1128 Oakwood Dr · Vermilion, OH 44089

$254,000

2 bd · 1.5 ba · 1,783 sqft · SingleFamily public records · 41 Days on market

Built 1971 1.94 ac lot $142/sqft · 31% below area Est $370k · 31% under

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Why this score? — see what drove the D 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 +15.0/15.0
• Cash flow +8.0/30.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• 1% rule +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 1814sqft, bi-level home has 4 bedrooms, 2 full baths, a giant 2 car garage, and 2 wooded acres that backs up to Edson Creek and the Metropark! Updated eat-in kitchen with newer cabinets and counter tops, including dishwasher, and newer stove and microwave! Sliding door off the kitchen leads to the new, maintenance-free, composite deck, great for barbecuing and entertaining friends, or just relaxing and enjoying the private, wooded back yard. The large living room has hardwood floors. Well appointed light fixtures and ceiling fans throughout. The spacious family room downstairs stays cool all summer. Large master bedroom. Spacious closets. Both bathrooms are remodeled. Downstairs bath has a new walk-in shower! Newer Hi-efficiency furnace and Central Air Conditioner only 6 years old! New roof in 2015. Newer 50 gallon hot water tank in 2018. Newer, double-hung windows and vinyl siding. The huge, 24x24 detached garage, is a mechanic's dream, with a work bench, plenty of electrical out

Key facts

• Private lot
• Quiet cul-de-sac
• New walk-in shower

Tags

• PRIVATE LOT
• DIRECT ACCESS TO NATURE
• BACKS UP TO EDSON CREEK
• QUIET CUL-DE-SAC
• UPDATED EAT-IN KITCHEN
• NEW WALK-IN SHOWER

Property features AI

Exterior

• Parking: Detached oversized garage with concrete driveway; Garage door opener; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Two-story home; Vinyl siding
• Construction: Built according to public records; Asphalt/fiberglass roof
• Exterior features: Deck

Interior

• Kitchen: Eat-in kitchen; Dishwasher; Microwave; Range
• Bedrooms: Two main-level bedrooms; Additional bedrooms in lower level
• Bathrooms: Two full bathrooms; One main-level bathroom
• Heating & cooling: Forced-air gas heating; Central air conditioning
• Interior features: Full finished basement; Family room

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $254k.

Deal economics

• At list price, monthly cash flow is $-265 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (18.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (30.5% below list).
• Recommended offer: $177k (30.5% below list) — sets the bar for 1% rule.

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 $2k of loan paydown is wiped out by about $8k 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 41 days — a 3% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 35y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $188k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $176,510 (30.5% 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 41 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 0.69% ✗
• Cap rate: 5.04%
• Cash-on-cash: -4.47%
• DSCR: 0.80
• GRM: 12.0

CMA / ARV

• ARV (median comp): $370,000
• List price: $254,000
• Delta: -31.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5945 Cape Hatteras Dr	0.16mi	3/2.0 (+1)	1,764 (-1%)	7mo	$399,990	$227	78
6004 Conneaut Light Dr	0.23mi	3/3.0 (+1)	1,771 (-1%)	19mo	$322,500	$182	62
856 Tappan Cir	0.34mi	3/2.5 (+1)	1,966 (+10%)	2mo	$355,000	$181	57
5573 Martin	0.39mi	3/2.0 (+1)	1,550 (-13%)	0mo	$329,900	$213	53
1131 State St	0.32mi	3/2.5 (+1)	1,927 (+8%)	14mo	$292,000	$152	51
5229 Devon Dr	0.67mi	3/2.0 (+1)	1,671 (-6%)	1mo	$235,000	$141	50
5572 South St	0.50mi	3/1.5 (+1)	1,618 (-9%)	8mo	$347,000	$214	50
5164 Langfitt St	0.75mi	3/2.0 (+1)	1,756 (-2%)	7mo	$240,000	$137	50
914 York Ct	0.31mi	3/3.0 (+1)	1,876 (+5%)	22mo	$323,500	$172	47
5524 Hartford Ave	0.38mi	3/1.5 (+1)	1,560 (-12%)	13mo	$160,000	$103	46
920 Douglas St	0.53mi	3/1.5 (+1)	1,998 (+12%)	17mo	$299,000	$150	36
608 Chardonnay Cir	0.72mi	3/2.0 (+1)	1,590 (-11%)	11mo	$320,000	$201	32

