623 Main St · Vermilion, OH 44089

$715,900

3 bd · 2.5 ba · 1,542 sqft · Condo public records · 251 Days on market

Built 1989

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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 +24.6/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• 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

LOCATION, LOCATION, LOCATION!!! Fisherman’s Bend is arguably the best condo location in Vermilion. Located a 5 minute boat ride to Lake Erie on the Vermilion River, you will enjoy fantastic views of the most scenic recreational boating rivers on the North Coast. These sweeping views of the river also boast large docks to make having a boat that much closer to home. PROPERTY OVERVIEW Unit 623 is one of the largest in Fisherman’s Bend with 1,850 sq ft Floor Area and 1,765 sq ft Living Area. It is a 2-story floor plan with 2 bedrooms, 2 ½ baths, a spacious loft/3rd bedroom with a queen Murphy Bed and a large storage room. It features a deck on each floor providing spectacular views of the Vermilion River and the parade of boats headed to and from Lake Erie. The unit includes a 1-car garage with a workshop and overhead storage. Extensive Renovation completed in 2023 * * * Want Move-In Ready? Furnishings are also available for purchase.

Key facts

• Extensive renovation
• Vermilion lighthouse
• Large docks

Tags

• BOAT RIDE TO LAKE ERIE
• LARGE DOCKS
• WALKING DISTANCE TO SHOPS
• VERMILION LIGHTHOUSE
• EXTENSIVE RENOVATION
• NEW HARDWOOD AND TILE FLOORING

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $716k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $716k).
• Recommended offer: $630k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 $5k of loan paydown is wiped out by about $21k 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 251 days — a 12% lower offer ($630k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $629,992 (12.0% below list)

Questions for the listing agent

1. It's been on market 251 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.17% ✓
• Cap rate: 8.77%
• Cash-on-cash: 8.84%
• DSCR: 1.39
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.5%
• Equity multiple: 0.76×
• Total profit: $-48,668
• Equity at exit: $106,743

10-year hold

• IRR: 3.2%
• Equity multiple: 1.23×
• Total profit: $45,718
• Equity at exit: $61,898

Cash invested: $200,452 (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: 7.1×

Monthly cashflow live

• Estimated rent: $8,362 medium
• Mortgage (P&I): −$3,754
• Tax from tax record: −$630 /mo · $7,566/yr
• Insurance: −$298
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 1 same-building comp: −$447
• Vacancy / Maint / Mgmt: −$1,756
• Net cashflow: $1,049

Break-even live

Break-even rent $7,034

Max offer price $715,900

Occupancy floor 82%

Sensitivity live

Price	-10% $1,455	-5% $1,252	+0% $1,049	+5% $847	+10% $644
Rent	-10% $389	-5% $719	+0% $1,049	+5% $1,380	+10% $1,710
Rate	-1.0pp $1,410	-0.5pp $1,231	base $1,049	+0.5pp $864	+1.0pp $675

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: $178,975
• Closing costs: $21,477
• 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	1.31mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-03
   days on market $715,900 Active 251 DOM
2. 2026-06-02
   days on market $715,900 Active 250 DOM
3. 2026-06-01
   days on market $715,900 Active 249 DOM
4. 2026-05-31
   days on market $715,900 Active 248 DOM
5. 2026-02-06
   status Pending 970-char remark

   Show marketing remark (946 chars)

   LOCATION, LOCATION, LOCATION!!!Fisherman's Bend is arguably the best condo location in Vermilion. Located a 5 minute boat ride to Lake Erie on the Vermilion River, you will enjoy fantastic views of the most scenic recreational boating rivers on the North Coast. These sweeping views of the river also boast large docks to make having a boat that much closer to home. PROPERTY OVERVIEWUnit 623 is one of the largest in Fisherman's Bend with 1,850 sq ft Floor Area and 1,765 sq ft Living Area. It is a 2-story floor plan with 2 bedrooms, 2 baths, a spacious loft/3rd bedroom with a queen Murphy Bed and a large storage room. It features a deck on each floor providing spectacular views of the Vermilion River and the parade of boats headed to and from Lake Erie. The unit includes a 1-car garage with a workshop and overhead storage. Extensive Renovation completed in 2023 * * * Want Move-In Ready? Furnishings are also available for purchase.

