Side-by-side comparison of Toledo, OH and Cleveland, OH — cap rates, rent, prices, and investment metrics.
Cash flow: Toledo has the edge with an estimated cap rate of 4.33% compared to Cleveland's 4.02%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $190,000 in Toledo vs $240,000 in Cleveland, while rents come in at $1,160/mo and $1,390/mo respectively. For context, the national average cap rate is 3.81% and average price is $333K.
Growth & appreciation: Cleveland is growing faster at -0.1% annually, while Toledo is losing population. Cleveland leads on home value appreciation at 2% per year.
Costs & risk: Property taxes are 1.65% in Toledo vs 1.63% in Cleveland. Vacancy rates of 7.5% and 7.2% are both elevated, warranting conservative cash flow projections.
Entry point: Toledo offers a lower entry at $190K vs Cleveland's $240K — a difference of $50K. With a 20% down payment, that's $38K vs $48K. Toledo combines the lower price with a higher cap rate — a compelling combination.
Bottom line: Cleveland edges out Toledo on most key metrics. While cap rates are moderate at 4.02%, Cleveland's overall profile is stronger. Use our free calculators to model specific deals in Toledo or Cleveland.