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: -23.9%
• Equity multiple: 0.18×
• Total profit: $-58,074
• Equity at exit: $37,872

10-year hold

• IRR: -19.0%
• Equity multiple: -0.02×
• Total profit: $-72,440
• Equity at exit: $21,961

Cash invested: $71,120 (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: 12.0×

Monthly cashflow live

• Estimated rent: $1,765 medium
• Mortgage (P&I): −$1,332
• Tax from tax record: −$222 /mo · $2,660/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $-265

Break-even live

Break-even rent $2,101

Max offer price $207,174

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: $63,500
• Closing costs: $7,620
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   price $254,000 Active 41 DOM
2. 2026-06-18
   days on market $259,000 Active 41 DOM
3. 2026-06-17
   days on market $259,000 Active 40 DOM
4. 2026-06-16
   days on market $259,000 Active 39 DOM
5. 2026-06-15
   days on market $259,000 Active 38 DOM
6. 2026-06-13
   days on market $259,000 Active 36 DOM
7. 2026-06-09
   days on market $259,000 Active 32 DOM
8. 2026-06-08
   days on market $259,000 Active 31 DOM
9. 2026-06-07
   days on market $259,000 Active 30 DOM
10. 2026-06-05
    pricedays on market $259,000 Active 27 DOM
11. 2026-06-03
    days on market $269,000 Active 26 DOM
12. 2026-06-02
    days on market $269,000 Active 25 DOM
13. 2026-06-01
    days on market $269,000 Active 24 DOM
14. 2026-05-31
    days on market $269,000 Active 23 DOM
15. 2026-05-08
    listed $269,000 Active 1133-char remark
16. 2023-02-15
    soldstatus $188,500 Closed 1000-char remark

    Show marketing remark (1000 chars)

    This 1814sqft, bi-level home has 4 bedrooms, 2 full baths, a giant 2 car garage, and 2 wooded acres that backs up to Edson Creek and the Metropark! Updated eat-in kitchen with newer cabinets and counter tops, including dishwasher, and newer stove and microwave! Sliding door off the kitchen leads to the new, maintenance-free, composite deck, great for barbecuing and entertaining friends, or just relaxing and enjoying the private, wooded back yard. The large living room has hardwood floors. Well appointed light fixtures and ceiling fans throughout. The spacious family room downstairs stays cool all summer. Large master bedroom. Spacious closets. Both bathrooms are remodeled. Downstairs bath has a new walk-in shower! Newer Hi-efficiency furnace and Central Air Conditioner only 6 years old! New roof in 2015. Newer 50 gallon hot water tank in 2018. Newer, double-hung windows and vinyl siding. The huge, 24x24 detached garage, is a mechanic's dream, with a work bench, plenty of electrical out

17. 2023-02-15
    soldstatus $188,500

    Show marketing remark (1000 chars)

    This 1814sqft, bi-level home has 4 bedrooms, 2 full baths, a giant 2 car garage, and 2 wooded acres that backs up to Edson Creek and the Metropark! Updated eat-in kitchen with newer cabinets and counter tops, including dishwasher, and newer stove and microwave! Sliding door off the kitchen leads to the new, maintenance-free, composite deck, great for barbecuing and entertaining friends, or just relaxing and enjoying the private, wooded back yard. The large living room has hardwood floors. Well appointed light fixtures and ceiling fans throughout. The spacious family room downstairs stays cool all summer. Large master bedroom. Spacious closets. Both bathrooms are remodeled. Downstairs bath has a new walk-in shower! Newer Hi-efficiency furnace and Central Air Conditioner only 6 years old! New roof in 2015. Newer 50 gallon hot water tank in 2018. Newer, double-hung windows and vinyl siding. The huge, 24x24 detached garage, is a mechanic's dream, with a work bench, plenty of electrical out

18. 2023-01-15
    status Pending 1000-char remark

    Show marketing remark (1000 chars)

