805 Central Ave #3 · Ocean City, NJ 08226

$590,000

2 bd · 1.0 ba · 960 sqft · Condo public records · 31 Days on market

Built 1975 $615/sqft · 51% above area $150/mo HOA · 2% of rent

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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 +23.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.4/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Awesome location in the Center of all the action. Parking for 2-3 cars but in walking distance to all of Ocean City's greatest attaractions; Boardwalk, Beach, Shopping District, Restaurants, Ice cream Parlors and much more. You piece of America's Greatest Family Resort awaits you! call today for your private showing.

Key facts

• $150 HOA
• Parking
• Built 1975

Property features AI

Finance

• Other: Pets allowed with no pet restrictions; Lease not being considered
• HOA & community: HOA/Condo fee is $450 quarterly; HOA covers insurance, management, trash, and common area maintenance

Exterior

• Parking: Attached carport (1 space); Driveway parking; Crushed stone, unassigned parking; One total garage/parking space reported
• Utilities: Public water; Public sewer; Electric heating, cooling, and hot water
• Home design: Garden-style building (1–4 floors); Unit/flat; Entry on level 2; Condominium ownership; Bay/bow windows, skylights, vinyl-clad windows
• Construction: Block construction; Asbestos shingle roof; Year built estimated
• Exterior features: No basement; Above-grade and below-grade structures noted; Lot dimensions estimated

Interior

• Kitchen: Dishwasher; Microwave; Icemaker; Oven/Range - Electric; Stove; Refrigerator; Stainless steel appliances; Exhaust fan
• Bedrooms: Two bedrooms on the main level
• Flooring: Laminate flooring
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Electric baseboard heat; Window cooling units (electric)
• Interior features: Tub/shower; Estimated living area
• Laundry & utility: Washer; Dryer - Electric; Washer/dryer stacked; Washer/dryer hookup in unit; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $590k.

Deal economics

• At list price, monthly cash flow is $631 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $590k).
• Recommended offer: $572k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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 $4k of loan paydown is wiped out by about $18k 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 31 days — a 3% lower offer ($572k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y ago 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.
• Current owner paid $300k; list at $590k implies a 97% gain — meaningful room to come down on a strong offer.

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 $572,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.04% ✓
• Cap rate: 8.44%
• Cash-on-cash: 7.68%
• DSCR: 1.34
• GRM: 8.0

CMA / ARV

• ARV (median comp): $389,844
• List price: $590,000
• Delta: 51.34%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.1%
• Equity multiple: 0.67×
• Total profit: $-55,277
• Equity at exit: $87,971

10-year hold

• IRR: 0.4%
• Equity multiple: 1.03×
• Total profit: $4,265
• Equity at exit: $51,012

Cash invested: $165,200 (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: 8.0×

Monthly cashflow live

• Estimated rent: $6,119 medium
• Mortgage (P&I): −$3,094
• Tax from tax record: −$287 /mo · $3,443/yr
• Insurance: −$246
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$150
• Vacancy / Maint / Mgmt: −$1,285
• Net cashflow: $631

Break-even live

Break-even rent $5,321

Max offer price $590,000

Occupancy floor 85%

Sensitivity live

Price	-10% $965	-5% $798	+0% $631	+5% $464	+10% $297
Rent	-10% $147	-5% $389	+0% $631	+5% $872	+10% $1,114
Rate	-1.0pp $928	-0.5pp $781	base $631	+0.5pp $478	+1.0pp $322

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: $147,500
• Closing costs: $17,700
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
714 West Ave Unit 1308989P Ocean City, NJ	2.0	1.0	742	$6,384	$8.60	45d	1	0.18mi
935 Ocean Ave Ocean City, NJ	1.0–3.0	1.0–2.5	1112	$5,350	$4.81	45d	1	0.24mi
1142 Simpson Ave Unit 1308992P Ocean City, NJ	3.0	2.0	1097	$7,788	$7.10	45d	1	0.48mi
101 West Ave Unit 1309011P Ocean City, NJ	3.0	1.0	990	$5,019	$5.07	45d	1	0.75mi

