2033 S Oldgate St · Sandusky, OH 44870

$179,900

3 bd · 1.5 ba · 1,199 sqft · SingleFamily public records · 134 Days on market

Built 1963 8,124 sqft lot Est $170k · 6% 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 +20.0/30.0
• DSCR +6.3/10.0
• ARV discount +5.0/15.0
• 1% rule +4.8/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

"Turnkey Investment Opportunity with Long-Term Secure Lease!Don't miss this fantastic opportunity to acquire a reliable, income-producing property with a responsible, long-term tenant alreadyin place. Enjoy the peace of mind that comes with a secure lease throughJuly 31, 2027, offering instant rental income for the new owner. Thishome is set up for an investor or a future owner looking for a smooth, guaranteed transition. The residence offers 3 comfortable bedrooms and 1.5 bathrooms (one full, one partial). Significantly expand your living space with the partially finishedbasement, which adds valuable usability and includes a cozy, invitingfireplace, perfect for relaxing. The property

Key facts

• 8,124 sq ft lot
• 2 garage spots
• Built 1963

Property features AI

Finance

• Other: Located in the Meadowwood II subdivision; School district: Sandusky

Exterior

• Parking: Attached garage; 2 garage spaces; Garage door opener; Off-street paved parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding construction; Asphalt roof
• Exterior features: Asphalt roof; Vinyl siding; Home warranty included; Lot approximately 0.1865 acres

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 6 total rooms (bedrooms included in room count)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air; Ceiling fan(s); Natural gas heating; Forced air heating
• Interior features: Dishwasher; Range; Refrigerator; Partial basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (1.7% below list).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 5.4% 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.
• Market conditions: 209 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• This rent runs 34% 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 $1k of loan paydown is wiped out by about $5k 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 134 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $111k; list at $180k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — 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: 0.98% ✗
• Cap rate: 7.77%
• Cash-on-cash: 5.26%
• DSCR: 1.23
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $170,258
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2220 Fallen Timber Dr	0.17mi	4/1.0 (+1)	1,170 (-2%)	0mo	$145,000	$124	81
1996 E Oldgate Rd	0.20mi	3/2.0	1,250 (+4%)	8mo	$259,900	$208	75
1828 Bauer Ave	0.28mi	3/2.0	1,248 (+4%)	8mo	$212,000	$170	71
2002 E Oldgate Rd	0.21mi	3/2.0	1,250 (+4%)	13mo	$269,900	$216	70
2116 Aspen Run Rd	0.09mi	3/1.0	1,050 (-12%)	8mo	$196,400	$187	66
1333 E Perkins Ave	0.29mi	3/1.0	1,226 (+2%)	20mo	$165,000	$135	64
2150 Aspen Run Rd	0.12mi	3/1.0	1,050 (-12%)	10mo	$195,000	$186	63
1329 E Perkins Ave	0.30mi	3/1.0	1,287 (+7%)	13mo	$70,000	$54	61
1448 Dixon Dr	0.61mi	3/1.0	1,158 (-3%)	5mo	$165,000	$142	60
1475 Dixon Dr	0.63mi	3/1.0	1,240 (+3%)	8mo	$80,000	$65	56
2706 12th St	0.46mi	3/1.5	1,364 (+14%)	12mo	$177,000	$130	46
1465 Dixon Dr	0.63mi	3/1.0	1,351 (+13%)	9mo	$150,000	$111	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: -8.1%
• Equity multiple: 0.70×
• Total profit: $-15,097
• Equity at exit: $26,824

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $4,912
• Equity at exit: $15,554

Cash invested: $50,372 (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: 209
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,769 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$158 /mo · $1,896/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $221

Break-even live

Break-even rent $1,489

Max offer price $179,900

Occupancy floor 83%

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
122 Redwood Dr Sandusky, OH	2.0	2.0	1337	$1,978	$1.48	44d	8	0.40mi
1705 W Shoreway Dr Sandusky, OH	3.0	2.0	1512	$1,412	$0.93	44d	6	0.56mi

Listing history 3 events

1. 2026-06-08
   days on market $179,900 Active 134 DOM
2. 2026-06-07
   remarks 694-char remark
3. 2026-06-07
   listed $179,900 Active 133 DOM

ⓘ 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: $1,896 · $158/mo
• Projected year-2 tax: $2,351 · $196/mo
• Expected delta: +$455/yr (+$38/mo · 24.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,224
• − Mortgage interest: −$10,077
• − Property taxes: −$1,896
• − Insurance: −$900
• − Repairs & maintenance: −$1,698
• − Management: −$1,698
• − Depreciation: −$5,233
• Taxable loss: −$278
• Est. tax savings @ 24.0%: +$67
• After-tax cash flow: $2,717/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

+62.1% since first listed

13 events — show timeline

• 2026-06-07 Relisted — FAOR
• 2026-05-07 Delisted — FAOR
• 2026-05-07 Relisted — FAOR
• 2026-05-07 Price Changed $179,900 FAOR
• 2026-04-06 Delisted — FAOR
• 2026-04-04 Relisted — FAOR
• 2026-03-04 Delisted — FAOR
• 2026-03-03 Relisted — FAOR
• 2026-02-01 Delisted — FAOR
• 2026-01-25 Relisted — FAOR
• 2025-12-26 Delisted — FAOR
• 2025-08-25 Listed $169,900 FAOR
• 2003-02-28 Sold (Public Records) $111,000 Public Records

Property tax history

+1.1%/yr

Latest (2025): $1,896 · -1.0% YoY. Source: county tax records.