115 W Spencer Ave · Wildwood, NJ 08260

$804,900

4 bd · 3.5 ba · 2,350 sqft · SingleFamily

Built 2026 Excellent condition Est $811k · at est.

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Why this score? — see what drove the D+ 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 +18.4/30.0
• ARV discount +7.8/15.0
• DSCR +5.8/10.0
• 1% rule +4.9/10.0
• Condition / age +4.8/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

READY FOR MAY 2026! Welcome to Seaside Solis - an exclusive new community where luxury, comfort, and connection come together in perfect balance. This premier enclave features 18 fee-simple townhomes, each individually deeded and insured, arranged in six buildings of three homes each to create a beautiful neighborhood. At the heart of Seaside Solis is the resort-style pool - the perfect place to relax, refresh, and connect. Lounge under the sun, take a leisurely swim, or mingle with neighbors in a serene setting. Nearby, a dedicated kiddie pool offers a safe, fun spot for little ones to splash and play. The expansive community recreation area is ideal for gatherings of all kinds. From fam

Key facts

• Garage
• Pool
• Built 2026

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath single-family listed at $805k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $758 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $800k (0.6% below list).
• Recommended offer: $800k (0.6% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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; 1 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 $6k of loan paydown is wiped out by about $24k 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 0 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $800,000 (0.6% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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?
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: 0.99% ✗
• Cap rate: 7.42%
• Cash-on-cash: 4.03%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $810,750
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 W Spencer Ave	0.00mi	4/3.5	2,350 (0%)	1mo	$804,900	$343	99
109 W Spencer Ave	0.01mi	4/3.5	2,350 (0%)	1mo	$809,900	$345	99
103 W Spencer Ave	0.02mi	4/3.5	2,350 (0%)	1mo	$809,900	$345	98
113 W Spencer Ave	0.00mi	4/3.5	2,400 (+2%)	1mo	$829,000	$345	96
111 W Spencer Ave	0.01mi	4/3.5	2,400 (+2%)	1mo	$830,000	$346	95
117 W Spencer Ave	0.00mi	4/3.5	2,400 (+2%)	1mo	$815,000	$340	95
105 W Spencer Ave	0.01mi	4/3.5	2,400 (+2%)	1mo	$829,900	$346	95
112 W Spicer Ave	0.04mi	4/3.5	2,400 (+2%)	9mo	$829,000	$345	87
108 W Spicer Ave	0.04mi	4/3.5	2,400 (+2%)	11mo	$804,900	$335	86
430 W Pine Ave	0.45mi	4/2.5	2,211 (-6%)	10mo	$845,000	$382	57
625 W Montgomery Ave	0.63mi	4/3.5	2,150 (-8%)	9mo	$999	—	49
531 W Montgomery Ave	0.50mi	3/2.0 (-1)	2,204 (-6%)	12mo	$819,900	$372	46

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: -10.0%
• Equity multiple: 0.64×
• Total profit: $-82,061
• Equity at exit: $120,013

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-8,842
• Equity at exit: $69,593

Cash invested: $225,372 (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: 8.4×

Monthly cashflow live

• Estimated rent: $8,000 medium
• Mortgage (P&I): −$4,221
• Tax est. 1.5%: −$1,006 /mo · $12,074/yr
• Insurance: −$335
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,680
• Net cashflow: $758

Break-even live

Break-even rent $7,041

Max offer price $804,900

Occupancy floor 86%

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: $201,225
• Closing costs: $24,147
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
536 W Montgomery Ave Wildwood, NJ	4.0	4.0	3059	$8,000	$2.62	43d	1	0.51mi

Listing history 1 events

1. 2025-06-04
   listed $804,900

ⓘ 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: $96,000
• − Mortgage interest: −$45,087
• − Property taxes: −$12,074
• − Insurance: −$4,024
• − Repairs & maintenance: −$7,680
• − Management: −$7,680
• − Depreciation: −$23,415
• Taxable loss: −$3,960
• Est. tax savings @ 24.0%: +$950
• After-tax cash flow: $10,041/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 · 3 photos

Excellent 95/100 None rehab

This single-family home is in excellent condition with no visible repairs or maintenance needed. It is move-in ready and offers a great opportunity for investment with potential for both resale and rental value increases through minor updates.

Value-add opportunities

• Both Painting the exterior — A fresh coat of paint can enhance the curb appeal and increase both resale and rental value.
• Both Landscaping improvements — Enhancing the landscaping can improve the overall aesthetic and increase both resale and rental value.
• Both Interior updates — Updating the interior can make the home more appealing and increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — A fresh coat of paint can enhance the curb appeal and increase both resale and rental value. ↑
• Both Landscaping improvements — Enhancing the landscaping can improve the overall aesthetic and increase both resale and rental value. ↑
• Both Interior updates — Updating the interior can make the home more appealing and increase both resale and 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: 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

1 event — show timeline

• 2025-06-04 Listed $804,900 CMCMLS