445 4th St · Toledo, OH 43605

$90,000

4 bd · 3.0 ba · 1,760 sqft · MultiFamily public records · 160 Days on market

Built 1907 2,700 sqft lot $51/sqft · 43% above area Est $63k · 43% over

---

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 +0.0/15.0
• 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 MLS

Well-maintained duplex featuring two 2-bedroom, 1-bath units, located within walking distance of the Marina District. Both units are currently occupied and generate $600/month each, making this a solid cash-flow property. Recent updates include new flooring, fresh interior paint, and updated plumbing. The roof was replaced in 2016, and the exterior has been freshly painted. Each unit has separate furnaces, water heaters, and utilities, keeping expenses simple and tenant-friendly. Sold As-Is. Tenant rights apply. please do not disturb tenants. Showings will be scheduled with an accepted offer

Key facts

• Separate furnaces
• New flooring
• Replaced roof

Tags

• NEW FLOORING
• FRESH INTERIOR PAINT
• UPDATED PLUMBING
• REPLACED ROOF
• SEPARATE FURNACES
• SEPARATE WATER HEATERS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $945 ($11k/yr) — positive. Per door: $473/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.9% 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; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $1,948/mo this rent would consume 60% of the median local household income ($39k/yr) (locally 1257% 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 $622 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 $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 27y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $90k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% 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 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.16% ✓
• Cap rate: 18.90%
• Cash-on-cash: 45.01%
• DSCR: 3.00
• GRM: 3.9

CMA / ARV

• ARV (median comp): $62,792
• List price: $90,000
• Delta: 43.33%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
621 Nevada St	0.37mi	5/2.0 (+1)	1,736 (-1%)	11mo	$104,900	$60	62
425 Arden Pl	0.19mi	4/2.0	1,936 (+10%)	13mo	$60,000	$31	60
826 Greenwood Ave	0.39mi	3/2.0 (-1)	1,592 (-10%)	1mo	$67,000	$42	56
130 Licking St	0.70mi	4/2.0	1,800 (+2%)	16mo	$100,000	$56	46

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: 44.7%
• Equity multiple: 3.00×
• Total profit: $50,390
• Equity at exit: $13,419

10-year hold

• IRR: 51.7%
• Equity multiple: 6.63×
• Total profit: $141,937
• Equity at exit: $7,782

Cash invested: $25,200 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,948 high
• Mortgage (P&I): −$472
• Tax from tax record: −$84 /mo · $1,010/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $945

Break-even live

Break-even rent $751

Max offer price $90,000

Occupancy floor 46%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,948
Total (2 units)			$1,948

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
414 Platt St Unit ST-3 Toledo, OH	3.0	1.0	1500	$1,150	$0.77	23d	1	0.19mi
29 Garfield Pl Toledo, OH	4.0	2.0	1300	$1,250	$0.96	14d	1	0.23mi
20 Greenwood Ave Toledo, OH	3.0	1.0	1496	$1,150	$0.77	14d	1	0.46mi
245 Plymouth St Toledo, OH	3.0	1.0	1600	$1,125	$0.70	14d	1	0.57mi
1306 Mott Ave Toledo, OH	3.0	1.5	1282	$1,149	$0.90	44d	1	0.62mi
1505 Navarre Ave Toledo, OH	3.0	1.0	1331	$1,145	$0.86	44d	1	0.91mi
606 Earl St Toledo, OH	3.0	1.5	1700	$1,150	$0.68	21d	1	0.93mi
724 Mulberry St Toledo, OH	4.0	1.0	1530	$995	$0.65	44d	1	1.23mi
1449 N Huron St Toledo, OH	4.0	2.0	1430	$1,045	$0.73	14d	1	1.24mi
1031 N Michigan St Toledo, OH	3.0	2.0	1488	$1,195	$0.80	23d	1	1.24mi
2129 Nevada St Toledo, OH	3.0	1.0	1352	$1,200	$0.89	14d	1	1.34mi
1536 N Erie St Toledo, OH	4.0	1.0	1600	$1,300	$0.81	44d	1	1.35mi

Listing history 39 events

1. 2026-06-18
   days on market $90,000 Active 160 DOM
2. 2026-06-17
   days on market $90,000 Active 159 DOM
3. 2026-06-16
   days on market $90,000 Active 158 DOM
4. 2026-06-15
   days on market $90,000 Active 157 DOM
5. 2026-06-14
   pricedays on market $90,000 Active 155 DOM
6. 2026-06-10
   days on market $95,000 Active 152 DOM
7. 2026-06-09
   days on market $95,000 Active 151 DOM
8. 2026-06-08
   days on market $95,000 Active 150 DOM
9. 2026-06-07
   days on market $95,000 Active 149 DOM
10. 2026-06-05
    days on market $95,000 Active 146 DOM
11. 2026-06-03
    days on market $95,000 Active 145 DOM
12. 2026-06-02
    days on market $95,000 Active 144 DOM
13. 2026-06-01
    days on market $95,000 Active 143 DOM
14. 2026-05-31
    days on market $95,000 Active 142 DOM
15. 2026-05-30
    days on market $95,000 Active 141 DOM
16. 2026-03-13
    price $95,000 598-char remark

