686 Perry St · Vermilion, OH 44089

$359,900

3 bd · 2.0 ba · 1,724 sqft · SingleFamily public records · 63 Days on market

Built 1905 4,791 sqft lot $209/sqft · 37% above area Est $263k · 37% 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

Live in the heart of Vermilion’s Harbor Town District in a home unlike anything else on the market. This historic gem dates back to the late 1800s and was originally built near Fisherman’s Bend before being relocated in the 1920s. Inside, you’ll find true maritime craftsmanship with peg-and-beam construction and solid oak ship-style materials you simply can’t replicate today. The interior offers a bright, open layout featuring a gas fireplace in great room, spacious kitchen (all appliances stay), first-floor laundry, and beautiful natural oak trim throughout. Upstairs, you’ll find a true owner’s suite, plus two additional large bedrooms with a shared full bath, along with an awesome open loft area—perfect for a reading area, office, or play space. Fully updated for modern living, this home features a long list of improvements including: Roof – 2025, Water Heater – 2023, New Carpet – 2022, New Driveway – 2022, Fence - 2022, Appliances - 2019, Furnace & AC - 2014, Windows & Exterior Doors – 2014, Luxury Vinyl Plank – 2014, Drywall – 2014, Vinyl Siding – 2014, Solid Oak Trim – 2014, Whole house insulation - 2014 Step outside and you’re just moments from everything—local shops, restaurants, the public beach, and Vermilion’s beloved summer events. Historic character. Modern updates. Unbeatable location. This is harbor town living at its finest.

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1905

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $360k.

Deal economics

• At list price, monthly cash flow is $4k ($53k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $360k).
• Recommended offer: $338k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.0% vs local median 6.2% 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: 145 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 $11k 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 $101k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($338k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $92k; list at $360k implies a 289% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $338,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 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 1905 — 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. 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?
6. 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.
7. 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.
8. 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: 2.32% ✓
• Cap rate: 20.99%
• Cash-on-cash: 52.50%
• DSCR: 3.34
• GRM: 3.6

CMA / ARV

• ARV (median comp): $263,105
• List price: $359,900
• Delta: 36.79%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5572 South St	0.23mi	3/1.5	1,618 (-6%)	8mo	$347,000	$214	71
5229 Devon Dr	0.66mi	3/2.0	1,671 (-3%)	1mo	$235,000	$141	63
5945 Cape Hatteras Dr	0.64mi	3/2.0	1,764 (+2%)	7mo	$399,990	$227	60
5164 Langfitt St	0.65mi	3/2.0	1,756 (+2%)	7mo	$240,000	$137	60
856 Tappan Cir	0.33mi	3/2.5	1,966 (+14%)	2mo	$355,000	$181	58
6004 Conneaut Light Dr	0.55mi	3/3.0	1,771 (+3%)	19mo	$322,500	$182	50
6012 Conneaut Light Dr	0.52mi	4/3.0 (+1)	1,508 (-12%)	2mo	$375,000	$249	44
5524 Hartford Ave	0.59mi	3/1.5	1,560 (-10%)	13mo	$160,000	$103	44
914 York Ct	0.42mi	3/3.0	1,876 (+9%)	22mo	$323,500	$172	43
1131 State St	0.57mi	3/2.5	1,927 (+12%)	14mo	$292,000	$152	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: 50.5%
• Equity multiple: 3.21×
• Total profit: $222,443
• Equity at exit: $53,662

10-year hold

• IRR: 55.9%
• Equity multiple: 6.51×
• Total profit: $555,080
• Equity at exit: $31,118

Cash invested: $100,772 (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: 145
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $8,362 medium
• Mortgage (P&I): −$1,887
• Tax from tax record: −$160 /mo · $1,916/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,756
• Net cashflow: $4,409

Break-even live

Break-even rent $2,781

Max offer price $359,900

Occupancy floor 42%

Sensitivity live

Price	-10% $4,613	-5% $4,511	+0% $4,409	+5% $4,307	+10% $4,205
Rent	-10% $3,748	-5% $4,079	+0% $4,409	+5% $4,739	+10% $5,070
Rate	-1.0pp $4,590	-0.5pp $4,501	base $4,409	+0.5pp $4,316	+1.0pp $4,221

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: $89,975
• Closing costs: $10,797
• 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	44d	1	1.32mi

Listing history 20 events

1. 2026-06-21
   days on market $359,900 Active 63 DOM
2. 2026-06-18
   price $359,900 Active 60 DOM
3. 2026-06-18
   days on market $369,900 Active 60 DOM
4. 2026-06-17
   days on market $369,900 Active 59 DOM
5. 2026-06-16
   days on market $369,900 Active 58 DOM
6. 2026-06-15
   days on market $369,900 Active 57 DOM
7. 2026-06-13
   days on market $369,900 Active 55 DOM
8. 2026-06-09
   days on market $369,900 Active 51 DOM
9. 2026-06-08
   days on market $369,900 Active 50 DOM
10. 2026-06-07
    days on market $369,900 Active 49 DOM
11. 2026-06-05
    days on market $369,900 Active 46 DOM
12. 2026-06-03
    days on market $369,900 Active 45 DOM
13. 2026-06-02
    days on market $369,900 Active 44 DOM
14. 2026-06-01
    days on market $369,900 Active 43 DOM
15. 2026-05-31
    days on market $369,900 Active 42 DOM
16. 2026-04-21
    status Active 1490-char remark

