We present an effective reduced-order model (ROM) technique to couple an incompressible flow with a transversely vibrating bluff body in a state-space format. The ROM of the unsteady wake flow is based on the Navier-Stokes equations and is constructed by means of an eigensystem realization algorithm (ERA). We investigate the underlying mechanism of vortex-induced vibration (VIV) of a circular cylinder at low Reynolds number via linear stability analysis. To understand the frequency lock-in mechanism and self-sustained VIV phenomenon, a systematic analysis is performed by examining the eigenvalue trajectories of the ERA-based ROM for a range of reduced oscillation frequency (F-s), while maintaining fixed values of the Reynolds number (Re) and mass ratio (m*). The effects of the Reynolds number Re, the mass ratio m* and the rounding of a square cylinder are examined to generalize the proposed ERA-based ROM for the VIV lock-in analysis. The considered cylinder configurations are a basic square with sharp corners, a circle and three intermediate rounded squares, which are created by varying a single rounding parameter. The results show that the two frequency lock-in regimes, the so-called resonance and flutter, only exist when certain conditions are satisfied, and the regimes have a strong dependence on the shape of the bluff body, the Reynolds number and the mass ratio. In addition, the frequency lock-in during VIV of a square cylinder is found to be dominated by the resonance regime, without any coupled-mode flutter at low Reynolds number. To further discern the influence of geometry on the VIV lock-in mechanism, we consider the smooth curve geometry of an ellipse and two sharp corner geometries of forward triangle and diamond-shaped bluff bodies. While the ellipse and diamond geometries exhibit the flutter and mixed resonance-flutter regimes, the forward triangle undergoes only the flutter-induced lock-in for 30 <= Re <= 100 at m* = 10. In the case of the forward triangle configuration, the ERA-based ROM accurately predicts the low-frequency galloping instability. We observe a kink in the amplitude response associated with 1: 3 synchronization, whereby the forward triangular body oscillates at a single dominant frequency but the lift force has a frequency component at three times the body oscillation frequency. Finally, we present a stability phase diagram to summarize the VIV lock-in regimes of the five smooth-curve-and sharp-corner-based bluff bodies. These findings attempt to generalize our understanding of the VIV lock-in mechanism for bluff bodies at low Reynolds number. The proposed ERA-based ROM is found to be accurate, efficient and easy to use for the linear stability analysis of VIV, and it can have a profound impact on the development of control strategies for nonlinear vortex shedding and VIV.