536-538 Adams Ave · Woodbine, NJ 08270

$425,000

6 bd · 4.0 ba · — sqft · MultiFamily · 34 Days on market

Built 1948 Fair condition

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Why this score? — see what drove the C+ 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 +25.7/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +3.0/10.0
• Livability +3.0/5.0
• Appreciation +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

3 Units! This property is close to everything in Woodbine, conveniently next door to a new park, and consists of 2 buildings: 1 duplex + 1 house! The duplex consists of a first floor 2 bed, 1 bath unit, with a large kitchen/living area, laundry space, and extra storage room. The 2nd floor of the duplex consists of a 2 level 2 bedroom, 2 bathroom unit! Next door you will find another home with 2 bedrooms and 1 bathroom, a spacious kitchen, large full bathroom, and a large utility/laundry room. Each unit is metered separately for electric and gas, and each unit is currently occupied with tenants on month-month leases, generating $3,050 a month right now.

Key facts

• Large kitchen
• Extra storage room
• Built 1948

Tags

• LARGE KITCHEN
• EXTRA STORAGE ROOM
• LARGE UTILITY LAUNDRY ROOM

Property features AI

Finance

• Financial info: Unit 1 rent: $800; Unit 2 rent: $1,300; Unit 3 rent: $950; 2025 taxes reported

Exterior

• Parking: Shared driveway
• Utilities: City water; Private sewer; Gas hot water; Separate electric meters; Separate gas meters
• Home design: Multifamily property with 3 units; Offered for sale
• Exterior features: Sidewalks

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms; Unit 3: 2 bedrooms
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 2 bathrooms; Unit 3: 1 bathroom
• Heating & cooling: Natural gas heating; Baseboard heating; Forced air heating; Heat pump; Space/wall/floor heaters; Ceiling fan; Other cooling (see remarks)
• Interior features: Living room; Dining room; Kitchen; Laundry/utility room

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $425k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $506/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $425k).
• Recommended offer: $412k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#498 in NJ) — a working-class tenant base; expect higher turnover. Strengths: crime A+; Watch: employment D, schools F, amenities F.
• Woodbine School District (rural): math 25% / reading 40% proficiency, ranked #552 of 612 in NJ (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 60 active listings in the ZIP; 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 $3k of loan paydown is wiped out by about $13k 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 34 days — a 3% lower offer ($412k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $412,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-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. 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: 1.18% ✓
• Cap rate: 9.15%
• Cash-on-cash: 10.21%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

No comps found within radius.

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
713 Dehirsch Ave	0.15mi	5/1.0 (-1)	1,672	22mo	$275,000	$164	45

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: -0.9%
• Equity multiple: 0.96×
• Total profit: $-4,279
• Equity at exit: $63,369

10-year hold

• IRR: 8.7%
• Equity multiple: 1.67×
• Total profit: $79,652
• Equity at exit: $36,746

Cash invested: $119,000 (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 08270

• Home prices YoY: -1.4%
• Active inventory: 60
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $5,000 medium
• Mortgage (P&I): −$2,229
• Tax est. 1.5%: −$531 /mo · $6,375/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,050
• Net cashflow: $1,013

Break-even live

Break-even rent $3,718

Max offer price $425,000

Occupancy floor 75%

Sensitivity live

Price	-10% $1,307	-5% $1,160	+0% $1,013	+5% $866	+10% $719
Rent	-10% $618	-5% $815	+0% $1,013	+5% $1,210	+10% $1,408
Rate	-1.0pp $1,227	-0.5pp $1,121	base $1,013	+0.5pp $903	+1.0pp $791

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$5,000
Total (2 units)			$5,000

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-07
   statusdays on market $425,000 Under Contract 34 DOM
2. 2026-06-04
   days on market $425,000 Active 33 DOM
3. 2026-06-02
   days on market $425,000 Active 32 DOM
4. 2026-06-01
   days on market $425,000 Active 31 DOM
5. 2026-05-31
   days on market $425,000 Active 30 DOM
6. 2026-05-01
   listed $425,000 Active 660-char remark

ⓘ 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: $60,000
• − Mortgage interest: −$23,807
• − Property taxes: −$6,375
• − Insurance: −$2,125
• − Repairs & maintenance: −$4,800
• − Management: −$4,800
• − Depreciation: −$12,364
• Taxable income: $5,730
• Est. tax owed @ 24.0%: −$1,375
• After-tax cash flow: $10,780/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 · 13 photos

Fair 45/100 Moderate rehab

This multi-family property requires extensive repairs and updates to improve its condition and increase its resale and rental value. The roof, exterior siding, flooring, interior walls, bathrooms, and HVAC system are all in poor condition and need to be replaced or updated.

