1861 Tremainsville Rd · Toledo, OH 43613

$165,000

3 bd · 2.5 ba · — sqft · MultiFamily · 245 Days on market

Built 1923 Fair condition Est $149k · 11% over ↓ 17% since listing

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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 +3.3/5.0
• Livability +3.3/5.0
• ARV discount +2.6/15.0
• Condition / age +2.2/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

MOTIVATED SELLER!!! NEW H20 TANK AND UPDATED ROOF!! Fantastic opportunity with this three-story mixed-use building! The property includes two apartments and a retail space. The upper apartment offers two bedrooms and one bath, while the lower apartment is currently vacant and ready to rent or renovate. The middle level is currently used by groomer and perfect for retail or office use. Both units are on month-to-month leases, providing flexibility for investors or owner-occupants. Tenants would like to stay.

Key facts

• 2 garage spots
• Built 1923
• Listed 245 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $165k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.3% 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 (+3.3%/yr); 111 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); 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $3,017/mo this rent would consume 56% of the median local household income ($64k/yr) (locally 917% 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 $1k of loan paydown is wiped out by about $5k 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 + 3.3% rent growth), your $46k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 245 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 245 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.83% ✓
• Cap rate: 15.33%
• Cash-on-cash: 32.29%
• DSCR: 2.44
• GRM: 4.6

CMA / ARV

• ARV (median comp): $148,733
• List price: $165,000
• Delta: 10.94%
• 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
1954 Barrows St	0.38mi	4/2.0 (+1)	1,938	1mo	$170,000	$88	62
4114 Kingsbury Ave	0.55mi	4/2.0 (+1)	2,270	7mo	$94,250	$42	49
3864 Almeda Dr	0.54mi	4/2.0 (+1)	1,600	8mo	$155,000	$97	49
3430 Upton Ave	0.74mi	4/2.0 (+1)	1,574	2mo	$55,000	$35	45
4202 Parrakeet Ave	0.59mi	2/2.0 (-1)	1,200	10mo	$112,500	$94	44
3848 Revere Dr Uppr & Lower	0.74mi	4/2.0 (+1)	2,424	2mo	$132,000	$54	44
3721 Watson Ave	0.72mi	4/2.0 (+1)	—	4mo	$150,900	—	44
2029 Marlow Rd	0.74mi	4/2.0 (+1)	1,756	5mo	$133,500	$76	42
1719 Mansfield Rd	0.69mi	3/2.0	1,613	14mo	$89,900	$56	42
4422 Westway St	0.69mi	4/2.0 (+1)	—	10mo	$178,000	—	40
1442 Schuyler Rd	0.69mi	4/2.0 (+1)	—	10mo	$125,000	—	40
3819 Revere Dr	0.74mi	4/2.0 (+1)	2,530	14mo	$107,500	$42	35

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 · 3.3% rent growth · sell at horizon

5-year hold

• IRR: 27.7%
• Equity multiple: 2.16×
• Total profit: $53,399
• Equity at exit: $24,602

10-year hold

• IRR: 35.4%
• Equity multiple: 4.30×
• Total profit: $152,408
• Equity at exit: $14,266

Cash invested: $46,200 (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 43613

• Home prices YoY: -20.7%
• Rents YoY: 3.3%
• Active inventory: 111
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $3,017 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$634
• Net cashflow: $1,243

Break-even live

Break-even rent $1,443

Max offer price $165,000

Occupancy floor 54%

Sensitivity live

Price	-10% $1,357	-5% $1,300	+0% $1,243	+5% $1,186	+10% $1,129
Rent	-10% $1,005	-5% $1,124	+0% $1,243	+5% $1,362	+10% $1,481
Rate	-1.0pp $1,326	-0.5pp $1,285	base $1,243	+0.5pp $1,200	+1.0pp $1,157

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,047
▸ 2× units	0	0	$1,970
Total (3 units)			$3,017

