1861 Tremainsville Rd

Toledo, OH 43613

$165,000C+

3 bd · 2.5 ba · — sqft · Built 1923 · MultiFamily · Active · 245 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,017/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$275
• HOA: −$0
• Vac / Maint / Mgmt: −$634
• Net cashflow: $1,243/mo
• Annual: $14,918/yr
• Cap rate: 15.33%
• Cash-on-cash: 32.29%
• DSCR: 2.44
• 1% rule: 1.83%
• Cash to close: $46,200

Investor read

• This is a 3-bed/2.5-bath multifamily listed at $165k. Condition is rated fair.
• 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).
• It's been on market 245 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $145k (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-, 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.
• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1923 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• 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.