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-21
   days on market $590,000 Active 31 DOM
2. 2026-06-21
   days on market $590,000 Active 30 DOM
3. 2026-06-18
   days on market $590,000 Active 28 DOM
4. 2026-06-17
   days on market $590,000 Active 27 DOM
5. 2026-06-17
   remarks 677-char remark
6. 2026-06-17
   price $590,000 Active 26 DOM
7. 2026-06-16
   days on market $595,000 Active 26 DOM
8. 2026-06-15
   days on market $595,000 Active 25 DOM
9. 2026-06-13
   days on market $595,000 Active 23 DOM
10. 2026-06-12
    days on market $595,000 Active 22 DOM
11. 2026-06-09
    days on market $595,000 Active 19 DOM
12. 2026-06-08
    days on market $595,000 Active 18 DOM
13. 2026-06-07
    days on market $595,000 Active 17 DOM
14. 2026-06-07
    days on market $595,000 Active 16 DOM
15. 2026-06-04
    days on market $595,000 Active 13 DOM
16. 2026-06-02
    days on market $595,000 Active 12 DOM
17. 2026-06-01
    days on market $595,000 Active 11 DOM
18. 2026-05-31
    days on market $595,000 Active 10 DOM
19. 2026-05-05
    historical $595,000
20. 2026-01-02
    historical
21. 2025-11-15
    listed $600,000 Active
22. 2025-11-03
    historical
23. 2012-04-13
    soldstatus $300,000
24. 2011-11-15
    historical

    Show marketing remark (318 chars)

    Awesome location in the Center of all the action. Parking for 2-3 cars but in walking distance to all of Ocean City's greatest attaractions; Boardwalk, Beach, Shopping District, Restaurants, Ice cream Parlors and much more. You piece of America's Greatest Family Resort awaits you! call today for your private showing.

25. 2011-05-26
    listed $359,990

    Show marketing remark (318 chars)

    Awesome location in the Center of all the action. Parking for 2-3 cars but in walking distance to all of Ocean City's greatest attaractions; Boardwalk, Beach, Shopping District, Restaurants, Ice cream Parlors and much more. You piece of America's Greatest Family Resort awaits you! call today for your private showing.

26. 2005-11-23
    soldstatus $389,000
27. 2005-10-28
    soldstatus $389,000
28. 2005-10-07
    historical
29. 2005-06-28
    listed $399,900
30. 2003-09-03
    soldstatus $233,000
31. 2003-09-03
    soldstatus $233,000
32. 2003-08-04
    soldstatus $233,000
33. 2003-06-17
    historical
34. 2003-02-15
    listed $242,000

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

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $3,443 · $287/mo
• Projected year-2 tax: $9,067 · $756/mo
• Expected delta: +$5,624/yr (+$469/mo · 163.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe 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: $73,425
• − Mortgage interest: −$33,049
• − Property taxes: −$3,443
• − Insurance: −$8,068
• − Repairs & maintenance: −$5,874
• − Management: −$5,874
• − HOA: −$1,800
• − Depreciation: −$17,164
• Taxable loss: −$1,847
• Est. tax savings @ 24.0%: +$443
• After-tax cash flow: $8,010/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.

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

+143.8% since first listed

18 events — show timeline

• 2026-06-16 Price Changed $590,000 BRIGHT MLS
• 2026-05-22 Listed $595,000 BRIGHT MLS
• 2026-05-05 Coming Soon $595,000 BRIGHT MLS
• 2026-01-02 Listing Removed — BRIGHT MLS
• 2025-11-15 Listed $600,000 BRIGHT MLS
• 2025-11-03 Coming Soon — BRIGHT MLS
• 2012-04-13 Sold (Public Records) $300,000 Public Records
• 2011-11-15 Listing Removed — SJSRMLS
• 2011-05-26 Listed $359,990 SJSRMLS
• 2005-11-23 Sold (Public Records) $389,000 Public Records
• 2005-10-28 Sold (MLS) $389,000 SJSRMLS
• 2005-10-07 Listing Removed — SJSRMLS
• 2005-06-28 Listed $399,900 SJSRMLS
• 2003-09-03 Sold (Public Records) $233,000 Public Records
• 2003-09-03 Sold (Public Records) $233,000 Public Records
• 2003-08-04 Sold (MLS) $233,000 SJSRMLS
• 2003-06-17 Listing Removed — SJSRMLS
• 2003-02-15 Listed $242,000 SJSRMLS

Property tax history

+2.5%/yr

Latest (2025): $3,443 · +3.4% YoY. Source: county tax records.