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4315 Garden Park Dr Toledo, OH	3.0	1.0	1268	$1,423	$1.12	24d	1	0.19mi
4435 Jackman Rd Toledo, OH	1.0–2.0	1.0	725	$922	$1.27	14d	3	0.32mi
2027 Berkshire Pl Toledo, OH	2.0	1.0	600	$845	$1.41	24d	1	0.40mi
2007 Barrows St Toledo, OH	3.0	1.0	—	$1,200	—	45d	1	0.43mi
4038 Lyman Ave Toledo, OH	3.0	1.0	1175	$1,395	$1.19	44d	1	0.50mi
1639 Hagley Rd Toledo, OH	2.0	2.0	—	$1,000	—	21d	1	0.50mi
2244 W Sylvania Ave Unit 6 Toledo, OH	2.0	1.0	800	$795	$0.99	44d	1	0.51mi
3683 Upton Ave Toledo, OH	3.0	1.0	1119	$1,100	$0.98	44d	1	0.55mi
1732 Talbot St Toledo, OH	2.0	1.0	840	$995	$1.18	24d	1	0.56mi
4120 Parrakeet Ave Toledo, OH	3.0	2.0	1410	$1,450	$1.03	44d	1	0.58mi
1477 W Sylvania Ave Toledo, OH	3.0	1.0	1570	$1,250	$0.80	44d	1	0.58mi
3901 Leybourn Ave Toledo, OH	3.0	1.0	840	$1,150	$1.37	24d	1	0.59mi
1846 Loxley Rd Toledo, OH	2.0	1.0	876	$900	$1.03	44d	1	0.59mi
3817 Burton Ave Toledo, OH	3.0	1.0	754	$1,015	$1.35	21d	1	0.60mi
2301 Portsmouth Ave Toledo, OH	4.0	1.0	1335	$1,395	$1.04	24d	1	0.61mi
1951 Loxley Rd Toledo, OH	2.0	1.0	804	$975	$1.21	24d	1	0.61mi
4614 Commonwealth Ave Toledo, OH	3.0	1.5	1459	$1,295	$0.89	14d	1	0.63mi
4223 Birchall Rd Toledo, OH	3.0	1.0	1338	$1,395	$1.04	24d	1	0.65mi
1489 Berdan Ave Toledo, OH	3.0	1.0	1068	$1,250	$1.17	44d	1	0.66mi
1731 Mansfield Rd Toledo, OH	3.0	1.0	1138	$1,195	$1.05	24d	1	0.69mi
1705 Marlow Rd Toledo, OH	2.0	1.0	738	$1,000	$1.36	24d	1	0.75mi
2032 Fairfax Rd Toledo, OH	4.0	2.0	—	$1,500	—	14d	1	0.78mi
3713 Hazelhurst Ave Toledo, OH	3.0	1.5	1352	$1,700	$1.26	44d	1	0.83mi
3805 Hoiles Ave Toledo, OH	3.0	1.0	1370	$1,025	$0.75	24d	1	0.86mi
3725 Hoiles Ave Toledo, OH	3.0	1.0	1180	$1,245	$1.06	24d	1	0.87mi
3606 Revere Dr Toledo, OH	4.0	1.0	1320	$1,500	$1.14	44d	1	0.88mi
3915 Willys Pkwy Unit 3915 Toledo, OH	3.0	1.0	1080	$800	$0.74	21d	1	0.92mi
2255 W Laskey Rd Apt 10 Toledo, OH	2.0	1.0	650	$775	$1.19	14d	1	0.95mi
2255 W Laskey Rd Unit 14 Toledo, OH	2.0	1.0	650	$775	$1.19	21d	1	0.95mi
3603 Hoiles Ave Toledo, OH	3.0	1.0	—	$1,250	—	44d	1	0.95mi
1338 Crestwood Rd Toledo, OH	3.0	1.0	1000	$1,250	$1.25	14d	1	0.95mi
1752 Georgia Ave Unit 1 Toledo, OH	3.0	1.0	—	$1,025	—	44d	1	0.96mi
4113 N Lockwood Ave Toledo, OH	3.0	1.0	—	$950	—	44d	1	0.98mi
3644 Harley Rd Toledo, OH	2.0	1.0	1025	$975	$0.95	24d	1	0.99mi
4138 N Lockwood Ave Toledo, OH	2.0	1.0	1300	$1,050	$0.81	24d	1	1.00mi
1801 Christian Ave Toledo, OH	1.0–2.0	1.0	750	$939	$1.25	14d	1	1.02mi
1838 Giant St Toledo, OH	3.0	1.0	962	$1,200	$1.25	14d	1	1.06mi
1733 Christian Ave Unit 5 Toledo, OH	2.0	1.0	839	$700	$0.83	44d	1	1.06mi
3716 Rushland Ave Unit NA Toledo, OH	3.0	1.5	1559	$1,650	$1.06	14d	1	1.06mi
3541 Willys Pkwy Toledo, OH	3.0	1.0	1113	$1,400	$1.26	44d	1	1.07mi

