78B Dorchester Dr #1002 · Leisure Village, NJ 08701

$180,000

2 bd · 2.0 ba · 986 sqft · SingleFamily · 32 Days on market

Built 1966 Fair condition 871 sqft lot Est $201k · 11% under $404/mo HOA · 19% of rent

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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).

• Cash flow +13.7/30.0
• ARV discount +12.2/15.0
• 1% rule +6.7/10.0
• DSCR +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Leisure Village, a sought-after 55+ community offering easy, low-maintenance living. This Strathmore model features 2 bedrooms, 2 full bathrooms, and approximately 1000 sq ft of living space. Enjoy a spacious open layout. Additional highlights include central air and interior access to the garage. This is an as is purchase and presents a great opportunity for buyers looking to customize and add their personal touch. Home does need TLC but offers strong potential in a desirable community. Buyer responsible for obtaining CO.

Key facts

• Garage
• Pool
• Built 1966

Property features AI

Finance

• HOA & community: Monthly association fee of $404; Association includes trash, common area maintenance, pool, and snow removal; Community amenities: exercise room, community room, pool, golf course, clubhouse, common area, landscaping, bocci; Association name: Leisure Village

Exterior

• Parking: Attached 1-car garage
• Utilities: Public sewer
• Home design: Condominium ownership; Attached property; Model: Strathmore
• Exterior features: Shingle roof

Interior

• Kitchen: Countertop range; Electric cooking; Stove; Dishwasher
• Bedrooms: 2 bedrooms
• Flooring: Other (see remarks)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Window treatments and blinds/shades; Light fixtures; Countertop range; Electric cooking; Stove; Dishwasher

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $180k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $15 ($176/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#416 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, crime B+, cost of living B; Watch: amenities F, commute F, employment 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: 426 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $5k 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 32 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 67% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $174,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.17% ✓
• Cap rate: 6.39%
• Cash-on-cash: 0.35%
• DSCR: 1.02
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $201,144
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
51A Cambridge Ct	0.21mi	2/1.0	987 (+0%)	2mo	$140,000	$142	84
49C Cambridge Ct Unit 100c	0.27mi	2/1.0	987 (+0%)	2mo	$189,000	$191	81
404A Picardy Ct	0.47mi	2/1.0	982 (-0%)	1mo	$235,000	$239	73
337C Canterbury Ct	0.19mi	2/1.0	1,078 (+9%)	1mo	$160,000	$148	70
699A Plymouth Dr Unit 699A	0.54mi	2/1.0	982 (-0%)	1mo	$259,000	$264	70
703 Plymouth Dr Unit A	0.58mi	2/1.0	982 (-0%)	1mo	$265,000	$270	68
402 Picardy Ct Unit B	0.43mi	2/1.0	1,036 (+5%)	0mo	$259,900	$251	67
681B New Castle Ct	0.58mi	2/1.0	982 (-0%)	2mo	$147,000	$150	66
465D Thornbury Ct	0.62mi	2/1.0	982 (-0%)	2mo	$205,000	$209	65
243D Jefferson Ct	0.54mi	2/1.0	1,036 (+5%)	0mo	$170,000	$164	62
537D Dartmoor Ct	0.70mi	2/1.0	982 (-0%)	2mo	$200,000	$204	61
500B Thornbury Ct Unit B	0.71mi	2/1.0	1,078 (+9%)	1mo	$216,000	$200	47

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: -15.6%
• Equity multiple: 0.45×
• Total profit: $-27,954
• Equity at exit: $26,839

10-year hold

• IRR: -6.8%
• Equity multiple: 0.56×
• Total profit: $-22,002
• Equity at exit: $15,563

Cash invested: $50,400 (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 08701

• Active inventory: 426
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,105 high
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$404
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $15

Break-even live

Break-even rent $2,086

Max offer price $180,000

Occupancy floor 94%

Sensitivity live

Price	-10% $139	-5% $77	+0% $15	+5% $-48	+10% $-110
Rent	-10% $-152	-5% $-68	+0% $15	+5% $98	+10% $181
Rate	-1.0pp $105	-0.5pp $60	base $15	+0.5pp $-32	+1.0pp $-79

