1123 Adams St · Vermilion, OH 44089

$294,000

3 bd · 2.0 ba · 1,778 sqft · SingleFamily public records · 239 Days on market

Built 2006 5,100 sqft lot $165/sqft · 8% below area Est $321k · 8% under

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Why this score? — see what drove the B+ 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
• ARV discount +11.3/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 1123 Adams Street in beautiful Vermilion! Close proximity to the water, enjoy all this quaint area has to offer! Spacious 4 Bed / 3 Bath home situated in a great neighborhood! Enjoy your time on the back deck or outdoor patio with fire ring! Home is equipped with newer stainless steel appliances, brand new carpet in the bedrooms, and new on-demand gas water heater! Quality poured wall foundation gives you long-term peace of mind. Schedule your private showing before this one is gone!

Key facts

• Fire ring
• Back deck
• Outdoor patio

Tags

• BACK DECK
• OUTDOOR PATIO
• FIRE RING
• NEW ON-DEMAND GAS WATER HEATER
• QUALITY POURED WALL FOUNDATION

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $294k.

Deal economics

• At list price, monthly cash flow is $5k ($56k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $294k).
• Recommended offer: $259k (12.0% below list) — sets the bar for market timing.
• Cap rate 25.3% 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 $9k 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 $82k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 239 days — a 12% lower offer ($259k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 34y ago; this cycle's ask has dropped $45k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $245k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $258,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 239 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.84% ✓
• Cap rate: 25.27%
• Cash-on-cash: 67.79%
• DSCR: 4.02
• GRM: 2.9

CMA / ARV

• ARV (median comp): $320,954
• List price: $294,000
• Delta: -8.40%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5945 Cape Hatteras Dr	0.12mi	3/2.0	1,764 (-1%)	7mo	$399,990	$227	87
6004 Conneaut Light Dr	0.12mi	3/3.0	1,771 (-0%)	19mo	$322,500	$182	74
856 Tappan Cir	0.35mi	3/2.5	1,966 (+11%)	2mo	$355,000	$181	62
914 York Ct	0.27mi	3/3.0	1,876 (+6%)	22mo	$323,500	$172	56
5573 Martin	0.64mi	3/2.0	1,550 (-13%)	0mo	$329,900	$213	49
1131 State St	0.59mi	3/2.5	1,927 (+8%)	14mo	$292,000	$152	45
5572 South St	0.70mi	3/1.5	1,618 (-9%)	8mo	$347,000	$214	44
307 Chardonnay Cir	0.69mi	4/3.0 (+1)	1,811 (+2%)	15mo	$389,500	$215	43
1299 State Rd	0.65mi	3/2.0	1,893 (+6%)	22mo	$275,000	$145	40
5524 Hartford Ave	0.65mi	3/1.5	1,560 (-12%)	13mo	$160,000	$103	36
5821 South St	0.50mi	4/1.5 (+1)	2,007 (+13%)	24mo	$205,000	$102	28

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: 67.2%
• Equity multiple: 4.02×
• Total profit: $248,635
• Equity at exit: $43,836

10-year hold

• IRR: 71.4%
• Equity multiple: 8.27×
• Total profit: $598,230
• Equity at exit: $25,420

Cash invested: $82,320 (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: 2.9×

Monthly cashflow live

• Estimated rent: $8,362 medium
• Mortgage (P&I): −$1,542
• Tax from tax record: −$291 /mo · $3,494/yr
• Insurance: −$122
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,756
• Net cashflow: $4,651

Break-even live

Break-even rent $2,475

Max offer price $294,000

Occupancy floor 39%

Sensitivity live

Price	-10% $4,817	-5% $4,734	+0% $4,651	+5% $4,567	+10% $4,484
Rent	-10% $3,990	-5% $4,320	+0% $4,651	+5% $4,981	+10% $5,311
Rate	-1.0pp $4,799	-0.5pp $4,725	base $4,651	+0.5pp $4,574	+1.0pp $4,497

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: $73,500
• Closing costs: $8,820
• 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	1.31mi

Listing history 15 events

1. 2026-05-06
   price $294,000 499-char remark

   Show marketing remark (499 chars)

   Welcome to 1123 Adams Street in beautiful Vermilion! Close proximity to the water, enjoy all this quaint area has to offer! Spacious 4 Bed / 3 Bath home situated in a great neighborhood! Enjoy your time on the back deck or outdoor patio with fire ring! Home is equipped with newer stainless steel appliances, brand new carpet in the bedrooms, and new on-demand gas water heater! Quality poured wall foundation gives you long-term peace of mind. Schedule your private showing before this one is gone!

