612 Forsythe St · Toledo, OH 43605

$28,000

2 bd · 2.0 ba · 2,016 sqft · SingleFamily public records · 23 Days on market

Built 1897

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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
• Rent growth +3.8/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Are you looking for a new investment property for your portfolio, or maybe a project home for yourself? This home has the character and foundations you are looking for. 612 is a 1900 century style 6bed/2bath that is a solid oak construction, comes with a 3 car garage, a roof that is 10 yrs old and a new furnace put in 3 yrs ago. As you can see this 2 story home does need a little TLC, but with a good clean up and some cosmetic work, it will be ready to go in no time. It is being sold on an as-is basis with all of its history and character. But the bones of this home make it a perfect project home or investment home for any portfolio. Text or call 620-288-9217 to set up a viewing. Motivated

Key facts

• Built 1897
• Listed 23 days

Property features AI

Exterior

• Home design: Built in 1897
• Construction: Living area approximately 2016
• Exterior features: Located in the East Toledo neighborhood

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $28k.

Deal economics

• At list price, monthly cash flow is $695 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $28k (1.5% below list) — sets the bar for market timing.
• Cap rate 36.1% 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 fast (+5.4%/yr); 117 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• This rent runs 34% of the median local income ($39k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $194 of loan paydown is wiped out by about $840 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($28k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $27,580 (1.5% below list)

Questions for the listing agent

1. Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 4.01% ✓
• Cap rate: 36.06%
• Cash-on-cash: 106.31%
• DSCR: 5.73
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $135,072
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
610 Parker Ave	0.12mi	3/1.0 (+1)	1,716 (-15%)	2mo	$87,000	$51	59
1315 Camden St	0.39mi	3/1.0 (+1)	2,060 (+2%)	14mo	$137,500	$67	57
532 Arden St	0.24mi	3/1.5 (+1)	1,726 (-14%)	13mo	$86,000	$50	47
559 Yondota St	0.58mi	3/1.5 (+1)	1,809 (-10%)	9mo	$118,500	$66	41
189 E Broadway St	0.66mi	3/1.5 (+1)	1,744 (-14%)	5mo	$160,000	$92	35
417 Oswald St	0.51mi	3/1.5 (+1)	1,717 (-15%)	23mo	$140,000	$82	26

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: —
• Equity multiple: 6.42×
• Total profit: $42,461
• Equity at exit: $4,175

10-year hold

• IRR: —
• Equity multiple: 14.50×
• Total profit: $105,825
• Equity at exit: $2,421

Cash invested: $7,840 (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: 117
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,124 high
• Mortgage (P&I): −$147
• Tax est. 1.5%: −$35 /mo · $420/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $695

Break-even live

Break-even rent $245

Max offer price $28,000

Occupancy floor 33%

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: $7,000
• Closing costs: $840
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
420 Platt St Toledo, OH	2.0	1.0	1499	$685	$0.46	21d	1	0.50mi
414 Platt St Unit ST-3 Toledo, OH	3.0	1.0	1500	$1,150	$0.77	23d	1	0.51mi
606 Earl St Toledo, OH	3.0	1.5	1700	$1,150	$0.68	21d	1	0.53mi
245 Plymouth St Toledo, OH	3.0	1.0	1600	$1,125	$0.70	13d	1	0.59mi
20 Greenwood Ave Toledo, OH	3.0	1.0	1496	$1,150	$0.77	13d	1	0.72mi
337 Broadway St Unit 201 Toledo, OH	2.0	1.0	1455	$1,650	$1.13	23d	1	1.32mi
513 Adams St Toledo, OH	1.0–2.0	1.0	1175	$1,424	$1.21	13d	11	1.37mi
1119 N Summit St Toledo, OH	2.0	2.0	1500	$1,890	$1.26	43d	1	1.38mi

Listing history 16 events

1. 2026-06-18
   days on market $28,000 Active 23 DOM
2. 2026-06-17
   days on market $28,000 Active 22 DOM
3. 2026-06-16
   days on market $28,000 Active 21 DOM
4. 2026-06-15
   days on market $28,000 Active 20 DOM
5. 2026-06-14
   days on market $28,000 Active 18 DOM
6. 2026-06-10
   days on market $28,000 Active 15 DOM
7. 2026-06-09
   days on market $28,000 Active 14 DOM
8. 2026-06-08
   days on market $28,000 Active 13 DOM
9. 2026-06-07
   days on market $28,000 Active 12 DOM
10. 2026-06-05
    days on market $28,000 Active 9 DOM
11. 2026-06-03
    days on market $28,000 Active 8 DOM
12. 2026-06-02
    days on market $28,000 Active 7 DOM
13. 2026-06-01
    days on market $28,000 Active 6 DOM
14. 2026-05-31
    days on market $28,000 Active 5 DOM
15. 2026-05-30
    days on market $28,000 Active 4 DOM
16. 2026-05-26
    listed $28,000 Active

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

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: $13,490
• − Mortgage interest: −$1,568
• − Property taxes: −$420
• − Insurance: −$140
• − Repairs & maintenance: −$1,079
• − Management: −$1,079
• − Depreciation: −$815
• Taxable income: $8,388
• Est. tax owed @ 24.0%: −$2,013
• After-tax cash flow: $6,322/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

1 event — show timeline

• 2026-05-26 Listed $28,000 FSBO.com

Property tax history

+9.1%/yr

Latest (2025): $1,453 · -5.4% YoY. Source: county tax records.