202 Simpson Ave Unit A · Ocean City, NJ 08226

$749,900

3 bd · 2.0 ba · 1,312 sqft · Condo · 52 Days on market

Built 1988 Good condition $572/sqft · 13% below area Est $865k · 13% under

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Why this score? — see what drove the D+ 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 +13.5/15.0
• Cash flow +12.6/30.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• DSCR +3.7/10.0
• Schools +3.7/10.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Front porch, sun-filled mornings, salty air, and the nostalgic rhythm of old-school Ocean City — this well-maintained first-floor home reflects the relaxed charm of traditional Ocean City summers. Located just one block from Ocean City’s lively bay activities, the property is perfectly positioned in a charming neighborhood setting where boating, paddleboarding, kayaking, fishing, crabbing, and breathtaking sunset views become part of everyday life. Offering three bedrooms and two bathrooms, the home features hardwood floors, plantation shutters, updated bathrooms, and built-in closets in every bedroom. The ensuite bedroom includes two full-size closets, an updated bathroom with a ceramic tile step-in shower, and direct access to the rear sunroom. The HVAC system and hot water heater have both been updated within the past three years. Well cared for and enjoyed over time, this property offers the perfect opportunity to bring your own personal coastal design style and vision to life. A rare chance to own a spacious home in a desirable neighborhood location, ready to be enjoyed for years to come.

Key facts

• Ensuite bedroom
• Plantation shutters
• Updated bathrooms

Tags

• HARDWOOD FLOORS
• PLANTATION SHUTTERS
• UPDATED BATHROOMS
• BUILT-IN CLOSETS
• ENSUITE BEDROOM
• CERAMIC TILE STEP-IN SHOWER

Property features AI

Finance

• HOA & community: Condo fee (split ins)

Exterior

• Parking: Parking for 2 cars; Stone driveway
• Utilities: Public water; Public sewer; Electric hot water
• Home design: First-floor unit; Unit A
• Exterior features: Deck/porch; Year-round use; Owners allowed pets; Located one block from the bay

Interior

• Kitchen: Range; Oven; Microwave; Refrigerator; Dishwasher; Garbage disposal
• Bedrooms: 3 bedrooms (Unit A — first floor)
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced-air heating; Central air conditioning; Ceiling fan
• Interior features: Blinds; Living room; Dining area; Storage space
• Laundry & utility: Washer; Dryer; Laundry/utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $750k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-529 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $673k (10.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $643k (14.3% below list).
• Recommended offer: $643k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.3% in Ocean City — 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 80/100 on livability (#72 in NJ, #1,762 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, health & safety A+; Watch: housing D+, cost of living F.
• Ocean City School District (urban): math 31% / reading 53% proficiency, ranked #212 of 472 in NJ (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ocean City Primary School (math 54% / reading 42%, grade D, #299 of 1,303 statewide, top 23%, 280 students, 31% FRL); Ocean City Intermediate School (math 26% / reading 49%, grade F, #217 of 431 statewide, top 51%, 370 students, 27% FRL); Ocean City High School (math 33% / reading 63%, grade D, #117 of 399 statewide, top 30%, 1,215 students, 13% FRL) — zoned schools at 24% FRL track the district average.
• Market conditions: 427 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $5k of loan paydown is wiped out by about $22k 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 52 days — a 3% lower offer ($727k) 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $642,987 (14.3% 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 52 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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: 0.86% ✗
• Cap rate: 6.13%
• Cash-on-cash: -0.59%
• DSCR: 0.97
• GRM: 9.7

CMA / ARV

• ARV (median comp): $865,366
• List price: $749,900
• Delta: -13.34%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -21.3%
• Equity multiple: 0.26×
• Total profit: $-154,870
• Equity at exit: $111,813

10-year hold

• IRR: -14.7%
• Equity multiple: 0.16×
• Total profit: $-176,811
• Equity at exit: $64,838

Cash invested: $209,972 (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 08226

• Active inventory: 427
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $6,430 medium
• Mortgage (P&I): −$3,933
• Tax est. 1.5%: −$937 /mo · $11,248/yr
• Insurance: −$312
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,350
• Net cashflow: $-529

Break-even live

Break-even rent $7,100

Max offer price $673,304

Occupancy floor —

Sensitivity live

Price	-10% $-11	-5% $-270	+0% $-529	+5% $-788	+10% $-1,048
Rent	-10% $-1,037	-5% $-783	+0% $-529	+5% $-275	+10% $-21
Rate	-1.0pp $-152	-0.5pp $-339	base $-529	+0.5pp $-724	+1.0pp $-921

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: $187,475
• Closing costs: $22,497
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 West Ave Unit 1309011P Ocean City, NJ	3.0	1.0	990	$5,019	$5.07	45d	1	0.17mi
710 Battersea Rd Unit 1309016P Ocean City, NJ	3.0	2.0	1291	$8,042	$6.23	45d	1	0.48mi
935 Ocean Ave Ocean City, NJ	1.0–3.0	1.0–2.5	1112	$8,500	$7.64	45d	1	0.90mi
1142 Simpson Ave Unit 1308992P Ocean City, NJ	3.0	2.0	1097	$7,788	$7.10	45d	1	1.03mi

