34 Wildwood #34

Dennis, NJ 08270

$164,900D

2 bd · 1.0 ba · 420 sqft · Built 1990 · Condo · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,771/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$275
• HOA: −$150
• Vac / Maint / Mgmt: −$372
• Net cashflow: $110/mo
• Annual: $1,317/yr
• Cap rate: 7.09%
• Cash-on-cash: 2.85%
• DSCR: 1.13
• 1% rule: 1.07%
• Cash to close: $46,172

Investor read

• This is a 2-bed/1.0-bath condo listed at $165k. Condition is rated good.
• At list price, monthly cash flow is $110 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• It's been on market 54 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Dennis Township School District (suburban): math 26% / reading 41% proficiency, ranked #284 of 472 in NJ (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Dennis Township Primary School (296 students, 19% FRL); Dennis Township Elementary/Middle Schools (math 26% / reading 41%, grade F, #265 of 431 statewide, top 63%, 363 students, 29% FRL).
• Market conditions: 60 active listings in the ZIP; 877 units permitted in Cape May County in 2024 (35 in 5+ unit buildings).
• Cape May County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.