Build to Rent Duplex in Toledo, Ohio

Toledo, Ohio
Land & New Construction
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Build to Rent Duplex in Toledo, Ohio

Evan Reed
Member since 2019 · 5 posts · 3 votes

Hello,

I am planning to undertake a build-to-rent duplex project in the Toledo, Ohio area. I am seeking recommendations for investors experienced in land development for rental purposes within Ohio. Additionally, I would appreciate any advice on reputable builders and the current construction costs per square foot.

Thank you.

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Kerlous TadresBusiness Member
Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
1y

Hey there! Great to hear you’re looking to do a BTR duplex in Toledo definitely an under-the-radar market with solid cash flow potential.

For investors with land development experience, I'd check out the local REIA groups or connect with folks doing similar projects in Dayton and Columbus suburbs they often branch out to Toledo for affordability.

As for builders, look into smaller local firms like Wesson Builders or even modular options like Champion Homes (they’ve got Ohio plants). You might also find success with regional GCs out of Cleveland or Columbus who take on Northwest Ohio projects.

Current build costs in Toledo are around $135–$160/sq ft for rental-grade, and up to $180+ if you’re going more mid-to-high-end. Land is still pretty affordable, and places like Maumee or Sylvania can offer higher rent potential and fewer zoning headaches.

[email protected]614-490-1163
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  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    1y
    Quote from @Evan Reed:

    Hello,

    I am planning to undertake a build-to-rent duplex project in the Toledo, Ohio area. I am seeking recommendations for investors experienced in land development for rental purposes within Ohio. Additionally, I would appreciate any advice on reputable builders and the current construction costs per square foot.

    Thank you.


     new construction in Toledo what part? I'm from there. Give me the zip you are looking at. I'd focus where new construction is the highest or in suburban markets. Single family or multifamily? we build a three story walk up for build to rent and single family homes in columbus and we only do it in the 3 highest price per square foot zips where new construction is selling $300+ per square foot. Build costs with our margin for investors are around $190 a foot. land is approximately $20 / SF. with entitlements as part of the package. I think the numbers would be tough to get to work but in some submarkets of Toledo might be possible, especially on the single family side. I'd recommend around 1200-1300 square feet on a slab to keep costs down. 

    [email protected]786-494-6766
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    • Evan Reed
      OP
      Member since 2019 · 5 posts · 3 votes
      1y
      Quote from @Robert Ellis:
      Quote from @Evan Reed:

      Hello,

      I am planning to undertake a build-to-rent duplex project in the Toledo, Ohio area. I am seeking recommendations for investors experienced in land development for rental purposes within Ohio. Additionally, I would appreciate any advice on reputable builders and the current construction costs per square foot.

      Thank you.


       new construction in Toledo what part? I'm from there. Give me the zip you are looking at. I'd focus where new construction is the highest or in suburban markets. Single family or multifamily? we build a three story walk up for build to rent and single family homes in columbus and we only do it in the 3 highest price per square foot zips where new construction is selling $300+ per square foot. Build costs with our margin for investors are around $190 a foot. land is approximately $20 / SF. with entitlements as part of the package. I think the numbers would be tough to get to work but in some submarkets of Toledo might be possible, especially on the single family side. I'd recommend around 1200-1300 square feet on a slab to keep costs down. 


       I am focusing on the areas that Dave mentioned below. I am looking at starting with a duplex and work up from there. Would love to connect and pick your brain.

      Thanks!

      0Reply
    • Robert EllisBusiness Member
      Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
      1y
      Quote from @Evan Reed:
      Quote from @Robert Ellis:
      Quote from @Evan Reed:

      Hello,

      I am planning to undertake a build-to-rent duplex project in the Toledo, Ohio area. I am seeking recommendations for investors experienced in land development for rental purposes within Ohio. Additionally, I would appreciate any advice on reputable builders and the current construction costs per square foot.

      Thank you.


       new construction in Toledo what part? I'm from there. Give me the zip you are looking at. I'd focus where new construction is the highest or in suburban markets. Single family or multifamily? we build a three story walk up for build to rent and single family homes in columbus and we only do it in the 3 highest price per square foot zips where new construction is selling $300+ per square foot. Build costs with our margin for investors are around $190 a foot. land is approximately $20 / SF. with entitlements as part of the package. I think the numbers would be tough to get to work but in some submarkets of Toledo might be possible, especially on the single family side. I'd recommend around 1200-1300 square feet on a slab to keep costs down. 


       I am focusing on the areas that Dave mentioned below. I am looking at starting with a duplex and work up from there. Would love to connect and pick your brain.

