515 Corson Tavern Rd Unit C-46 · Dennis, NJ 08230

$50,000

1 bd · 1.0 ba · 400 sqft · SingleFamily · 98 Days on market

Built 2004 Fair condition $125/sqft · 27% above area Est $39k · 27% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

;; Open House This Saturday – March 14 at 11:00 AM Please meet at the front office promptly at 11:00 AM, as the office closes at 11:30 AM. We will be giving a tour of the amenities and other available sites as well. Welcome to this cute cottage at Lake & Shore RV Resort – Unit C46. This unit features one bedroom downstairs and a loft upstairs and could potentially sleep up to eight people. It’s conveniently located close to the pool, lake, and water park, making it a great spot for summer fun. About the Resort: Lake & Shore RV Resort is open full-time from April 1 through October 27. During the winter season, the campground is open Friday through Monday (seasonal use only). Annual Lot Fee: $10,044 You must also be a member of Thousand Trails (membership cost varies) and complete a background check. Amenities Include: • Swimming pool • Lake access • Water park • Miniature golf • Basketball courts • Horseshoe pits • Adult gym & lounge • Huge arcade • Activities and entertainment all season long Come take a look and see everything Lake & Shore has to offer!

Key facts

• Water park
• Adult gym
• Lake access

Tags

• LAKE ACCESS
• WATER PARK
• MINIATURE GOLF
• BASKETBALL COURTS
• HORSESHOE PITS
• ADULT GYM

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $50k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $480 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $46k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Dennis Township School District (suburban): math 26% / reading 41% proficiency, ranked #284 of 472 in NJ (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 76 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 $346 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($46k) is reasonable based on typical stale-listing flexibility.

Recommended offer $45,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 2.09% ✓
• Cap rate: 17.81%
• Cash-on-cash: 41.12%
• DSCR: 2.83
• GRM: 4.0

CMA / ARV

• ARV (median comp): $39,426
• List price: $50,000
• Delta: 26.82%
• Verdict: OVERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
515 Corson Tavern Rd Unit E-52	0.10mi	1/1.0	384 (-4%)	7mo	$39,000	$102	83
515 Corson Tavern Rd Unit H35	0.10mi	2/1.0 (+1)	399 (-0%)	12mo	$100,000	$251	80
515 Corson Tavern Rd Unit K-7	0.10mi	2/1.0 (+1)	400 (0%)	12mo	$25,000	$63	80
515 Corson Tavern Rd Unit G-30	0.10mi	1/1.0	384 (-4%)	15mo	$47,000	$122	76
515 Corson Tavern Rd Unit I-10	0.10mi	2/1.0 (+1)	408 (+2%)	13mo	$49,000	$120	76
515 Corson Tavern Rd Unit D-44	0.10mi	2/2.0 (+1)	400 (0%)	13mo	$60,000	$150	76
515 Corson Tavern Unit K-3	0.10mi	2/1.0 (+1)	384 (-4%)	14mo	$40,000	$104	72
515 Corson Tavern Rd Unit F-32	0.10mi	2/2.0 (+1)	350 (-12%)	3mo	$34,000	$97	63

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: 37.7%
• Equity multiple: 2.60×
• Total profit: $22,469
• Equity at exit: $7,455

10-year hold

• IRR: 44.2%
• Equity multiple: 5.21×
• Total profit: $58,974
• Equity at exit: $4,323

Cash invested: $14,000 (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 08230

• Home prices YoY: -15.3%
• Active inventory: 76
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,045 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $480

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 49%

Sensitivity live

Price	-10% $514	-5% $497	+0% $480	+5% $462	+10% $445
Rent	-10% $397	-5% $438	+0% $480	+5% $521	+10% $562
Rate	-1.0pp $505	-0.5pp $492	base $480	+0.5pp $467	+1.0pp $454

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-17
   status $50,000 Pending 98 DOM
2. 2026-06-17
   days on market $50,000 Active 98 DOM
3. 2026-06-16
   days on market $50,000 Active 97 DOM
4. 2026-06-15
   days on market $50,000 Active 96 DOM
5. 2026-06-13
   days on market $50,000 Active 94 DOM
6. 2026-06-12
   days on market $50,000 Active 93 DOM
7. 2026-06-09
   days on market $50,000 Active 90 DOM
8. 2026-06-08
   days on market $50,000 Active 89 DOM
9. 2026-06-07
   days on market $50,000 Active 88 DOM
10. 2026-06-07
    days on market $50,000 Active 87 DOM
11. 2026-06-04
    days on market $50,000 Active 84 DOM
12. 2026-06-02
    days on market $50,000 Active 83 DOM
13. 2026-06-01
    days on market $50,000 Active 82 DOM
14. 2026-05-31
    days on market $50,000 Active 81 DOM
15. 2026-03-11
    listed $50,000 Active 1157-char remark

    Show marketing remark (1157 chars)

    ;; Open House This Saturday – March 14 at 11:00 AM Please meet at the front office promptly at 11:00 AM, as the office closes at 11:30 AM. We will be giving a tour of the amenities and other available sites as well. Welcome to this cute cottage at Lake & Shore RV Resort – Unit C46. This unit features one bedroom downstairs and a loft upstairs and could potentially sleep up to eight people. It’s conveniently located close to the pool, lake, and water park, making it a great spot for summer fun. About the Resort: Lake & Shore RV Resort is open full-time from April 1 through October 27. During the winter season, the campground is open Friday through Monday (seasonal use only). Annual Lot Fee: $10,044 You must also be a member of Thousand Trails (membership cost varies) and complete a background check. Amenities Include: • Swimming pool • Lake access • Water park • Miniature golf • Basketball courts • Horseshoe pits • Adult gym & lounge • Huge arcade • Activities and entertainment all season long Come take a look and see everything Lake & Shore has to offer!

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

Taxation est. · year 1

• Rental income: $12,536
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$1,003
• − Management: −$1,003
• − Depreciation: −$1,455
• Taxable income: $5,275
• Est. tax owed @ 24.0%: −$1,266
• After-tax cash flow: $4,491/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.

Condition & rehab AI · 13 photos

Fair 45/100 Cosmetic rehab

This cozy cottage at Lake & Shore RV Resort is in fair condition with some cosmetic repairs and maintenance needed. Painting and landscaping would significantly enhance its resale and rental value.

Repairs flagged

• Minor Patio furniture — The patio furniture appears slightly worn.
• Minor Patio area — The patio area could benefit from some cleaning and minor repairs.

Value-add opportunities

• Resale Painting the exterior and interior — Fresh paint can significantly improve the home's curb appeal and overall appearance.
• Rental Landscaping — A well-maintained yard can attract more renters and increase rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Patio furniture · The patio furniture appears slightly worn.	Minor	$500–3,000
Patio area · The patio area could benefit from some cleaning and minor repairs.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Painting the exterior and interior — Fresh paint can significantly improve the home's curb appeal and overall appearance. ↑
• Rental Landscaping — A well-maintained yard can attract more renters and increase rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Dennis Township School District
• NCES district ID: 3403840
• Math proficiency: 26% ▼ -27.00%
• Reading proficiency: 41% ▼ -9.00%
• Median HH income: $72,052
• Composite: 31.16/100
• National rank: #6055
• State rank: #284 of 472 in NJ

Livability — Dennis

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Ocean View, NJ
• Population (ZIP): 5,998

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 (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Romanian 6% Slovak 3% Iranian 2%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 97% English-only · Other Indo-European 2% Spanish 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: ▼ -62.62%
• Current HPI: 347.2196
• 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

1 event — show timeline

• 2026-03-11 Listed $50,000 BRIGHT MLS