401 W Shoreline Dr #102 · Sandusky, OH 44870

$212,900

2 bd · 2.0 ba · 874 sqft · Condo public records · 47 Days on market

Built 2007 $244/sqft · 28% below area Est $296k · 28% under $332/mo HOA · 16% of rent

---

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 +8.3/30.0
• 1% rule +4.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Best value in Chesapeake Lofts - currently the lowest priced 2 bedroom, 2 full bath condo available! This is your opportunity to own in one of downtown Sandusky's most sought-after waterfront communities. This desirable first-floor residence is being offered fully furnished and turnkey, featuring modern finishes and signature loft-style character, offering both style and versatility with immediate possession available just in time to enjoy the full summer season. Residents enjoy premier amenities including a large pool, spa, fitness center, secured entry, and direct access to the city marina next door. Convenient first-floor living allows you to pull right up to the patio to easily unload groceries, luggage, and belongings with no need for the elevator, while the patio's location away from the pool offers a more peaceful and private setting. Ideally located just steps from the marina, Jackson Street Pier, and within walking distance to downtown Sandusky's vibrant dining, shopping, entertainment, events, and ferry access to the Lake Erie islands. Short-term rentals are permitted, offering the flexibility to enjoy as a private retreat, income-producing property, or a combination of both. A standout opportunity where value, location, and lifestyle come together effortlessly.

Key facts

• Fitness center
• Loft-style character
• Large pool

Tags

• FULLY FURNISHED
• MODERN FINISHES
• LOFT-STYLE CHARACTER
• LARGE POOL
• SPA
• FITNESS CENTER

Property features AI

Finance

• Other: Pets allowed with restrictions (cats and dogs OK; breed, number and size limits apply)
• HOA & community: Homeowners association managed by North Coast Property Management; Monthly HOA fee (approximately $332.63) covering management, common area maintenance, insurance, grounds and structure maintenance, pest control, pool, reserves, roof, sewer, snow removal, security, trash and water; Community amenities include fitness center, gated entry, and pool

Exterior

• Parking: Gated, paved off-street parking and shared parking lot
• Security: Gated community; Security service included in association amenities
• Utilities: Public water; Public sewer
• Home design: One entry-level story (unit on first floor); Part of a 3-story building; Flat roof
• Construction: Brick construction; Built (year per public records); Slab foundation
• Exterior features: Lakefront on Lake Erie with bay/harbor frontage and waterfront views; Association-managed pool (in-ground, heated, community/association); Gated access; Paved off-street parking and parking lot

Interior

• Kitchen: Main-level kitchen (approximately 12.5' x 8')
• Bedrooms: Two main-level bedrooms (approximately 11' x 10.5' and 12' x 10')
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Central air conditioning; Electric heating with forced air and heat pump
• Interior features: Updated/remodeled condition; Waterfront and view
• Laundry & utility: Common-area laundry with multiple locations

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $213k.

Deal economics

• At list price, monthly cash flow is $-194 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (3.5% below list).
• Recommended offer: $179k (16.1% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 83/100 on livability (#63 in OH, #929 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D-, employment F.
• Sandusky City (town): math 24% / reading 37% proficiency, ranked #583 of 656 in OH (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: The Sandusky Intermediate School (math 26% / reading 38%, grade F, #1,135 of 1,584 statewide, top 73%, 909 students, 0% FRL); Sandusky Middle School (math 25% / reading 32%, grade F, #580 of 654 statewide, top 89%, 468 students, 0% FRL); Sandusky High School (math 17% / reading 41%, grade F, #627 of 781 statewide, top 81%, 1,004 students, 0% FRL) — zoned schools average 0% FRL vs 71% district-wide (71 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 210 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• This rent runs 40% of the median local income ($62k/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 $1k of loan paydown is wiped out by about $6k 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 47 days — a 3% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y ago 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.
• Current owner paid $113k; list at $213k implies a 88% gain — meaningful room to come down on a strong offer.