HOA detail condo

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

Listing history 18 events

1. 2026-06-21
   days on market $749,900 Active 52 DOM
2. 2026-06-21
   days on market $749,900 Active 51 DOM
3. 2026-06-18
   days on market $749,900 Active 49 DOM
4. 2026-06-17
   days on market $749,900 Active 48 DOM
5. 2026-06-16
   days on market $749,900 Active 47 DOM
6. 2026-06-15
   days on market $749,900 Active 46 DOM
7. 2026-06-13
   days on market $749,900 Active 44 DOM
8. 2026-06-12
   days on market $749,900 Active 43 DOM
9. 2026-06-09
   days on market $749,900 Active 40 DOM
10. 2026-06-08
    days on market $749,900 Active 39 DOM
11. 2026-06-07
    days on market $749,900 Active 38 DOM
12. 2026-06-07
    days on market $749,900 Active 37 DOM
13. 2026-06-04
    days on market $749,900 Active 34 DOM
14. 2026-06-02
    days on market $749,900 Active 33 DOM
15. 2026-06-01
    days on market $749,900 Active 32 DOM
16. 2026-05-31
    days on market $749,900 Active 31 DOM
17. 2026-04-30
    listed $749,900 Active 1122-char remark

    Show marketing remark (1122 chars)

    Front porch, sun-filled mornings, salty air, and the nostalgic rhythm of old-school Ocean City — this well-maintained first-floor home reflects the relaxed charm of traditional Ocean City summers. Located just one block from Ocean City’s lively bay activities, the property is perfectly positioned in a charming neighborhood setting where boating, paddleboarding, kayaking, fishing, crabbing, and breathtaking sunset views become part of everyday life. Offering three bedrooms and two bathrooms, the home features hardwood floors, plantation shutters, updated bathrooms, and built-in closets in every bedroom. The ensuite bedroom includes two full-size closets, an updated bathroom with a ceramic tile step-in shower, and direct access to the rear sunroom. The HVAC system and hot water heater have both been updated within the past three years. Well cared for and enjoyed over time, this property offers the perfect opportunity to bring your own personal coastal design style and vision to life. A rare chance to own a spacious home in a desirable neighborhood location, ready to be enjoyed for years to come.

18. 2026-04-30
    listed $749,900 Active 1122-char remark

    Show marketing remark (1122 chars)

    Front porch, sun-filled mornings, salty air, and the nostalgic rhythm of old-school Ocean City — this well-maintained first-floor home reflects the relaxed charm of traditional Ocean City summers. Located just one block from Ocean City’s lively bay activities, the property is perfectly positioned in a charming neighborhood setting where boating, paddleboarding, kayaking, fishing, crabbing, and breathtaking sunset views become part of everyday life. Offering three bedrooms and two bathrooms, the home features hardwood floors, plantation shutters, updated bathrooms, and built-in closets in every bedroom. The ensuite bedroom includes two full-size closets, an updated bathroom with a ceramic tile step-in shower, and direct access to the rear sunroom. The HVAC system and hot water heater have both been updated within the past three years. Well cared for and enjoyed over time, this property offers the perfect opportunity to bring your own personal coastal design style and vision to life. A rare chance to own a spacious home in a desirable neighborhood location, ready to be enjoyed for years to come.

ⓘ 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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥98°F today · 16 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: $77,158
• − Mortgage interest: −$42,006
• − Property taxes: −$11,248
• − Insurance: −$8,868
• − Repairs & maintenance: −$6,173
• − Management: −$6,173
• − Depreciation: −$21,815
• Taxable loss: −$19,125
• Est. tax savings @ 24.0%: +$4,590
• After-tax cash flow: $-1,762/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 · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained first-floor townhouse in Ocean City offers a good condition with minimal repairs needed. It's ideally located for beach activities and has a good resale and rental potential with updates that can significantly increase its value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value.
• Both Replace plantation shutters with modern blinds — Modernizes the look and improves light control.
• Both Install smart home devices — Enhances convenience and adds modern amenities.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value. ↑
• Both Replace plantation shutters with modern blinds — Modernizes the look and improves light control. ↑
• Both Install smart home devices — Enhances convenience and adds modern amenities. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Ocean City School District
• NCES district ID: 3411970
• Math proficiency: 31% ▼ -12.00%
• Reading proficiency: 53% ▼ -9.00%
• Median HH income: $60,444
• Composite: 37.07/100
• National rank: #4506
• State rank: #212 of 472 in NJ

Livability — Ocean City

• Score: 80/100
• State rank: #72
• US rank: #1762

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean City, NJ
• City population: 11,260
• Population (ZIP): 11,260

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Black 2% Two or more races 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Romanian 6% Slovak 2% Scotch-Irish 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 8% Russian/Polish/Slavic 2% Other Indo-European 2%

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: ▼ -381.90%
• Current HPI: 389.3687
• 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

+0.0% since first listed

2 events — show timeline

• 2026-04-30 Listed $749,900 CMCMLS
• 2026-04-30 Listed $749,900 SJSRMLS