599 Main St · Vermilion, OH 44089

$499,900

2 bd · 2.5 ba · 1,542 sqft · Condo public records · 105 Days on market

Built 1989 $324/sqft · 86% above area $537/mo HOA · 30% of rent

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare opportunity!!! Highly desirable Riverfront Bi Level condo with a 34 ft DOCK at FISHERMANS BEND in downtown Vermilion awaits. This condo has 2 decks for panoramic River and lake Erie views. This condo can be 2or 3 bedrooms and 2.5 baths with a 1 car garage! Best yet the condo and dock is minutes from the beach and mouth of the river to Lake Erie. The main floor has a spacious open airy feel with living room and dining area (featuring wood floors)The kitchen has granite counter tops and stainless appliances. Spacious first floor master bedroom with master bath plus a washer/dryer closet. The second floor now has 2 bedrooms or could be lofted rec rm and full bath with a large storage room. Both floors have a deck with newer glass doors only 2 yrs old. There's a 1 car garage in front of the condo. The dock is #10 close to the unit and can accommodate up to a 38 ft. boat or sailboat. Your Waterfront world awaits! Call lister for your appointment! HSA home warranty included.

Key facts

• 35 ft dock
• Stainless appliances
• Panoramic lake views

Tags

• 35 FT DOCK
• 2 DECKS
• PANORAMIC RIVER VIEWS
• PANORAMIC LAKE VIEWS
• GRANITE COUNTER TOPS
• STAINLESS APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $500k.

Deal economics

• At list price, monthly cash flow is $-3k ($-35k/yr) — negative.
• To cash-flow at today's rent, offer at most $64k (87.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (64.4% below list).
• Recommended offer: $64k (87.2% below list) — sets the bar for cash-flow.
• Cap rate 0.2% vs local median 5.0% in Vermilion — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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 105 days — a 9% lower offer ($455k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $100k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $309k; list at $500k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 30% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $64,079 (87.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 87% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
11. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
12. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
13. 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.
14. 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.
15. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.36% ✗
• Cap rate: 0.24%
• Cash-on-cash: -21.63%
• DSCR: 0.04
• GRM: 23.4

CMA / ARV

• ARV (median comp): $268,309
• List price: $499,900
• Delta: 86.31%
• Verdict: OVERPRICED
• Comps: 7 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -72.8%
• Equity multiple: -0.92×
• Total profit: $-268,269
• Equity at exit: $74,537

10-year hold

• IRR: —
• Equity multiple: -2.38×
• Total profit: $-473,125
• Equity at exit: $43,222

Cash invested: $139,972 (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: 23.4×

Monthly cashflow live

• Estimated rent: $1,780 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$562 /mo · $6,748/yr
• Insurance: −$208
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$537
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $-2,949

Break-even live

Break-even rent $5,514

Max offer price $64,079

Occupancy floor —

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $537 · $6,444/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $499,900 Active 105 DOM
2. 2026-06-17
   days on market $499,900 Active 104 DOM
3. 2026-06-16
   days on market $499,900 Active 103 DOM
4. 2026-06-15
   days on market $499,900 Active 102 DOM
5. 2026-06-13
   days on market $499,900 Active 100 DOM
6. 2026-06-09
   days on market $499,900 Active 96 DOM
7. 2026-06-08
   days on market $499,900 Active 95 DOM
8. 2026-06-07
   pricedays on market $499,900 Active 94 DOM
9. 2026-06-05
   days on market $549,900 Active 91 DOM
10. 2026-06-03
    days on market $549,900 Active 90 DOM
11. 2026-06-02
    days on market $549,900 Active 89 DOM
12. 2026-06-01
    days on market $549,900 Active 88 DOM
13. 2026-05-31
    days on market $549,900 Active 87 DOM
14. 2026-04-07
    price $549,900 988-char remark

    Show marketing remark (988 chars)

    Rare opportunity!!! Highly desirable Riverfront Bi Level condo with a 34 ft DOCK at FISHERMANS BEND in downtown Vermilion awaits. This condo has 2 decks for panoramic River and lake Erie views. This condo can be 2or 3 bedrooms and 2.5 baths with a 1 car garage! Best yet the condo and dock is minutes from the beach and mouth of the river to Lake Erie. The main floor has a spacious open airy feel with living room and dining area (featuring wood floors)The kitchen has granite counter tops and stainless appliances. Spacious first floor master bedroom with master bath plus a washer/dryer closet. The second floor now has 2 bedrooms or could be lofted rec rm and full bath with a large storage room. Both floors have a deck with newer glass doors only 2 yrs old. There's a 1 car garage in front of the condo. The dock is #10 close to the unit and can accommodate up to a 38 ft. boat or sailboat. Your Waterfront world awaits! Call lister for your appointment! HSA home warranty included.

15. 2026-03-05
    listed $599,900 Active 988-char remark

    Show marketing remark (988 chars)

    Rare opportunity!!! Highly desirable Riverfront Bi Level condo with a 34 ft DOCK at FISHERMANS BEND in downtown Vermilion awaits. This condo has 2 decks for panoramic River and lake Erie views. This condo can be 2or 3 bedrooms and 2.5 baths with a 1 car garage! Best yet the condo and dock is minutes from the beach and mouth of the river to Lake Erie. The main floor has a spacious open airy feel with living room and dining area (featuring wood floors)The kitchen has granite counter tops and stainless appliances. Spacious first floor master bedroom with master bath plus a washer/dryer closet. The second floor now has 2 bedrooms or could be lofted rec rm and full bath with a large storage room. Both floors have a deck with newer glass doors only 2 yrs old. There's a 1 car garage in front of the condo. The dock is #10 close to the unit and can accommodate up to a 38 ft. boat or sailboat. Your Waterfront world awaits! Call lister for your appointment! HSA home warranty included.

