101 W Spruce Ave #409 · North Wildwood, NJ 08260

$1,199,900

4 bd · 3.0 ba · 1,847 sqft · Condo public records · 132 Days on market

Built 2007 ↓ 4% since listing

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Why this score? — see what drove the F 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 +8.9/30.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.4/5.0
• 1% rule +3.3/10.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Oceanfront Penthouse at The Pointe at Moore’s Inlet | A Rare Opportunity. Oceanfront living, perfected. This is one of the most coveted penthouse opportunities North Wildwood offers—not available often and rarely on the market. Located in the prestigious The Pointe at Moore’s Inlet, this exceptional oceanfront property delivers breathtaking, unobstructed Atlantic views from every angle. Original owners, never rented—a truly rare find at the shore. This penthouse has been lovingly maintained and enjoyed privately, making it an ideal choice for buyers seeking a clean, well-cared-for home. Step into an open-concept penthouse designed for modern coastal living. With 4 be

Key facts

• Secured elevators
• Oceanfront penthouse
• Fiberglass decks

Tags

• OCEANFRONT PENTHOUSE
• UNOBSTRUCTED ATLANTIC VIEWS
• DEDICATED STORAGE AREA
• FIBERGLASS DECKS
• COURTYARD SALT-WATER POOL
• SECURED ELEVATORS

Property features AI

Finance

• HOA & community: Condo fee of $900; Elevator access; Storage facilities

Exterior

• Parking: Assigned parking for 2 cars
• Utilities: Public water; Public sewer; Gas hot water
• Home design: Condominium unit; Top-floor unit; Unit number 409; Located one block from the beach
• Exterior features: Water view; Outside shower; Pool; Year-round use

Interior

• Kitchen: Range; Microwave; Refrigerator; Dishwasher; Garbage disposal
• Bedrooms: 4 bedrooms (unit 409, top floor)
• Flooring: Hardwood floors; Wall-to-wall carpet; Walk-in/cedar closet
• Bathrooms: 3 full bathrooms
• Heating & cooling: Electric forced air heating; Central air conditioning; Multi-zone cooling
• Interior features: Smoke/Fire detector; Storage space; Loft; Living room; Dining room; Dining area; Laundry/utility room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath condo listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $-965 ($-12k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $990k (17.5% below list).
• Recommended offer: $990k (17.5% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 3.6% in North 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 68/100 on livability (#318 in NJ) — a middle-class / working-renter tenant base. Strengths: health & safety A+; Watch: amenities C-, crime D-, commute F.
• North Wildwood School District (suburban): math 55% / reading 45% proficiency, ranked #396 of 612 in NJ (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Margaret Mace Elementary School (math 22% / reading 52%, grade F, #528 of 1,303 statewide, top 43%, 169 students, 42% FRL) — zoned schools at 42% FRL track the district average.
• Zoned-school proficiency averages 37% at this address vs 50% district-wide (-13 pts) — the specific schools serving this property underperform the North Wildwood School District average; the district grade overstates school quality for this exact location.
• Market conditions: 435 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 $8k of loan paydown is wiped out by about $36k 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 132 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.

Recommended offer $990,000 (17.5% 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 132 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is D 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.83% ✗
• Cap rate: 5.33%
• Cash-on-cash: -3.45%
• DSCR: 0.85
• GRM: 10.1

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: -22.0%
• Equity multiple: 0.24×
• Total profit: $-255,429
• Equity at exit: $178,909

10-year hold

• IRR: -15.8%
• Equity multiple: 0.11×
• Total profit: $-299,706
• Equity at exit: $103,745

Cash invested: $335,972 (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: 435
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $9,900 medium
• Mortgage (P&I): −$6,292
• Tax from tax record: −$951 /mo · $11,417/yr
• Insurance: −$500
• HOA est. from 1 same-building comp: −$1,042
• Vacancy / Maint / Mgmt: −$2,079
• Net cashflow: $-965

Break-even live

Break-even rent $11,121

Max offer price $1,029,471

Occupancy floor —

Sensitivity live

Price	-10% $-286	-5% $-625	+0% $-965	+5% $-1,304	+10% $-1,644
Rent	-10% $-1,747	-5% $-1,356	+0% $-965	+5% $-574	+10% $-183
Rate	-1.0pp $-360	-0.5pp $-660	base $-965	+0.5pp $-1,276	+1.0pp $-1,592

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: $299,975
• Closing costs: $35,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
96 Seaspray Ct Wildwood, NJ	3.0	2.5	1650	$9,900	$6.00	45d	1	0.61mi

HOA detail condo

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

Listing history 19 events

1. 2026-06-22
   days on market $1,199,900 Active 132 DOM
2. 2026-06-21
   days on market $1,199,900 Active 131 DOM
3. 2026-06-21
   days on market $1,199,900 Active 130 DOM
4. 2026-06-18
   days on market $1,199,900 Active 128 DOM
5. 2026-06-17
   days on market $1,199,900 Active 127 DOM
6. 2026-06-16
   days on market $1,199,900 Active 126 DOM
7. 2026-06-15
   days on market $1,199,900 Active 125 DOM
8. 2026-06-13
   days on market $1,199,900 Active 123 DOM
9. 2026-06-12
   days on market $1,199,900 Active 122 DOM
10. 2026-06-09
    days on market $1,199,900 Active 119 DOM
11. 2026-06-08
    days on market $1,199,900 Active 118 DOM
12. 2026-06-07
    days on market $1,199,900 Active 117 DOM
13. 2026-06-07
    days on market $1,199,900 Active 116 DOM
14. 2026-06-04
    days on market $1,199,900 Active 113 DOM
15. 2026-06-02
    days on market $1,199,900 Active 112 DOM
16. 2026-06-01
    days on market $1,199,900 Active 111 DOM
17. 2026-05-31
    days on market $1,199,900 Active 110 DOM
18. 2026-05-23
    price $1,199,900
19. 2026-02-10
    listed $1,250,000 Active

ⓘ 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: $11,417 · $951/mo
• Projected year-2 tax: $20,647 · $1,721/mo
• Expected delta: +$9,230/yr (+$769/mo · 80.8%)

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

Taxation est. · year 1

• Rental income: $118,800
• − Mortgage interest: −$67,213
• − Property taxes: −$11,417
• − Insurance: −$6,000
• − Repairs & maintenance: −$9,504
• − Management: −$9,504
• − HOA: −$12,504
• − Depreciation: −$34,906
• Taxable loss: −$32,247
• Est. tax savings @ 24.0%: +$7,739
• After-tax cash flow: $-3,838/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: North Wildwood School District
• NCES district ID: 3411670
• Math proficiency: 55% ▲ 5.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $45,310
• Composite: 44.38/100
• National rank: #6123
• State rank: #396 of 612 in NJ

Livability — North Wildwood

• Score: 68/100
• State rank: #318
• US rank: #9827

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North 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

-4.0% since first listed

2 events — show timeline

• 2026-05-23 Price Changed $1,199,900 CMCMLS
• 2026-02-10 Listed $1,250,000 CMCMLS

Property tax history

+3.8%/yr

Latest (2025): $11,417 · +2.1% YoY. Source: county tax records.