647 W Spruce Ave Unit Right · North Wildwood, NJ 08260

$1,150,000

4 bd · 3.0 ba · 2,289 sqft · Townhouse · 205 Days on market

Built 2025 Est $934k · 23% over

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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 +12.7/30.0
• Schools +4.4/10.0
• DSCR +3.8/10.0
• 1% rule +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this exquisite new construction upside-down townhome, ideally located in the sought-after Anglesea section of North Wildwood, offering tranquil water views and spectacular sunsets. With 4 spacious bedrooms and 3 bathrooms, this home seamlessly blends style and functionality. The open concept living area is accentuated by vaulted ceilings and hardwood flooring throughout, creating an airy, welcoming atmosphere. The gourmet kitchen features a stainless-steel appliance package, an island with elegant stone countertops, and custom Legacy brand cabinetry. The bathrooms are adorned with an extensive tile package, adding a touch of luxury to every space. Enjoy outdoor living on the expa

Key facts

• Custom cabinetry
• Water views
• New construction

Tags

• NEW CONSTRUCTION
• WATER VIEWS
• EXPANSIVE DECK
• GOURMET KITCHEN
• CUSTOM CABINETRY
• EXTENSIVE TILE PACKAGE

Property features AI

Finance

• Other: Located 1 block from the bay
• HOA & community: Condo fee: split insurance

Exterior

• Parking: Garage with automatic door opener for 1 car; Concrete driveway
• Utilities: City water; City sewer; Electric hot water
• Home design: Right unit; New construction
• Exterior features: Water view; Deck/porch; Fenced yard; Cable TV available; Year-round usage; Owners allowed pets

Interior

• Kitchen: Range; Oven; Microwave; Refrigerator; Dishwasher; Garbage disposal; Kitchen center island
• Bedrooms: 4 bedrooms (unit on the right)
• Flooring: Hardwood floors
• Bathrooms: 3 full bathrooms
• Heating & cooling: Natural gas heating with multiple zones; Central air conditioning with multiple zones
• Interior features: Living room; Eat-in kitchen; Dining area; Foyer; Smoke/Fire detector
• Laundry & utility: Laundry/utility room

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath townhouse listed at $1.15M.

Deal economics

• At list price, monthly cash flow is $-126 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.13M (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $990k (13.9% below list).
• Recommended offer: $990k (13.9% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: 436 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 $34k 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 205 days — a 12% lower offer ($1.01M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $990,000 (13.9% 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 205 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 0.86% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.47%
• DSCR: 0.98
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $933,912
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
643 W Spruce Ave Unit Right	0.00mi	4/3.5	2,289 (0%)	1mo	$1,025,000	$448	97
645 W Spruce Ave Unit left	0.00mi	4/3.5	2,289 (0%)	1mo	$999,999	$437	97
406 Illinois Ave #406	0.25mi	4/3.5	2,248 (-2%)	7mo	$1,250,000	$556	78
651 W Spruce Ave Unit North 651A	0.02mi	4/3.0	2,154 (-6%)	21mo	$858,000	$398	71
4101 Seaboard Cir Unit C4101	0.42mi	3/2.0 (-1)	2,183 (-5%)	1mo	$891,000	$408	63
3 Mace Ave Unit A	0.46mi	3/2.5 (-1)	2,400 (+5%)	8mo	$995,000	$415	57
3401 Seaboard Cir #3401	0.42mi	4/3.0	2,500 (+9%)	10mo	$900,000	$360	57
4304 Seaboard Cir #4304	0.42mi	3/2.0 (-1)	2,030 (-11%)	8mo	$765,000	$377	46
4102 Seaboard Cir #4102	0.42mi	3/2.0 (-1)	1,960 (-14%)	7mo	$719,000	$367	42
115 W 5th Ave #115	0.74mi	4/3.5	2,400 (+5%)	18mo	$1,170,000	$488	40
1204 Seaboard Cir #1204	0.42mi	3/2.0 (-1)	2,030 (-11%)	20mo	$812,500	$400	36
4303 Seaboard Cir #4303	0.42mi	3/2.0 (-1)	2,030 (-11%)	21mo	$710,000	$350	35

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: -17.1%
• Equity multiple: 0.40×
• Total profit: $-194,250
• Equity at exit: $171,469

10-year hold

• IRR: -9.0%
• Equity multiple: 0.44×
• Total profit: $-178,908
• Equity at exit: $99,431

Cash invested: $322,000 (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 08260

• Home prices YoY: -30.7%
• Active inventory: 436
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $9,900 medium
• Mortgage (P&I): −$6,031
• Tax est. 1.5%: −$1,438 /mo · $17,250/yr
• Insurance: −$479
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,079
• Net cashflow: $-126

Break-even live

Break-even rent $10,060

Max offer price $1,131,711

Occupancy floor 96%

Sensitivity live

Price	-10% $668	-5% $271	+0% $-126	+5% $-524	+10% $-921
Rent	-10% $-908	-5% $-517	+0% $-126	+5% $265	+10% $656
Rate	-1.0pp $453	-0.5pp $166	base $-126	+0.5pp $-424	+1.0pp $-728

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: $287,500
• Closing costs: $34,500
• 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	0.16mi

Listing history 19 events

1. 2026-06-21
   days on market $1,150,000 Active 205 DOM
2. 2026-06-21
   days on market $1,150,000 Active 204 DOM
3. 2026-06-18
   days on market $1,150,000 Active 202 DOM
4. 2026-06-17
   days on market $1,150,000 Active 201 DOM
5. 2026-06-16
   days on market $1,150,000 Active 200 DOM
6. 2026-06-15
   days on market $1,150,000 Active 199 DOM
7. 2026-06-13
   days on market $1,150,000 Active 197 DOM
8. 2026-06-12
   days on market $1,150,000 Active 196 DOM
9. 2026-06-09
   days on market $1,150,000 Active 193 DOM
10. 2026-06-08
    days on market $1,150,000 Active 192 DOM
11. 2026-06-07
    days on market $1,150,000 Active 191 DOM
12. 2026-06-07
    days on market $1,150,000 Active 190 DOM
13. 2026-06-04
    days on market $1,150,000 Active 187 DOM
14. 2026-06-02
    days on market $1,150,000 Active 186 DOM
15. 2026-06-01
    days on market $1,150,000 Active 185 DOM
16. 2026-05-31
    days on market $1,150,000 Active 184 DOM
17. 2026-05-21
    status Active
18. 2026-04-29
    historical Withdrawn/Temp Off Market
19. 2025-11-06
    listed $1,150,000 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: $118,800
• − Mortgage interest: −$64,418
• − Property taxes: −$17,250
• − Insurance: −$5,750
• − Repairs & maintenance: −$9,504
• − Management: −$9,504
• − Depreciation: −$33,455
• Taxable loss: −$21,080
• Est. tax savings @ 24.0%: +$5,059
• After-tax cash flow: $3,543/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

3 events — show timeline

• 2026-05-21 Relisted — CMCMLS
• 2026-04-29 Delisted — CMCMLS
• 2025-11-06 Listed $1,150,000 CMCMLS