6. 2026-02-06
   soldstatus $690,000 Closed 970-char remark

   Show marketing remark (946 chars)

   LOCATION, LOCATION, LOCATION!!!Fisherman's Bend is arguably the best condo location in Vermilion. Located a 5 minute boat ride to Lake Erie on the Vermilion River, you will enjoy fantastic views of the most scenic recreational boating rivers on the North Coast. These sweeping views of the river also boast large docks to make having a boat that much closer to home. PROPERTY OVERVIEWUnit 623 is one of the largest in Fisherman's Bend with 1,850 sq ft Floor Area and 1,765 sq ft Living Area. It is a 2-story floor plan with 2 bedrooms, 2 baths, a spacious loft/3rd bedroom with a queen Murphy Bed and a large storage room. It features a deck on each floor providing spectacular views of the Vermilion River and the parade of boats headed to and from Lake Erie. The unit includes a 1-car garage with a workshop and overhead storage. Extensive Renovation completed in 2023 * * * Want Move-In Ready? Furnishings are also available for purchase.

7. 2026-02-06
   soldstatus $690,000 Closed 946-char remark

   Show marketing remark (946 chars)

   LOCATION, LOCATION, LOCATION!!!Fisherman's Bend is arguably the best condo location in Vermilion. Located a 5 minute boat ride to Lake Erie on the Vermilion River, you will enjoy fantastic views of the most scenic recreational boating rivers on the North Coast. These sweeping views of the river also boast large docks to make having a boat that much closer to home. PROPERTY OVERVIEWUnit 623 is one of the largest in Fisherman's Bend with 1,850 sq ft Floor Area and 1,765 sq ft Living Area. It is a 2-story floor plan with 2 bedrooms, 2 baths, a spacious loft/3rd bedroom with a queen Murphy Bed and a large storage room. It features a deck on each floor providing spectacular views of the Vermilion River and the parade of boats headed to and from Lake Erie. The unit includes a 1-car garage with a workshop and overhead storage. Extensive Renovation completed in 2023 * * * Want Move-In Ready? Furnishings are also available for purchase.

8. 2026-01-03
   historical Active Under Contract 946-char remark

   Show marketing remark (970 chars)

   LOCATION, LOCATION, LOCATION!!! Fisherman’s Bend is arguably the best condo location in Vermilion. Located a 5 minute boat ride to Lake Erie on the Vermilion River, you will enjoy fantastic views of the most scenic recreational boating rivers on the North Coast. These sweeping views of the river also boast large docks to make having a boat that much closer to home. PROPERTY OVERVIEW Unit 623 is one of the largest in Fisherman’s Bend with 1,850 sq ft Floor Area and 1,765 sq ft Living Area. It is a 2-story floor plan with 2 bedrooms, 2 ½ baths, a spacious loft/3rd bedroom with a queen Murphy Bed and a large storage room. It features a deck on each floor providing spectacular views of the Vermilion River and the parade of boats headed to and from Lake Erie. The unit includes a 1-car garage with a workshop and overhead storage. Extensive Renovation completed in 2023 * * * Want Move-In Ready? Furnishings are also available for purchase.

9. 2026-01-03
   historical Contingent 970-char remark

   Show marketing remark (970 chars)

   LOCATION, LOCATION, LOCATION!!! Fisherman’s Bend is arguably the best condo location in Vermilion. Located a 5 minute boat ride to Lake Erie on the Vermilion River, you will enjoy fantastic views of the most scenic recreational boating rivers on the North Coast. These sweeping views of the river also boast large docks to make having a boat that much closer to home. PROPERTY OVERVIEW Unit 623 is one of the largest in Fisherman’s Bend with 1,850 sq ft Floor Area and 1,765 sq ft Living Area. It is a 2-story floor plan with 2 bedrooms, 2 ½ baths, a spacious loft/3rd bedroom with a queen Murphy Bed and a large storage room. It features a deck on each floor providing spectacular views of the Vermilion River and the parade of boats headed to and from Lake Erie. The unit includes a 1-car garage with a workshop and overhead storage. Extensive Renovation completed in 2023 * * * Want Move-In Ready? Furnishings are also available for purchase.

10. 2025-11-01
    price $699,900 946-char remark

    Show marketing remark (970 chars)

    LOCATION, LOCATION, LOCATION!!! Fisherman’s Bend is arguably the best condo location in Vermilion. Located a 5 minute boat ride to Lake Erie on the Vermilion River, you will enjoy fantastic views of the most scenic recreational boating rivers on the North Coast. These sweeping views of the river also boast large docks to make having a boat that much closer to home. PROPERTY OVERVIEW Unit 623 is one of the largest in Fisherman’s Bend with 1,850 sq ft Floor Area and 1,765 sq ft Living Area. It is a 2-story floor plan with 2 bedrooms, 2 ½ baths, a spacious loft/3rd bedroom with a queen Murphy Bed and a large storage room. It features a deck on each floor providing spectacular views of the Vermilion River and the parade of boats headed to and from Lake Erie. The unit includes a 1-car garage with a workshop and overhead storage. Extensive Renovation completed in 2023 * * * Want Move-In Ready? Furnishings are also available for purchase.