Recommended offer $178,569 (16.1% 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 47 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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?
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: 0.97% ✗
• Cap rate: 5.20%
• Cash-on-cash: -3.91%
• DSCR: 0.83
• GRM: 8.6

CMA / ARV

• ARV (median comp): $295,509
• List price: $212,900
• Delta: -27.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -22.7%
• Equity multiple: 0.22×
• Total profit: $-46,633
• Equity at exit: $31,744

10-year hold

• IRR: -16.7%
• Equity multiple: 0.07×
• Total profit: $-55,554
• Equity at exit: $18,408

Cash invested: $59,612 (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 44870

• Active inventory: 210
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,055 medium
• Mortgage (P&I): −$1,116
• Tax from tax record: −$281 /mo · $3,368/yr
• Insurance: −$89
• HOA: −$332
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $-194

Break-even live

Break-even rent $2,301

Max offer price $178,569

Occupancy floor —

Sensitivity live

Price	-10% $-74	-5% $-134	+0% $-194	+5% $-255	+10% $-315
Rent	-10% $-357	-5% $-276	+0% $-194	+5% $-113	+10% $-32
Rate	-1.0pp $-87	-0.5pp $-140	base $-194	+0.5pp $-250	+1.0pp $-306

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: $53,225
• Closing costs: $6,387
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
156 E Market St Sandusky, OH	1.0–2.0	1.0–2.5	1266	$3,539	$2.79	45d	5	0.24mi
305 Perry St Sandusky, OH	1.0	1.0	750	$995	$1.33	45d	1	0.62mi

HOA detail condo

• Monthly dues: $332 · $3,984/yr
• Likely covers: waterpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-21
   days on market $212,900 Active 47 DOM
2. 2026-06-19
   days on market $212,900 Active 45 DOM
3. 2026-06-18
   days on market $212,900 Active 44 DOM
4. 2026-06-17
   days on market $212,900 Active 43 DOM
5. 2026-06-16
   days on market $212,900 Active 42 DOM
6. 2026-06-15
   days on market $212,900 Active 41 DOM
7. 2026-06-14
   days on market $212,900 Active 39 DOM
8. 2026-06-12
   days on market $212,900 Active 38 DOM
9. 2026-06-09
   days on market $212,900 Active 35 DOM
10. 2026-06-08
    days on market $212,900 Active 34 DOM
11. 2026-06-07
    days on market $212,900 Active 33 DOM
12. 2026-06-03
    days on market $212,900 Active 29 DOM
13. 2026-06-03
    price $212,900 Active 28 DOM
14. 2026-06-02
    days on market $214,900 Active 28 DOM

    Show marketing remark (1292 chars)

    Best value in Chesapeake Lofts - currently the lowest priced 2 bedroom, 2 full bath condo available! This is your opportunity to own in one of downtown Sandusky's most sought-after waterfront communities. This desirable first-floor residence is being offered fully furnished and turnkey, featuring modern finishes and signature loft-style character, offering both style and versatility with immediate possession available just in time to enjoy the full summer season. Residents enjoy premier amenities including a large pool, spa, fitness center, secured entry, and direct access to the city marina next door. Convenient first-floor living allows you to pull right up to the patio to easily unload groceries, luggage, and belongings with no need for the elevator, while the patio's location away from the pool offers a more peaceful and private setting. Ideally located just steps from the marina, Jackson Street Pier, and within walking distance to downtown Sandusky's vibrant dining, shopping, entertainment, events, and ferry access to the Lake Erie islands. Short-term rentals are permitted, offering the flexibility to enjoy as a private retreat, income-producing property, or a combination of both. A standout opportunity where value, location, and lifestyle come together effortlessly.

15. 2026-06-01
    days on market $214,900 Active 27 DOM
16. 2026-05-31
    days on market $214,900 Active 26 DOM
17. 2026-05-30
    days on market $214,900 Active 25 DOM
18. 2026-05-05
    listed $214,900 Active 1292-char remark

    Show marketing remark (1292 chars)

    Best value in Chesapeake Lofts - currently the lowest priced 2 bedroom, 2 full bath condo available! This is your opportunity to own in one of downtown Sandusky's most sought-after waterfront communities. This desirable first-floor residence is being offered fully furnished and turnkey, featuring modern finishes and signature loft-style character, offering both style and versatility with immediate possession available just in time to enjoy the full summer season. Residents enjoy premier amenities including a large pool, spa, fitness center, secured entry, and direct access to the city marina next door. Convenient first-floor living allows you to pull right up to the patio to easily unload groceries, luggage, and belongings with no need for the elevator, while the patio's location away from the pool offers a more peaceful and private setting. Ideally located just steps from the marina, Jackson Street Pier, and within walking distance to downtown Sandusky's vibrant dining, shopping, entertainment, events, and ferry access to the Lake Erie islands. Short-term rentals are permitted, offering the flexibility to enjoy as a private retreat, income-producing property, or a combination of both. A standout opportunity where value, location, and lifestyle come together effortlessly.

