5573 Martin · Vermilion, OH 44089

$335,000

3 bd · 1.5 ba · 1,550 sqft · SingleFamily public records · 31 Days on market

Built 1960 0.34 ac lot $216/sqft · 49% above area Est $224k · 49% over

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Why this score? — see what drove the C+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Truly inviting 3 bed/2bath zero-entry ranch home located in charming Vermilion! Offering everything from its open floor plan, vaulted ceilings throughout, and loads of natural light. Buyers are sure to delight in its beautiful kitchen with quartz countertops/undermount sink/breakfast bar and new stainless steel appliances. Kitchen opens up to spacious living room/dining room perfect for entertaining. Private owner's suite has attached bathroom and ample closet space. The other side of the home has 2 more bedrooms, full bath, separate laundry/storage room, in addition to a large bonus room which could be an office, playroom etc. Outside you will find the convenience of a covered porch. Spacious yard offers ample opportunity. Oversized single car garage w/ workbench and kayak hoist included. Metal roof is 5 years old. Windows/siding/garage door/central air all done in the last 8 years. New flooring throughout. Schools are a short walk, just minutes from Route 2 access and also all of Vermilion's restaurants/shops/beaches. A true must see. Owner is licensed agent in Ohio.

Key facts

• Open floor plan
• Quartz countertops
• Beautiful kitchen

Tags

• ZERO-ENTRY RANCH HOME
• OPEN FLOOR PLAN
• BEAUTIFUL KITCHEN
• QUARTZ COUNTERTOPS
• BREAKFAST BAR
• NEW STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Financial info: Annual tax amount listed (2025)

Exterior

• Parking: Driveway; 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-story home; About 1,550 above-grade finished area
• Construction: Built (year per public records); Vinyl-siding construction; Metal roofing
• Exterior features: Metal roof; Vinyl siding; Lot approximately 0.34 acres

Interior

• Bedrooms: 3 main-level bedrooms
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central air conditioning; Forced-air gas heating
• Interior features: Single-story layout

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $335k.

Deal economics

• At list price, monthly cash flow is $5k ($55k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $335k).
• Recommended offer: $325k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.6% vs local median 5.0% in Vermilion — 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 81/100 on livability (#96 in OH, #1,481 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Vermilion Local (suburban): math 56% / reading 60% proficiency, ranked #316 of 656 in OH (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 142 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• At $8,362/mo this rent would consume 139% of the median local household income ($72k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $94k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask is 8% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $324,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 2.50% ✓
• Cap rate: 22.56%
• Cash-on-cash: 58.10%
• DSCR: 3.59
• GRM: 3.3

CMA / ARV

• ARV (median comp): $224,216
• List price: $335,000
• Delta: 49.41%
• 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
5573 Martin	0.00mi	3/2.0	1,550 (0%)	0mo	$329,900	$213	98
1020 Sweetbriar Dr	0.51mi	3/1.0	1,535 (-1%)	7mo	$227,300	$148	67
5229 Devon Dr	0.47mi	3/2.0	1,671 (+8%)	1mo	$235,000	$141	62
5572 South St	0.59mi	3/1.5	1,618 (+4%)	8mo	$347,000	$214	58
6028 Conneaut Lgt	0.52mi	3/2.0	1,437 (-7%)	4mo	$365,000	$254	58
4972 Northview Ct	0.57mi	4/2.5 (+1)	1,600 (+3%)	1mo	$210,000	$131	58
5001 Hollyview	0.68mi	3/2.0	1,573 (+2%)	7mo	$335,000	$213	58
6012 Conneaut Light Dr	0.57mi	4/3.0 (+1)	1,508 (-3%)	2mo	$375,000	$249	56
5945 Cape Hatteras Dr	0.52mi	3/2.0	1,764 (+14%)	7mo	$399,990	$227	45
1099 Jackson St	0.69mi	3/1.0	1,368 (-12%)	3mo	$158,000	$115	44
5164 Langfitt St	0.57mi	3/2.0	1,756 (+13%)	7mo	$240,000	$137	43
6113 Edson St	0.65mi	4/2.0 (+1)	1,380 (-11%)	5mo	$260,000	$188	40

