Case Studies

Every deal below is one we bought, rehabbed and still own ourselves. No client properties. These are the same kind of assets we help investors buy and manage.

$1,500 Toledo Land Bank House to $1,300/Mo Rental, 7 Years Later

Single-family buy & hold, Toledo, OH. Purchase $1,500 | Rehab $87,812 | All-in $92,231, cash | Rent $1,300/mo

What made you interested in this deal?
This was my first deal after moving home to Toledo to go into business for myself full-time. I wanted a project that would challenge me and force me to build a large team of reliable vendors and contractors.

How did you find and negotiate it?
I found this Lucas County Land Bank listing on the MLS and represented myself as the buyer's agent.

How did you finance it?
Cash. This property is free and clear.

How did you add value?
Pulled permits, added a full bath, and spent $86 per square foot to rehab the entire house top to bottom. 25 contractors tried out on this deal alone.

What was the outcome?
Same residents since April 2020, great stewards whose care keeps adding value. Average cash flow of about $12,400 a year from 2021 through 2025.

Lessons learned and challenges
Despite going over budget ($48K estimated, $92.2K all-in before move-in), I refused to sacrifice the quality of the final product. Ultimately, that allowed us to attract very high-quality residents. This is still a core philosophy of the business today.

This house became the foundation of the 100-unit portfolio we manage today.

See all 19 before and after photos and the discussion on BiggerPockets:
https://www.biggerpockets.com/forums/48/topics/1317929-1-500-toledo-land-bank-house-to-1-300-mo-rental-7-years-later-before-and-after-pics