308 Elmwood Ave · Egg Harbor, NJ 08234

$239,900

2 bd · 1.0 ba · 1,140 sqft · SingleFamily public records · 73 Days on market

Built 1975 Est $360k · 33% under

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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 +17.0/30.0
• ARV discount +15.0/15.0
• DSCR +5.3/10.0
• 1% rule +5.1/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Was once used as a commercial building which was converted into a 1 bedroom 1 bath unit with single car attached garage. Buildind sold as a shell and needs to be finished. New Bathroom, thermopane vinyl windows and the roof 6 years old. In need of total rehab no heat or water heater.

Key facts

• New stone driveway
• New roof in 2023
• 2 parking spots

Tags

• FEATURES CATHEDRAL CEILINGS
• KITCHEN AND BATH UPDATED
• NEW TRIM AND INTERIOR DOORS
• TRENDY EXPOSED DUCTWORK
• NEW ROOF IN 2023
• NEW STONE DRIVEWAY

Property features AI

Exterior

• Parking: Two exterior parking spaces; No garage
• Utilities: Public water; Public sewer; Electric water heater
• Home design: For sale; Age: 25+ years
• Construction: Masonry/Block and vinyl siding/exterior
• Exterior features: Masonry/block and vinyl exterior; Stone driveway; Insulated glass (storms/screens); Lot roughly 50 x 100 (under 1 acre), 50' frontage; Not waterfront

Interior

• Kitchen: Eat-in kitchen; Dining area
• Bedrooms: Master bedroom on main level; Second bedroom on main level; Total of 5 rooms
• Flooring: Vinyl flooring; Wall-to-wall carpet
• Bathrooms: One full bathroom on main level
• Heating & cooling: Central air conditioning; Forced air heating; Heat pump
• Interior features: Cathedral ceiling; Slab foundation
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $98 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $240k).
• Recommended offer: $226k (6.0% 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.
• Egg Harbor Township School District (suburban): math 18% / reading 46% proficiency, ranked #311 of 472 in NJ (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clayton J. Davenport Elementary School (math 17% / reading 32%, grade F, #878 of 1,303 statewide, top 70%, 757 students, 64% FRL); Fernwood Avenue Middle School (math 13% / reading 50%, grade F, #289 of 431 statewide, top 69%, 883 students, 50% FRL); Egg Harbor Township High School (math 32% / reading 52%, grade F, #169 of 399 statewide, top 44%, 2,335 students, 47% FRL) — zoned schools average 54% FRL vs 34% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 363 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Atlantic County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $44k; list at $240k implies a 439% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; 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 $225,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
7. 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.
8. 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: 1.01% ✓
• Cap rate: 7.12%
• Cash-on-cash: 2.94%
• DSCR: 1.13
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $360,240
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4 Essex Dr	0.57mi	2/1.0	1,092 (-4%)	1mo	$345,000	$316	66

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: -13.5%
• Equity multiple: 0.52×
• Total profit: $-32,505
• Equity at exit: $35,770

10-year hold

• IRR: -4.4%
• Equity multiple: 0.71×
• Total profit: $-19,728
• Equity at exit: $20,742

Cash invested: $67,172 (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 08234

• Home prices YoY: -6.7%
• Active inventory: 363
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,425 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$393 /mo · $4,721/yr
• Insurance: −$100
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $98

Break-even live

Break-even rent $2,301

Max offer price $239,900

Occupancy floor 91%

Sensitivity live

Price	-10% $234	-5% $166	+0% $98	+5% $30	+10% $-38
Rent	-10% $-94	-5% $2	+0% $98	+5% $194	+10% $289
Rate	-1.0pp $219	-0.5pp $159	base $98	+0.5pp $36	+1.0pp $-28

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6020 Delilah Rd Egg Harbor Township, NJ	1.0–2.0	1.0–2.0	1009	$2,425	$2.40	15d	1	1.01mi

