1702 Summerfield Ave · Asbury Park, NJ 07753

$390,000

5 bd · None ba · 744 sqft · SingleFamily public records · 45 Days on market

Built 1910 6,534 sqft lot

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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 +21.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +6.0/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Incredible opportunity for two detached houses on one lot! First house has 2 bed, 1.1 bath with fenced yard. Second house has 3 bed, 1.1 bath with off street parking. Both houses have a similar layout open concept first floor living/ dining combination with kitchen and half bath. Second floor with bedrooms and full bath.

Key facts

• 6,534 sq ft lot
• Built 1910
• Listed 45 days

What this means for you Summary

Snapshot

• This is a 5-bed/?-bath single-family listed at $390k.

Deal economics

• At list price, monthly cash flow is $598 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $390k).
• Recommended offer: $378k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 0.8% in Asbury Park — 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 (#171 in NJ, #4,521 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, crime A-, health & safety B+; Watch: schools F, cost of living F.
• Neptune Township School District (suburban): math 12% / reading 33% proficiency, ranked #404 of 472 in NJ (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.6%/yr); 269 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 2,840 units permitted in Monmouth County in 2024 (484 in 5+ unit buildings).
• At $4,307/mo this rent would consume 54% of the median local household income ($96k/yr) (locally 1263% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Monmouth County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($378k) is reasonable based on typical stale-listing flexibility.
• 3 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 $152k; list at $390k implies a 157% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $378,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.10% ✓
• Cap rate: 8.13%
• Cash-on-cash: 6.57%
• DSCR: 1.29
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.58% rent growth · sell at horizon

5-year hold

• IRR: -4.3%
• Equity multiple: 0.84×
• Total profit: $-18,012
• Equity at exit: $58,150

10-year hold

• IRR: 7.2%
• Equity multiple: 1.58×
• Total profit: $63,384
• Equity at exit: $33,720

Cash invested: $109,200 (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 07753

• Rents YoY: 4.6%
• Active inventory: 269
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $4,307 medium
• Mortgage (P&I): −$2,045
• Tax from tax record: −$597 /mo · $7,161/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$905
• Net cashflow: $598

Break-even live

Break-even rent $3,550

Max offer price $390,000

Occupancy floor 81%

Sensitivity live

Price	-10% $819	-5% $709	+0% $598	+5% $488	+10% $377
Rent	-10% $258	-5% $428	+0% $598	+5% $768	+10% $938
Rate	-1.0pp $795	-0.5pp $697	base $598	+0.5pp $497	+1.0pp $394

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: $97,500
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1150 Kingsley St Asbury Park, NJ	1.0–4.0	1.0–3.5	1526	$10,155	$6.65	0d	19	1.28mi

Listing history 10 events

1. 2023-09-21
   status Pending
2. 2023-07-12
   status Pending
3. 2023-06-16
   status Active
4. 2023-05-30
   status Pending
5. 2023-05-21
   historical Active/Under Contract
6. 2023-05-11
   listed $390,000 Active
7. 2003-08-25
   soldstatus $152,000
8. 2002-11-14
   historical
9. 2002-08-02
   listed $179,500
10. 1991-02-04
    soldstatus $55,000

ⓘ 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: $7,161 · $597/mo
• Projected year-2 tax: $8,436 · $703/mo
• Expected delta: +$1,275/yr (+$106/mo · 17.8%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,686
• − Mortgage interest: −$21,846
• − Property taxes: −$7,161
• − Insurance: −$1,950
• − Repairs & maintenance: −$4,135
• − Management: −$4,135
• − Depreciation: −$11,345
• Taxable income: $1,113
• Est. tax owed @ 24.0%: −$267
• After-tax cash flow: $6,911/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: Neptune Township School District
• NCES district ID: 3411160
• Math proficiency: 12% ▼ -8.00%
• Reading proficiency: 33% ▼ -1.00%
• Median HH income: $63,016
• Composite: 21.14/100
• National rank: #8432
• State rank: #404 of 472 in NJ

Livability — Asbury Park

• Score: 74/100
• State rank: #171
• US rank: #4521

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Monmouth County · 505,557 people
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 37,297
• Household income: $95,712
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 1263.0

Population outlook (Monmouth County) Hauer SSP2

• Today (2025): 620,308 people
• By 2030: 612,309 · -1.3%
• By 2040: 587,297 · -5.3%
• By 2050: 551,342 · -11.1%
• By 2075: 472,934 · -23.8%
• By 2100: 381,534 · -38.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 51% Black 26% Hispanic / Latino 16% Two or more races 9% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 5%
• Common ancestry: Romanian 4% Hispanic 3% Scotch-Irish 1%
• Foreign-born: 14% · Canada, Guatemala, South Korea
• Languages at home: 80% English-only · Spanish 11% French/Haitian/Cajun 4% Other Indo-European 2%

Political lean MEDSL · Monmouth

• 2024 margin: R (+11.4) · D 43.4% · R 54.8% · Other 1.8%
• 2008→2024 swing: -7.7pp toward R · 2008: -3.7pp · 2024: -11.4pp
• All cycles: 2024: R+11.4 2020: R+2.8 2016: R+9.5 2012: R+5.5 2008: R+3.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -432.73%
• Current HPI: 391.3411
• Rent YoY: ▲ 4.58%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• 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

+609.1% since first listed

10 events — show timeline

• 2023-09-21 Pending — MOMLS
• 2023-07-12 Pending — MOMLS
• 2023-06-16 Relisted — MOMLS
• 2023-05-30 Pending — MOMLS
• 2023-05-21 Contingent — MOMLS
• 2023-05-11 Listed $390,000 MOMLS
• 2003-08-25 Sold (Public Records) $152,000 Public Records
• 2002-11-14 Delisted — MOMLS
• 2002-08-02 Listed $179,500 MOMLS
• 1991-02-04 Sold (Public Records) $55,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $7,161 · +11.2% YoY. Source: county tax records.