338 Sophee Ln #338 · Lakewood, NJ 08701

$235,900

2 bd · 2.0 ba · 1,165 sqft · Condo · 167 Days on market

Built 2005 Good condition $202/sqft · 52% below area $500/mo HOA · 24% of rent

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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).

• ARV discount +7.5/15.0
• Cash flow +5.7/30.0
• Condition / age +4.0/5.0
• 1% rule +3.9/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.2/10.0
• DSCR +0.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Convington Village is a beautiful midrise adult community situated far enough off the main road to enjoy a quiet disturbance free retirement, but near enough to brand new strip malls for basic needs and major highways. This home features beautiful hard wood floors, exquisite lighting, stainless steel dishwasher, ice maker fridge, stone countertops and a lot more. Check it out before it's gone!

Key facts

• Hard wood floors
• Ice maker fridge
• Stone countertops

Tags

• HARD WOOD FLOORS
• STAINLESS STEEL DISHWASHER
• ICE MAKER FRIDGE
• STONE COUNTERTOPS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $236k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-478 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $167k (29.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $209k (11.4% below list).
• Recommended offer: $167k (29.3% below list) — sets the bar for cash-flow.
• Cap rate 3.9% vs local median 2.7% in Lakewood — 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 65/100 on livability (#382 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Lakewood Township School District (suburban): math 17% / reading 28% proficiency, ranked #417 of 472 in NJ (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Oak Street Elem School (math 17% / reading 21%, grade F, #1,030 of 1,303 statewide, top 80%, 534 students, 97% FRL); Lakewood Middle School (math 16% / reading 30%, grade F, #376 of 431 statewide, top 88%, 995 students, 94% FRL); Lakewood High School (math 14% / reading 37%, grade F, #321 of 399 statewide, top 81%, 1,423 students, 86% FRL).
• Market conditions: 749 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals lingering (median 53d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 4,434 units permitted in Ocean County in 2024 (868 in 5+ unit buildings).
• This rent runs 39% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Ocean County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 167 days — a 12% lower offer ($208k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $166,702 (29.3% 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 167 days. Have you received any prior offers? Is the seller open to a 29% 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.89% ✗
• Cap rate: 3.86%
• Cash-on-cash: -8.69%
• DSCR: 0.61
• GRM: 9.4

CMA / ARV

• ARV (median comp): $488,356
• List price: $235,900
• Delta: -51.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 Sophee Ln	0.08mi	2/2.0	1,165 (0%)	1mo	$199,000	$171	95
337c Canterbury Ct	1.22mi	2/1.0	1,078 (-8%)	1mo	$250,000	$232	48
1904 Cherryvale Ct	1.01mi	2/2.0	1,305 (+12%)	1mo	$341,000	$261	44
264B Kingston Ct	0.87mi	2/1.0	1,036 (-11%)	1mo	$142,000	$137	42
419B Chatham Ct	1.02mi	2/1.0	1,036 (-11%)	2mo	$150,000	$145	41
61 Buckingham Dr Unit A	1.19mi	2/2.0	968 (-17%)	1mo	$159,900	$165	39
1941 Quimby Ct	0.88mi	2/2.0	1,415 (+22%)	1mo	$369,000	$261	39
72F Dorchester Dr	1.18mi	2/1.0	928 (-20%)	0mo	$170,500	$184	36
692 Plymouth Dr	1.24mi	2/1.0	982 (-16%)	1mo	$199,000	$203	35
67 Dorchester Dr Unit E	1.08mi	2/1.0	928 (-20%)	1mo	$130,000	$140	35
681 New Castle Ct Unit B	1.26mi	2/1.0	982 (-16%)	1mo	$246,000	$251	35
53C Cambridge Ct	1.14mi	2/1.0	987 (-15%)	1mo	$168,000	$170	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: -31.4%
• Equity multiple: -0.03×
• Total profit: $-68,345
• Equity at exit: $35,173

10-year hold

• IRR: -34.0%
• Equity multiple: -0.47×
• Total profit: $-97,356
• Equity at exit: $20,396

Cash invested: $66,052 (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 →

Active competition Active MLS

• For sale now: 0 active · 3 under contract

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 08701

• Active inventory: 749
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,091 high
• Mortgage (P&I): −$1,237
• Tax est. 1.5%: −$295 /mo · $3,538/yr
• Insurance: −$98
• HOA: −$500
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $-478

Break-even live

Break-even rent $2,697

Max offer price $166,702

Occupancy floor —

Sensitivity live

Price	-10% $-315	-5% $-397	+0% $-478	+5% $-560	+10% $-641
Rent	-10% $-643	-5% $-561	+0% $-478	+5% $-396	+10% $-313
Rate	-1.0pp $-359	-0.5pp $-418	base $-478	+0.5pp $-539	+1.0pp $-602