    Show marketing remark (598 chars)

    Well-maintained duplex featuring two 2-bedroom, 1-bath units, located within walking distance of the Marina District. Both units are currently occupied and generate $600/month each, making this a solid cash-flow property. Recent updates include new flooring, fresh interior paint, and updated plumbing. The roof was replaced in 2016, and the exterior has been freshly painted. Each unit has separate furnaces, water heaters, and utilities, keeping expenses simple and tenant-friendly. Sold As-Is. Tenant rights apply. please do not disturb tenants. Showings will be scheduled with an accepted offer

17. 2026-01-09
    listed $100,000 Active 598-char remark

    Show marketing remark (598 chars)

    Well-maintained duplex featuring two 2-bedroom, 1-bath units, located within walking distance of the Marina District. Both units are currently occupied and generate $600/month each, making this a solid cash-flow property. Recent updates include new flooring, fresh interior paint, and updated plumbing. The roof was replaced in 2016, and the exterior has been freshly painted. Each unit has separate furnaces, water heaters, and utilities, keeping expenses simple and tenant-friendly. Sold As-Is. Tenant rights apply. please do not disturb tenants. Showings will be scheduled with an accepted offer

18. 2025-12-19
    historical
19. 2025-10-14
    price $34,500
20. 2025-09-03
    listed $99,900 Active
21. 2025-08-25
    historical
22. 2025-02-28
    listed $125,000 Active
23. 2025-02-26
    historical
24. 2024-10-21
    price $125,000
25. 2024-08-27
    listed $110,000 Active
26. 2022-04-22
    soldstatus $50,000
27. 2022-04-18
    status Pending
28. 2022-04-15
    soldstatus $50,000 Closed
29. 2022-03-29
    historical Contingent
30. 2022-03-28
    status Active
31. 2022-03-17
    listed Contingent
32. 2022-03-14
    historical $50,000
33. 2001-07-10
    soldstatus $34,500
34. 2001-06-29
    soldstatus $34,500
35. 2001-03-16
    listed $39,900
36. 2000-05-31
    historical
37. 1999-06-09
    listed $39,900
38. 1988-08-03
    soldstatus $20,000
39. 1987-02-05
    soldstatus $12,000

ⓘ 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: $1,010 · $84/mo
• Projected year-2 tax: $1,207 · $101/mo
• Expected delta: +$197/yr (+$16/mo · 19.5%)

ⓘ 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: $23,376
• − Mortgage interest: −$5,041
• − Property taxes: −$1,010
• − Insurance: −$450
• − Repairs & maintenance: −$1,870
• − Management: −$1,870
• − Depreciation: −$2,618
• Taxable income: $10,517
• Est. tax owed @ 24.0%: −$2,524
• After-tax cash flow: $8,820/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

+691.7% since first listed

24 events — show timeline

• 2026-03-13 Price Changed $95,000 NORIS
• 2026-01-09 Listed $100,000 NORIS
• 2025-12-19 Listing Removed — NORIS
• 2025-10-14 Price Changed $34,500 NORIS
• 2025-09-03 Listed $99,900 NORIS
• 2025-08-25 Listing Removed — NORIS
• 2025-02-28 Listed $125,000 NORIS
• 2025-02-26 Listing Removed — NORIS
• 2024-10-21 Price Changed $125,000 NORIS
• 2024-08-27 Listed $110,000 NORIS
• 2022-04-22 Sold (Public Records) $50,000 Public Records
• 2022-04-18 Pending — NORIS
• 2022-04-15 Sold (MLS) $50,000 NORIS
• 2022-03-29 Contingent — NORIS
• 2022-03-28 Relisted — NORIS
• 2022-03-17 Listed — NORIS
• 2022-03-14 Coming Soon $50,000 NORIS
• 2001-07-10 Sold (Public Records) $34,500 Public Records
• 2001-06-29 Sold (MLS) $34,500 NORIS
• 2001-03-16 Listed $39,900 NORIS
• 2000-05-31 Listing Removed — NORIS
• 1999-06-09 Listed $39,900 NORIS
• 1988-08-03 Sold (Public Records) $20,000 Public Records
• 1987-02-05 Sold (Public Records) $12,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $1,010 · -7.9% YoY. Source: county tax records.