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
341B Canterbury Ct Lakewood, NJ	2.0	1.0	982	$2,275	$2.32	24d	1	0.18mi
47L Cambridge Ct Lakewood, NJ	2.0	1.0	841	$1,795	$2.13	26d	1	0.24mi
335A Canterbury Ct Lakewood, NJ	2.0	1.0	982	$1,950	$1.99	20d	1	0.25mi
106A Edinburgh Ln Lakewood, NJ	2.0	1.0	858	$2,200	$2.56	19d	1	0.33mi
219 Buckingham Ct Lakewood, NJ	1.0	1.0	663	$1,900	$2.87	45d	1	0.50mi
278C Kingston Ct Lakewood, NJ	2.0	1.0	1000	$2,250	$2.25	3d	1	0.62mi
1042C Aberdeen Dr Unit C Lakewood, NJ	2.0	1.0	982	$2,000	$2.04	5d	1	1.04mi
824A Balmoral Ct Unit A Toms River, NJ	2.0	1.0	982	$2,200	$2.24	20d	1	1.16mi
523 Sophee Ln #1000 Lakewood, NJ	1.0	1.0	889	$1,800	$2.02	0d	1	1.17mi
829A Balmoral Ct Unit 1001 Lakewood, NJ	1.0	1.0	663	$1,600	$2.41	26d	1	1.20mi

HOA detail

• Monthly dues: $404 · $4,848/yr

Listing history 16 events

1. 2026-06-21
   days on market $180,000 Active 32 DOM
2. 2026-06-18
   days on market $180,000 Active 29 DOM
3. 2026-06-17
   days on market $180,000 Active 28 DOM
4. 2026-06-16
   days on market $180,000 Active 27 DOM
5. 2026-06-15
   days on market $180,000 Active 26 DOM
6. 2026-06-13
   days on market $180,000 Active 24 DOM
7. 2026-06-13
   days on market $180,000 Active 23 DOM
8. 2026-06-09
   days on market $180,000 Active 20 DOM
9. 2026-06-08
   days on market $180,000 Active 19 DOM
10. 2026-06-07
    days on market $180,000 Active 18 DOM
11. 2026-06-04
    days on market $180,000 Active 15 DOM
12. 2026-06-03
    days on market $180,000 Active 14 DOM
13. 2026-06-02
    days on market $180,000 Active 13 DOM
14. 2026-06-01
    days on market $180,000 Active 12 DOM
15. 2026-05-31
    days on market $180,000 Active 11 DOM
16. 2026-05-20
    listed $180,000 Active

ⓘ 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 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 67% 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: $25,255
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$2,020
• − Management: −$2,020
• − HOA: −$4,848
• − Depreciation: −$5,236
• Taxable loss: −$2,553
• Est. tax savings @ 24.0%: +$613
• After-tax cash flow: $789/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 · 30 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to update the kitchen and bathroom, but presents a good opportunity in a desirable community.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Major bathroom fixtures — outdated and damaged
• Moderate exterior paint — faded

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizes and increases appeal
• Both replace bathroom fixtures — modernizes and increases appeal
• Both paint interior walls — refreshes and improves appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · outdated and damaged	Major	$15,000–50,000
exterior paint · faded	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$18,500–68,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizes and increases appeal ↑
• Both replace bathroom fixtures — modernizes and increases appeal ↑
• Both paint interior walls — refreshes and improves appearance ↑

ⓘ 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: 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

Livability — Leisure Village

• Score: 64/100
• State rank: #416
• US rank: #14624

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leisure Village, NJ
• County: Ocean County · 439,426 people
• 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: 5757.0

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%

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%
• Common ancestry: Romanian 6% Italian 5% Scotch-Irish 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 77% English-only · Spanish 9% German/W. Germanic 7% Russian/Polish/Slavic 1%

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

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

1 event — show timeline

• 2026-05-20 Listed $180,000 MOMLS