615 Neil St · Sandusky, OH 44870

$222,400

3 bd · 1.0 ba · 1,515 sqft · SingleFamily public records · 71 Days on market

Built 1917 4,356 sqft lot $147/sqft · 46% above area Est $152k · 46% over

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +21.4/30.0
• DSCR +6.8/10.0
• 1% rule +5.1/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Perfectly located from downtown Sandusky, this beautifully remodeled 4-bed home offers the ideal blend of charm, convenience and modern updates. Enjoy being a short distance to local restaurants, shops, and scenic downtown Sandusky. Inside, the home features a thoughtfully designed layout with one bedroom on the main floor and three additional bedrooms upstairs. The main level includes a full bathroom, while the upper level offers convenient half bath along with a laundry located just off the primary bedroom. The completely updated kitchen, showcases stylish features and a warm inviting feel-perfect for entertaining. Natural woodwork throughout the home offers character and charm. Outside, you'll find off street parking and a nicely sized backyard complete with comfortable sitting area. This move in ready home combines location, style, and functionality-font miss your chance to own a piece of Sandusky living at its best!

Key facts

• Natural woodwork
• Off street parking
• Updated kitchen

Tags

• UPDATED KITCHEN
• NATURAL WOODWORK
• OFF STREET PARKING
• NICELY SIZED BACKYARD
• COMFORTABLE SITTING AREA

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $222k.

Deal economics

• At list price, monthly cash flow is $332 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $222k).
• Recommended offer: $209k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 6.1% in Sandusky — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 83/100 on livability (#63 in OH, #929 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D-, employment F.
• Sandusky City (town): math 24% / reading 37% proficiency, ranked #583 of 656 in OH (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: The Sandusky Intermediate School (math 26% / reading 38%, grade F, #1,135 of 1,584 statewide, top 73%, 909 students, 0% FRL); Sandusky Middle School (math 25% / reading 32%, grade F, #580 of 654 statewide, top 89%, 468 students, 0% FRL); Sandusky High School (math 17% / reading 41%, grade F, #627 of 781 statewide, top 81%, 1,004 students, 0% FRL) — zoned schools average 0% FRL vs 71% district-wide (71 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 210 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• This rent runs 43% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Erie County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago; this cycle's ask has dropped $12k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $139k; list at $222k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $209,056 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.39%
• DSCR: 1.28
• GRM: 8.3

CMA / ARV

• ARV (median comp): $151,898
• List price: $222,400
• Delta: 46.41%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
522 E Jefferson St	0.33mi	3/2.0	1,547 (+2%)	4mo	$50,000	$32	73
919 Hancock St	0.32mi	3/1.0	1,426 (-6%)	3mo	$72,000	$50	73
1002 Sycamore Line	0.06mi	3/1.0	1,288 (-15%)	3mo	$140,000	$109	70
1130 Fourth St	0.28mi	4/2.0 (+1)	1,589 (+5%)	3mo	$140,000	$88	67
604 E Jefferson St	0.33mi	4/1.5 (+1)	1,400 (-8%)	7mo	$143,900	$103	59
318 High St	0.62mi	4/2.0 (+1)	1,532 (+1%)	3mo	$185,000	$121	58
1104 Waverly Rd	0.42mi	3/1.0	1,336 (-12%)	7mo	$180,000	$135	55
914 Hayes Ave	0.52mi	3/1.0	1,320 (-13%)	1mo	$133,000	$101	54
1334 Lindsley St	0.71mi	3/1.0	1,366 (-10%)	1mo	$143,000	$105	49
1414 Buckingham St	0.41mi	2/1.0 (-1)	1,296 (-14%)	6mo	$130,000	$100	47
517 Polk	0.75mi	4/1.0 (+1)	1,588 (+5%)	7mo	$165,000	$104	46
817 Hayes Ave	0.52mi	3/2.5	1,721 (+14%)	5mo	$179,900	$105	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.5%
• Equity multiple: 0.76×
• Total profit: $-14,937
• Equity at exit: $33,161

10-year hold

• IRR: 3.1%
• Equity multiple: 1.23×
• Total profit: $14,093
• Equity at exit: $19,229

Cash invested: $62,272 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44870

• Active inventory: 210
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,243 medium
• Mortgage (P&I): −$1,166
• Tax from tax record: −$181 /mo · $2,177/yr
• Insurance: −$93
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $332

