220 E Leaming Ave #1 · Wildwood, NJ 08260

$325,000

2 bd · 1.0 ba · 864 sqft · Condo public records · 53 Days on market

Built 1948

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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 +24.0/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• 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

Listing remarks MLS

Welcome to your ideal summer escape in Wildwood! This top-floor 2-bedroom, 1-bath condo with OCEAN VIEWS is just two blocks from the beach and offers everything you need for easy coastal living. Take in the water views from your spacious private deck, perfect for relaxing or entertaining. Inside, you’ll find newer furniture and mattresses, a queen-size pull-out couch, and a recently installed stove in the well-equipped kitchen. The unit features a blend of tile flooring in the kitchen and bath with carpet in the living areas, combining comfort with practicality. Additional highlights include window and portable A/C units, portable electric heaters, a Ring camera, and a smart lock system for added convenience and peace of mind. Outside, there’s a side yard and private storage area, ideal for beach gear. The condo is being sold mostly furnished—a list of exclusions will be provided. This is a seasonal property, offering low-maintenance ownership and low HOA fees that include water, sewer, common area maintenance, and master insurances. Just two blocks from the beach, boardwalk, and all that Wildwood has to offer—don’t miss this opportunity to own your piece of the shore! Call today for a private showing!

Key facts

• Built 1948
• Listed 52 days

Property features AI

Finance

• HOA & community: Condo fee of $250

Exterior

• Utilities: City/public water; City/public sewer; Gas hot water
• Home design: Unit 1
• Exterior features: Deck/porch; Outside shower; Top floor unit; Water view; Year-round usage; Owners allowed pets

Interior

• Kitchen: Range; Oven; Refrigerator
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Space/wall/floor heating; Cooling: other (see remarks)
• Interior features: Drapes, curtains, shades, blinds and rugs included; Fireplace equipment included; Furniture included; 5 total rooms; Living room and storage space

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $325k.

Deal economics

• At list price, monthly cash flow is $637 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $325k).
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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, crime F, cost of living 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.
• Zoned schools: Glenwood Avenue Elementary School (math 8% / reading 27%, grade F, #1,065 of 1,303 statewide, top 83%, 396 students, 89% FRL); Wildwood Middle School (math 12% / reading 22%, grade F, #409 of 431 statewide, top 95%, 172 students, 87% FRL); Wildwood High School (math 22% / reading 47%, grade F, #239 of 399 statewide, top 61%, 263 students, 69% FRL) — zoned schools at 82% FRL track the district average.
• Market conditions: 436 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $10k 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

• It's been on market 53 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 16y 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 $190k; list at $325k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $315,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.08% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.40%
• DSCR: 1.37
• GRM: 7.7

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: -3.5%
• Equity multiple: 0.87×
• Total profit: $-12,113
• Equity at exit: $48,459

10-year hold

• IRR: 6.1%
• Equity multiple: 1.46×
• Total profit: $41,626
• Equity at exit: $28,100

Cash invested: $91,000 (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: 436
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $3,509 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$296 /mo · $3,550/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$737
• Net cashflow: $637

Break-even live

Break-even rent $2,703

Max offer price $325,000

Occupancy floor 77%

Sensitivity live

Price	-10% $821	-5% $729	+0% $637	+5% $545	+10% $453
Rent	-10% $360	-5% $498	+0% $637	+5% $776	+10% $914
Rate	-1.0pp $801	-0.5pp $720	base $637	+0.5pp $553	+1.0pp $467

