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 Poor condition 1.26 ac lot $96/sqft · 56% below area

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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 +28.9/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• 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. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $475 ($6k/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 10.4% vs local median 2.9% 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.
• Zoned schools: Vermilion Elementary School (math 57% / reading 62%, grade B-, #670 of 1,584 statewide, top 45%, 534 students, 37% FRL); Sailorway Middle School (math 64% / reading 64%, grade B+, #221 of 654 statewide, top 35%, 507 students, 36% FRL); Vermilion High School (math 44% / reading 53%, grade D, #427 of 781 statewide, top 55%, 674 students, 31% FRL) — zoned schools at 35% FRL track the district average.
• Market conditions: 186 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 $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 ~9 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.28% ✓
• Cap rate: 10.37%
• Cash-on-cash: 14.56%
• DSCR: 1.65
• GRM: 6.5

CMA / ARV

• ARV (median comp): $320,886
• List price: $139,900
• Delta: -56.40%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12214 Thompson Rd	1.20mi	3/2.0 (-1)	1,402 (-4%)	5mo	$215,000	$153	47
6308 Coen Rd	0.61mi	3/2.0 (-1)	1,806 (+24%)	0mo	$330,000	$183	39
608 Chardonnay Cir	1.27mi	3/2.0 (-1)	1,590 (+9%)	13mo	$320,000	$201	32
15518 Trinter Rd	1.42mi	3/2.0 (-1)	1,561 (+7%)	21mo	$345,000	$221	29
101 Coen Rd	1.08mi	3/2.0 (-1)	1,176 (-19%)	10mo	$140,000	$119	25
3403 State	0.98mi	3/2.0 (-1)	1,326 (-9%)	30mo	$127,000	$96	23
307 Chardonnay Cir	1.30mi	4/3.0	1,811 (+24%)	16mo	$389,500	$215	20
3108 State Route 60	1.00mi	3/2.5 (-1)	1,637 (+12%)	25mo	$397,187	$243	16
15203 Darrow Rd	1.02mi	3/2.0 (-1)	1,261 (-14%)	35mo	$245,000	$194	15
3813 State Rd	1.22mi	3/2.0 (-1)	1,775 (+22%)	21mo	$220,000	$124	15

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: 5.0%
• Equity multiple: 1.19×
• Total profit: $7,612
• Equity at exit: $20,860

10-year hold

• IRR: 14.5%
• Equity multiple: 2.17×
• Total profit: $45,658
• 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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 0 active · 2 under contract
• Months of supply: 0.0 mo

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 44089

• Active inventory: 186
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,797 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$152 /mo · $1,825/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $475

Break-even live

Break-even rent $1,195

Max offer price $139,900

Occupancy floor 69%

Sensitivity live

Price	-10% $554	-5% $515	+0% $475	+5% $436	+10% $396
Rent	-10% $333	-5% $404	+0% $475	+5% $546	+10% $617
Rate	-1.0pp $546	-0.5pp $511	base $475	+0.5pp $439	+1.0pp $402

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
• Club membership (one-time): —
• 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: $21,558
• − Mortgage interest: −$7,837
• − Property taxes: −$1,825
• − Insurance: −$700
• − Repairs & maintenance: −$1,725
• − Management: −$1,725
• − Depreciation: −$4,070
• Taxable income: $3,678
• Est. tax owed @ 24.0%: −$883
• After-tax cash flow: $4,820/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.

Condition & rehab AI · 9 photos

Poor 20/100 Extensive rehab Est. rehab $72,950–$131,310 screening

This property requires extensive repairs and renovations to bring it up to a livable condition. The roof, exterior siding, flooring, interior walls, and HVAC system are all in poor condition and require major work. Landscaping and curb appeal improvements are also needed to increase its value.

Deferred maintenance Est. $60,000–$180,000 screening

• Major Roof (roof) — The roof appears to be missing or severely damaged.
• Major Windows (windows) — The windows are broken or missing.
• Major Electrical (electrical) — The electrical system appears to be non-functional or severely damaged.
• Major Plumbing (plumbing) — The plumbing system appears to be non-functional or severely damaged.
• Major Exterior (exterior) — The exterior of the house is in a state of disrepair.
• Major Other — The house is in a state of disrepair and appears to be uninhabitable.

Repairs flagged

• Major roof — The roof is visibly damaged and in need of replacement.
• Major exterior siding — The siding is peeling and damaged, requiring replacement.
• Major flooring — The flooring is damaged and in need of replacement.
• Major interior walls — The walls show signs of water damage and peeling paint, requiring repair or replacement.
• Major HVAC system — The HVAC system appears old and in need of replacement.

Value-add opportunities

• Both roof replacement — A new roof will significantly improve the home's appearance and increase its value. ↑
• Both exterior siding repair/replacement — A new exterior siding will improve the home's curb appeal and increase its value. ↑
• Both HVAC system replacement — A new HVAC system will improve the home's comfort and energy efficiency, increasing its value. ↑
• Both landscaping and curb appeal improvements — A well-maintained and landscaped yard will improve the home's curb appeal and increase its value. ↑

ⓘ Rehab cost is a screening estimate — Extensive scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 57/100

Zoned Schools

Elementary Vermilion Elementary School B- OH #670/1,584 Nat'l #7,252/41,679 Middle Sailorway Middle School B+ OH #221/654 Nat'l #1,362/14,009 High Vermilion High School D OH #427/781 Nat'l #6,127/17,239

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

A Composite livability gradescore 81/100

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 · 73,204 people
• Metro: Sandusky, OH
• Population (ZIP): 15,873
• Household income: $72,045
• Rent vs Own: 18.6% rent · 81.4% own
• Severe rent burden: 6% of renters

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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%

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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%

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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

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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.