23 E Hudson St · Toledo, OH 43608

$39,900

3 bd · 1.0 ba · 1,360 sqft · SingleFamily public records · 45 Days on market

Built 1916 3,302 sqft lot $29/sqft · 27% below area Est $47k · 15% under

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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 +14.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.5/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

23 E. Hudson St. is a home with 1,170 square feet of living space. This home features a living room, dining room, kitchen, 3 bedrooms and a full bath. With some TLC, this house has many possibilities!

Key facts

• 3,302 sq ft lot
• 2 parking spots
• Built 1916

Property features AI

Exterior

• Parking: Off-street parking for 2 vehicles
• Utilities: Electricity connected (100 Amp service); Natural gas connected; Public water; Public sewer
• Home design: Single-family house; Two stories; Entry level main floor; No shared/common walls
• Construction: Vinyl siding; Crawl space foundation; Built as residential single-family
• Exterior features: Covered porch; Shingle roof

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Three bedrooms (two located on the upper level)
• Flooring: Carpet; Hardwood; Vinyl
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fans for cooling
• Interior features: Ceiling fans
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $567 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.4% vs local median 7.5% 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: Rosa Parks Elementary School (math 2% / reading 8%, grade F, #1,554 of 1,584 statewide, top 100%, 263 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.
• Market conditions: Rents rising (+3.9%/yr); 59 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1,121/mo this rent would consume 46% of the median local household income ($29k/yr) (locally 911% 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 $276 of loan paydown is wiped out by about $1k 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 + 3.9% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts 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 $22k; list at $40k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.81% ✓
• Cap rate: 23.36%
• Cash-on-cash: 60.95%
• DSCR: 3.71
• GRM: 3.0

CMA / ARV

• ARV (median comp): $46,848
• List price: $39,900
• Delta: -14.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18 W Oakland St	0.10mi	3/2.0	1,396 (+3%)	1mo	$114,000	$82	86
255 E Pearl St	0.24mi	4/2.0 (+1)	1,360 (0%)	1mo	$97,000	$71	79
312 W Oakland St	0.30mi	3/1.0	1,248 (-8%)	2mo	$17,851	$14	70
307 Majestic Dr	0.39mi	3/2.0	1,309 (-4%)	3mo	$91,000	$70	69
436 Elder Dr	0.45mi	3/1.0	1,476 (+8%)	2mo	$26,667	$18	63
3103 Cottage Ave	0.38mi	3/1.0	1,194 (-12%)	4mo	$58,000	$49	58
247 Majestic Dr	0.30mi	3/1.0	1,172 (-14%)	6mo	$55,000	$47	58
232 E Oakland St	0.24mi	4/1.5 (+1)	1,541 (+13%)	3mo	$37,000	$24	57
330 E Lake St	0.38mi	3/2.0	1,211 (-11%)	3mo	$72,000	$59	57
3119 Mulberry St	0.75mi	3/1.0	1,513 (+11%)	3mo	$60,500	$40	44
3211 Parkwood Ave	0.66mi	3/1.0	1,535 (+13%)	5mo	$92,500	$60	43
3209 Kimball Ave	0.74mi	3/1.5	1,536 (+13%)	3mo	$56,000	$36	39

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 · 3.89% rent growth · sell at horizon

5-year hold

• IRR: 60.9%
• Equity multiple: 3.75×
• Total profit: $30,732
• Equity at exit: $5,949

10-year hold

• IRR: 65.8%
• Equity multiple: 7.96×
• Total profit: $77,705
• Equity at exit: $3,450

Cash invested: $11,172 (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 43608

• Home prices YoY: -21.3%
• Rents YoY: 3.9%
• Active inventory: 59
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,121 high
• Mortgage (P&I): −$209
• Tax from tax record: −$92 /mo · $1,108/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $567

Break-even live

Break-even rent $403

Max offer price $39,900

Occupancy floor 44%

Sensitivity live

Price	-10% $590	-5% $579	+0% $567	+5% $556	+10% $545
Rent	-10% $479	-5% $523	+0% $567	+5% $612	+10% $656
Rate	-1.0pp $588	-0.5pp $578	base $567	+0.5pp $557	+1.0pp $547

