This $5,888 Toledo House Could Be a Major Renovation Opportunity

Finding a house listed for just $5,888 is unusual in almost any real estate market. Finding one with approximately 2,760 square feet, four bedrooms, two bathrooms, a two-car garage, natural hardwood floors, three fireplaces, a full basement, and a large attic makes the opportunity even more intriguing.

That is exactly what makes 923 W Woodruff Ave in Toledo, Ohio, an interesting property for buyers, renovators, contractors, and real estate investors who are comfortable taking on a substantial rehabilitation project.

The property is being offered through the Lucas County Land Bank, and the extremely low advertised price should not be interpreted as the total amount required to make the home livable. According to the listing information, the property needs extensive work, including attention to major systems and the interior.

Still, for someone with the experience, financing, and patience required to restore an older property, this Toledo home has several characteristics that are difficult to recreate in a newly built house.

Property Overview

Located at 923 W Woodruff Ave, Toledo, OH 43606, this traditional single-family residence was originally built in 1913.

The property includes approximately 2,760 square feet of interior space and sits on a 10,018-square-foot lot, according to the listing information.

The basic property details include:

• Asking price: $5,888
• Bedrooms: 4 listed, with potential for 5
• Bathrooms: 2 full bathrooms
• Living area: 2,760 square feet
• Lot size: 10,018 square feet
• Year built: 1913
• Garage: Detached two-car garage
• Basement: Full basement
• Attic: Large unfinished attic
• Heating: Boiler with natural gas
• Cooling: No cooling system listed
• Water: Public
• Sewer: Sanitary and storm sewer
• Zoning: Residential
• HOA: None listed

At approximately $2 per square foot based on the advertised price, the property has an exceptionally low entry price on paper.

However, this is clearly a renovation property rather than a move-in-ready home.

A 1913 Toledo Home With Historic Character

One of the most interesting aspects of 923 W Woodruff Ave is its age.

Built in 1913, the house comes from an era when many residential properties were constructed with details and materials that are increasingly difficult to find in modern construction.

The listing specifically mentions natural hardwood floors and doors throughout the property. For renovation enthusiasts, these original features can potentially become some of the most attractive elements of the finished home.

Older homes often have architectural details that can give a renovated property a distinctive personality.

Instead of removing every historic element, a thoughtful renovation could potentially preserve desirable original characteristics while upgrading the property’s electrical, plumbing, heating, kitchen, bathrooms, insulation, and other systems.

That combination of historic character and modern functionality can be appealing to future homeowners.

Four Bedrooms With Potential for Additional Space

The property is listed with four bedrooms and two bathrooms, while the listing description indicates that it may offer four to five bedrooms depending on how the space is configured.

Several bedrooms are located on the upper level, while the main floor contains additional living spaces.

The listed rooms include a living room, dining room, kitchen, bedrooms, bathrooms, and an additional upper-level room.

The layout appears to provide a substantial amount of usable interior space compared with the purchase price.

For a renovation project, however, the existing room count should not automatically be assumed to represent the final permitted bedroom configuration.

Anyone purchasing the property should verify local building requirements, bedroom egress requirements, electrical requirements, heating requirements, and other applicable regulations before converting or redesigning rooms.

Natural Hardwood Floors Could Add Significant Character

Among the property’s most attractive features are its natural hardwood floors.

Hardwood can be particularly valuable from a design perspective because it can often be refinished rather than completely replaced, depending on its condition.

If the underlying wood is structurally sound, restoration could potentially transform worn flooring into a major visual feature.

The same principle applies to the home’s original doors and other architectural details.

A successful renovation does not necessarily require turning an older house into something that looks brand new. In many cases, preserving the home’s original character while improving its functionality can create a more distinctive finished property.

Three Fireplaces Add Historic Appeal

Another unusual feature is the presence of three fireplaces.

The listing information identifies fireplaces associated with areas including the living room, basement, and bedroom/recreation areas.

Fireplaces can provide significant visual character in older houses, particularly when surrounded by original architectural details.

However, buyers should never assume that older fireplaces are automatically usable.

Before using any fireplace, a qualified professional should inspect the chimney, flue, masonry, venting, and related components. Depending on the property’s condition, restoration or replacement may be necessary.

For renovation purposes, even a fireplace that is not suitable for active use can sometimes remain an architectural focal point, subject to local requirements and professional evaluation.

The Gigantic Attic Could Provide Additional Potential

The listing highlights a gigantic attic, describing it as a potential future game room or additional family space.

This is one of the areas that could make the property especially interesting to someone planning a comprehensive renovation.

