5459 South St · Vermilion, OH 44089

$345,000

2 bd · 1.0 ba · 1,925 sqft · SingleFamily public records · 12 Days on market

Built 1880 0.34 ac lot $179/sqft · 21% above area Est $286k · 21% over ↓ 5% since listing

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Why this score? — see what drove the F 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 +5.8/30.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.3/10.0
• DSCR +0.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful 4-5 bedroom century home in the heart of Harbourtown Vermilion! Ideally located within walking distance to Downtown Vermilion, Main Street Beach, shopping, restaurants, and marinas. Situated on a large . 34-acre corner lot, this property offers exceptional space, charm, and convenience. The oversized 2-car garage with entrance on Exchange provides plenty of parking and storage. Inside, you’ll find an updated eat-in kitchen featuring maple cabinetry, abundant counter space, and plenty of storage. The large formal dining room with plush carpeting is perfect for gatherings, while the spacious living room offers plenty of room to relax and entertain. The first floor includes a l

Key facts

• Updated electrical
• Large corner lot
• Newer vinyl siding

Tags

• LARGE CORNER LOT
• UPDATED EAT-IN KITCHEN
• REMODELED FULL BATH
• NEWER VINYL SIDING
• UPDATED ELECTRICAL
• HIGH-EFFICIENCY GAS FURNACE

Property features AI

Exterior

• Parking: Detached garage; Two garage spaces; Oversized garage with workshop; Driveway parking; Additional gravel parking; Garage faces side; Garage with electricity and garage door opener
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Two stories (three total stories including basement/levels); Faces north; Combination of brick, stone and vinyl siding exterior
• Construction: Built per public records; Brick, stone and vinyl siding construction; Asphalt/fiberglass shingle roof; Block/brick/mortar/stone foundation (combination)
• Exterior features: Covered and open porch areas (front, side); Deck; Patio; Garage(s) and workshop; Smoke detectors

Interior

• Kitchen: Eat-in kitchen layout; Range; Microwave; Refrigerator; Linoleum flooring in kitchen
• Bedrooms: Two main-level bedrooms; One first-floor bedroom; Two second-floor bedrooms
• Flooring: Carpet in living areas and bedrooms; Linoleum in kitchen and bath; Concrete flooring in basement laundry and utility areas
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced-air gas heating; Central air conditioning; ENERGY STAR qualified HVAC equipment
• Interior features: Built-in bookcases; Ceiling fan(s); Eat-in kitchen; Primary bedroom on main floor; Double-pane windows; ENERGY STAR qualified windows; Window screens
• Laundry & utility: Washer and dryer included; Laundry on lower level; Basement utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $345k.

Deal economics

• At list price, monthly cash flow is $-687 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (35.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (47.1% below list).
• Recommended offer: $182k (47.1% below list) — sets the bar for 1% rule.
• Cap rate 3.9% vs local median 6.2% in Vermilion — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• This rent runs 30% of the median local income ($72k/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 $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.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $182,471 (47.1% 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. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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.
7. 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.
8. 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: 0.53% ✗
• Cap rate: 3.90%
• Cash-on-cash: -8.54%
• DSCR: 0.62
• GRM: 15.8

CMA / ARV

• ARV (median comp): $285,960
• List price: $345,000
• Delta: 20.65%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
920 Douglas St	0.11mi	3/1.5 (+1)	1,998 (+4%)	17mo	$299,000	$150	67
1131 State St	0.37mi	3/2.5 (+1)	1,927 (+0%)	14mo	$292,000	$152	60
856 Tappan Cir	0.54mi	3/2.5 (+1)	1,966 (+2%)	2mo	$355,000	$181	59
5164 Langfitt St	0.31mi	3/2.0 (+1)	1,756 (-9%)	7mo	$240,000	$137	56
5229 Devon Dr	0.33mi	3/2.0 (+1)	1,671 (-13%)	1mo	$235,000	$141	53
5105 Park Dr	0.46mi	3/2.5 (+1)	2,128 (+10%)	8mo	$889,000	$418	43
5231 South St	0.21mi	3/2.0 (+1)	2,208 (+15%)	17mo	$350,000	$159	43
765 Riverside Dr	0.63mi	2/1.0	1,690 (-12%)	9mo	$342,000	$202	42
1299 State Rd	0.59mi	3/2.0 (+1)	1,893 (-2%)	22mo	$275,000	$145	42
5945 Cape Hatteras Dr	0.70mi	3/2.0 (+1)	1,764 (-8%)	7mo	$399,990	$227	38
914 York Ct	0.61mi	3/3.0 (+1)	1,876 (-2%)	22mo	$323,500	$172	36
6004 Conneaut Light Dr	0.68mi	3/3.0 (+1)	1,771 (-8%)	19mo	$322,500	$182	26

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: -31.5%
• Equity multiple: -0.03×
• Total profit: $-99,809
• Equity at exit: $51,441

10-year hold

• IRR: -35.5%
• Equity multiple: -0.49×
• Total profit: $-143,805
• Equity at exit: $29,829

Cash invested: $96,600 (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: 15.8×

Monthly cashflow live

• Estimated rent: $1,825 medium
• Mortgage (P&I): −$1,809
• Tax from tax record: −$176 /mo · $2,110/yr
• Insurance: −$144
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $-687

Break-even live

Break-even rent $2,695

Max offer price $223,585

Occupancy floor —

Sensitivity live

Price	-10% $-492	-5% $-590	+0% $-687	+5% $-785	+10% $-883
Rent	-10% $-831	-5% $-759	+0% $-687	+5% $-615	+10% $-543
Rate	-1.0pp $-514	-0.5pp $-600	base $-687	+0.5pp $-777	+1.0pp $-868

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: $86,250
• Closing costs: $10,350
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-15
   listed $365,000 Active 1452-char remark

ⓘ 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: $2,110 · $176/mo
• Projected year-2 tax: $3,746 · $312/mo
• Expected delta: +$1,636/yr (+$136/mo · 77.5%)

ⓘ 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: $21,897
• − Mortgage interest: −$19,325
• − Property taxes: −$2,110
• − Insurance: −$1,725
• − Repairs & maintenance: −$1,752
• − Management: −$1,752
• − Depreciation: −$10,036
• Taxable loss: −$14,804
• Est. tax savings @ 24.0%: +$3,553
• After-tax cash flow: $-4,695/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

-5.5% since first listed

3 events — show timeline

• 2026-05-27 Pending — MLSNOW
• 2026-05-20 Price Changed $345,000 MLSNOW
• 2026-05-15 Listed $365,000 MLSNOW

Property tax history

-0.3%/yr

Latest (2025): $2,110 · -20.1% YoY. Source: county tax records.