      Thanks!


       I'm from Sylvania. I'd look at zoning first. that's a good start. talk to the zoning offices in each one and look at the zones that allow for that by right or a rezoning opportunity. the main thing you are going to run into is a pathway to get those approved and then utility access if they push you far to the outskirts. I'd still be hesitant to build in these areas unless new construction is selling greater than $250 a square foot. Multifamily by design has a lower valuation than single family most of the time unless it is 'property designed like a three story walk up. I moved from Toledo to columbus where we do ground up triplexes but I'd never touch my home city, not even perrysburg. just too small and negative net migrations. these submarkets on their own are strong but just unless you are ready to call zoning offices and find realtors to price new construction and find contractors and make several trips out their I'd focus on a stronger market in ohio. the largest cities that are more tier 2 cities are columbus, Cleveland, Cincinnati 

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  • Dave PoeppelmeierBusiness Member
    Realtor · Maumee, OH · Member since 2015 · 491 posts · 722 votes
    1y

    Hi Evan, which areas of Toledo are you considering? I would suggest the higher end hotspots of Perrysburg, Sylvania, and the Maumee/Whitehouse/Monclova area. 

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  • Evan Reed
    OP
    Member since 2019 · 5 posts · 3 votes
    1y

    Dave,

    Those are the areas I was focusing on in order to have enough margin due to construction and land costs. 

    I am most familiar with the Perrysburg and Maumee area and currently reside in South Toledo near the Toledo Country Club. 


    Thanks

    1Reply
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 969 votes
    1y

    @Evan Reed

    Hey Evan,

    Sounds like a great project! I’m an investor-focused agent based in Ohio and have been keeping a close eye on the Toledo market. The areas you’re considering—Perrysburg, Maumee, and Sylvania—are definitely some of the stronger submarkets, especially for build-to-rent opportunities. Zoning and utility access are key, as Robert mentioned, and making sure new construction comps support your numbers will be crucial.

    Have you connected with any local builders yet? I might be able to help you find reputable ones who have experience with duplex construction. Also, if you need help running numbers on potential sites or understanding rent comps in those areas, I’d be happy to assist. Let’s connect and see how I can help!

    Looking forward to hearing more about your plans.

    [email protected]614-418-6081
    0Reply
    • Robert EllisBusiness Member
      Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
      1y
      Quote from @Arman Ahmed:

      @Evan Reed

      Hey Evan,

      Sounds like a great project! I’m an investor-focused agent based in Ohio and have been keeping a close eye on the Toledo market. The areas you’re considering—Perrysburg, Maumee, and Sylvania—are definitely some of the stronger submarkets, especially for build-to-rent opportunities. Zoning and utility access are key, as Robert mentioned, and making sure new construction comps support your numbers will be crucial.

      Have you connected with any local builders yet? I might be able to help you find reputable ones who have experience with duplex construction. Also, if you need help running numbers on potential sites or understanding rent comps in those areas, I’d be happy to assist. Let’s connect and see how I can help!

      Looking forward to hearing more about your plans.


       if you can find a builder who builds multifamily in Toledo ohio more than 2 per year I'd love to have their contact too. I can't imagine there are guys up there doing it. if so next time I'm home I'll have to look at their Floorplans. 

      [email protected]786-494-6766
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  • Account Closed
    Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    1y

    Better to renovate a distressed property in the Toledo area than build new.

    1Reply
  • Evan Reed
    OP
    Member since 2019 · 5 posts · 3 votes
    1y

    That is what I have been currently doing in my portfolio in Toledo. Have an interest in building new and doing research so that is why I was inquiring.

    0Reply
  • Kerlous TadresBusiness Member
    Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
    1y

    Hey there! Great to hear you’re looking to do a BTR duplex in Toledo definitely an under-the-radar market with solid cash flow potential.

    For investors with land development experience, I'd check out the local REIA groups or connect with folks doing similar projects in Dayton and Columbus suburbs they often branch out to Toledo for affordability.

    As for builders, look into smaller local firms like Wesson Builders or even modular options like Champion Homes (they’ve got Ohio plants). You might also find success with regional GCs out of Cleveland or Columbus who take on Northwest Ohio projects.

    Current build costs in Toledo are around $135–$160/sq ft for rental-grade, and up to $180+ if you’re going more mid-to-high-end. Land is still pretty affordable, and places like Maumee or Sylvania can offer higher rent potential and fewer zoning headaches.

    [email protected]614-490-1163
    Kerlous Tadres | Reafco Real Estate542 Reviews
    WebsiteView Page
    1Reply
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