Break-even live

Break-even rent $1,823

Max offer price $222,400

Occupancy floor 80%

Sensitivity live

Price	-10% $458	-5% $395	+0% $332	+5% $269	+10% $206
Rent	-10% $155	-5% $243	+0% $332	+5% $420	+10% $509
Rate	-1.0pp $444	-0.5pp $388	base $332	+0.5pp $274	+1.0pp $215

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $55,600
• Closing costs: $6,672
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1032 Perry St Sandusky, OH	4.0	2.5	1845	$850	$0.46	45d	1	0.10mi
1107 1st St Unit 1496057P Sandusky, OH	4.0	3.0	1151	$6,631	$5.76	45d	1	0.27mi
156 E Market St Sandusky, OH	1.0–2.0	1.0–2.5	1266	$3,539	$2.79	45d	5	0.75mi

Listing history 26 events

1. 2026-06-17
   days on market $222,400 Active 71 DOM
2. 2026-06-16
   days on market $222,400 Active 70 DOM
3. 2026-06-15
   days on market $222,400 Active 69 DOM
4. 2026-06-14
   days on market $222,400 Active 67 DOM
5. 2026-06-12
   days on market $222,400 Active 66 DOM
6. 2026-06-09
   days on market $222,400 Active 63 DOM
7. 2026-06-08
   days on market $222,400 Active 62 DOM
8. 2026-06-07
   days on market $222,400 Active 61 DOM
9. 2026-06-03
   days on market $222,400 Active 57 DOM
10. 2026-06-02
    days on market $222,400 Active 56 DOM
11. 2026-06-01
    days on market $222,400 Active 55 DOM
12. 2026-05-31
    days on market $222,400 Active 54 DOM
13. 2026-05-30
    days on market $222,400 Active 53 DOM
14. 2026-04-07
    listed $234,900 Active 934-char remark

    Show marketing remark (934 chars)

    Perfectly located from downtown Sandusky, this beautifully remodeled 4-bed home offers the ideal blend of charm, convenience and modern updates. Enjoy being a short distance to local restaurants, shops, and scenic downtown Sandusky. Inside, the home features a thoughtfully designed layout with one bedroom on the main floor and three additional bedrooms upstairs. The main level includes a full bathroom, while the upper level offers convenient half bath along with a laundry located just off the primary bedroom. The completely updated kitchen, showcases stylish features and a warm inviting feel-perfect for entertaining. Natural woodwork throughout the home offers character and charm. Outside, you'll find off street parking and a nicely sized backyard complete with comfortable sitting area. This move in ready home combines location, style, and functionality-font miss your chance to own a piece of Sandusky living at its best!

15. 2020-09-11
    soldstatus $139,000 908-char remark

    Show marketing remark (908 chars)

    Beautifully Renovated Century Home with 4 Bedrooms and 2 Baths, over 1500 sq ft Bedrooms have Fresh Paint, New Carpet and Lit Ceiling Fans. Bathrooms were gutted and the Second Floor Bathroom has the Laundry in it. Both have all new everything including Ceramic Tile. Original Wood work thru out the Home which is HighLighted in the Large Living Room, Dining Room and Family Room. All new Light Fixtures, Fresh Paint and New Laminate on First Floor. This Home also includes Thermopane Windows. Roof is Newer and Vinyl Siding only 3 months old. New Covered Porch 20 x 9 ft, New 50 Gallon Hot Water Tank and some Basement Windows Replaced. New Central Air System. The New Kitchen is Amazing with Quartz Counter Tops, Stainless Steel Appliances and Quiet Close Cabinets. Lots of Cabinets and a Pantry. Drive way is 98 x 12.5 of Concrete the first 80 ft is new. Thats alot of Extra Parking. Move in Condition!

16. 2020-09-09
    soldstatus $139,000 Closed
17. 2020-08-03
    status Pending
18. 2020-07-23
    price $140,000
19. 2020-06-30
    status Active
20. 2020-06-19
    status Pending
21. 2020-06-09
    listed $140,000 908-char remark

    Show marketing remark (908 chars)

    Beautifully Renovated Century Home with 4 Bedrooms and 2 Baths, over 1500 sq ft Bedrooms have Fresh Paint, New Carpet and Lit Ceiling Fans. Bathrooms were gutted and the Second Floor Bathroom has the Laundry in it. Both have all new everything including Ceramic Tile. Original Wood work thru out the Home which is HighLighted in the Large Living Room, Dining Room and Family Room. All new Light Fixtures, Fresh Paint and New Laminate on First Floor. This Home also includes Thermopane Windows. Roof is Newer and Vinyl Siding only 3 months old. New Covered Porch 20 x 9 ft, New 50 Gallon Hot Water Tank and some Basement Windows Replaced. New Central Air System. The New Kitchen is Amazing with Quartz Counter Tops, Stainless Steel Appliances and Quiet Close Cabinets. Lots of Cabinets and a Pantry. Drive way is 98 x 12.5 of Concrete the first 80 ft is new. Thats alot of Extra Parking. Move in Condition!