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: 56.7%
• Equity multiple: 3.50×
• Total profit: $234,958
• Equity at exit: $49,950

10-year hold

• IRR: 61.6%
• Equity multiple: 7.15×
• Total profit: $576,965
• Equity at exit: $28,965

Cash invested: $93,800 (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 44089

• Active inventory: 142
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $8,362 medium
• Mortgage (P&I): −$1,757
• Tax from tax record: −$168 /mo · $2,014/yr
• Insurance: −$140
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,756
• Net cashflow: $4,542

Break-even live

Break-even rent $2,613

Max offer price $335,000

Occupancy floor 41%

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5012 Hollyview Dr Unit 1496126P Vermilion, OH	4.0	1.5	1679	$8,362	$4.98	43d	1	0.67mi

Listing history 13 events

1. 2026-06-02
   statusdays on market $335,000 Pending 31 DOM

   Show marketing remark (1085 chars)

   Truly inviting 3 bed/2bath zero-entry ranch home located in charming Vermilion! Offering everything from its open floor plan, vaulted ceilings throughout, and loads of natural light. Buyers are sure to delight in its beautiful kitchen with quartz countertops/undermount sink/breakfast bar and new stainless steel appliances. Kitchen opens up to spacious living room/dining room perfect for entertaining. Private owner's suite has attached bathroom and ample closet space. The other side of the home has 2 more bedrooms, full bath, separate laundry/storage room, in addition to a large bonus room which could be an office, playroom etc. Outside you will find the convenience of a covered porch. Spacious yard offers ample opportunity. Oversized single car garage w/ workbench and kayak hoist included. Metal roof is 5 years old. Windows/siding/garage door/central air all done in the last 8 years. New flooring throughout. Schools are a short walk, just minutes from Route 2 access and also all of Vermilion's restaurants/shops/beaches. A true must see. Owner is licensed agent in Ohio.

2. 2026-06-01
   days on market $335,000 Contingent 30 DOM
3. 2026-05-31
   days on market $335,000 Contingent 29 DOM
4. 2026-05-04
   historical Active Under Contract 1085-char remark

   Show marketing remark (1085 chars)

   Truly inviting 3 bed/2bath zero-entry ranch home located in charming Vermilion! Offering everything from its open floor plan, vaulted ceilings throughout, and loads of natural light. Buyers are sure to delight in its beautiful kitchen with quartz countertops/undermount sink/breakfast bar and new stainless steel appliances. Kitchen opens up to spacious living room/dining room perfect for entertaining. Private owner's suite has attached bathroom and ample closet space. The other side of the home has 2 more bedrooms, full bath, separate laundry/storage room, in addition to a large bonus room which could be an office, playroom etc. Outside you will find the convenience of a covered porch. Spacious yard offers ample opportunity. Oversized single car garage w/ workbench and kayak hoist included. Metal roof is 5 years old. Windows/siding/garage door/central air all done in the last 8 years. New flooring throughout. Schools are a short walk, just minutes from Route 2 access and also all of Vermilion's restaurants/shops/beaches. A true must see. Owner is licensed agent in Ohio.

5. 2026-05-04
   historical Contingent 1085-char remark

   Show marketing remark (1085 chars)

   Truly inviting 3 bed/2bath zero-entry ranch home located in charming Vermilion! Offering everything from its open floor plan, vaulted ceilings throughout, and loads of natural light. Buyers are sure to delight in its beautiful kitchen with quartz countertops/undermount sink/breakfast bar and new stainless steel appliances. Kitchen opens up to spacious living room/dining room perfect for entertaining. Private owner's suite has attached bathroom and ample closet space. The other side of the home has 2 more bedrooms, full bath, separate laundry/storage room, in addition to a large bonus room which could be an office, playroom etc. Outside you will find the convenience of a covered porch. Spacious yard offers ample opportunity. Oversized single car garage w/ workbench and kayak hoist included. Metal roof is 5 years old. Windows/siding/garage door/central air all done in the last 8 years. New flooring throughout. Schools are a short walk, just minutes from Route 2 access and also all of Vermilion's restaurants/shops/beaches. A true must see. Owner is licensed agent in Ohio.