2. 2026-04-15
   price $299,000 499-char remark

   Show marketing remark (499 chars)

   Welcome to 1123 Adams Street in beautiful Vermilion! Close proximity to the water, enjoy all this quaint area has to offer! Spacious 4 Bed / 3 Bath home situated in a great neighborhood! Enjoy your time on the back deck or outdoor patio with fire ring! Home is equipped with newer stainless steel appliances, brand new carpet in the bedrooms, and new on-demand gas water heater! Quality poured wall foundation gives you long-term peace of mind. Schedule your private showing before this one is gone!

3. 2026-03-13
   price $312,000 499-char remark

   Show marketing remark (499 chars)

   Welcome to 1123 Adams Street in beautiful Vermilion! Close proximity to the water, enjoy all this quaint area has to offer! Spacious 4 Bed / 3 Bath home situated in a great neighborhood! Enjoy your time on the back deck or outdoor patio with fire ring! Home is equipped with newer stainless steel appliances, brand new carpet in the bedrooms, and new on-demand gas water heater! Quality poured wall foundation gives you long-term peace of mind. Schedule your private showing before this one is gone!

4. 2025-11-21
   price $324,000 499-char remark

   Show marketing remark (499 chars)

   Welcome to 1123 Adams Street in beautiful Vermilion! Close proximity to the water, enjoy all this quaint area has to offer! Spacious 4 Bed / 3 Bath home situated in a great neighborhood! Enjoy your time on the back deck or outdoor patio with fire ring! Home is equipped with newer stainless steel appliances, brand new carpet in the bedrooms, and new on-demand gas water heater! Quality poured wall foundation gives you long-term peace of mind. Schedule your private showing before this one is gone!

5. 2025-10-24
   price $334,000 499-char remark

   Show marketing remark (499 chars)

   Welcome to 1123 Adams Street in beautiful Vermilion! Close proximity to the water, enjoy all this quaint area has to offer! Spacious 4 Bed / 3 Bath home situated in a great neighborhood! Enjoy your time on the back deck or outdoor patio with fire ring! Home is equipped with newer stainless steel appliances, brand new carpet in the bedrooms, and new on-demand gas water heater! Quality poured wall foundation gives you long-term peace of mind. Schedule your private showing before this one is gone!

6. 2025-09-29
   listed $339,000 Active 499-char remark

   Show marketing remark (499 chars)

   Welcome to 1123 Adams Street in beautiful Vermilion! Close proximity to the water, enjoy all this quaint area has to offer! Spacious 4 Bed / 3 Bath home situated in a great neighborhood! Enjoy your time on the back deck or outdoor patio with fire ring! Home is equipped with newer stainless steel appliances, brand new carpet in the bedrooms, and new on-demand gas water heater! Quality poured wall foundation gives you long-term peace of mind. Schedule your private showing before this one is gone!

7. 2023-01-30
   soldstatus $245,000
8. 2023-01-27
   soldstatus $245,000 Closed 944-char remark

   Show marketing remark (944 chars)

   This 4 BR colonial with 2.5 baths has it all and is ready for you. From the front covered porch to the inviting wide Foyer. The first floor consists of Great room with gas fireplace, vaulted ceilings and plenty of natural light. Kitchen has upgraded cabinetry and tons of counter space with pantry as well. All the appliances stay! First floor laundry/mudroom along with half bath. Sliding patio doors off the Kitchen lead to the maintenance free composite deck and a huge patio (present owners use as basketball court) The second floor has Owner's suite with walk in closet and private bath. There are 3 additional bedrooms, 2 of which have walk-in closets, plus an additional full bath. The basement is ready to finish if you need additional living space and is plumbed for another bath. The Heated garage, extra large driveway for guests or boat/camperparking and a large storage shed are all pluses. Conveniently located. Call today to see!

9. 2023-01-27
   soldstatus $245,000 Closed

   Show marketing remark (944 chars)

   This 4 BR colonial with 2.5 baths has it all and is ready for you. From the front covered porch to the inviting wide Foyer. The first floor consists of Great room with gas fireplace, vaulted ceilings and plenty of natural light. Kitchen has upgraded cabinetry and tons of counter space with pantry as well. All the appliances stay! First floor laundry/mudroom along with half bath. Sliding patio doors off the Kitchen lead to the maintenance free composite deck and a huge patio (present owners use as basketball court) The second floor has Owner's suite with walk in closet and private bath. There are 3 additional bedrooms, 2 of which have walk-in closets, plus an additional full bath. The basement is ready to finish if you need additional living space and is plumbed for another bath. The Heated garage, extra large driveway for guests or boat/camperparking and a large storage shed are all pluses. Conveniently located. Call today to see!