Large attic spaces can sometimes provide opportunities for additional finished living areas, offices, recreation rooms, storage, or other uses.

However, an attic cannot simply be counted as legal living space because it is large.

The height of the ceilings, structural capacity, insulation, stairs, electrical systems, heating and cooling, fire safety, emergency egress, and local building codes all need to be considered.

For that reason, the attic should be viewed as potential, rather than guaranteed additional living space.

Full Basement Adds More Functional Space

The home also includes a full basement.

Basements can serve many purposes in a renovated property, including storage, laundry, mechanical equipment, workshops, recreation areas, or additional finished space where local regulations permit.

The listing indicates that laundry is located in the basement.

Because this is an older property, a basement inspection would be particularly important.

Potential buyers should investigate moisture, drainage, foundation conditions, plumbing, electrical systems, structural components, and any signs of water intrusion before planning a renovation budget.

A basement that appears inexpensive to renovate can become one of the more expensive portions of an older home if significant moisture or structural issues are discovered.

Two-Car Detached Garage

Another valuable feature is the detached two-car garage.

The property reportedly has enough parking capacity for approximately five vehicles when the garage and driveway spaces are considered.

For a homeowner, the garage can provide traditional vehicle storage.

For a renovation enthusiast, contractor, hobbyist, or future homeowner, it could also provide workspace and additional storage, subject to local regulations and its actual condition.

Older garages should be inspected independently from the main house.

The roof, foundation, siding, garage doors, electrical service, framing, and drainage can all affect the usefulness and cost of maintaining the structure.

The Roof Was Replaced in 2025

One notable detail in the listing is that the Lucas County Land Bank replaced the roof in 2025.

That is important because the roof is one of the major components of any renovation project.

A newer roof can potentially reduce one major immediate expense compared with a property requiring a complete roof replacement.

Nevertheless, buyers should verify the scope of the roof work, the materials used, warranties if applicable, and whether any other roof-related issues remain.

A roof replacement also does not eliminate the possibility of water damage elsewhere in the structure.

Potential buyers should inspect the attic, ceilings, walls, insulation, and framing for evidence of previous moisture intrusion.

Major Systems Require Attention

The biggest consideration with this property is the condition of its major systems.

The listing identifies significant renovation needs involving the:

• Furnace or heating system
• Water heater
• Plumbing
• Electrical system
• Interior
• Other major components

This is why the $5,888 price should be viewed as an acquisition price rather than a renovation budget.

A buyer could spend substantially more renovating the property than purchasing it.

The total investment could ultimately include acquisition costs, professional inspections, architectural or engineering work, permits, demolition, electrical work, plumbing, HVAC, insulation, drywall, flooring, windows, doors, kitchen renovation, bathroom renovation, painting, exterior work, landscaping, and contingency funds.

Why the Property May Interest Investors

The low entry price is likely to attract attention from real estate investors.

A property with 2,760 square feet and substantial original character can potentially offer multiple strategies after renovation.

Depending on the property’s condition, local regulations, neighborhood market conditions, and renovation costs, a buyer might consider:

• Long-term rental use
• Owner-occupancy
• Resale after renovation
• Historic-style restoration
• Multi-purpose residential use
• Personal residence with additional recreation space

However, none of these strategies should be assumed to be profitable without detailed financial analysis.

The purchase price alone does not determine whether a property is a good investment.

The Importance of Calculating Total Project Cost

For an extremely inexpensive property, it can be tempting to focus almost entirely on the purchase price.

That can be misleading.

For example, a buyer might see a $5,888 house and assume that even a $50,000 renovation would produce an inexpensive home.

But renovation expenses can quickly expand when multiple major systems need replacement.

A more realistic analysis should consider:

Purchase price + closing costs + renovation + permits + professional services + financing + insurance + taxes + utilities + holding costs + contingency.

Only after estimating the complete project cost should the potential resale value or rental income be evaluated.

This is especially important for properties requiring substantial rehabilitation.

Land Bank Requirements Are Important

Because this property is identified as a Lucas County Land Bank home, prospective buyers should carefully review the purchase requirements.

The listing states that a renovation application and proof of funds are required.

That means interested buyers should not assume that the property can be purchased in exactly the same way as an ordinary retail listing.

Land bank properties can have specific procedures, rehabilitation expectations, deadlines, documentation requirements, or other conditions.

Anyone seriously considering the property should contact the appropriate parties and obtain the current requirements directly before making financial commitments.

Location in Toledo, Ohio

The property is located in Toledo, Ohio, a city with established residential neighborhoods, transportation connections, employment centers, parks, and urban amenities.