16. 2016-09-30
    soldstatus $309,250 929-char remark

    Show marketing remark (929 chars)

    This beautiful riverfront condo is located in the highly desirable Fisherman's Bend complex in downtown Vermilion near shops, dining, public beach, library, and more. The unit has wood floors in the main living area and an upgraded kitchen with granite counters and all stainless appliances. The spacious master bedroom is on the main floor as is the laundry area. The second floor/loft has a second full bath, bedroom, and a bonus room which could also be used as a bedroom. Balconies are accessed from both the main and second floors which provide sweeping views up and down the Vermilion River. The HOA includes a forty foot boat dock right outside the unit and allows for Lake Erie access within minutes. Fisherman's Bend condos do not frequently appear on the market and generate a lot of interest when they do because the unique lifestyle offered by their great downtown waterfront location with boat dock is one of a kind.

17. 2016-09-30
    soldstatus $309,250

    Show marketing remark (929 chars)

    This beautiful riverfront condo is located in the highly desirable Fisherman's Bend complex in downtown Vermilion near shops, dining, public beach, library, and more. The unit has wood floors in the main living area and an upgraded kitchen with granite counters and all stainless appliances. The spacious master bedroom is on the main floor as is the laundry area. The second floor/loft has a second full bath, bedroom, and a bonus room which could also be used as a bedroom. Balconies are accessed from both the main and second floors which provide sweeping views up and down the Vermilion River. The HOA includes a forty foot boat dock right outside the unit and allows for Lake Erie access within minutes. Fisherman's Bend condos do not frequently appear on the market and generate a lot of interest when they do because the unique lifestyle offered by their great downtown waterfront location with boat dock is one of a kind.

18. 2016-09-30
    soldstatus $309,250

    Show marketing remark (929 chars)

    This beautiful riverfront condo is located in the highly desirable Fisherman's Bend complex in downtown Vermilion near shops, dining, public beach, library, and more. The unit has wood floors in the main living area and an upgraded kitchen with granite counters and all stainless appliances. The spacious master bedroom is on the main floor as is the laundry area. The second floor/loft has a second full bath, bedroom, and a bonus room which could also be used as a bedroom. Balconies are accessed from both the main and second floors which provide sweeping views up and down the Vermilion River. The HOA includes a forty foot boat dock right outside the unit and allows for Lake Erie access within minutes. Fisherman's Bend condos do not frequently appear on the market and generate a lot of interest when they do because the unique lifestyle offered by their great downtown waterfront location with boat dock is one of a kind.

19. 2016-07-10
    listed $335,000 929-char remark

    Show marketing remark (929 chars)

    This beautiful riverfront condo is located in the highly desirable Fisherman's Bend complex in downtown Vermilion near shops, dining, public beach, library, and more. The unit has wood floors in the main living area and an upgraded kitchen with granite counters and all stainless appliances. The spacious master bedroom is on the main floor as is the laundry area. The second floor/loft has a second full bath, bedroom, and a bonus room which could also be used as a bedroom. Balconies are accessed from both the main and second floors which provide sweeping views up and down the Vermilion River. The HOA includes a forty foot boat dock right outside the unit and allows for Lake Erie access within minutes. Fisherman's Bend condos do not frequently appear on the market and generate a lot of interest when they do because the unique lifestyle offered by their great downtown waterfront location with boat dock is one of a kind.

20. 2016-07-10
    listed $335,000

    Show marketing remark (929 chars)

    This beautiful riverfront condo is located in the highly desirable Fisherman's Bend complex in downtown Vermilion near shops, dining, public beach, library, and more. The unit has wood floors in the main living area and an upgraded kitchen with granite counters and all stainless appliances. The spacious master bedroom is on the main floor as is the laundry area. The second floor/loft has a second full bath, bedroom, and a bonus room which could also be used as a bedroom. Balconies are accessed from both the main and second floors which provide sweeping views up and down the Vermilion River. The HOA includes a forty foot boat dock right outside the unit and allows for Lake Erie access within minutes. Fisherman's Bend condos do not frequently appear on the market and generate a lot of interest when they do because the unique lifestyle offered by their great downtown waterfront location with boat dock is one of a kind.

21. 2007-06-29
    soldstatus $265,000
22. 1989-03-21
    soldstatus $155,000

ⓘ 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: $6,748 · $562/mo
• Projected year-2 tax: $7,273 · $606/mo
• Expected delta: +$525/yr (+$44/mo · 7.8%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% 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: $21,363
• − Mortgage interest: −$28,002
• − Property taxes: −$6,748
• − Insurance: −$7,618
• − Repairs & maintenance: −$1,709
• − Management: −$1,709
• − HOA: −$6,444
• − Depreciation: −$14,543
• Taxable loss: −$45,410
• Est. tax savings @ 24.0%: +$10,898
• After-tax cash flow: $-24,493/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

+254.8% since first listed

9 events — show timeline

• 2026-04-07 Price Changed $549,900 MLSNOW
• 2026-03-05 Listed $599,900 MLSNOW
• 2016-09-30 Sold (Public Records) $309,250 Public Records
• 2016-09-30 Sold (MLS) $309,250 FAOR
• 2016-09-30 Sold (MLS) $309,250 MLSNOW
• 2016-07-10 Listed $335,000 FAOR
• 2016-07-10 Listed $335,000 MLSNOW
• 2007-06-29 Sold (Public Records) $265,000 Public Records
• 1989-03-21 Sold (Public Records) $155,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $6,748 · -9.1% YoY. Source: county tax records.