6. 2026-05-03
   price $335,000 1085-char remark

   Show marketing remark (1085 chars)

   Truly inviting 3 bed/2bath zero-entry ranch home located in charming Vermilion! Offering everything from its open floor plan, vaulted ceilings throughout, and loads of natural light. Buyers are sure to delight in its beautiful kitchen with quartz countertops/undermount sink/breakfast bar and new stainless steel appliances. Kitchen opens up to spacious living room/dining room perfect for entertaining. Private owner's suite has attached bathroom and ample closet space. The other side of the home has 2 more bedrooms, full bath, separate laundry/storage room, in addition to a large bonus room which could be an office, playroom etc. Outside you will find the convenience of a covered porch. Spacious yard offers ample opportunity. Oversized single car garage w/ workbench and kayak hoist included. Metal roof is 5 years old. Windows/siding/garage door/central air all done in the last 8 years. New flooring throughout. Schools are a short walk, just minutes from Route 2 access and also all of Vermilion's restaurants/shops/beaches. A true must see. Owner is licensed agent in Ohio.

7. 2026-05-03
   price $335,000 1085-char remark

   Show marketing remark (1085 chars)

   Truly inviting 3 bed/2bath zero-entry ranch home located in charming Vermilion! Offering everything from its open floor plan, vaulted ceilings throughout, and loads of natural light. Buyers are sure to delight in its beautiful kitchen with quartz countertops/undermount sink/breakfast bar and new stainless steel appliances. Kitchen opens up to spacious living room/dining room perfect for entertaining. Private owner's suite has attached bathroom and ample closet space. The other side of the home has 2 more bedrooms, full bath, separate laundry/storage room, in addition to a large bonus room which could be an office, playroom etc. Outside you will find the convenience of a covered porch. Spacious yard offers ample opportunity. Oversized single car garage w/ workbench and kayak hoist included. Metal roof is 5 years old. Windows/siding/garage door/central air all done in the last 8 years. New flooring throughout. Schools are a short walk, just minutes from Route 2 access and also all of Vermilion's restaurants/shops/beaches. A true must see. Owner is licensed agent in Ohio.

8. 2026-05-02
   listed $309,000 Active 1085-char remark

   Show marketing remark (1085 chars)

   Truly inviting 3 bed/2bath zero-entry ranch home located in charming Vermilion! Offering everything from its open floor plan, vaulted ceilings throughout, and loads of natural light. Buyers are sure to delight in its beautiful kitchen with quartz countertops/undermount sink/breakfast bar and new stainless steel appliances. Kitchen opens up to spacious living room/dining room perfect for entertaining. Private owner's suite has attached bathroom and ample closet space. The other side of the home has 2 more bedrooms, full bath, separate laundry/storage room, in addition to a large bonus room which could be an office, playroom etc. Outside you will find the convenience of a covered porch. Spacious yard offers ample opportunity. Oversized single car garage w/ workbench and kayak hoist included. Metal roof is 5 years old. Windows/siding/garage door/central air all done in the last 8 years. New flooring throughout. Schools are a short walk, just minutes from Route 2 access and also all of Vermilion's restaurants/shops/beaches. A true must see. Owner is licensed agent in Ohio.

9. 2026-05-02
   listed $309,000 Active 1085-char remark

   Show marketing remark (1085 chars)

   Truly inviting 3 bed/2bath zero-entry ranch home located in charming Vermilion! Offering everything from its open floor plan, vaulted ceilings throughout, and loads of natural light. Buyers are sure to delight in its beautiful kitchen with quartz countertops/undermount sink/breakfast bar and new stainless steel appliances. Kitchen opens up to spacious living room/dining room perfect for entertaining. Private owner's suite has attached bathroom and ample closet space. The other side of the home has 2 more bedrooms, full bath, separate laundry/storage room, in addition to a large bonus room which could be an office, playroom etc. Outside you will find the convenience of a covered porch. Spacious yard offers ample opportunity. Oversized single car garage w/ workbench and kayak hoist included. Metal roof is 5 years old. Windows/siding/garage door/central air all done in the last 8 years. New flooring throughout. Schools are a short walk, just minutes from Route 2 access and also all of Vermilion's restaurants/shops/beaches. A true must see. Owner is licensed agent in Ohio.