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: $58,975
• Closing costs: $7,077
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
235 Sophee Ln Lakewood, NJ	1.0	1.0	889	$1,850	$2.08	31d	1	0.02mi
235 Sophee Ln Lakewood, NJ	1.0	1.0	889	$1,850	$2.08	10d	1	0.02mi
523 Sophee Ln #1000 Lakewood, NJ	1.0	1.0	889	$1,800	$2.02	140d	1	0.11mi
539 Sophee Ln Lakewood, NJ	2.0	2.0	1164	$2,250	$1.93	10d	1	0.12mi
610 Sophee Ln Lakewood, NJ	2.0	1.5	1164	$2,000	$1.72	184d	1	0.15mi
572A Sheffield Ct Lakewood, NJ	2.0	1.0	982	$2,000	$2.04	34d	1	0.35mi
90 Corbin Ct Lakewood, NJ	1.0–2.0	1.0–2.0	935	$2,500	$2.67	3d	4	0.45mi
278C Kingston Ct Lakewood, NJ	2.0	1.0	1000	$2,150	$2.15	130d	1	0.90mi
278C Kingston Ct Lakewood, NJ	2.0	1.0	1000	$2,150	$2.15	96d	1	0.90mi
929 New Hampshire Ave Lakewood, NJ	1.0–2.0	1.0–2.0	996	$2,475	$2.48	0d	6	0.91mi
1305 Marshall St Lakewood, NJ	3.0	1.0	1168	$2,900	$2.48	148d	1	0.92mi
308 Malvern Ct Unit C Lakewood, NJ	2.0	1.0	858	$1,900	$2.21	53d	1	0.99mi
363B Chesterfield Ct Lakewood, NJ	2.0	1.0	858	$1,900	$2.21	10d	1	1.05mi
1309 River Ave Lakewood, NJ	1.0–2.0	1.0	850	$2,444	$2.88	0d	4	1.06mi
106 Edinburgh Ln Lakewood, NJ	2.0	1.0	858	$1,900	$2.21	34d	1	1.09mi
106 Edinburgh Ln Lakewood, NJ	2.0	1.0	858	$1,900	$2.21	70d	1	1.09mi
47L Cambridge Ct Lakewood, NJ	2.0	1.0	841	$1,795	$2.13	165d	1	1.09mi
286B Malvern Ct Lakewood, NJ	2.0	2.0	1246	$2,500	$2.01	10d	1	1.10mi
106A Edinburgh Ln Lakewood, NJ	2.0	1.0	858	$2,200	$2.56	158d	1	1.10mi
354C Dorchester Dr Unit 1003 Lakewood, NJ	2.0	1.0	982	$1,700	$1.73	23d	1	1.13mi
335A Canterbury Ct Lakewood, NJ	2.0	1.0	982	$1,950	$1.99	159d	1	1.20mi
341B Canterbury Ct Lakewood, NJ	2.0	1.0	982	$2,275	$2.32	163d	1	1.21mi
100 Jumper Dr Toms River, NJ	2.0–3.0	2.0–2.5	1634	$2,890	$1.77	0d	30	1.24mi
2144 Lakewood Rd Toms River, NJ	1.0	1.0	750	$2,150	$2.87	148d	1	1.38mi

Property features AI

Finance

• HOA & community: HOA present; managed by AssociaHOA fee $500 monthly

Exterior

• Parking: No garage spaces
• Utilities: Public sewer
• Home design: Condo/townhome in a multi-unit community
• Exterior features: Located in the Covington Village subdivisionArea: Lakewood (LKW)

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heating presentCentral air conditioning
• Interior features: No fireplaces reportedNo basement