19. 2026-05-05
    listed $214,900 Active 1292-char remark

    Show marketing remark (1292 chars)

    Best value in Chesapeake Lofts - currently the lowest priced 2 bedroom, 2 full bath condo available! This is your opportunity to own in one of downtown Sandusky's most sought-after waterfront communities. This desirable first-floor residence is being offered fully furnished and turnkey, featuring modern finishes and signature loft-style character, offering both style and versatility with immediate possession available just in time to enjoy the full summer season. Residents enjoy premier amenities including a large pool, spa, fitness center, secured entry, and direct access to the city marina next door. Convenient first-floor living allows you to pull right up to the patio to easily unload groceries, luggage, and belongings with no need for the elevator, while the patio's location away from the pool offers a more peaceful and private setting. Ideally located just steps from the marina, Jackson Street Pier, and within walking distance to downtown Sandusky's vibrant dining, shopping, entertainment, events, and ferry access to the Lake Erie islands. Short-term rentals are permitted, offering the flexibility to enjoy as a private retreat, income-producing property, or a combination of both. A standout opportunity where value, location, and lifestyle come together effortlessly.

20. 2024-05-01
    historical
21. 2024-02-01
    listed $267,900 Active
22. 2024-01-15
    historical
23. 2023-07-22
    listed $269,900 Active
24. 2018-06-21
    soldstatus $113,000
25. 2018-06-21
    soldstatus $113,000
26. 2018-04-10
    listed $119,900
27. 2011-02-22
    historical
28. 2009-12-31
    historical
29. 2009-02-12
    listed $143,500
30. 2009-02-12
    listed $143,500
31. 2009-02-06
    historical
32. 2008-05-16
    listed $155,000

ⓘ 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: $3,368 · $281/mo
• Projected year-2 tax: $3,368 · $281/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,661
• − Mortgage interest: −$11,926
• − Property taxes: −$3,368
• − Insurance: −$1,064
• − Repairs & maintenance: −$1,973
• − Management: −$1,973
• − HOA: −$3,984
• − Depreciation: −$6,193
• Taxable loss: −$5,821
• Est. tax savings @ 24.0%: +$1,397
• After-tax cash flow: $-935/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: Sandusky City
• NCES district ID: 3904474
• Math proficiency: 24% ▼ -17.00%
• Reading proficiency: 37% ▼ -9.00%
• Median HH income: $34,583
• Composite: 25.1/100
• National rank: #7532
• State rank: #583 of 656 in OH

Livability — Sandusky

• Score: 83/100
• State rank: #63
• US rank: #929

Category grades

Amenities B Commute A+ Cost of living A+ Crime D- Employment F Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sandusky, OH
• County: Erie County · 39,883 people
• City population: 39,883
• Metro: Sandusky, OH
• Population (ZIP): 39,883
• Household income: $62,082
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 1602.0

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 (72%)
• Race & ethnicity: White 72% Black 15% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Romanian 3% Slovak 2% Subsaharan African 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -151.99%
• Current HPI: 209.6383
• Rent YoY: —
• Metro: Sandusky, OH
• 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

+37.4% since first listed

17 events — show timeline

• 2026-06-02 Price Changed $212,900 FAOR
• 2026-06-02 Price Changed $212,900 MLSNOW
• 2026-05-05 Listed $214,900 MLSNOW
• 2026-05-05 Listed $214,900 FAOR
• 2024-05-01 Listing Removed — MLSNOW
• 2024-02-01 Listed $267,900 MLSNOW
• 2024-01-15 Listing Removed — MLSNOW
• 2023-07-22 Listed $269,900 MLSNOW
• 2018-06-21 Sold (Public Records) $113,000 Public Records
• 2018-06-21 Sold (MLS) $113,000 FAOR
• 2018-04-10 Listed $119,900 FAOR
• 2011-02-22 Listing Removed — MLSNOW
• 2009-12-31 Listing Removed — MLSNOW
• 2009-02-12 Listed $143,500 MLSNOW
• 2009-02-12 Listed $143,500 MLSNOW
• 2009-02-06 Listing Removed — MLSNOW
• 2008-05-16 Listed $155,000 MLSNOW

Property tax history

+3.5%/yr

Latest (2025): $3,368 · -1.0% YoY. Source: county tax records.