22. 2020-06-09
    listed $139,900 Active

    Show marketing remark (908 chars)

    Beautifully Renovated Century Home with 4 Bedrooms and 2 Baths, over 1500 sq ft Bedrooms have Fresh Paint, New Carpet and Lit Ceiling Fans. Bathrooms were gutted and the Second Floor Bathroom has the Laundry in it. Both have all new everything including Ceramic Tile. Original Wood work thru out the Home which is HighLighted in the Large Living Room, Dining Room and Family Room. All new Light Fixtures, Fresh Paint and New Laminate on First Floor. This Home also includes Thermopane Windows. Roof is Newer and Vinyl Siding only 3 months old. New Covered Porch 20 x 9 ft, New 50 Gallon Hot Water Tank and some Basement Windows Replaced. New Central Air System. The New Kitchen is Amazing with Quartz Counter Tops, Stainless Steel Appliances and Quiet Close Cabinets. Lots of Cabinets and a Pantry. Drive way is 98 x 12.5 of Concrete the first 80 ft is new. Thats alot of Extra Parking. Move in Condition!

23. 2019-02-28
    soldstatus $25,000
24. 2019-01-08
    listed $27,900
25. 2008-03-14
    soldstatus $50,000
26. 1996-05-10
    soldstatus $41,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $2,177 · $181/mo
• Projected year-2 tax: $2,823 · $235/mo
• Expected delta: +$646/yr (+$54/mo · 29.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,917
• − Mortgage interest: −$12,458
• − Property taxes: −$2,177
• − Insurance: −$1,112
• − Repairs & maintenance: −$2,153
• − Management: −$2,153
• − Depreciation: −$6,470
• Taxable income: $394
• Est. tax owed @ 24.0%: −$95
• After-tax cash flow: $3,886/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Sandusky City
• NCES district ID: 3904474
• Math proficiency: 24% ▼ -17.00%
• Reading proficiency: 37% ▼ -9.00%
• Median HH income: $34,583
• Composite: 25.1/100
• National rank: #7532
• State rank: #583 of 656 in OH

Livability — Sandusky

• Score: 83/100
• State rank: #63
• US rank: #929

Category grades

Amenities B Commute A+ Cost of living A+ Crime D- Employment F Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sandusky, OH
• County: Erie County · 39,883 people
• City population: 39,883
• Metro: Sandusky, OH
• Population (ZIP): 39,883
• Household income: $62,082
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 1602.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 73,204 people
• By 2030: 71,341 · -2.5%
• By 2040: 66,771 · -8.8%
• By 2050: 62,512 · -14.6%
• By 2075: 56,154 · -23.3%
• By 2100: 49,045 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 15% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Romanian 3% Slovak 2% Subsaharan African 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Erie

• 2024 margin: R (+14.1) · D 42.5% · R 56.6%
• 2008→2024 swing: -28.0pp toward R · 2008: 13.9pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+11.6 2016: R+9.8 2012: D+11.3 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.99%
• Current HPI: 209.6383
• Rent YoY: —
• Metro: Sandusky, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+466.0% since first listed

13 events — show timeline

• 2026-04-07 Listed $234,900 FAOR
• 2020-09-11 Sold (MLS) $139,000 FAOR
• 2020-09-09 Sold (MLS) $139,000 MLSNOW
• 2020-08-03 Pending — MLSNOW
• 2020-07-23 Price Changed $140,000 MLSNOW
• 2020-06-30 Relisted — MLSNOW
• 2020-06-19 Pending — MLSNOW
• 2020-06-09 Listed $139,900 MLSNOW
• 2020-06-09 Listed $140,000 FAOR
• 2019-02-28 Sold (MLS) $25,000 FAOR
• 2019-01-08 Listed $27,900 FAOR
• 2008-03-14 Sold (Public Records) $50,000 Public Records
• 1996-05-10 Sold (Public Records) $41,500 Public Records

Property tax history

+5.2%/yr

Latest (2025): $2,177 · -1.0% YoY. Source: county tax records.