Short answer: In Toledo, OH, the median home value is $122,600 and the median 3-bedroom rents for $1,146/mo (Census ACS 2024). That's a rent-to-price ratio of 0.93%, so it misses the 1% rule and would place #3 among the 50 largest US rental markets (Toledo is the #74 US city by renter households). With 20% down at 7.32%, FirstDoor scores a median-priced home Okay (+$11/mo cash flow).
Key numbers
The 1% rule in Toledo
Before running a full analysis, many investors check whether rent is at least 1% of price. This is where Toledo lands.
Across all rentals (not just 3-bedrooms) the ratio is 0.74%. A home renting for the median 3-bedroom rent would need to cost about $115,000 or less to pass.
A typical Toledo home, scored
We took a home at the median value, gave it the median 3-bedroom rent, and ran it through the same math as the FirstDoor calculator: 20% down, a 30-year loan at 7.32%, the city's median tax rate, and standard expense budgets.
| 3-bedroom rent (median) | $1,146 |
| Property tax ($1,783/yr, local median) | −$149 |
| Insurance ($1,000/yr, assumed) | −$83 |
| Vacancy 7% · Maintenance 5% · Management 8% | −$229 |
| Net operating income | $685 |
| Mortgage (P&I on $98,080 at 7.32%) | −$674 |
| Monthly cash flow | +$11 |
What price works in Toledo?
How low would the price need to be? With the median Toledo 3-bedroom rent, here's where each result kicks in.
Takeaways
- At 0.93%, Toledo is near the top of the list (it would place #3 among the 50 largest) but still short of 1%. Deals here can work if you buy below the median.
- A median-priced home here would net about $11/mo after the mortgage and every expense.
- Prices are outrunning rents: home values rose 13.3% from 2023 to 2024 while 3-bedroom rent rose 1.3%. The 1% math got tougher.
- Property taxes are heavy: the median bill is $1,783, about 1.45% of value versus 0.89% nationally. Confirm the bill after purchase, since it can reset.
Frequently asked questions
Does Toledo pass the 1% rule?
No, on typical numbers. The median 3-bedroom gross rent is $1,146/mo and the median home value is $122,600 (Census ACS 2024 1-year), a ratio of 0.93%. To pass at that rent, a home would need to cost about $115,000 or less.
What is the typical rent for a 3-bedroom in Toledo?
The median gross rent for a 3-bedroom in Toledo, OH is $1,146 a month, and $908 across all rentals (Census ACS 2024 1-year). Gross rent includes utilities the renter pays, so the landlord's share can be a bit lower. The 3-bedroom median rose 1.3% from 2023.
Can you cash flow a rental in Toledo?
At the median price, yes, barely. With 20% down at 7.32% and realistic expenses, a $122,600 home renting for $1,146 nets about $11/mo. It breaks even at roughly $124,000.
How much cash do you need to buy a typical rental in Toledo?
About $28,220: a 20% down payment of $24,520 plus closing costs we assume at 3% ($3,700). Lenders often also want several months of reserves. Investment loans commonly need 15–25% down.
Is Toledo a good place to buy a first rental?
FirstDoor scores a median-priced home in Toledo as Okay (3 of 8 points). That's a starting point, not a verdict on every listing: neighborhoods vary, and buying below the median changes the math. Run any listing through the free calculator.
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Sources
Data: U.S. Census Bureau, 2024 American Community Survey 1-year estimates (released September 2025); year-over-year changes compare with 2023. Mortgage rate: Freddie Mac PMMS, week of October 22, 2026. Retrieved October 15, 2026. Insurance ($1,000/yr), closing costs (3%), maintenance (5%) and management (8%) are FirstDoor assumptions, not local data. Investment-property loans often price above the PMMS average. Medians describe the whole city, not any one home. Educational content, not financial advice.