13601 Thompson Rd · Vermilion, OH 44089

$139,900

4 bd · 1.5 ba · 1,459 sqft · SingleFamily public records · 146 Days on market

Built 1920 1.26 ac lot $96/sqft · 46% below area Est $260k · 46% 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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• 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

An amazing opportunity to acquire a renovation project in a prime location, just outside of Vermilion proper (next to the Vermilion Fish & Game Association). Sitting on roughly 1.5 acres with a two car attached garage and an additional detached garage that could house up to four more vehicles, bring your tools, your ideas, and grit to transform this amazing turn of the century home into a one-of-a-kind jaw-dropping renovation. Don't miss it!

Key facts

• Prime location
• Detached garage
• 1.26 acre lot

Tags

• PRIME LOCATION
• TWO CAR ATTACHED GARAGE
• DETACHED GARAGE
• ONE OF A KIND RENOVATION

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $672 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• This rent runs 34% of the median local income ($72k/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 $967 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $140k implies a 133% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 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 1920 — 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: 1.46% ✓
• Cap rate: 12.06%
• Cash-on-cash: 20.58%
• DSCR: 1.92
• GRM: 5.7

CMA / ARV

• ARV (median comp): $260,201
• List price: $139,900
• Delta: -46.23%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 12.9%
• Equity multiple: 1.51×
• Total profit: $20,135
• Equity at exit: $20,860

10-year hold

• IRR: 21.8%
• Equity multiple: 2.86×
• Total profit: $72,699
• Equity at exit: $12,096

Cash invested: $39,172 (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: 5.7×

Monthly cashflow live

• Estimated rent: $2,045 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$152 /mo · $1,825/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $672

Break-even live

Break-even rent $1,195

Max offer price $139,900

Occupancy floor 62%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-08
   days on market $139,900 Active 146 DOM
2. 2026-06-07
   days on market $139,900 Active 145 DOM
3. 2026-06-05
   days on market $139,900 Active 142 DOM
4. 2026-06-03
   days on market $139,900 Active 141 DOM
5. 2026-06-02
   days on market $139,900 Active 140 DOM
6. 2026-06-01
   days on market $139,900 Active 139 DOM
7. 2026-05-31
   days on market $139,900 Active 138 DOM
8. 2026-03-24
   price $139,900 451-char remark

   Show marketing remark (451 chars)

   An amazing opportunity to acquire a renovation project in a prime location, just outside of Vermilion proper (next to the Vermilion Fish & Game Association). Sitting on roughly 1.5 acres with a two car attached garage and an additional detached garage that could house up to four more vehicles, bring your tools, your ideas, and grit to transform this amazing turn of the century home into a one-of-a-kind jaw-dropping renovation. Don't miss it!

9. 2026-02-11
   status Active 451-char remark

   Show marketing remark (451 chars)

   An amazing opportunity to acquire a renovation project in a prime location, just outside of Vermilion proper (next to the Vermilion Fish & Game Association). Sitting on roughly 1.5 acres with a two car attached garage and an additional detached garage that could house up to four more vehicles, bring your tools, your ideas, and grit to transform this amazing turn of the century home into a one-of-a-kind jaw-dropping renovation. Don't miss it!

10. 2026-02-08
    historical 451-char remark

    Show marketing remark (451 chars)

    An amazing opportunity to acquire a renovation project in a prime location, just outside of Vermilion proper (next to the Vermilion Fish & Game Association). Sitting on roughly 1.5 acres with a two car attached garage and an additional detached garage that could house up to four more vehicles, bring your tools, your ideas, and grit to transform this amazing turn of the century home into a one-of-a-kind jaw-dropping renovation. Don't miss it!

11. 2026-01-09
    listed $149,900 Active 451-char remark

    Show marketing remark (451 chars)

    An amazing opportunity to acquire a renovation project in a prime location, just outside of Vermilion proper (next to the Vermilion Fish & Game Association). Sitting on roughly 1.5 acres with a two car attached garage and an additional detached garage that could house up to four more vehicles, bring your tools, your ideas, and grit to transform this amazing turn of the century home into a one-of-a-kind jaw-dropping renovation. Don't miss it!

12. 2024-10-24
    soldstatus $60,000

ⓘ 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: $1,825 · $152/mo
• Projected year-2 tax: $2,004 · $167/mo
• Expected delta: +$179/yr (+$15/mo · 9.8%)

ⓘ 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: $24,544
• − Mortgage interest: −$7,837
• − Property taxes: −$1,825
• − Insurance: −$700
• − Repairs & maintenance: −$1,964
• − Management: −$1,964
• − Depreciation: −$4,070
• Taxable income: $6,186
• Est. tax owed @ 24.0%: −$1,485
• After-tax cash flow: $6,577/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

+133.2% since first listed

5 events — show timeline

• 2026-03-24 Price Changed $139,900 MLSNOW
• 2026-02-11 Relisted — MLSNOW
• 2026-02-08 Listing Removed — MLSNOW
• 2026-01-09 Listed $149,900 MLSNOW
• 2024-10-24 Sold (Public Records) $60,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $1,825 · -0.6% YoY. Source: county tax records.