10. 2022-12-14
    status Pending
11. 2022-12-12
    historical 944-char remark

    Show marketing remark (944 chars)

    This 4 BR colonial with 2.5 baths has it all and is ready for you. From the front covered porch to the inviting wide Foyer. The first floor consists of Great room with gas fireplace, vaulted ceilings and plenty of natural light. Kitchen has upgraded cabinetry and tons of counter space with pantry as well. All the appliances stay! First floor laundry/mudroom along with half bath. Sliding patio doors off the Kitchen lead to the maintenance free composite deck and a huge patio (present owners use as basketball court) The second floor has Owner's suite with walk in closet and private bath. There are 3 additional bedrooms, 2 of which have walk-in closets, plus an additional full bath. The basement is ready to finish if you need additional living space and is plumbed for another bath. The Heated garage, extra large driveway for guests or boat/camperparking and a large storage shed are all pluses. Conveniently located. Call today to see!

12. 2022-11-16
    listed $265,000 944-char remark

    Show marketing remark (944 chars)

    This 4 BR colonial with 2.5 baths has it all and is ready for you. From the front covered porch to the inviting wide Foyer. The first floor consists of Great room with gas fireplace, vaulted ceilings and plenty of natural light. Kitchen has upgraded cabinetry and tons of counter space with pantry as well. All the appliances stay! First floor laundry/mudroom along with half bath. Sliding patio doors off the Kitchen lead to the maintenance free composite deck and a huge patio (present owners use as basketball court) The second floor has Owner's suite with walk in closet and private bath. There are 3 additional bedrooms, 2 of which have walk-in closets, plus an additional full bath. The basement is ready to finish if you need additional living space and is plumbed for another bath. The Heated garage, extra large driveway for guests or boat/camperparking and a large storage shed are all pluses. Conveniently located. Call today to see!

13. 2022-11-16
    listed $265,000 Active

    Show marketing remark (944 chars)

    This 4 BR colonial with 2.5 baths has it all and is ready for you. From the front covered porch to the inviting wide Foyer. The first floor consists of Great room with gas fireplace, vaulted ceilings and plenty of natural light. Kitchen has upgraded cabinetry and tons of counter space with pantry as well. All the appliances stay! First floor laundry/mudroom along with half bath. Sliding patio doors off the Kitchen lead to the maintenance free composite deck and a huge patio (present owners use as basketball court) The second floor has Owner's suite with walk in closet and private bath. There are 3 additional bedrooms, 2 of which have walk-in closets, plus an additional full bath. The basement is ready to finish if you need additional living space and is plumbed for another bath. The Heated garage, extra large driveway for guests or boat/camperparking and a large storage shed are all pluses. Conveniently located. Call today to see!

14. 1992-10-28
    soldstatus $12,500
15. 1992-08-18
    listed $19,875

ⓘ 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: $3,494 · $291/mo
• Projected year-2 tax: $4,040 · $337/mo
• Expected delta: +$546/yr (+$46/mo · 15.6%)

ⓘ 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: −$16,469
• − Property taxes: −$3,494
• − Insurance: −$1,470
• − Repairs & maintenance: −$8,028
• − Management: −$8,028
• − Depreciation: −$8,553
• Taxable income: $54,304
• Est. tax owed @ 24.0%: −$13,033
• After-tax cash flow: $42,774/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

+1379.2% since first listed

15 events — show timeline

• 2026-05-06 Price Changed $294,000 MLSNOW
• 2026-04-15 Price Changed $299,000 MLSNOW
• 2026-03-13 Price Changed $312,000 MLSNOW
• 2025-11-21 Price Changed $324,000 MLSNOW
• 2025-10-24 Price Changed $334,000 MLSNOW
• 2025-09-29 Listed $339,000 MLSNOW
• 2023-01-30 Sold (Public Records) $245,000 Public Records
• 2023-01-27 Sold (MLS) $245,000 MLSNOW
• 2023-01-27 Sold (MLS) $245,000 FAOR
• 2022-12-14 Pending — MLSNOW
• 2022-12-12 Delisted — FAOR
• 2022-11-16 Listed $265,000 MLSNOW
• 2022-11-16 Listed $265,000 FAOR
• 1992-10-28 Sold (MLS) $12,500 MLSNOW
• 1992-08-18 Listed $19,875 MLSNOW

Property tax history

+3.9%/yr

Latest (2025): $3,494 · -0.5% YoY. Source: county tax records.