10. 2016-10-07
    soldstatus $37,150

    Show marketing remark (610 chars)

    This home is a handy man special. Needs TLC to bring it back to its glory! This home sits on a corner lot and is located close to the high school. Only minutes away from the highway and from downtown Vermilion. Has plumbing for full bath in the master bathroom but only toilet and sink work. Main bath off hallway is a full bath has tub w/ shower. All the ceilings are a beautiful wood. Kitchen has been updated. There is a working wood burner in the living room. Property is being AS IS. Seller will not do any repairs. Seller will pay any points of closing costs for the buyer. 24 hours notice need to show.

11. 2015-12-15
    listed $30,000

    Show marketing remark (610 chars)

    This home is a handy man special. Needs TLC to bring it back to its glory! This home sits on a corner lot and is located close to the high school. Only minutes away from the highway and from downtown Vermilion. Has plumbing for full bath in the master bathroom but only toilet and sink work. Main bath off hallway is a full bath has tub w/ shower. All the ceilings are a beautiful wood. Kitchen has been updated. There is a working wood burner in the living room. Property is being AS IS. Seller will not do any repairs. Seller will pay any points of closing costs for the buyer. 24 hours notice need to show.

12. 2015-11-28
    historical
13. 2015-09-28
    listed $49,900

ⓘ 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: $2,014 · $168/mo
• Projected year-2 tax: $3,620 · $302/mo
• Expected delta: +$1,606/yr (+$134/mo · 79.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $100,344
• − Mortgage interest: −$18,765
• − Property taxes: −$2,014
• − Insurance: −$1,675
• − Repairs & maintenance: −$8,028
• − Management: −$8,028
• − Depreciation: −$9,745
• Taxable income: $52,090
• Est. tax owed @ 24.0%: −$12,501
• After-tax cash flow: $42,000/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: Vermilion Local
• NCES district ID: 3904682
• Math proficiency: 56% ▼ -13.00%
• Reading proficiency: 60% ▼ -5.00%
• Median HH income: $52,091
• Composite: 49.61/100
• National rank: #1981
• State rank: #316 of 656 in OH

Livability — Vermilion

• Score: 81/100
• State rank: #96
• US rank: #1481

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vermilion, OH
• County: Erie · 78,232 people
• Metro: Sandusky, OH
• Population (ZIP): 15,873
• Household income: $72,045
• Rent vs Own: 18.6% rent · 81.4% own
• Severe rent burden: 5.8

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 (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Romanian 7% Lithuanian 4% Slovak 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · Other Indo-European 1%

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: ▼ -122.76%
• Current HPI: 206.8223
• Rent YoY: —
• Metro: —
• 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

+561.1% since first listed

14 events — show timeline

• 2026-06-11 Sold (MLS) $329,900 MLSNOW
• 2026-06-11 Sold (MLS) $329,900 FAOR
• 2026-06-02 Pending — FAOR
• 2026-06-02 Pending — MLSNOW
• 2026-05-04 Contingent — FAOR
• 2026-05-04 Contingent — MLSNOW
• 2026-05-03 Price Changed $335,000 FAOR
• 2026-05-03 Price Changed $335,000 MLSNOW
• 2026-05-02 Listed $309,000 MLSNOW
• 2026-05-02 Listed $309,000 FAOR
• 2016-10-07 Sold (MLS) $37,150 MLSNOW
• 2015-12-15 Listed $30,000 MLSNOW
• 2015-11-28 Listing Removed — MLSNOW
• 2015-09-28 Listed $49,900 MLSNOW

Property tax history

+3.5%/yr

Latest (2025): $2,014 · -0.5% YoY. Source: county tax records.