5993 Montauk Pt · Vermilion, OH 44089

$323,000

4 bd · 2.5 ba · 1,692 sqft · SingleFamily public records · 120 Days on market

Built 2020 0.36 ac lot $191/sqft · at area comps Est $321k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.2/15.0
• 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

Stunning 4 bed, 2.5 bath home in Lighthouse Estates! Built in 2021 and loaded with updates: Samsung stove (2023), pergola & patio (2023), partially finished basement (2025), solar panels (2024), custom wall panels, kitchen backsplash, garage/laundry shelving & more. Private fenced backyard—perfect for entertaining. Move-in ready with modern style and energy efficiency. Walking distance to the beach, shopping, and dining. Home includes fully installed solar panel system — enjoy clean, renewable energy and major long-term savings! Average monthly electric bills drop significantly with solar, especially in summer months. Fixed solar loan payment of $199/month locks in energy savings while utility rates rise.

Key facts

• Pergola
• Custom wall panels
• Patio

Tags

• SAMSUNG STOVE
• PERGOLA
• PATIO
• PARTIALLY FINISHED BASEMENT
• SOLAR PANELS
• CUSTOM WALL PANELS

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $323k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $323k).
• Recommended offer: $294k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• At $4,856/mo this rent would consume 81% 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 $10k 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 $90k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($294k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $47k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $113k; list at $323k implies a 186% gain — meaningful room to come down on a strong offer.

Recommended offer $293,930 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.50% ✓
• Cap rate: 12.47%
• Cash-on-cash: 22.07%
• DSCR: 1.98
• GRM: 5.5

CMA / ARV

• ARV (median comp): $321,173
• List price: $323,000
• Delta: 0.57%
• Verdict: FAIR
• 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	0.14mi	3/2.0 (-1)	1,764 (+4%)	7mo	$399,990	$227	74
6012 Conneaut Light Dr	0.10mi	4/3.0	1,508 (-11%)	2mo	$375,000	$249	73
6004 Conneaut Light Dr	0.05mi	3/3.0 (-1)	1,771 (+5%)	19mo	$322,500	$182	67
1080 Oakwood Dr	0.24mi	5/2.0 (+1)	1,807 (+7%)	12mo	$260,000	$144	60
5573 Martin	0.64mi	3/2.0 (-1)	1,550 (-8%)	0mo	$329,900	$213	49
5572 South St	0.64mi	3/1.5 (-1)	1,618 (-4%)	8mo	$347,000	$214	47
914 York Ct	0.19mi	3/3.0 (-1)	1,876 (+11%)	22mo	$323,500	$172	47
307 Chardonnay Cir	0.74mi	4/3.0	1,811 (+7%)	15mo	$389,500	$215	39
5524 Hartford Ave	0.63mi	3/1.5 (-1)	1,560 (-8%)	13mo	$160,000	$103	38
1131 State St	0.57mi	3/2.5 (-1)	1,927 (+14%)	14mo	$292,000	$152	34
978 State St	0.55mi	3/1.5 (-1)	1,440 (-15%)	12mo	$305,000	$212	31
1299 State Rd	0.66mi	3/2.0 (-1)	1,893 (+12%)	22mo	$275,000	$145	24

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: 14.8%
• Equity multiple: 1.59×
• Total profit: $53,653
• Equity at exit: $48,160

10-year hold

• IRR: 23.5%
• Equity multiple: 3.03×
• Total profit: $183,306
• Equity at exit: $27,927

Cash invested: $90,440 (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: 5.5×

Monthly cashflow live

• Estimated rent: $4,856 medium
• Mortgage (P&I): −$1,694
• Tax from tax record: −$345 /mo · $4,134/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,020
• Net cashflow: $1,664

Break-even live

Break-even rent $2,751

Max offer price $323,000

Occupancy floor 61%

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: $80,750
• Closing costs: $9,690
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5821 South St Vermilion, OH	5.0	2.5	2007	$2,995	$1.49	1d	1	0.41mi
5012 Hollyview Dr Unit 1496126P Vermilion, OH	4.0	1.5	1679	$8,362	$4.98	43d	1	1.30mi
4861 Pineview Dr Unit 1496121P Vermilion, OH	5.0	2.0	2055	$6,645	$3.23	1d	1	1.32mi

