118 Sassafras Dr · Vermilion, OH 44089

$399,000

3 bd · 2.0 ba · 1,549 sqft · SingleFamily public records · 60 Days on market

Built 1989 0.46 ac lot $258/sqft · 36% above area Est $293k · 36% 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

Welcome to this beautifully updated 3 bedroom, 2 bath ranch in Vermilion Township—perfect for buyers seeking comfort and convenience. This home offers an open floor plan with a spacious vaulted great room and dining area, seamlessly connected to a large kitchen featuring a custom-designed island ideal for entertaining and culinary pursuits. A thoughtfully designed three-season room overlooks the expansive backyard, providing a versatile space for relaxation and gatherings. The generous owner’s suite includes a large bathroom, walk-in closet, and vaulted ceiling. Two additional bedrooms share a conveniently located second full bath. Additional highlights include a full basement, a cozy front porch, and an extended, heated and cooled two-car attached garage—perfect for extra vehicles or hobbies requiring ample space. A shed at the back of the lot adds extra storage. Situated on a quiet dead-end street near Route 2 and just minutes from Historical Downtown Vermilion, this property offers both privacy and easy access to amenities. Currently used as an Airbnb, it’s also ideal as a permanent residence or vacation retreat. Don’t miss your opportunity to own this unique home—schedule your showing today!

Key facts

• Open floor plan
• Three season room
• Expansive backyard

Tags

• OPEN FLOOR PLAN
• CUSTOM DESIGNED ISLAND
• THREE SEASON ROOM
• EXPANSIVE BACKYARD
• OWNER'S SUITE
• WALK IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $399k.

Deal economics

• At list price, monthly cash flow is $4k ($48k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $399k).
• Recommended offer: $387k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.4% 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 $3k of loan paydown is wiped out by about $12k 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 $112k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• 5 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 $330k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $387,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.10% ✓
• Cap rate: 18.35%
• Cash-on-cash: 43.06%
• DSCR: 2.92
• GRM: 4.0

CMA / ARV

• ARV (median comp): $292,563
• List price: $399,000
• Delta: 36.38%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
608 Chardonnay Cir	0.35mi	3/2.0	1,590 (+3%)	11mo	$320,000	$201	70
5001 Hollyview	0.74mi	3/2.0	1,573 (+2%)	7mo	$335,000	$213	57
5057 Hollyview Dr	0.69mi	3/1.5	1,512 (-2%)	17mo	$237,400	$157	47

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: 39.9%
• Equity multiple: 2.71×
• Total profit: $190,710
• Equity at exit: $59,492

10-year hold

• IRR: 46.2%
• Equity multiple: 5.43×
• Total profit: $494,966
• Equity at exit: $34,498

Cash invested: $111,720 (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: 4.0×

Monthly cashflow live

• Estimated rent: $8,362 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$338 /mo · $4,060/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,756
• Net cashflow: $4,009

Break-even live

Break-even rent $3,287

Max offer price $399,000

Occupancy floor 47%

Sensitivity live

Price	-10% $4,235	-5% $4,122	+0% $4,009	+5% $3,896	+10% $3,783
Rent	-10% $3,348	-5% $3,679	+0% $4,009	+5% $4,339	+10% $4,670
Rate	-1.0pp $4,210	-0.5pp $4,111	base $4,009	+0.5pp $3,906	+1.0pp $3,800

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: $99,750
• Closing costs: $11,970
• 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	45d	1	0.75mi

