3120 West Ave #1st Fl. · Ocean City, NJ 08226

$850,000

3 bd · 2.0 ba · 1,176 sqft · Condo · 70 Days on market

Built 1988 Good condition

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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 +12.4/30.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• DSCR +3.7/10.0
• Schools +3.7/10.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fully furnished and ready for summer memories. This first-floor West Ave condo between 31st and 32nd is three blocks to the beach, eight blocks to the boardwalk, and minutes from the 34th Street Bridge for easy on and off island access. It also comes with something you almost never find at this value: an attached one-car garage with auto opener, ground-floor storage, and an enclosed outside shower. The open layout connects the kitchen, dining area, and living room in one easy flow. LVP flooring runs through the main living space, built to handle shore life. The kitchen has granite countertops, a center island with bar seating, pendant lighting, and a full stainless steel appliance package.

Key facts

• Ground floor storage
• Open layout
• Granite countertops

Tags

• ATTACHED ONE CAR GARAGE
• GROUND FLOOR STORAGE
• ENCLOSED OUTSIDE SHOWER
• OPEN LAYOUT
• GRANITE COUNTERTOPS
• CENTER ISLAND

Property features AI

Finance

• Other: Property listed for sale; Located in floodplain; Zoned R1
• HOA & community: Managed by co-owner

Exterior

• Parking: One exterior parking space; Attached one-car garage with automatic door opener
• Utilities: Public water; Public sewer; Electric water heater
• Home design: Condo unit in West Ave; Two-story building; Unit has one level; Unit faces first floor
• Construction: Building is 25+ years old
• Exterior features: Vinyl siding; Deck/porch; Outside shower; Pets allowed

Interior

• Kitchen: Electric stove; Microwave; Dishwasher; Refrigerator
• Bedrooms: Unit is on the first floor
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced-air heating (natural gas)
• Interior features: Blinds and curtains; Furnished; Dining area; Eat-in kitchen; Laundry/utility room; Kitchen center island; Master bath
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $850k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-134 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $831k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $727k (14.5% below list).
• Recommended offer: $727k (14.5% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.3% in Ocean City — 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 80/100 on livability (#72 in NJ, #1,762 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, health & safety A+; Watch: housing D+, cost of living F.
• Ocean City School District (urban): math 31% / reading 53% proficiency, ranked #212 of 472 in NJ (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ocean City Primary School (math 54% / reading 42%, grade D, #299 of 1,303 statewide, top 23%, 280 students, 31% FRL); Ocean City Intermediate School (math 26% / reading 49%, grade F, #217 of 431 statewide, top 51%, 370 students, 27% FRL); Ocean City High School (math 33% / reading 63%, grade D, #117 of 399 statewide, top 30%, 1,215 students, 13% FRL) — zoned schools at 24% FRL track the district average.
• Market conditions: 427 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 $26k 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 70 days — a 6% lower offer ($799k) is reasonable based on typical stale-listing flexibility.

Recommended offer $726,600 (14.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
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: 0.85% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.68%
• DSCR: 0.97
• GRM: 9.7

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: -17.4%
• Equity multiple: 0.39×
• Total profit: $-146,163
• Equity at exit: $126,738

10-year hold

• IRR: -9.4%
• Equity multiple: 0.42×
• Total profit: $-137,821
• Equity at exit: $73,492

Cash invested: $238,000 (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 08226

• Active inventory: 427
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $7,266 medium
• Mortgage (P&I): −$4,457
• Tax est. 1.5%: −$1,062 /mo · $12,750/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,526
• Net cashflow: $-134

Break-even live

Break-even rent $7,436

Max offer price $830,607

Occupancy floor 97%

Sensitivity live

Price	-10% $453	-5% $160	+0% $-134	+5% $-428	+10% $-721
Rent	-10% $-708	-5% $-421	+0% $-134	+5% $153	+10% $440
Rate	-1.0pp $294	-0.5pp $82	base $-134	+0.5pp $-354	+1.0pp $-578

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3136 Haven Ave Unit 1309026P Ocean City, NJ	3.0	2.0	1194	$7,266	$6.09	45d	1	0.05mi

HOA detail condo

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

Listing history 2 events

1. 2026-04-14
   historical Under Contract
2. 2026-03-18
   listed $850,000 Active

ⓘ 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: $87,192
• − Mortgage interest: −$47,613
• − Property taxes: −$12,750
• − Insurance: −$4,250
• − Repairs & maintenance: −$6,975
• − Management: −$6,975
• − Depreciation: −$24,727
• Taxable loss: −$16,099
• Est. tax savings @ 24.0%: +$3,864
• After-tax cash flow: $2,256/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

Good 75/100 Cosmetic rehab

This well-maintained, fully-furnished condo is ready for summer and offers a great value with an attached garage and enclosed outside shower.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace worn-out carpet — Improves comfort and aesthetics
• Both Upgrade kitchen appliances — Modernizes the space and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace worn-out carpet — Improves comfort and aesthetics ↑
• Both Upgrade kitchen appliances — Modernizes the space and adds 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: Ocean City School District
• NCES district ID: 3411970
• Math proficiency: 31% ▼ -12.00%
• Reading proficiency: 53% ▼ -9.00%
• Median HH income: $60,444
• Composite: 37.07/100
• National rank: #4506
• State rank: #212 of 472 in NJ

Livability — Ocean City

• Score: 80/100
• State rank: #72
• US rank: #1762

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean City, NJ
• City population: 11,260
• Population (ZIP): 11,260

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Black 2% Two or more races 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Romanian 6% Slovak 2% Scotch-Irish 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 8% Russian/Polish/Slavic 2% Other Indo-European 2%

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: ▼ -381.90%
• Current HPI: 389.3687
• 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

2 events — show timeline

• 2026-04-14 Contingent — SJSRMLS
• 2026-03-18 Listed $850,000 SJSRMLS