291 E Broadway St

Toledo, OH 43605

$154,000D

6 bd · 3.0 ba · 3,432 sqft · Built 1913 · MultiFamily · Active · 205 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $54,951/mo
• Mortgage (P&I): −$808
• Tax + insurance: −$176
• HOA: −$0
• Vac / Maint / Mgmt: −$11,540
• Net cashflow: $42,427/mo
• Annual: $509,127/yr
• Cap rate: 336.89%
• Cash-on-cash: 1180.72%
• DSCR: 53.54
• 1% rule: 35.68%
• Cash to close: $43,120

Investor read

• This is a 46 × 6-bed/3.0-bath units multifamily listed at $154k.
• At list price, monthly cash flow is $42k ($509k/yr) — positive. Per door: $922/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($55k rent vs $154k).
• It's been on market 205 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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: Raymer Elementary School (math 14% / reading 16%, grade F, #1,377 of 1,584 statewide, top 87%, 424 students, 0% FRL); Waite High School (math 12% / reading 24%, grade F, #687 of 781 statewide, top 88%, 997 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.
• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.4%/yr); 117 active listings in the ZIP; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 14y ago; this cycle's ask has dropped $36k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $93k; list at $154k implies a 66% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $43k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 336.9% 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.
• At $54,951/mo this rent would consume 1686% 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.

Questions for listing agent

• It's been on market 205 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?