935 Ocean Ave #228 · Ocean City, NJ 08226

$517,900

2 bd · 1.0 ba · 778 sqft · Condo public records · 4 Days on market

Built 1977 $510/mo HOA · 9% of rent

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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 +22.5/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +6.2/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Wake up to ocean breezes and the rhythm of the waves in this beautifully located two-bedroom, one-and-a-half-bath condo on the Ocean City, NJ boardwalk. Perfectly positioned for effortless coastal living, this condo puts the beach, boardwalk shops, dining, and entertainment just steps from your door. This one-bedroom condo was renovated and magically transferred into a 1BR + den, the separate private den even includes a closet. Inside, the condo offers a bright, open living area ideal for relaxing after a day in the sun or entertaining guests. The well-appointed kitchen flows seamlessly into the dining and living spaces, while two comfortable bedrooms provide a peaceful retreat. The convenient half bath adds extra functionality for hosting family and friends. Enjoy exclusive access to a heated pool, ideal for relaxing swims throughout the season, along with a well equipped fitness center. Challenge friends to a match on the Pickleball or basketball courts, unwind in the vibrant game room, or gather with neighbors in the spacious community room. This beautifully appointed residence is sold fully furnished and equipped (minus personal items) offering a truly turnkey opportunity for effortless ownership.

Key facts

• Fitness center
• Pickleball courts
• Private den

Tags

• PRIVATE DEN
• HEATED POOL
• FITNESS CENTER
• PICKLEBALL COURTS
• BASKETBALL COURTS
• GAME ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $518k.

Deal economics

• At list price, monthly cash flow is $445 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $518k).
• Cap rate 8.3% 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.
• Market conditions: 426 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $4k of loan paydown is wiped out by about $16k 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 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 24y 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 $240k; list at $518k implies a 116% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $517,900

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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: 1.12% ✓
• Cap rate: 8.31%
• Cash-on-cash: 7.21%
• DSCR: 1.32
• GRM: 7.4

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: -10.4%
• Equity multiple: 0.62×
• Total profit: $-55,164
• Equity at exit: $77,221

10-year hold

• IRR: -1.0%
• Equity multiple: 0.93×
• Total profit: $-9,815
• Equity at exit: $44,779

Cash invested: $145,012 (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: 426
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $5,798 medium
• Mortgage (P&I): −$2,716
• Tax from tax record: −$267 /mo · $3,206/yr
• Insurance: −$216
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$510
• Vacancy / Maint / Mgmt: −$1,218
• Net cashflow: $445

Break-even live

Break-even rent $5,235

Max offer price $517,900

Occupancy floor 87%

Sensitivity live

Price	-10% $738	-5% $591	+0% $445	+5% $298	+10% $152
Rent	-10% $-13	-5% $216	+0% $445	+5% $674	+10% $903
Rate	-1.0pp $706	-0.5pp $577	base $445	+0.5pp $311	+1.0pp $174

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: $129,475
• Closing costs: $15,537
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
935 Ocean Ave Ocean City, NJ	1.0–3.0	1.0–2.5	1112	$5,350	$4.81	44d	1	0.06mi
714 West Ave Unit 1308989P Ocean City, NJ	2.0	1.0	742	$6,384	$8.60	44d	1	0.46mi
1142 Simpson Ave Unit 1308992P Ocean City, NJ	3.0	2.0	1097	$7,788	$7.10	44d	1	0.55mi
101 West Ave Unit 1309011P Ocean City, NJ	3.0	1.0	990	$5,019	$5.07	44d	1	0.97mi

HOA detail condo

• Monthly dues: $510 · $6,120/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-21
   days on market $517,900 Active 4 DOM
2. 2026-06-18
   days on market $517,900 Active 2 DOM
3. 2026-06-17
   pricedays on marketlisting id $517,900 Active 1 DOM
4. 2026-05-31
   days on market $519,900 Active 120 DOM
5. 2026-03-17
   price $519,900 1220-char remark

   Show marketing remark (1220 chars)

   Wake up to ocean breezes and the rhythm of the waves in this beautifully located two-bedroom, one-and-a-half-bath condo on the Ocean City, NJ boardwalk. Perfectly positioned for effortless coastal living, this condo puts the beach, boardwalk shops, dining, and entertainment just steps from your door. This one-bedroom condo was renovated and magically transferred into a 1BR + den, the separate private den even includes a closet. Inside, the condo offers a bright, open living area ideal for relaxing after a day in the sun or entertaining guests. The well-appointed kitchen flows seamlessly into the dining and living spaces, while two comfortable bedrooms provide a peaceful retreat. The convenient half bath adds extra functionality for hosting family and friends. Enjoy exclusive access to a heated pool, ideal for relaxing swims throughout the season, along with a well equipped fitness center. Challenge friends to a match on the Pickleball or basketball courts, unwind in the vibrant game room, or gather with neighbors in the spacious community room. This beautifully appointed residence is sold fully furnished and equipped (minus personal items) offering a truly turnkey opportunity for effortless ownership.