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
59 E Hudson St Toledo, OH	3.0	1.0	1368	$1,100	$0.80	45d	1	0.06mi
31 W Oakland St Toledo, OH	4.0	1.0	1188	$1,249	$1.05	25d	1	0.13mi
424 E Lake St Toledo, OH	3.0	1.0	1228	$1,075	$0.88	15d	1	0.51mi
405 E Manhattan Blvd Toledo, OH	2.0	1.0	1000	$900	$0.90	15d	1	0.52mi
319 Dexter St Toledo, OH	2.0	1.0	990	$1,005	$1.02	45d	1	0.56mi
227 Everett St Toledo, OH	2.0	1.0	914	$850	$0.93	45d	1	0.58mi
516 E Hudson St Toledo, OH	3.0	1.0	1204	$1,098	$0.91	15d	1	0.59mi
524 E Hudson St Toledo, OH	2.0	1.0	1050	$825	$0.79	45d	1	0.61mi
524 E Hudson St Toledo, OH	3.0	1.0	1150	$895	$0.78	22d	1	0.61mi
610 Cadillac Ct Toledo, OH	3.0	1.0	1409	$1,050	$0.75	25d	1	0.67mi
614 Cadillac Ct Toledo, OH	3.0	1.0	1581	$1,075	$0.68	25d	1	0.67mi
329 Mettler St Toledo, OH	2.0	1.0	908	$975	$1.07	15d	1	0.67mi
425 Boston Pl Unit A Toledo, OH	2.0	1.0	1200	$895	$0.75	25d	1	0.69mi
420 Everett St Toledo, OH	2.0	1.0	1000	$975	$0.97	25d	1	0.70mi
152 Austin St Toledo, OH	4.0	1.5	1370	$1,150	$0.84	25d	1	0.71mi
225 Palmer St Toledo, OH	2.0	1.0	924	$895	$0.97	45d	1	0.78mi
2907 Rockwood Pl Toledo, OH	3.0	1.0	1494	$1,100	$0.74	15d	1	0.83mi
2621 Chestnut St Toledo, OH	3.0	1.0	1444	$1,250	$0.87	45d	1	0.84mi
710 E Lake St Toledo, OH	3.0	1.0	1242	$1,000	$0.81	15d	1	0.86mi
3905 Peru St Toledo, OH	4.0	3.0	1548	$1,300	$0.84	22d	1	0.92mi
3950 Woodhaven Dr Toledo, OH	2.0	1.0	1072	$745	$0.69	25d	1	0.93mi
830 Homer Ave Toledo, OH	3.0	1.0	1208	$895	$0.74	45d	1	1.02mi
4140 Caroline Ave Toledo, OH	3.0	1.5	1378	$1,650	$1.20	25d	1	1.06mi
119 Winthrop St Toledo, OH	3.0	1.0	1734	$1,350	$0.78	25d	1	1.07mi
1337 Moore St Toledo, OH	3.0	1.5	1194	$995	$0.83	22d	1	1.09mi
4039 Vermaas Ave Toledo, OH	2.0	1.0	900	$900	$1.00	25d	1	1.10mi
4220 Caroline Ave Toledo, OH	3.0	1.0	944	$1,095	$1.16	45d	1	1.11mi
4124 Vermaas Ave Toledo, OH	2.0	1.0	1245	$997	$0.80	45d	1	1.12mi
3606 Doyle St Toledo, OH	3.0	2.0	1650	$1,100	$0.67	45d	1	1.14mi
4129 Vermaas Ave Toledo, OH	3.0	1.5	1385	$1,250	$0.90	45d	1	1.15mi
1014 Berdan Ave Toledo, OH	3.0	1.0	1215	$1,200	$0.99	45d	1	1.17mi
3615 Berkeley Dr Toledo, OH	3.0	1.0	1096	$1,400	$1.28	15d	1	1.18mi
3439 Jeannette Ave Toledo, OH	3.0	1.0	1098	$1,095	$1.00	45d	1	1.30mi
1016 Mallett St Unit 1 Toledo, OH	2.0	1.0	1300	$900	$0.69	45d	1	1.32mi
2131 Franklin Ave Toledo, OH	2.0	2.0	1255	$900	$0.72	45d	1	1.35mi
2447 Maplewood Ave Toledo, OH	2.0	1.0	1538	$897	$0.58	45d	1	1.35mi
625 Virginia St Toledo, OH	2.0	1.0	1000	$850	$0.85	15d	1	1.36mi
625 Virginia St Toledo, OH	2.0	1.0	1000	$800	$0.80	45d	1	1.36mi
4406 Asbury Dr Toledo, OH	4.0	2.0	1089	$1,550	$1.42	15d	1	1.36mi
401 W Bancroft St Toledo, OH	4.0	1.0	927	$865	$0.93	25d	1	1.39mi