11. 2025-11-01
    price $699,900 970-char remark

    Show marketing remark (970 chars)

    LOCATION, LOCATION, LOCATION!!! Fisherman’s Bend is arguably the best condo location in Vermilion. Located a 5 minute boat ride to Lake Erie on the Vermilion River, you will enjoy fantastic views of the most scenic recreational boating rivers on the North Coast. These sweeping views of the river also boast large docks to make having a boat that much closer to home. PROPERTY OVERVIEW Unit 623 is one of the largest in Fisherman’s Bend with 1,850 sq ft Floor Area and 1,765 sq ft Living Area. It is a 2-story floor plan with 2 bedrooms, 2 ½ baths, a spacious loft/3rd bedroom with a queen Murphy Bed and a large storage room. It features a deck on each floor providing spectacular views of the Vermilion River and the parade of boats headed to and from Lake Erie. The unit includes a 1-car garage with a workshop and overhead storage. Extensive Renovation completed in 2023 * * * Want Move-In Ready? Furnishings are also available for purchase.

12. 2025-09-30
    listed $715,900 Active 946-char remark

    Show marketing remark (946 chars)

    LOCATION, LOCATION, LOCATION!!!Fisherman's Bend is arguably the best condo location in Vermilion. Located a 5 minute boat ride to Lake Erie on the Vermilion River, you will enjoy fantastic views of the most scenic recreational boating rivers on the North Coast. These sweeping views of the river also boast large docks to make having a boat that much closer to home. PROPERTY OVERVIEWUnit 623 is one of the largest in Fisherman's Bend with 1,850 sq ft Floor Area and 1,765 sq ft Living Area. It is a 2-story floor plan with 2 bedrooms, 2 baths, a spacious loft/3rd bedroom with a queen Murphy Bed and a large storage room. It features a deck on each floor providing spectacular views of the Vermilion River and the parade of boats headed to and from Lake Erie. The unit includes a 1-car garage with a workshop and overhead storage. Extensive Renovation completed in 2023 * * * Want Move-In Ready? Furnishings are also available for purchase.

13. 2025-09-28
    listed $715,900 Active 970-char remark

    Show marketing remark (970 chars)

    LOCATION, LOCATION, LOCATION!!! Fisherman’s Bend is arguably the best condo location in Vermilion. Located a 5 minute boat ride to Lake Erie on the Vermilion River, you will enjoy fantastic views of the most scenic recreational boating rivers on the North Coast. These sweeping views of the river also boast large docks to make having a boat that much closer to home. PROPERTY OVERVIEW Unit 623 is one of the largest in Fisherman’s Bend with 1,850 sq ft Floor Area and 1,765 sq ft Living Area. It is a 2-story floor plan with 2 bedrooms, 2 ½ baths, a spacious loft/3rd bedroom with a queen Murphy Bed and a large storage room. It features a deck on each floor providing spectacular views of the Vermilion River and the parade of boats headed to and from Lake Erie. The unit includes a 1-car garage with a workshop and overhead storage. Extensive Renovation completed in 2023 * * * Want Move-In Ready? Furnishings are also available for purchase.

14. 2025-09-25
    listed $715,900 Active
15. 2022-05-31
    soldstatus $485,000
16. 2018-03-27
    soldstatus $275,000
17. 1988-04-29
    soldstatus $150,000

ⓘ 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: $7,566 · $630/mo
• Projected year-2 tax: $9,367 · $781/mo
• Expected delta: +$1,801/yr (+$150/mo · 23.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% 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: −$40,102
• − Property taxes: −$7,566
• − Insurance: −$8,698
• − Repairs & maintenance: −$8,028
• − Management: −$8,028
• − HOA: −$5,364
• − Depreciation: −$20,826
• Taxable income: $1,734
• Est. tax owed @ 24.0%: −$416
• After-tax cash flow: $12,177/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

+360.0% since first listed

13 events — show timeline

• 2026-02-06 Pending — MLSNOW
• 2026-02-06 Sold (MLS) $690,000 FAOR
• 2026-02-06 Sold (MLS) $690,000 MLSNOW
• 2026-01-03 Contingent — FAOR
• 2026-01-03 Contingent — MLSNOW
• 2025-11-01 Price Changed $699,900 FAOR
• 2025-11-01 Price Changed $699,900 MLSNOW
• 2025-09-30 Listed $715,900 FAOR
• 2025-09-28 Listed $715,900 MLSNOW
• 2025-09-25 Listed $715,900 ForSaleByOwner.com
• 2022-05-31 Sold (Public Records) $485,000 Public Records
• 2018-03-27 Sold (Public Records) $275,000 Public Records
• 1988-04-29 Sold (Public Records) $150,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $7,566 · -2.9% YoY. Source: county tax records.