Listing history 24 events

1. 2026-06-18
   days on market $323,000 Active 120 DOM
2. 2026-06-17
   days on market $323,000 Active 119 DOM
3. 2026-06-16
   days on market $323,000 Active 118 DOM
4. 2026-06-15
   days on market $323,000 Active 117 DOM
5. 2026-06-13
   days on market $323,000 Active 115 DOM
6. 2026-06-09
   days on market $323,000 Active 111 DOM
7. 2026-06-08
   days on market $323,000 Active 110 DOM
8. 2026-06-07
   days on market $323,000 Active 109 DOM
9. 2026-06-05
   pricedays on market $323,000 Active 106 DOM
10. 2026-06-03
    remarks 679-char remark
11. 2026-06-03
    days on market $324,000 Active 105 DOM
12. 2026-06-02
    days on market $324,000 Active 104 DOM
13. 2026-06-01
    days on market $324,000 Active 103 DOM
14. 2026-05-31
    days on market $324,000 Active 102 DOM
15. 2026-04-17
    price $334,000 738-char remark

    Show marketing remark (738 chars)

    Stunning 4 bed, 2.5 bath home in Lighthouse Estates! Built in 2021 and loaded with updates: Samsung stove (2023), pergola & patio (2023), partially finished basement (2025), solar panels (2024), custom wall panels, kitchen backsplash, garage/laundry shelving & more. Private fenced backyard—perfect for entertaining. Move-in ready with modern style and energy efficiency. Walking distance to the beach, shopping, and dining. Home includes fully installed solar panel system — enjoy clean, renewable energy and major long-term savings! Average monthly electric bills drop significantly with solar, especially in summer months. Fixed solar loan payment of $199/month locks in energy savings while utility rates rise.

16. 2026-03-20
    price $349,000 738-char remark

    Show marketing remark (738 chars)

    Stunning 4 bed, 2.5 bath home in Lighthouse Estates! Built in 2021 and loaded with updates: Samsung stove (2023), pergola & patio (2023), partially finished basement (2025), solar panels (2024), custom wall panels, kitchen backsplash, garage/laundry shelving & more. Private fenced backyard—perfect for entertaining. Move-in ready with modern style and energy efficiency. Walking distance to the beach, shopping, and dining. Home includes fully installed solar panel system — enjoy clean, renewable energy and major long-term savings! Average monthly electric bills drop significantly with solar, especially in summer months. Fixed solar loan payment of $199/month locks in energy savings while utility rates rise.

17. 2026-02-18
    listed $369,900 Active 738-char remark

    Show marketing remark (738 chars)

    Stunning 4 bed, 2.5 bath home in Lighthouse Estates! Built in 2021 and loaded with updates: Samsung stove (2023), pergola & patio (2023), partially finished basement (2025), solar panels (2024), custom wall panels, kitchen backsplash, garage/laundry shelving & more. Private fenced backyard—perfect for entertaining. Move-in ready with modern style and energy efficiency. Walking distance to the beach, shopping, and dining. Home includes fully installed solar panel system — enjoy clean, renewable energy and major long-term savings! Average monthly electric bills drop significantly with solar, especially in summer months. Fixed solar loan payment of $199/month locks in energy savings while utility rates rise.

18. 2025-11-12
    historical
19. 2025-09-07
    price $349,900
20. 2025-09-07
    price $349,999
21. 2025-08-09
    price $359,999
22. 2025-07-25
    price $377,900
23. 2025-07-18
    listed $379,900 Active
24. 2020-08-03
    soldstatus $112,950

ⓘ 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: $4,134 · $345/mo
• Projected year-2 tax: $4,586 · $382/mo
• Expected delta: +$452/yr (+$38/mo · 10.9%)

ⓘ 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: $58,277
• − Mortgage interest: −$18,093
• − Property taxes: −$4,134
• − Insurance: −$1,615
• − Repairs & maintenance: −$4,662
• − Management: −$4,662
• − Depreciation: −$9,396
• Taxable income: $15,714
• Est. tax owed @ 24.0%: −$3,771
• After-tax cash flow: $16,192/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

+195.7% since first listed

10 events — show timeline

• 2026-04-17 Price Changed $334,000 MLSNOW
• 2026-03-20 Price Changed $349,000 MLSNOW
• 2026-02-18 Listed $369,900 MLSNOW
• 2025-11-12 Listing Removed — MLSNOW
• 2025-09-07 Price Changed $349,900 MLSNOW
• 2025-09-07 Price Changed $349,999 MLSNOW
• 2025-08-09 Price Changed $359,999 MLSNOW
• 2025-07-25 Price Changed $377,900 MLSNOW
• 2025-07-18 Listed $379,900 MLSNOW
• 2020-08-03 Sold (Public Records) $112,950 Public Records

Property tax history

+24.7%/yr

Latest (2025): $4,134 · -2.9% YoY. Source: county tax records.