    Show marketing remark (1490 chars)

    Live in the heart of Vermilion’s Harbor Town District in a home unlike anything else on the market. This historic gem dates back to the late 1800s and was originally built near Fisherman’s Bend before being relocated in the 1920s. Inside, you’ll find true maritime craftsmanship with peg-and-beam construction and solid oak ship-style materials you simply can’t replicate today. The interior offers a bright, open layout featuring a gas fireplace in great room, spacious kitchen (all appliances stay), first-floor laundry, and beautiful natural oak trim throughout. Upstairs, you’ll find a true owner’s suite, plus two additional large bedrooms with a shared full bath, along with an awesome open loft area—perfect for a reading area, office, or play space. Fully updated for modern living, this home features a long list of improvements including: Roof – 2025, Water Heater – 2023, New Carpet – 2022, New Driveway – 2022, Fence - 2022, Appliances - 2019, Furnace & AC - 2014, Windows & Exterior Doors – 2014, Luxury Vinyl Plank – 2014, Drywall – 2014, Vinyl Siding – 2014, Solid Oak Trim – 2014, Whole house insulation - 2014 Step outside and you’re just moments from everything—local shops, restaurants, the public beach, and Vermilion’s beloved summer events. Historic character. Modern updates. Unbeatable location. This is harbor town living at its finest.

17. 2026-04-12
    status Pending 1490-char remark

    Show marketing remark (1490 chars)

    Live in the heart of Vermilion’s Harbor Town District in a home unlike anything else on the market. This historic gem dates back to the late 1800s and was originally built near Fisherman’s Bend before being relocated in the 1920s. Inside, you’ll find true maritime craftsmanship with peg-and-beam construction and solid oak ship-style materials you simply can’t replicate today. The interior offers a bright, open layout featuring a gas fireplace in great room, spacious kitchen (all appliances stay), first-floor laundry, and beautiful natural oak trim throughout. Upstairs, you’ll find a true owner’s suite, plus two additional large bedrooms with a shared full bath, along with an awesome open loft area—perfect for a reading area, office, or play space. Fully updated for modern living, this home features a long list of improvements including: Roof – 2025, Water Heater – 2023, New Carpet – 2022, New Driveway – 2022, Fence - 2022, Appliances - 2019, Furnace & AC - 2014, Windows & Exterior Doors – 2014, Luxury Vinyl Plank – 2014, Drywall – 2014, Vinyl Siding – 2014, Solid Oak Trim – 2014, Whole house insulation - 2014 Step outside and you’re just moments from everything—local shops, restaurants, the public beach, and Vermilion’s beloved summer events. Historic character. Modern updates. Unbeatable location. This is harbor town living at its finest.

18. 2026-04-10
    listed $369,900 Active 1490-char remark

    Show marketing remark (1490 chars)

    Live in the heart of Vermilion’s Harbor Town District in a home unlike anything else on the market. This historic gem dates back to the late 1800s and was originally built near Fisherman’s Bend before being relocated in the 1920s. Inside, you’ll find true maritime craftsmanship with peg-and-beam construction and solid oak ship-style materials you simply can’t replicate today. The interior offers a bright, open layout featuring a gas fireplace in great room, spacious kitchen (all appliances stay), first-floor laundry, and beautiful natural oak trim throughout. Upstairs, you’ll find a true owner’s suite, plus two additional large bedrooms with a shared full bath, along with an awesome open loft area—perfect for a reading area, office, or play space. Fully updated for modern living, this home features a long list of improvements including: Roof – 2025, Water Heater – 2023, New Carpet – 2022, New Driveway – 2022, Fence - 2022, Appliances - 2019, Furnace & AC - 2014, Windows & Exterior Doors – 2014, Luxury Vinyl Plank – 2014, Drywall – 2014, Vinyl Siding – 2014, Solid Oak Trim – 2014, Whole house insulation - 2014 Step outside and you’re just moments from everything—local shops, restaurants, the public beach, and Vermilion’s beloved summer events. Historic character. Modern updates. Unbeatable location. This is harbor town living at its finest.

19. 2007-11-08
    listed $47,840
20. 2002-05-01
    soldstatus $92,500

ⓘ 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: $1,916 · $160/mo
• Projected year-2 tax: $3,765 · $314/mo
• Expected delta: +$1,849/yr (+$154/mo · 96.5%)

ⓘ 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 ≥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: −$20,160
• − Property taxes: −$1,916
• − Insurance: −$1,800
• − Repairs & maintenance: −$8,028
• − Management: −$8,028
• − Depreciation: −$10,470
• Taxable income: $49,944
• Est. tax owed @ 24.0%: −$11,987
• After-tax cash flow: $40,922/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

+299.9% since first listed

5 events — show timeline

• 2026-04-21 Relisted — MLSNOW
• 2026-04-12 Pending — MLSNOW
• 2026-04-10 Listed $369,900 MLSNOW
• 2007-11-08 Listed $47,840 MLSNOW
• 2002-05-01 Sold (Public Records) $92,500 Public Records

Property tax history

+1.7%/yr

Latest (2025): $1,916 · -0.5% YoY. Source: county tax records.