    This 1814sqft, bi-level home has 4 bedrooms, 2 full baths, a giant 2 car garage, and 2 wooded acres that backs up to Edson Creek and the Metropark! Updated eat-in kitchen with newer cabinets and counter tops, including dishwasher, and newer stove and microwave! Sliding door off the kitchen leads to the new, maintenance-free, composite deck, great for barbecuing and entertaining friends, or just relaxing and enjoying the private, wooded back yard. The large living room has hardwood floors. Well appointed light fixtures and ceiling fans throughout. The spacious family room downstairs stays cool all summer. Large master bedroom. Spacious closets. Both bathrooms are remodeled. Downstairs bath has a new walk-in shower! Newer Hi-efficiency furnace and Central Air Conditioner only 6 years old! New roof in 2015. Newer 50 gallon hot water tank in 2018. Newer, double-hung windows and vinyl siding. The huge, 24x24 detached garage, is a mechanic's dream, with a work bench, plenty of electrical out

19. 2022-11-17
    historical Contingent 1000-char remark

    Show marketing remark (1000 chars)

    This 1814sqft, bi-level home has 4 bedrooms, 2 full baths, a giant 2 car garage, and 2 wooded acres that backs up to Edson Creek and the Metropark! Updated eat-in kitchen with newer cabinets and counter tops, including dishwasher, and newer stove and microwave! Sliding door off the kitchen leads to the new, maintenance-free, composite deck, great for barbecuing and entertaining friends, or just relaxing and enjoying the private, wooded back yard. The large living room has hardwood floors. Well appointed light fixtures and ceiling fans throughout. The spacious family room downstairs stays cool all summer. Large master bedroom. Spacious closets. Both bathrooms are remodeled. Downstairs bath has a new walk-in shower! Newer Hi-efficiency furnace and Central Air Conditioner only 6 years old! New roof in 2015. Newer 50 gallon hot water tank in 2018. Newer, double-hung windows and vinyl siding. The huge, 24x24 detached garage, is a mechanic's dream, with a work bench, plenty of electrical out

20. 2022-11-15
    price $189,900 1000-char remark

    Show marketing remark (1000 chars)

    This 1814sqft, bi-level home has 4 bedrooms, 2 full baths, a giant 2 car garage, and 2 wooded acres that backs up to Edson Creek and the Metropark! Updated eat-in kitchen with newer cabinets and counter tops, including dishwasher, and newer stove and microwave! Sliding door off the kitchen leads to the new, maintenance-free, composite deck, great for barbecuing and entertaining friends, or just relaxing and enjoying the private, wooded back yard. The large living room has hardwood floors. Well appointed light fixtures and ceiling fans throughout. The spacious family room downstairs stays cool all summer. Large master bedroom. Spacious closets. Both bathrooms are remodeled. Downstairs bath has a new walk-in shower! Newer Hi-efficiency furnace and Central Air Conditioner only 6 years old! New roof in 2015. Newer 50 gallon hot water tank in 2018. Newer, double-hung windows and vinyl siding. The huge, 24x24 detached garage, is a mechanic's dream, with a work bench, plenty of electrical out

21. 2022-11-05
    listed $199,900 Active 1000-char remark

    Show marketing remark (1000 chars)

    This 1814sqft, bi-level home has 4 bedrooms, 2 full baths, a giant 2 car garage, and 2 wooded acres that backs up to Edson Creek and the Metropark! Updated eat-in kitchen with newer cabinets and counter tops, including dishwasher, and newer stove and microwave! Sliding door off the kitchen leads to the new, maintenance-free, composite deck, great for barbecuing and entertaining friends, or just relaxing and enjoying the private, wooded back yard. The large living room has hardwood floors. Well appointed light fixtures and ceiling fans throughout. The spacious family room downstairs stays cool all summer. Large master bedroom. Spacious closets. Both bathrooms are remodeled. Downstairs bath has a new walk-in shower! Newer Hi-efficiency furnace and Central Air Conditioner only 6 years old! New roof in 2015. Newer 50 gallon hot water tank in 2018. Newer, double-hung windows and vinyl siding. The huge, 24x24 detached garage, is a mechanic's dream, with a work bench, plenty of electrical out