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
124 W Heather Rd Unit 1309025P Wildwood Crest, NJ	2.0	1.0	699	$4,563	$6.53	45d	1	0.42mi
206 W Spencer Ave Wildwood, NJ	2.0	1.0	750	$2,000	$2.67	46d	1	0.64mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watersewerelectricinsurance
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-16
   days on market $325,000 Active 53 DOM
2. 2026-06-15
   days on market $325,000 Active 52 DOM
3. 2026-06-13
   days on market $325,000 Active 50 DOM
4. 2026-06-12
   days on market $325,000 Active 49 DOM
5. 2026-06-09
   days on market $325,000 Active 46 DOM
6. 2026-06-08
   days on market $325,000 Active 45 DOM
7. 2026-06-07
   days on market $325,000 Active 44 DOM
8. 2026-06-07
   days on market $325,000 Active 43 DOM
9. 2026-06-04
   days on market $325,000 Active 40 DOM
10. 2026-06-02
    days on market $325,000 Active 39 DOM
11. 2026-06-01
    days on market $325,000 Active 38 DOM
12. 2026-05-31
    days on market $325,000 Active 37 DOM
13. 2026-04-25
    listed $325,000 Active
14. 2026-04-18
    listed $325,000
15. 2025-08-21
    historical Withdrawn/Temp Off Market 1252-char remark

    Show marketing remark (1252 chars)

    Welcome to your ideal summer escape in Wildwood! This top-floor 2-bedroom, 1-bath condo with OCEAN VIEWS is just two blocks from the beach and offers everything you need for easy coastal living. Take in the water views from your spacious private deck, perfect for relaxing or entertaining. Inside, you’ll find newer furniture and mattresses, a queen-size pull-out couch, and a recently installed stove in the well-equipped kitchen. The unit features a blend of tile flooring in the kitchen and bath with carpet in the living areas, combining comfort with practicality. Additional highlights include window and portable A/C units, portable electric heaters, a Ring camera, and a smart lock system for added convenience and peace of mind. Outside, there’s a side yard and private storage area, ideal for beach gear. The condo is being sold mostly furnished—a list of exclusions will be provided. This is a seasonal property, offering low-maintenance ownership and low HOA fees that include water, sewer, common area maintenance, and master insurances. Just two blocks from the beach, boardwalk, and all that Wildwood has to offer—don’t miss this opportunity to own your piece of the shore! Call today for a private showing!

16. 2025-06-26
    status Under Contract 1252-char remark

    Show marketing remark (1252 chars)

    Welcome to your ideal summer escape in Wildwood! This top-floor 2-bedroom, 1-bath condo with OCEAN VIEWS is just two blocks from the beach and offers everything you need for easy coastal living. Take in the water views from your spacious private deck, perfect for relaxing or entertaining. Inside, you’ll find newer furniture and mattresses, a queen-size pull-out couch, and a recently installed stove in the well-equipped kitchen. The unit features a blend of tile flooring in the kitchen and bath with carpet in the living areas, combining comfort with practicality. Additional highlights include window and portable A/C units, portable electric heaters, a Ring camera, and a smart lock system for added convenience and peace of mind. Outside, there’s a side yard and private storage area, ideal for beach gear. The condo is being sold mostly furnished—a list of exclusions will be provided. This is a seasonal property, offering low-maintenance ownership and low HOA fees that include water, sewer, common area maintenance, and master insurances. Just two blocks from the beach, boardwalk, and all that Wildwood has to offer—don’t miss this opportunity to own your piece of the shore! Call today for a private showing!

17. 2025-06-04
    listed $310,000 Active 1252-char remark

    Show marketing remark (1252 chars)

    Welcome to your ideal summer escape in Wildwood! This top-floor 2-bedroom, 1-bath condo with OCEAN VIEWS is just two blocks from the beach and offers everything you need for easy coastal living. Take in the water views from your spacious private deck, perfect for relaxing or entertaining. Inside, you’ll find newer furniture and mattresses, a queen-size pull-out couch, and a recently installed stove in the well-equipped kitchen. The unit features a blend of tile flooring in the kitchen and bath with carpet in the living areas, combining comfort with practicality. Additional highlights include window and portable A/C units, portable electric heaters, a Ring camera, and a smart lock system for added convenience and peace of mind. Outside, there’s a side yard and private storage area, ideal for beach gear. The condo is being sold mostly furnished—a list of exclusions will be provided. This is a seasonal property, offering low-maintenance ownership and low HOA fees that include water, sewer, common area maintenance, and master insurances. Just two blocks from the beach, boardwalk, and all that Wildwood has to offer—don’t miss this opportunity to own your piece of the shore! Call today for a private showing!