Listing history 28 events

1. 2026-06-21
   days on market $399,000 Active 60 DOM
2. 2026-06-18
   days on market $399,000 Active 57 DOM
3. 2026-06-17
   days on market $399,000 Active 56 DOM
4. 2026-06-16
   days on market $399,000 Active 55 DOM
5. 2026-06-15
   days on market $399,000 Active 54 DOM
6. 2026-06-13
   days on market $399,000 Active 52 DOM
7. 2026-06-09
   days on market $399,000 Active 48 DOM
8. 2026-06-08
   days on market $399,000 Active 47 DOM
9. 2026-06-07
   days on market $399,000 Active 46 DOM
10. 2026-06-05
    days on market $399,000 Active 43 DOM
11. 2026-06-03
    days on market $399,000 Active 42 DOM
12. 2026-06-02
    days on market $399,000 Active 41 DOM
13. 2026-06-01
    days on market $399,000 Active 40 DOM
14. 2026-05-31
    days on market $399,000 Active 39 DOM
15. 2026-04-22
    listed $399,000 Active 1250-char remark

    Show marketing remark (1250 chars)

    Welcome to this beautifully updated 3 bedroom, 2 bath ranch in Vermilion Township—perfect for buyers seeking comfort and convenience. This home offers an open floor plan with a spacious vaulted great room and dining area, seamlessly connected to a large kitchen featuring a custom-designed island ideal for entertaining and culinary pursuits. A thoughtfully designed three-season room overlooks the expansive backyard, providing a versatile space for relaxation and gatherings. The generous owner’s suite includes a large bathroom, walk-in closet, and vaulted ceiling. Two additional bedrooms share a conveniently located second full bath. Additional highlights include a full basement, a cozy front porch, and an extended, heated and cooled two-car attached garage—perfect for extra vehicles or hobbies requiring ample space. A shed at the back of the lot adds extra storage. Situated on a quiet dead-end street near Route 2 and just minutes from Historical Downtown Vermilion, this property offers both privacy and easy access to amenities. Currently used as an Airbnb, it’s also ideal as a permanent residence or vacation retreat. Don’t miss your opportunity to own this unique home—schedule your showing today!

16. 2022-05-06
    soldstatus $330,000 Closed
17. 2022-04-25
    status Pending
18. 2022-04-23
    listed $330,000 Active
19. 2021-10-13
    status Pending
20. 2021-10-13
    soldstatus $222,500 Closed
21. 2021-09-18
    historical Contingent
22. 2021-09-09
    listed $235,000 Active
23. 2010-09-09
    soldstatus $155,000
24. 2010-09-09
    soldstatus $155,000
25. 2010-06-04
    listed $164,900
26. 2007-09-25
    historical
27. 2007-05-25
    listed $174,900
28. 1989-02-02
    soldstatus $21,900

ⓘ 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: $4,060 · $338/mo
• Projected year-2 tax: $5,142 · $429/mo
• Expected delta: +$1,082/yr (+$90/mo · 26.7%)

ⓘ 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 ≥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: −$22,350
• − Property taxes: −$4,060
• − Insurance: −$1,995
• − Repairs & maintenance: −$8,028
• − Management: −$8,028
• − Depreciation: −$11,607
• Taxable income: $44,277
• Est. tax owed @ 24.0%: −$10,626
• After-tax cash flow: $37,482/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

• 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

+1721.9% since first listed

14 events — show timeline

• 2026-04-22 Listed $399,000 MLSNOW
• 2022-05-06 Sold (MLS) $330,000 MLSNOW
• 2022-04-25 Pending — MLSNOW
• 2022-04-23 Listed $330,000 MLSNOW
• 2021-10-13 Pending — MLSNOW
• 2021-10-13 Sold (MLS) $222,500 MLSNOW
• 2021-09-18 Contingent — MLSNOW
• 2021-09-09 Listed $235,000 MLSNOW
• 2010-09-09 Sold (Public Records) $155,000 Public Records
• 2010-09-09 Sold (MLS) $155,000 MLSNOW
• 2010-06-04 Listed $164,900 MLSNOW
• 2007-09-25 Listing Removed — MLSNOW
• 2007-05-25 Listed $174,900 MLSNOW
• 1989-02-02 Sold (Public Records) $21,900 Public Records

Property tax history

+7.5%/yr

Latest (2025): $4,060 · -0.6% YoY. Source: county tax records.