6034 Conneaut Lgt

Vermilion, OH 44089

$405,000C+

4 bd · 2.5 ba · 2,098 sqft · Built 2022 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,696/mo
• Mortgage (P&I): −$2,124
• Tax + insurance: −$606
• HOA: −$0
• Vac / Maint / Mgmt: −$986
• Net cashflow: $980/mo
• Annual: $11,764/yr
• Cap rate: 9.20%
• Cash-on-cash: 10.37%
• DSCR: 1.46
• 1% rule: 1.16%
• Cash to close: $113,400

Investor read

• This is a 4-bed/2.5-bath single-family listed at $405k.
• 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).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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).
• Erie County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.
• 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.