Repairs flagged

• Major roof — The roof appears to be in poor condition and may need to be replaced.
• Major exterior siding — The exterior siding is peeling and in need of repainting or replacement.
• Major flooring — The flooring in the living room and kitchen appears to be old and in need of replacement.
• Major interior walls/paint — The interior walls and ceilings show signs of wear and tear, with peeling paint and discoloration.
• Major bathrooms — The bathrooms appear to be outdated and in need of updates, with dated fixtures and flooring.
• Major HVAC/mechanicals — The HVAC system appears to be old and may need to be replaced or serviced.

Value-add opportunities

• Both New roof — A new roof will improve the overall condition of the property and increase its resale and rental value.
• Both New exterior siding — New siding will improve the curb appeal and increase the property's resale and rental value.
• Both New flooring — New flooring will improve the living and kitchen areas and increase the property's resale and rental value.
• Both Painting and interior updates — Painting and interior updates will improve the condition of the interior walls and ceilings and increase the property's resale and rental value.
• Both Bathroom updates — Updating the bathrooms with new fixtures and flooring will improve the condition of the bathrooms and increase the property's resale and rental value.
• Both HVAC replacement — Replacing the HVAC system will improve the comfort and energy efficiency of the property and increase its resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be in poor condition and may need to be replaced.	Major	$15,000–50,000
exterior siding · The exterior siding is peeling and in need of repainting or replacement.	Major	$15,000–50,000
flooring · The flooring in the living room and kitchen appears to be old and in need of replacement.	Major	$15,000–50,000
interior walls/paint · The interior walls and ceilings show signs of wear and tear, with peeling paint and discoloration.	Major	$15,000–50,000
bathrooms · The bathrooms appear to be outdated and in need of updates, with dated fixtures and flooring.	Major	$15,000–50,000
HVAC/mechanicals · The HVAC system appears to be old and may need to be replaced or serviced.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both New roof — A new roof will improve the overall condition of the property and increase its resale and rental value. ↑
• Both New exterior siding — New siding will improve the curb appeal and increase the property's resale and rental value. ↑
• Both New flooring — New flooring will improve the living and kitchen areas and increase the property's resale and rental value. ↑
• Both Painting and interior updates — Painting and interior updates will improve the condition of the interior walls and ceilings and increase the property's resale and rental value. ↑
• Both Bathroom updates — Updating the bathrooms with new fixtures and flooring will improve the condition of the bathrooms and increase the property's resale and rental value. ↑
• Both HVAC replacement — Replacing the HVAC system will improve the comfort and energy efficiency of the property and increase its resale and rental value. ↑

ⓘ 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: Woodbine School District
• NCES district ID: 3418090
• Math proficiency: 25% ▲ 5.00%
• Reading proficiency: 40% ▬ 0.00%
• Median HH income: $37,646
• Composite: 29.8/100
• National rank: #11712
• State rank: #552 of 612 in NJ

Livability — Woodbine

• Score: 59/100
• State rank: #498
• US rank: #20502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Woodbine, NJ
• Population (ZIP): 8,239

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 11% Two or more races 11% Black 6%
• Hispanic origin (detail): Puerto Rican 8% Cuban 1%
• Common ancestry: Romanian 5% Lithuanian 2% Serbian 2%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1% German/W. Germanic 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: ▼ -4.19%
• Current HPI: 300.6266
• 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

2 events — show timeline

• 2026-06-04 Pending — CMCMLS
• 2026-05-01 Listed $425,000 CMCMLS