Listing history 21 events

1. 2026-06-18
   days on market $165,000 Active 245 DOM
2. 2026-06-17
   days on market $165,000 Active 244 DOM
3. 2026-06-16
   days on market $165,000 Active 243 DOM
4. 2026-06-15
   days on market $165,000 Active 242 DOM
5. 2026-06-14
   days on market $165,000 Active 240 DOM
6. 2026-06-10
   days on market $165,000 Active 237 DOM
7. 2026-06-09
   days on market $165,000 Active 236 DOM
8. 2026-06-08
   days on market $165,000 Active 235 DOM
9. 2026-06-07
   days on market $165,000 Active 234 DOM
10. 2026-06-05
    pricedays on market $165,000 Active 231 DOM
11. 2026-06-03
    days on market $166,000 Active 230 DOM
12. 2026-06-02
    days on market $166,000 Active 229 DOM
13. 2026-06-01
    days on market $166,000 Active 228 DOM
14. 2026-05-31
    days on market $166,000 Active 227 DOM
15. 2026-05-30
    days on market $166,000 Active 226 DOM
16. 2026-05-02
    price $166,000 514-char remark

    Show marketing remark (514 chars)

    MOTIVATED SELLER!!! NEW H20 TANK AND UPDATED ROOF!! Fantastic opportunity with this three-story mixed-use building! The property includes two apartments and a retail space. The upper apartment offers two bedrooms and one bath, while the lower apartment is currently vacant and ready to rent or renovate. The middle level is currently used by groomer and perfect for retail or office use. Both units are on month-to-month leases, providing flexibility for investors or owner-occupants. Tenants would like to stay.

17. 2026-03-11
    price $167,000 514-char remark

    Show marketing remark (514 chars)

    MOTIVATED SELLER!!! NEW H20 TANK AND UPDATED ROOF!! Fantastic opportunity with this three-story mixed-use building! The property includes two apartments and a retail space. The upper apartment offers two bedrooms and one bath, while the lower apartment is currently vacant and ready to rent or renovate. The middle level is currently used by groomer and perfect for retail or office use. Both units are on month-to-month leases, providing flexibility for investors or owner-occupants. Tenants would like to stay.

18. 2026-02-12
    price $169,900 514-char remark

    Show marketing remark (514 chars)

    MOTIVATED SELLER!!! NEW H20 TANK AND UPDATED ROOF!! Fantastic opportunity with this three-story mixed-use building! The property includes two apartments and a retail space. The upper apartment offers two bedrooms and one bath, while the lower apartment is currently vacant and ready to rent or renovate. The middle level is currently used by groomer and perfect for retail or office use. Both units are on month-to-month leases, providing flexibility for investors or owner-occupants. Tenants would like to stay.

