marketing remark (553 chars)

    Discover the potential of this practical 2-bedroom, 1-bathroom home, which includes updated flooring and a generous fenced-in backyard for privacy and outdoor activities. The interior provides a functional layout that efficiently utilizes space, featuring comfortable living areas and adequately sized bedrooms. This property offers a solid foundation for customization and enhancements according to personal taste. Explore the opportunities to personalize and enhance this home to meet your lifestyle or investment goals. This home is being sold as is.

11. 2024-05-04
    historical Contingent 553-char remark

    Show marketing remark (553 chars)

    Discover the potential of this practical 2-bedroom, 1-bathroom home, which includes updated flooring and a generous fenced-in backyard for privacy and outdoor activities. The interior provides a functional layout that efficiently utilizes space, featuring comfortable living areas and adequately sized bedrooms. This property offers a solid foundation for customization and enhancements according to personal taste. Explore the opportunities to personalize and enhance this home to meet your lifestyle or investment goals. This home is being sold as is.

12. 2024-05-03
    listed $39,900 Active 553-char remark

    Show marketing remark (553 chars)

    Discover the potential of this practical 2-bedroom, 1-bathroom home, which includes updated flooring and a generous fenced-in backyard for privacy and outdoor activities. The interior provides a functional layout that efficiently utilizes space, featuring comfortable living areas and adequately sized bedrooms. This property offers a solid foundation for customization and enhancements according to personal taste. Explore the opportunities to personalize and enhance this home to meet your lifestyle or investment goals. This home is being sold as is.

13. 2024-04-29
    price $39,900 553-char remark

    Show marketing remark (553 chars)

    Discover the potential of this practical 2-bedroom, 1-bathroom home, which includes updated flooring and a generous fenced-in backyard for privacy and outdoor activities. The interior provides a functional layout that efficiently utilizes space, featuring comfortable living areas and adequately sized bedrooms. This property offers a solid foundation for customization and enhancements according to personal taste. Explore the opportunities to personalize and enhance this home to meet your lifestyle or investment goals. This home is being sold as is.

14. 2024-04-24
    historical $35,000 553-char remark

    Show marketing remark (553 chars)

    Discover the potential of this practical 2-bedroom, 1-bathroom home, which includes updated flooring and a generous fenced-in backyard for privacy and outdoor activities. The interior provides a functional layout that efficiently utilizes space, featuring comfortable living areas and adequately sized bedrooms. This property offers a solid foundation for customization and enhancements according to personal taste. Explore the opportunities to personalize and enhance this home to meet your lifestyle or investment goals. This home is being sold as is.

15. 2021-08-31
    soldstatus $26,500 Closed
16. 2021-08-17
    status Pending
17. 2021-08-06
    price $32,000
18. 2021-07-26
    status Active
19. 2021-07-21
    status Pending
20. 2021-07-18
    listed $37,000 Active
21. 2017-04-28
    soldstatus $10,000
22. 2017-04-13
    listed $14,900

ⓘ 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: $929 · $77/mo
• Projected year-2 tax: $1,010 · $84/mo
• Expected delta: +$81/yr (+$7/mo · 8.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,155
• − Mortgage interest: −$3,915
• − Property taxes: −$929
• − Insurance: −$350
• − Repairs & maintenance: −$1,292
• − Management: −$1,292
• − Depreciation: −$2,033
• Taxable income: $6,343
• Est. tax owed @ 24.0%: −$1,522
• After-tax cash flow: $5,563/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): 9,594
• Household income: $20,734
• Rent vs Own: 80.5% rent · 19.5% own
• Severe rent burden: 693.0

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: Black 51% White 34% Two or more races 9% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 95% English-only · Spanish 3% 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: ▲ 2.35%
• Current HPI: 111.6154
• 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

+369.1% since first listed

22 events — show timeline

• 2026-02-20 Listed $69,900 NORIS
• 2025-10-14 Price Changed $34,000 NORIS
• 2025-10-14 Price Changed $26,500 NORIS
• 2025-10-14 Price Changed $10,000 NORIS
• 2025-09-21 Rental Removed $850 BUILDIUM
• 2025-08-21 Listed for Rent $850 BUILDIUM
• 2024-07-21 Rental Removed $850 BUILDIUM
• 2024-06-13 Listed for Rent $850 BUILDIUM
• 2024-05-23 Pending — NORIS
• 2024-05-23 Sold (MLS) $34,000 NORIS
• 2024-05-04 Contingent — NORIS
• 2024-05-03 Listed $39,900 NORIS
• 2024-04-29 Price Changed $39,900 NORIS
• 2024-04-24 Coming Soon $35,000 NORIS
• 2021-08-31 Sold (MLS) $26,500 NORIS
• 2021-08-17 Pending — NORIS
• 2021-08-06 Price Changed $32,000 NORIS
• 2021-07-26 Relisted — NORIS
• 2021-07-21 Pending — NORIS
• 2021-07-18 Listed $37,000 NORIS
• 2017-04-28 Sold (MLS) $10,000 NORIS
• 2017-04-13 Listed $14,900 NORIS

Property tax history

+11.4%/yr

Latest (2025): $929 · +2.8% YoY. Source: county tax records.