HOA detail $500/mo · $6,000/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-11-08
   days on market $235,900 Active 167 DOM
2. 2026-11-07
   days on market $235,900 Active 166 DOM
3. 2026-11-06
   days on market $235,900 Active 165 DOM
4. 2026-11-05
   days on market $235,900 Active 164 DOM
5. 2026-11-04
   days on market $235,900 Active 163 DOM
6. 2026-11-02
   days on market $235,900 Active 161 DOM
7. 2026-11-01
   days on market $235,900 Active 160 DOM
8. 2026-10-31
   days on market $235,900 Active 159 DOM
9. 2026-10-30
   days on market $235,900 Active 158 DOM
10. 2026-10-29
    days on market $235,900 Active 157 DOM
11. 2026-10-28
    days on market $235,900 Active 156 DOM
12. 2026-10-27
    days on market $235,900 Active 155 DOM
13. 2026-10-26
    days on market $235,900 Active 154 DOM
14. 2026-10-25
    days on market $235,900 Active 153 DOM
15. 2026-10-24
    days on market $235,900 Active 152 DOM
16. 2026-10-23
    days on market $235,900 Active 151 DOM
17. 2026-10-22
    days on market $235,900 Active 150 DOM
18. 2026-10-21
    days on market $235,900 Active 149 DOM
19. 2026-10-20
    days on market $235,900 Active 148 DOM
20. 2026-10-19
    days on market $235,900 Active 147 DOM
21. 2026-10-18
    days on market $235,900 Active 146 DOM
22. 2026-10-17
    days on market $235,900 Active 145 DOM
23. 2026-10-16
    days on market $235,900 Active 144 DOM
24. 2026-10-15
    days on market $235,900 Active 143 DOM
25. 2026-10-14
    days on market $235,900 Active 142 DOM
26. 2026-10-13
    days on market $235,900 Active 141 DOM
27. 2026-10-12
    days on market $235,900 Active 140 DOM
28. 2026-10-11
    days on market $235,900 Active 139 DOM
29. 2026-10-10
    days on market $235,900 Active 138 DOM
30. 2026-10-09
    days on market $235,900 Active 137 DOM
31. 2026-10-08
    days on market $235,900 Active 136 DOM
32. 2026-10-07
    days on market $235,900 Active 135 DOM
33. 2026-10-06
    days on market $235,900 Active 134 DOM
34. 2026-10-05
    days on market $235,900 Active 133 DOM
35. 2026-10-04
    days on market $235,900 Active 132 DOM
36. 2026-10-03
    days on market $235,900 Active 131 DOM
37. 2026-10-02
    days on market $235,900 Active 130 DOM
38. 2026-10-01
    days on market $235,900 Active 129 DOM
39. 2026-09-30
    days on market $235,900 Active 128 DOM
40. 2026-09-29
    days on market $235,900 Active 127 DOM
41. 2026-09-28
    days on market $235,900 Active 126 DOM
42. 2026-09-27
    days on market $235,900 Active 125 DOM
43. 2026-09-26
    days on market $235,900 Active 124 DOM
44. 2026-09-25
    days on market $235,900 Active 123 DOM
45. 2026-09-24
    days on market $235,900 Active 122 DOM
46. 2026-09-23
    days on market $235,900 Active 121 DOM
47. 2026-09-22
    days on market $235,900 Active 120 DOM
48. 2026-09-21
    days on market $235,900 Active 119 DOM
49. 2026-09-20
    days on market $235,900 Active 118 DOM
50. 2026-09-19
    days on market $235,900 Active 117 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,094
• − Mortgage interest: −$13,214
• − Property taxes: −$3,538
• − Insurance: −$1,180
• − Repairs & maintenance: −$2,008
• − Management: −$2,008
• − HOA: −$6,000
• − Depreciation: −$6,863
• Taxable loss: −$9,715
• Est. tax savings @ 24.0%: +$2,332
• After-tax cash flow: $-3,407/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.

Condition & rehab AI · 24 photos

Good 80/100 Cosmetic rehab Est. rehab $5,825–$17,475 screening

This townhouse is in good condition with recent updates, offering a move-in-ready living space. It has a good curb appeal and is located in a quiet community with easy access to amenities.

Value-add opportunities

• Both Painting the exterior brick — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑
• Both New flooring in bathrooms — Enhances aesthetics and value ↑
• Both New countertops in bathrooms — Enhances aesthetics and value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 22/100

Zoned Schools

Elementary Oak Street Elem School F NJ #1,030/1,303 Nat'l #34,564/41,679 Middle Lakewood Middle School F NJ #376/431 Nat'l #11,007/14,009 High Lakewood High School F NJ #321/399 Nat'l #12,309/17,239

Schools (NCES district)

• District: Lakewood Township School District
• NCES district ID: 3408220
• Math proficiency: 17% ▼ -4.00%
• Reading proficiency: 28% ▼ -5.00%
• Median HH income: $42,301
• Composite: 19.21/100
• National rank: #8813
• State rank: #417 of 472 in NJ

C Composite livability gradescore 65/100

Livability — Lakewood

• Score: 65/100
• State rank: #382
• US rank: #13069

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Ocean County · 586,991 people
• City population: 139,149
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 139,149
• Household income: $64,959
• Rent vs Own: 48.5% rent · 51.5% own
• Severe rent burden: 19% of renters

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Population outlook (Ocean County) Hauer SSP2

• Today (2025): 586,991 people
• By 2030: 581,403 · -1.0%
• By 2040: 564,913 · -3.8%
• By 2050: 538,149 · -8.3%
• By 2075: 468,845 · -20.1%
• By 2100: 350,297 · -40.3%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 11% Two or more races 5% Black 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2% Dominican 2%
• Languages at home: 77% English-only · Spanish 9% German/W. Germanic 7% Russian/Polish/Slavic 1%

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Political lean MEDSL · Ocean

• 2024 margin: Solid R (+36.0) · D 31.4% · R 67.4% · Other 1.2%
• 2008→2024 swing: -17.6pp toward R · 2008: -18.4pp · 2024: -36.0pp
• All cycles: 2024: R+36.0 2020: R+28.7 2016: R+34.0 2012: R+17.7 2008: R+18.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -682.83%
• Current HPI: 465.344
• Rent YoY: —
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

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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

Property features AI

Finance

• HOA & community: HOA present; managed by AssociaHOA fee $500 monthly

Exterior

• Parking: No garage spaces
• Utilities: Public sewer
• Home design: Condo/townhome in a multi-unit community
• Exterior features: Located in the Covington Village subdivisionArea: Lakewood (LKW)

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heating presentCentral air conditioning
• Interior features: No fireplaces reportedNo basement

Price history

1 event — show timeline

• 2026-05-24 Listed $249,900 MOMLS