19. 2026-01-08
    price $174,900 514-char remark

    Show marketing remark (514 chars)

    MOTIVATED SELLER!!! NEW H20 TANK AND UPDATED ROOF!! Fantastic opportunity with this three-story mixed-use building! The property includes two apartments and a retail space. The upper apartment offers two bedrooms and one bath, while the lower apartment is currently vacant and ready to rent or renovate. The middle level is currently used by groomer and perfect for retail or office use. Both units are on month-to-month leases, providing flexibility for investors or owner-occupants. Tenants would like to stay.

20. 2025-11-10
    price $189,900 514-char remark

    Show marketing remark (514 chars)

    MOTIVATED SELLER!!! NEW H20 TANK AND UPDATED ROOF!! Fantastic opportunity with this three-story mixed-use building! The property includes two apartments and a retail space. The upper apartment offers two bedrooms and one bath, while the lower apartment is currently vacant and ready to rent or renovate. The middle level is currently used by groomer and perfect for retail or office use. Both units are on month-to-month leases, providing flexibility for investors or owner-occupants. Tenants would like to stay.

21. 2025-10-16
    listed $199,900 Active 514-char remark

    Show marketing remark (514 chars)

    MOTIVATED SELLER!!! NEW H20 TANK AND UPDATED ROOF!! Fantastic opportunity with this three-story mixed-use building! The property includes two apartments and a retail space. The upper apartment offers two bedrooms and one bath, while the lower apartment is currently vacant and ready to rent or renovate. The middle level is currently used by groomer and perfect for retail or office use. Both units are on month-to-month leases, providing flexibility for investors or owner-occupants. Tenants would like to stay.

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

Taxation est. · year 1

• Rental income: $36,204
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$2,896
• − Management: −$2,896
• − Depreciation: −$4,800
• Taxable income: $13,069
• Est. tax owed @ 24.0%: −$3,137
• After-tax cash flow: $11,781/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This three-story mixed-use building requires moderate renovations to improve its condition and increase its value. The kitchen and bathrooms need updates, and the landscaping could be improved to enhance curb appeal.

Repairs flagged

• Moderate kitchen cabinets — The kitchen cabinets are cluttered and need organization.
• Moderate bathroom fixtures — The bathroom fixtures are dated and need updating.
• Moderate landscaping — The landscaping is basic and could be improved with some landscaping work.

Value-add opportunities

• Both kitchen renovation — Updating the kitchen will improve both resale and rental value.
• Both bathroom updates — Updating the bathrooms will improve both resale and rental value.
• Both landscaping — Improving the landscaping will enhance curb appeal and attract potential buyers/tenants.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · The kitchen cabinets are cluttered and need organization.	Moderate	$3,000–15,000
bathroom fixtures · The bathroom fixtures are dated and need updating.	Moderate	$3,000–15,000
landscaping · The landscaping is basic and could be improved with some landscaping work.	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both kitchen renovation — Updating the kitchen will improve both resale and rental value. ↑
• Both bathroom updates — Updating the bathrooms will improve both resale and rental value. ↑
• Both landscaping — Improving the landscaping will enhance curb appeal and attract potential buyers/tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 30,780
• Household income: $64,384
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 917.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Black 15% Two or more races 10% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 9% Lithuanian 3% Slovak 1%
• Foreign-born: 2% · Canada
• 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: ▼ -62.37%
• Current HPI: 239.1345
• Rent YoY: ▲ 3.30%
• 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

-17.0% since first listed

6 events — show timeline

• 2026-05-02 Price Changed $166,000 NORIS
• 2026-03-11 Price Changed $167,000 NORIS
• 2026-02-12 Price Changed $169,900 NORIS
• 2026-01-08 Price Changed $174,900 NORIS
• 2025-11-10 Price Changed $189,900 NORIS
• 2025-10-16 Listed $199,900 NORIS