18. 2021-12-09
    soldstatus $189,900
19. 2021-12-03
    soldstatus $189,900 Sold In-House 527-char remark

    Show marketing remark (527 chars)

    Turnkey, Immediate move in condition. Fully furnished 2nd floor front condo with ocean views two blocks to beach, 2bedrooms, 1 bath. Large pantry and galley kitchen, new refrigerator, stove in "as is" condition (1 burner nonfunctional). All rooms freshly painted, new beds and mattresses. Fully furnished as seen (including wall art and flat screen TV) plus new outdoor rattan deck furniture. New deck, outdoor shower, 2 outdoor cubbies for beach storage, large congregate area for owners' use and vehicle drop area.

20. 2021-10-27
    status Under Contract 527-char remark

    Show marketing remark (527 chars)

    Turnkey, Immediate move in condition. Fully furnished 2nd floor front condo with ocean views two blocks to beach, 2bedrooms, 1 bath. Large pantry and galley kitchen, new refrigerator, stove in "as is" condition (1 burner nonfunctional). All rooms freshly painted, new beds and mattresses. Fully furnished as seen (including wall art and flat screen TV) plus new outdoor rattan deck furniture. New deck, outdoor shower, 2 outdoor cubbies for beach storage, large congregate area for owners' use and vehicle drop area.

21. 2021-09-01
    listed $199,900 Active 527-char remark

    Show marketing remark (527 chars)

    Turnkey, Immediate move in condition. Fully furnished 2nd floor front condo with ocean views two blocks to beach, 2bedrooms, 1 bath. Large pantry and galley kitchen, new refrigerator, stove in "as is" condition (1 burner nonfunctional). All rooms freshly painted, new beds and mattresses. Fully furnished as seen (including wall art and flat screen TV) plus new outdoor rattan deck furniture. New deck, outdoor shower, 2 outdoor cubbies for beach storage, large congregate area for owners' use and vehicle drop area.

22. 2016-04-08
    soldstatus $102,000 Sold Coop by Member
23. 2016-03-10
    historical
24. 2016-02-23
    price $119,900
25. 2015-12-10
    listed $134,900 Active
26. 2011-02-11
    soldstatus $115,000
27. 2011-02-04
    soldstatus $115,000
28. 2010-10-20
    listed $139,000
29. 2005-06-17
    soldstatus $133,000
30. 2001-07-05
    soldstatus $42,000

ⓘ 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: $3,550 · $296/mo
• Projected year-2 tax: $5,821 · $485/mo
• Expected delta: +$2,271/yr (+$189/mo · 64.0%)

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

Taxation est. · year 1

• Rental income: $42,114
• − Mortgage interest: −$18,205
• − Property taxes: −$3,550
• − Insurance: −$1,625
• − Repairs & maintenance: −$3,369
• − Management: −$3,369
• − Depreciation: −$9,455
• Taxable income: $2,541
• Est. tax owed @ 24.0%: −$610
• After-tax cash flow: $7,033/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

+673.8% since first listed

18 events — show timeline

• 2026-04-25 Listed $325,000 CMCMLS
• 2026-04-18 Listed $325,000 CMCMLS
• 2025-08-21 Delisted — CMCMLS
• 2025-06-26 Pending — CMCMLS
• 2025-06-04 Listed $310,000 CMCMLS
• 2021-12-09 Sold (Public Records) $189,900 Public Records
• 2021-12-03 Sold (MLS) $189,900 CMCMLS
• 2021-10-27 Pending — CMCMLS
• 2021-09-01 Listed $199,900 CMCMLS
• 2016-04-08 Sold (MLS) $102,000 CMCMLS
• 2016-03-10 Delisted — CMCMLS
• 2016-02-23 Price Changed $119,900 CMCMLS
• 2015-12-10 Listed $134,900 CMCMLS
• 2011-02-11 Sold (Public Records) $115,000 Public Records
• 2011-02-04 Sold (MLS) $115,000 CMCMLS
• 2010-10-20 Listed $139,000 CMCMLS
• 2005-06-17 Sold (Public Records) $133,000 Public Records
• 2001-07-05 Sold (Public Records) $42,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $3,550 · +2.8% YoY. Source: county tax records.