22. 2019-02-27
    soldstatus $156,900

    Show marketing remark (641 chars)

    Mint, mint, mint! 4 bedroom 2 bath bi level with all the updates on 2 acres with easy access to shopping, beaches, downtown! Easy access to I-90! This home is ready to move into it includes stove, refrigerator, microwave and dishwasher! All the work has been done! You can relax in the soaking tub in one of the two spacious bathrooms! New roof in 2015 with 30 yr shingles, the 93% two-stage high efficiency furnace with central air is 3 yrs old and a new 50 gallon hot water tank! The 33 ft round pool with new composite deck surrounding is great for entertaining! You'll love the 2 acre wooded lot and the 2+ car garage! Come view today!!

23. 2019-02-27
    soldstatus $156,900

    Show marketing remark (641 chars)

    Mint, mint, mint! 4 bedroom 2 bath bi level with all the updates on 2 acres with easy access to shopping, beaches, downtown! Easy access to I-90! This home is ready to move into it includes stove, refrigerator, microwave and dishwasher! All the work has been done! You can relax in the soaking tub in one of the two spacious bathrooms! New roof in 2015 with 30 yr shingles, the 93% two-stage high efficiency furnace with central air is 3 yrs old and a new 50 gallon hot water tank! The 33 ft round pool with new composite deck surrounding is great for entertaining! You'll love the 2 acre wooded lot and the 2+ car garage! Come view today!!

24. 2019-01-01
    listed $154,900

    Show marketing remark (641 chars)

    Mint, mint, mint! 4 bedroom 2 bath bi level with all the updates on 2 acres with easy access to shopping, beaches, downtown! Easy access to I-90! This home is ready to move into it includes stove, refrigerator, microwave and dishwasher! All the work has been done! You can relax in the soaking tub in one of the two spacious bathrooms! New roof in 2015 with 30 yr shingles, the 93% two-stage high efficiency furnace with central air is 3 yrs old and a new 50 gallon hot water tank! The 33 ft round pool with new composite deck surrounding is great for entertaining! You'll love the 2 acre wooded lot and the 2+ car garage! Come view today!!

25. 2000-11-06
    soldstatus $130,000
26. 1992-03-05
    soldstatus $65,000
27. 1991-09-17
    historical
28. 1991-03-17
    listed $69,900

ⓘ 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: $2,660 · $222/mo
• Projected year-2 tax: $3,311 · $276/mo
• Expected delta: +$651/yr (+$54/mo · 24.5%)

ⓘ 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: $21,181
• − Mortgage interest: −$14,228
• − Property taxes: −$2,660
• − Insurance: −$1,270
• − Repairs & maintenance: −$1,694
• − Management: −$1,694
• − Depreciation: −$7,389
• Taxable loss: −$7,755
• Est. tax savings @ 24.0%: +$1,861
• After-tax cash flow: $-1,320/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

+270.5% since first listed

15 events — show timeline

• 2026-06-03 Price Changed $259,000 MLSNOW
• 2026-05-08 Listed $269,000 MLSNOW
• 2023-02-15 Sold (Public Records) $188,500 Public Records
• 2023-02-15 Sold (MLS) $188,500 MLSNOW
• 2023-01-15 Pending — MLSNOW
• 2022-11-17 Contingent — MLSNOW
• 2022-11-15 Price Changed $189,900 MLSNOW
• 2022-11-05 Listed $199,900 MLSNOW
• 2019-02-27 Sold (Public Records) $156,900 Public Records
• 2019-02-27 Sold (MLS) $156,900 MLSNOW
• 2019-01-01 Listed $154,900 MLSNOW
• 2000-11-06 Sold (Public Records) $130,000 Public Records
• 1992-03-05 Sold (Public Records) $65,000 Public Records
• 1991-09-17 Listing Removed — MLSNOW
• 1991-03-17 Listed $69,900 MLSNOW

Property tax history

+3.4%/yr

Latest (2025): $2,660 · -0.5% YoY. Source: county tax records.