The listing notes that the property is located minutes from Downtown Toledo, parks, and major expressways.

Accessibility can be an important consideration for both homeowners and investors.

For a renovated property, proximity to transportation, employment, shopping, education, recreation, and other services can influence buyer and renter demand.

However, neighborhood-level real estate conditions can vary considerably.

Anyone evaluating this property should research recent sales and rental listings specifically around the immediate neighborhood rather than relying solely on broader Toledo averages.

What Should Buyers Inspect First?

Before purchasing a property with this level of renovation need, a thorough inspection strategy is essential.

The foundation and structural components should be examined first.

Next, buyers should investigate the electrical system, plumbing, heating, water heater, basement, roof, windows, exterior walls, attic, and drainage.

The property’s utility status should also be confirmed.

It is important to know whether utilities are currently active and whether any systems have been disconnected, damaged, or removed.

A contractor should ideally walk through the property with the buyer before the purchase decision is finalized.

Potential Renovation Priorities

If the property passes the initial structural and feasibility review, renovation could be approached in stages.

The first priority should generally be safety and structural integrity.

That can include electrical hazards, plumbing failures, structural issues, roof-related problems, water intrusion, heating, and other critical systems.

The next stage could involve making the property weather-tight and mechanically functional.

After that, attention can move toward kitchens, bathrooms, flooring, walls, ceilings, lighting, doors, fixtures, and finishes.

Finally, the exterior, landscaping, garage, porch, and other cosmetic elements can be addressed.

This staged approach can help investors understand where their money is going rather than spending heavily on cosmetic improvements before resolving fundamental problems.

Who Might Be Interested in This Property?

This property is unlikely to appeal equally to every buyer.

A person searching for a turnkey home that can be occupied immediately would probably need a very different type of property.

On the other hand, the listing could attract:

Experienced rehabbers looking for a substantial renovation project.

Contractors who can control labor costs and manage multiple trades.

Investors who understand renovation financing and local real estate markets.

Owner-occupants with renovation experience who want to restore an older Toledo home.

Historic-home enthusiasts who appreciate hardwood floors, original doors, fireplaces, and early-20th-century architecture.

What Makes the $5,888 Price Interesting?

The most obvious attraction is the unusually low advertised price.

At approximately $2 per square foot, the acquisition cost is dramatically lower than what most buyers would expect for a 2,760-square-foot single-family property.

But the number needs context.

The property is inexpensive because it is not being presented as a finished, move-in-ready residence.

The opportunity is therefore less about purchasing a finished house for $5,888 and more about acquiring a large existing structure that requires substantial investment.

That distinction is critical.

A Property With Both Risks and Possibilities

923 W Woodruff Ave represents the type of listing that can look extraordinary at first glance.

The combination of a very low asking price, large interior, hardwood floors, original doors, three fireplaces, full basement, large attic, two-car garage, and a recently replaced roof gives the property several interesting characteristics.

At the same time, the major renovation requirements introduce significant uncertainty.

The condition of the electrical system, plumbing, heating, water heater, interior, foundation, and other components will ultimately determine how much capital is required.

The property should therefore be evaluated as a rehabilitation project, not as a conventional bargain home.

Final Thoughts

At $5,888, 923 W Woodruff Ave is certainly an eye-catching Toledo real estate listing.

The approximately 2,760-square-foot home, four-bedroom layout, two bathrooms, full basement, gigantic attic, natural hardwood floors, three fireplaces, detached two-car garage, and 10,018-square-foot lot provide a substantial foundation for a renovation project.

The fact that the roof was replaced in 2025 is another notable detail.

But prospective buyers should approach the opportunity carefully.

The listing indicates that major systems and the interior require significant work, and the property is being offered through the Lucas County Land Bank with a renovation application and proof of funds required.

For the right buyer, the property could represent an opportunity to restore a large historic Toledo residence and potentially create a substantially improved home.

For an inexperienced buyer, however, the low purchase price could be misleading if the renovation costs are underestimated.

The smartest approach is to focus on the complete project economics, not simply the $5,888 headline.

A professional inspection, contractor estimates, utility verification, Land Bank requirements, permit research, neighborhood comparable sales, and a detailed renovation budget should all be part of the due-diligence process.

Ultimately, the real question is not whether someone can buy this house for $5,888.

The more important question is whether the property can be successfully renovated within a realistic total project budget.

For investors and restoration-minded buyers willing to do the research, that is what makes 923 W Woodruff Ave an interesting property to investigate.

 

 

From Zillow