Listing history 30 events

1. 2026-06-21
   days on market $39,900 Active 45 DOM
2. 2026-06-18
   days on market $39,900 Active 42 DOM
3. 2026-06-17
   days on market $39,900 Active 41 DOM
4. 2026-06-16
   days on market $39,900 Active 40 DOM
5. 2026-06-15
   days on market $39,900 Active 39 DOM
6. 2026-06-14
   days on market $39,900 Active 37 DOM
7. 2026-06-10
   days on market $39,900 Active 34 DOM
8. 2026-06-09
   days on market $39,900 Active 33 DOM
9. 2026-06-08
   days on market $39,900 Active 32 DOM
10. 2026-06-07
    days on market $39,900 Active 31 DOM
11. 2026-06-05
    days on market $39,900 Active 28 DOM
12. 2026-06-03
    days on market $39,900 Active 27 DOM
13. 2026-06-02
    days on market $39,900 Active 26 DOM
14. 2026-06-01
    days on market $39,900 Active 25 DOM
15. 2026-05-31
    days on market $39,900 Active 24 DOM
16. 2026-05-30
    days on market $39,900 Active 23 DOM
17. 2026-05-19
    status Pending 202-char remark
18. 2026-05-05
    status Active 202-char remark
19. 2026-04-30
    status Pending 202-char remark
20. 2026-04-27
    listed $39,900 Active 202-char remark
21. 2026-04-17
    status Active
22. 2026-04-03
    status Pending
23. 2026-04-03
    historical
24. 2026-02-06
    listed $39,900 Active
25. 2026-01-30
    historical
26. 2026-01-17
    historical
27. 2025-11-06
    price $37,900
28. 2025-10-24
    listed $39,900 Active
29. 2025-10-19
    historical
30. 1997-02-13
    soldstatus $22,500

ⓘ 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: $1,108 · $92/mo
• Projected year-2 tax: $1,108 · $92/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 ≥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: $13,453
• − Mortgage interest: −$2,235
• − Property taxes: −$1,108
• − Insurance: −$200
• − Repairs & maintenance: −$1,076
• − Management: −$1,076
• − Depreciation: −$1,161
• Taxable income: $6,597
• Est. tax owed @ 24.0%: −$1,583
• After-tax cash flow: $5,226/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): 13,593
• Household income: $29,275
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 911.0

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 0.60)
• Race & ethnicity: Black 57% White 25% Two or more races 9% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 4% Lithuanian 2% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 7%

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: ▼ -37.73%
• Current HPI: 139.4964
• Rent YoY: ▲ 3.89%
• 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

+77.3% since first listed

15 events — show timeline

• 2026-05-24 Relisted — NORIS
• 2026-05-19 Pending — NORIS
• 2026-05-05 Relisted — NORIS
• 2026-04-30 Pending — NORIS
• 2026-04-27 Listed $39,900 NORIS
• 2026-04-17 Relisted — NORIS
• 2026-04-03 Pending — NORIS
• 2026-04-03 Listing Removed — NORIS
• 2026-02-06 Listed $39,900 NORIS
• 2026-01-30 Coming Soon — NORIS
• 2026-01-17 Listing Removed — NORIS
• 2025-11-06 Price Changed $37,900 NORIS
• 2025-10-24 Listed $39,900 NORIS
• 2025-10-19 Coming Soon — NORIS
• 1997-02-13 Sold (Public Records) $22,500 Public Records

Property tax history

+1.9%/yr

Latest (2025): $1,108 · -10.3% YoY. Source: county tax records.