Listing history 23 events

1. 2026-06-22
   days on market $239,900 Under Contract 73 DOM
2. 2026-06-19
   days on market $239,900 Under Contract 71 DOM
3. 2026-06-18
   days on market $239,900 Under Contract 70 DOM
4. 2026-06-17
   days on market $239,900 Under Contract 69 DOM
5. 2026-06-16
   days on market $239,900 Under Contract 68 DOM
6. 2026-06-15
   days on market $239,900 Under Contract 67 DOM
7. 2026-06-14
   days on market $239,900 Under Contract 65 DOM
8. 2026-06-13
   days on market $239,900 Under Contract 64 DOM
9. 2026-06-10
   days on market $239,900 Under Contract 62 DOM
10. 2026-06-09
    days on market $239,900 Under Contract 61 DOM
11. 2026-06-08
    days on market $239,900 Under Contract 60 DOM
12. 2026-06-07
    days on market $239,900 Under Contract 59 DOM
13. 2026-06-02
    days on market $239,900 Under Contract 54 DOM
14. 2026-06-01
    days on market $239,900 Under Contract 53 DOM
15. 2026-05-31
    days on market $239,900 Under Contract 52 DOM
16. 2026-05-30
    days on market $239,900 Under Contract 51 DOM
17. 2026-04-21
    historical Under Contract
18. 2026-04-09
    listed $239,900 Active
19. 2019-10-24
    soldstatus $44,500
20. 2015-09-16
    soldstatus $20,000
21. 2015-09-08
    soldstatus $20,000 Sold 284-char remark

    Show marketing remark (284 chars)

    Was once used as a commercial building which was converted into a 1 bedroom 1 bath unit with single car attached garage. Buildind sold as a shell and needs to be finished. New Bathroom, thermopane vinyl windows and the roof 6 years old. In need of total rehab no heat or water heater.

22. 2015-08-25
    historical Under Contract 284-char remark

    Show marketing remark (284 chars)

    Was once used as a commercial building which was converted into a 1 bedroom 1 bath unit with single car attached garage. Buildind sold as a shell and needs to be finished. New Bathroom, thermopane vinyl windows and the roof 6 years old. In need of total rehab no heat or water heater.

23. 2015-04-16
    listed $34,900 Active 284-char remark

    Show marketing remark (284 chars)

    Was once used as a commercial building which was converted into a 1 bedroom 1 bath unit with single car attached garage. Buildind sold as a shell and needs to be finished. New Bathroom, thermopane vinyl windows and the roof 6 years old. In need of total rehab no heat or water heater.

ⓘ 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: $4,721 · $393/mo
• Projected year-2 tax: $5,347 · $446/mo
• Expected delta: +$626/yr (+$52/mo · 13.3%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 95% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥101°F today · 15 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: $29,100
• − Mortgage interest: −$13,438
• − Property taxes: −$4,721
• − Insurance: −$1,997
• − Repairs & maintenance: −$2,328
• − Management: −$2,328
• − Depreciation: −$6,979
• Taxable loss: −$2,691
• Est. tax savings @ 24.0%: +$646
• After-tax cash flow: $1,820/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: Egg Harbor Township School District
• NCES district ID: 3404560
• Math proficiency: 18% ▼ -24.00%
• Reading proficiency: 46% ▼ -6.00%
• Median HH income: $71,612
• Composite: 29.81/100
• National rank: #6421
• State rank: #311 of 472 in NJ

Livability — Egg Harbor

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

Census & demographics

• Population (ZIP): 46,856

Population outlook (Atlantic County) Hauer SSP2

• Today (2025): 268,948 people
• By 2030: 264,497 · -1.7%
• By 2040: 252,261 · -6.2%
• By 2050: 237,846 · -11.6%
• By 2075: 210,650 · -21.7%
• By 2100: 180,234 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 56% Hispanic / Latino 16% Asian 13% Black 9% Two or more races 9%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6% Dominican 2%
• Common ancestry: Romanian 3% Italian 1% Slovak 1%
• Foreign-born: 17% · Canada, China, Vietnam
• Languages at home: 73% English-only · Spanish 12% Other Indo-European 4% Tagalog/Filipino 3%

Political lean MEDSL · Atlantic

• 2024 margin: Toss-up / Even · D 47.7% · R 50.7% · Other 1.6%
• 2008→2024 swing: -18.1pp toward R · 2008: 15.1pp · 2024: -3.0pp
• All cycles: 2024: R+3.0 2020: D+6.7 2016: D+6.2 2012: D+17.2 2008: D+15.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -22.76%
• Current HPI: 319.2948
• 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

+587.4% since first listed

7 events — show timeline

• 2026-04-21 Contingent — SJSRMLS
• 2026-04-09 Listed $239,900 SJSRMLS
• 2019-10-24 Sold (Public Records) $44,500 Public Records
• 2015-09-16 Sold (Public Records) $20,000 Public Records
• 2015-09-08 Sold (MLS) $20,000 SJSRMLS
• 2015-08-25 Contingent — SJSRMLS
• 2015-04-16 Listed $34,900 SJSRMLS

Property tax history

+0.8%/yr

Latest (2025): $4,721 · +1.4% YoY. Source: county tax records.