6. 2026-01-31
   listed $529,900 Active 1220-char remark

   Show marketing remark (1220 chars)

   Wake up to ocean breezes and the rhythm of the waves in this beautifully located two-bedroom, one-and-a-half-bath condo on the Ocean City, NJ boardwalk. Perfectly positioned for effortless coastal living, this condo puts the beach, boardwalk shops, dining, and entertainment just steps from your door. This one-bedroom condo was renovated and magically transferred into a 1BR + den, the separate private den even includes a closet. Inside, the condo offers a bright, open living area ideal for relaxing after a day in the sun or entertaining guests. The well-appointed kitchen flows seamlessly into the dining and living spaces, while two comfortable bedrooms provide a peaceful retreat. The convenient half bath adds extra functionality for hosting family and friends. Enjoy exclusive access to a heated pool, ideal for relaxing swims throughout the season, along with a well equipped fitness center. Challenge friends to a match on the Pickleball or basketball courts, unwind in the vibrant game room, or gather with neighbors in the spacious community room. This beautifully appointed residence is sold fully furnished and equipped (minus personal items) offering a truly turnkey opportunity for effortless ownership.

7. 2014-02-12
   soldstatus $240,000
8. 2014-01-30
   soldstatus $240,000 231-char remark

   Show marketing remark (231 chars)

   Bank approved short sale. Ideally located on the boardwalk & well maintained condo featuring 2 bedrooms, 1 full bath. Clubhouse w/ Pool, Sauna, Tennis Courts, Playground, Deck, Fenced Yard, Outside shower, Security, Elevator.

9. 2014-01-29
   soldstatus $240,000
10. 2013-09-28
    historical 231-char remark

    Show marketing remark (231 chars)

    Bank approved short sale. Ideally located on the boardwalk & well maintained condo featuring 2 bedrooms, 1 full bath. Clubhouse w/ Pool, Sauna, Tennis Courts, Playground, Deck, Fenced Yard, Outside shower, Security, Elevator.

11. 2013-08-28
    historical
12. 2013-08-21
    listed $285,000 231-char remark

    Show marketing remark (231 chars)

    Bank approved short sale. Ideally located on the boardwalk & well maintained condo featuring 2 bedrooms, 1 full bath. Clubhouse w/ Pool, Sauna, Tennis Courts, Playground, Deck, Fenced Yard, Outside shower, Security, Elevator.

13. 2013-08-13
    historical
14. 2013-02-19
    listed $285,000
15. 2013-02-19
    listed $285,000
16. 2005-10-07
    soldstatus $355,000
17. 2005-10-03
    soldstatus $355,000
18. 2005-08-02
    historical
19. 2005-07-02
    listed $363,000
20. 2002-11-22
    soldstatus $235,000
21. 2002-11-15
    soldstatus $235,000
22. 2002-10-30
    historical
23. 2002-09-09
    listed $269,900
24. 1994-02-07
    soldstatus $98,000
25. 1986-10-28
    soldstatus $8,700,000

ⓘ 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: $3,206 · $267/mo
• Projected year-2 tax: $8,051 · $671/mo
• Expected delta: +$4,845/yr (+$404/mo · 151.1%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 65% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥98°F today · 16 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $69,573
• − Mortgage interest: −$29,010
• − Property taxes: −$3,206
• − Insurance: −$7,708
• − Repairs & maintenance: −$5,566
• − Management: −$5,566
• − HOA: −$6,120
• − Depreciation: −$15,066
• Taxable loss: −$2,670
• Est. tax savings @ 24.0%: +$641
• After-tax cash flow: $5,978/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: 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

-94.0% since first listed

21 events — show timeline

• 2026-03-17 Price Changed $519,900 SJSRMLS
• 2026-01-31 Listed $529,900 SJSRMLS
• 2014-02-12 Sold (Public Records) $240,000 Public Records
• 2014-01-30 Sold (MLS) $240,000 BRIGHT MLS
• 2014-01-29 Sold (MLS) $240,000 SJSRMLS
• 2013-09-28 Listing Removed — BRIGHT MLS
• 2013-08-28 Listing Removed — SJSRMLS
• 2013-08-21 Listed $285,000 BRIGHT MLS
• 2013-08-13 Listing Removed — BRIGHT MLS
• 2013-02-19 Listed $285,000 BRIGHT MLS
• 2013-02-19 Listed $285,000 SJSRMLS
• 2005-10-07 Sold (Public Records) $355,000 Public Records
• 2005-10-03 Sold (MLS) $355,000 SJSRMLS
• 2005-08-02 Listing Removed — SJSRMLS
• 2005-07-02 Listed $363,000 SJSRMLS
• 2002-11-22 Sold (Public Records) $235,000 Public Records
• 2002-11-15 Sold (MLS) $235,000 SJSRMLS
• 2002-10-30 Listing Removed — SJSRMLS
• 2002-09-09 Listed $269,900 SJSRMLS
• 1994-02-07 Sold (Public Records) $98,000 Public Records
• 1986-10-28 Sold (Public Records) $8,700,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $3,206 · +3.4% YoY. Source: county tax records.