6034 Conneaut Lgt · Vermilion, OH 44089

$405,000

4 bd · 2.5 ba · 2,098 sqft · SingleFamily · 1 Days on market

Built 2022 9,147 sqft lot Est $394k · at est.

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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 +25.8/30.0
• DSCR +8.6/10.0
• 1% rule +6.6/10.0
• ARV discount +6.3/15.0
• 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

Welcome to Amato Homes latest 2098 floorplan in Lighthouse Estates! This fabulous neighborhood boasts no HOA. Sidewalks and easy 1 mile walk to downtown Vermilion! This floorplan has a large kitchen with island and pantry open to the family room. A front flex room and second floor loft add to the homes living space. Large master bedroom with on suite full bath - double sinks, shower/soaking tub and large walk-in closet. 2nd floor laundry. All soft-close cabinetry and granite countertops. Built with energy efficient materials on a full basement.

Key facts

• Large pantry
• Expansive loft
• Versatile front room

Tags

• OPEN CONCEPT FLOOR PLAN
• SPACIOUS EAT IN KITCHEN
• LARGE PANTRY
• VERSATILE FRONT ROOM
• EXPANSIVE LOFT
• PRIVATE PRIMARY SUITE

Property features AI

Exterior

• Parking: Attached 2-car garage; Paved driveway; Electric vehicle charging station(s)
• Utilities: Public water; Public sewer
• Home design: Two-story home; Vinyl siding
• Construction: Asphalt/fiberglass roof
• Exterior features: Patio; Wood fencing (fenced yard)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range
• Bathrooms: Two full bathrooms; One half bathroom; One main-level bathroom
• Heating & cooling: Central air conditioning; Forced air heating (gas)
• Interior features: Full basement
• Laundry & utility: Upper-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $405k.

Deal economics

• At list price, monthly cash flow is $980 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $405k).
• Cap rate 9.2% 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 $4,696/mo this rent would consume 78% 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 $3k of loan paydown is wiped out by about $12k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y 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 $339k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $405,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.16% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.37%
• DSCR: 1.46
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $394,424
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6031 Conneaut Light Dr	0.04mi	4/2.5	2,098 (0%)	10mo	$395,000	$188	90
6035 Conneaut Light Dr	0.03mi	4/2.5	2,098 (0%)	12mo	$392,000	$187	88
5939 Cape Hatteras Dr	0.09mi	4/3.0	2,101 (+0%)	8mo	$399,990	$190	87
6039 Conneaut Light Dr	0.05mi	4/4.0	2,101 (+0%)	6mo	$395,000	$188	87
5942 Cape Hatteras Dr	0.08mi	4/3.0	2,101 (+0%)	10mo	$410,052	$195	86
S/L 65 Cape Hatteras Dr	0.08mi	4/3.0	2,202 (+5%)	15mo	$459,990	$209	74
1019 Jackson St	0.24mi	3/2.0 (-1)	2,184 (+4%)	2mo	$243,000	$111	73
856 Tappan Cir	0.32mi	3/2.5 (-1)	1,966 (-6%)	2mo	$355,000	$181	68
1080 Oakwood Dr	0.15mi	5/2.0 (+1)	1,807 (-14%)	12mo	$260,000	$144	53
880 Exchange St	0.61mi	3/2.0 (-1)	2,230 (+6%)	6mo	$315,000	$141	49
1131 State St	0.46mi	3/2.5 (-1)	1,927 (-8%)	14mo	$292,000	$152	49
307 Chardonnay Cir	0.65mi	4/3.0	1,811 (-14%)	15mo	$389,500	$215	33

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: -0.7%
• Equity multiple: 0.97×
• Total profit: $-3,160
• Equity at exit: $60,387

10-year hold

• IRR: 8.9%
• Equity multiple: 1.69×
• Total profit: $77,763
• Equity at exit: $35,017

Cash invested: $113,400 (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: 7.2×

Monthly cashflow live

• Estimated rent: $4,696 medium
• Mortgage (P&I): −$2,124
• Tax from tax record: −$437 /mo · $5,244/yr
• Insurance: −$169
• HOA: −$0
• Vacancy / Maint / Mgmt: −$986
• Net cashflow: $980

Break-even live

Break-even rent $3,455

Max offer price $405,000

Occupancy floor 74%

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: $101,250
• Closing costs: $12,150
• 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	2d	1	0.40mi
5012 Hollyview Dr Unit 1496126P Vermilion, OH	4.0	1.5	1679	$8,362	$4.98	44d	1	1.18mi
4861 Pineview Dr Unit 1496121P Vermilion, OH	5.0	2.0	2055	$6,645	$3.23	2d	1	1.20mi

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $405,000 Active 1 DOM

ⓘ 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: $5,244 · $437/mo
• Projected year-2 tax: $5,781 · $482/mo
• Expected delta: +$537/yr (+$45/mo · 10.2%)

ⓘ 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: $56,354
• − Mortgage interest: −$22,686
• − Property taxes: −$5,244
• − Insurance: −$2,025
• − Repairs & maintenance: −$4,508
• − Management: −$4,508
• − Depreciation: −$11,782
• Taxable income: $5,600
• Est. tax owed @ 24.0%: −$1,344
• After-tax cash flow: $10,420/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

+20.9% since first listed

7 events — show timeline

• 2026-06-18 Listed $405,000 MLSNOW
• 2022-06-17 Pending — MLSNOW
• 2022-06-07 Sold (MLS) $338,800 FAOR
• 2022-06-07 Sold (MLS) $338,800 MLSNOW
• 2022-02-28 Contingent — MLSNOW
• 2022-02-17 Listed $334,900 FAOR
• 2022-02-17 Listed $334,900 MLSNOW

Property tax history

+27.8%/yr

Latest (2025): $5,244 · -0.5% YoY. Source: county tax records.