115 W Poplar Ave · Wildwood, NJ 08260

$1,850,000

70 bd · 49.0 ba · 4,476 sqft · MultiFamily public records · 1 Days on market

Built 1938

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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 +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Rare opportunity to acquire a Fully renovated 7-unit multifamily property across two separate buildings in the heart of Wildwood. This unique offering includes five 1-bedroom apartments and 1 3 bedroom unit and a 2 bedroom unit with screened in porch. Providing a strong mix of rental options appealing to both seasonal and year-round tenants. Both buildings are in excellent exterior condition and feature recently installed new roofs, minimizing immediate capital expenses. The property also includes on-site laundry, adding convenience for tenants and additional income potential. While the interiors could benefit from cosmetic updates, this presents a significant value-add opportunity for inve

Key facts

• Fully renovated
• Screened in porch
• New roofs

Tags

• FULLY RENOVATED
• MULTIFAMILY PROPERTY
• TWO SEPARATE BUILDINGS
• SCREENED IN PORCH
• ON-SITE LAUNDRY
• NEW ROOFS

Property features AI

Finance

• Financial info: Seven-unit multifamily property

Exterior

• Parking: Parking pad for 3 cars; Assigned parking; Concrete driveway; Shared driveway
• Utilities: City water and city sewer; Electric hot water; Separate electric and gas meters
• Home design: Suitable for Bed and Breakfast, Condo conversion, Multi-family/rooms, or Rooming house; Property listed for sale
• Exterior features: Patio, Deck, Enclosed/covered patio, Porch; Fenced yard; Outside shower

Interior

• Bedrooms: Seven units total: five units with 1 bedroom, one unit with 2 bedrooms, one unit with 3 bedrooms; Unit designations include a bottom unit and a mid unit
• Bathrooms: Each 1-bedroom and 2-bedroom unit has 1 bathroom; The 3-bedroom unit has 1 bathroom
• Heating & cooling: Gas (natural) heating and electric heating; Radiator heating; Multi-zone heating; Cooling via electric, ceiling fans, and wall AC
• Interior features: Blinds; Living room, Dining room, Den/TV room, Dining area, Florida room; Laundry/utility room; Crawl space and slab basement
• Laundry & utility: Laundry/utility room; Separate electric and gas meters

What this means for you Summary

Snapshot

• This is a 5×1bd/1ba + 1×3bd/1ba + 1×2bd/1ba units multifamily listed at $1.85M.

Deal economics

• At list price, monthly cash flow is $3k ($42k/yr) — positive. Per door: $499/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.85M).
• Cap rate 8.8% vs local median 5.6% in Wildwood — 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 74/100 on livability (#176 in NJ, #4,679 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment D, schools F, crime F.
• Wildwood City School District (suburban): math 12% / reading 27% proficiency, ranked #442 of 472 in NJ (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 431 active listings in the ZIP; 877 units permitted in Cape May County in 2024 (35 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $13k of loan paydown is wiped out by about $56k of value loss. Plan a longer hold.
• Cape May County population projected at -24% 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.
• Current owner paid $1.05M; list at $1.85M implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,850,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F 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?
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: 1.04% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.09%
• DSCR: 1.40
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -4.0%
• Equity multiple: 0.85×
• Total profit: $-77,488
• Equity at exit: $275,841

10-year hold

• IRR: 5.7%
• Equity multiple: 1.42×
• Total profit: $217,740
• Equity at exit: $159,954

Cash invested: $518,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 08260

• Home prices YoY: -30.7%
• Active inventory: 431
• Price-to-rent: 56.1×

Monthly cashflow live

• Estimated rent: $19,253 medium
• Mortgage (P&I): −$9,702
• Tax from tax record: −$815 /mo · $9,779/yr
• Insurance: −$771
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,043
• Net cashflow: $3,496

Break-even live

Break-even rent $14,828

Max offer price $1,850,000

Occupancy floor 77%

7-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$13,750
1× unit	3	1	$2,750
1× unit	2	1	$2,750
Total (7 units)			$19,253

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: $462,500
• Closing costs: $55,500
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-26
   listed $1,850,000 Active
2. 2026-04-22
   soldstatus $1,055,000
3. 2026-03-09
   soldstatus $899,999
4. 1980-01-04
   soldstatus $79,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $9,779 · $815/mo
• Projected year-2 tax: $27,922 · $2,327/mo
• Expected delta: +$18,143/yr (+$1,512/mo · 185.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥95°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $231,036
• − Mortgage interest: −$103,629
• − Property taxes: −$9,779
• − Insurance: −$14,368
• − Repairs & maintenance: −$18,483
• − Management: −$18,483
• − Depreciation: −$53,818
• Taxable income: $12,475
• Est. tax owed @ 24.0%: −$2,994
• After-tax cash flow: $38,957/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: Wildwood City School District
• NCES district ID: 3417940
• Math proficiency: 12% ▼ -6.00%
• Reading proficiency: 27% ▲ 5.00%
• Median HH income: $33,232
• Composite: 15.84/100
• National rank: #9261
• State rank: #442 of 472 in NJ

Livability — Wildwood

• Score: 74/100
• State rank: #176
• US rank: #4679

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wildwood, NJ
• Population (ZIP): 12,913

Population outlook (Cape May County) Hauer SSP2

• Today (2025): 88,234 people
• By 2030: 84,144 · -4.6%
• By 2040: 75,146 · -14.8%
• By 2050: 67,389 · -23.6%
• By 2075: 55,732 · -36.8%
• By 2100: 44,972 · -49.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 14% Two or more races 7% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 3%
• Common ancestry: Romanian 7% Slovak 2% Lithuanian 1%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 12% Other Indo-European 3% French/Haitian/Cajun 1%

Political lean MEDSL · Cape May

• 2024 margin: R (+19.2) · D 39.7% · R 58.9% · Other 1.4%
• 2008→2024 swing: -10.6pp toward R · 2008: -8.7pp · 2024: -19.2pp
• All cycles: 2024: R+19.2 2020: R+15.9 2016: R+19.9 2012: R+8.9 2008: R+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -243.83%
• Current HPI: 551.3393
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

+2227.0% since first listed

4 events — show timeline

• 2026-05-26 Listed $1,850,000 CMCMLS
• 2026-04-22 Sold (Public Records) $1,055,000 Public Records
• 2026-03-09 Sold (Public Records) $899,999 Public Records
• 1980-01-04 Sold (Public Records) $79,500 Public Records

Property tax history

+2.9%/yr

Latest (2025): $9,779 · +2.8% YoY. Source: county tax records.