23 Easton Dr #61 · Crestwood Village, NJ 08759

$209,000

2 bd · 2.0 ba · 1,568 sqft · SingleFamily public records · 16 Days on market

Built 1982 0.28 ac lot $133/sqft · 11% below area Est $234k · 11% under $156/mo HOA · 7% 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 +17.0/30.0
• ARV discount +12.3/15.0
• 1% rule +5.6/10.0
• DSCR +5.3/10.0
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Crestwood Village Six, an established adult community offering the popular Lynnewood model. This home features two generously sized bedrooms and two full bathrooms, providing a comfortable and functional layout ready for your personal touch. A heated sunroom adds additional living space, perfect for year-round use, while the expansive living and dining area offers a great foundation for entertaining. The eat-in kitchen offers ample space and layout potential to be reimagined into your ideal design. While the home does require updates and renovations, it presents a great opportunity to customize and add value. Residents of Crestwood Village Six enjoy access to a clubhouse with a v

Key facts

• 0.28 acre lot
• Garage
• Built 1982

Property features AI

Finance

• HOA & community: HOA with monthly fee; Monthly association fee of 156.0; HOA covers trash, lawn maintenance, and snow removal; Community amenities include clubhouse and common area; no pool

Exterior

• Parking: Attached 1-car garage
• Utilities: Public sewer
• Home design: Model: Lynnewood; Fee simple ownership
• Construction: Crawl space basement
• Exterior features: Shingle roof

Interior

• Kitchen: Electric cooking; Microwave; Stove; Refrigerator; Dishwasher
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Baseboard heating; Central air conditioning; Electric cooling
• Interior features: Outdoor lighting; Light fixtures; Garage door opener
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $209k.

Deal economics

• At list price, monthly cash flow is $143 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $209k).
• Recommended offer: $206k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 5.6% in Crestwood Village — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 63/100 on livability (#422 in NJ) — a middle-class / working-renter tenant base. Strengths: cost of living A, housing A, health & safety B+; Watch: schools F, amenities F, commute F.
• Manchester Township School District (suburban): math 25% / reading 44% proficiency, ranked #320 of 472 in NJ (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 648 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 4,434 units permitted in Ocean County in 2024 (868 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 16 days — a 2% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $85k; list at $209k implies a 146% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; major wind risk, 67% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $205,865 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.06% ✓
• Cap rate: 7.11%
• Cash-on-cash: 2.93%
• DSCR: 1.13
• GRM: 7.9

CMA / ARV

• ARV (median comp): $233,757
• List price: $209,000
• Delta: -10.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
44 Penwood Dr #55	0.07mi	2/2.0	1,568 (0%)	0mo	$339,000	$216	96
11 Ardmore St	0.17mi	2/2.0	1,568 (0%)	6mo	$367,000	$234	87
14-B Penwood Dr Sec 54a	0.30mi	2/2.0	1,544 (-2%)	1mo	$2,929,000	$1,897	82
2A Easton Ct	0.26mi	2/2.0	1,544 (-2%)	4mo	$210,000	$136	82
44B Sunset Rd #55	0.32mi	2/2.0	1,544 (-2%)	1mo	$215,000	$139	82
111 Sunset Rd #60	0.36mi	2/2.0	1,568 (0%)	1mo	$325,000	$207	82
4B Winthrop Pl #55	0.29mi	2/2.0	1,544 (-2%)	4mo	$292,000	$189	80
14 Penwood Dr Unit A	0.31mi	2/2.0	1,544 (-2%)	7mo	$239,000	$155	77
7-B Drake St Sec 53	0.50mi	2/2.0	1,544 (-2%)	3mo	$220,000	$142	72
16 Ivy Ct Unit A	0.45mi	2/2.0	1,544 (-2%)	7mo	$175,000	$113	70
48 B Auburn St Unit 54B	0.25mi	2/2.0	1,392 (-11%)	6mo	$219,000	$157	65
3B Drake St #53	0.52mi	2/2.0	1,392 (-11%)	3mo	$210,000	$151	55

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: -11.6%
• Equity multiple: 0.58×
• Total profit: $-24,643
• Equity at exit: $31,163

10-year hold

• IRR: -2.3%
• Equity multiple: 0.84×
• Total profit: $-9,213
• Equity at exit: $18,071

Cash invested: $58,520 (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 08759

• Active inventory: 648
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,214 high
• Mortgage (P&I): −$1,096
• Tax from tax record: −$267 /mo · $3,204/yr
• Insurance: −$87
• HOA: −$156
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $143

Break-even live

Break-even rent $2,033

Max offer price $209,000

Occupancy floor 89%

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9B Portsmouth St Unit 54B Whiting, NJ	2.0	2.0	1544	$2,350	$1.52	20d	1	0.28mi
9B Portsmouth St Unit 54B Whiting, NJ	2.0	2.0	1544	$2,400	$1.55	1d	1	0.28mi
16B Ivy Ct Unit A Manchester Township, NJ	2.0	2.0	1544	$2,400	$1.55	1d	1	0.41mi
19B Maplewood Dr #52 Whiting, NJ	2.0	1.5	1109	$2,250	$2.03	16d	1	0.65mi
1 Morning Glory Ln Whiting, NJ	2.0	2.5	1312	$1,200	$0.91	3d	1	1.29mi
24 Partridge Pl Manchester Township, NJ	3.0	2.0	1248	$1,780	$1.43	12d	1	1.30mi
— Manchester Township, NJ	2.0	2.0	1141	$1,700	$1.49	10d	1	1.34mi
7 Teal Ct Whiting, NJ	2.0	2.0	1056	$1,600	$1.52	3d	1	1.46mi
49 Westport Dr #71 Whiting, NJ	2.0	1.5	1192	$1,995	$1.67	43d	1	1.47mi
50 Westport Dr #71 Whiting, NJ	2.0	1.0	1120	$2,200	$1.96	1d	1	1.49mi

HOA detail

• Monthly dues: $156 · $1,872/yr

Listing history 3 events

1. 2026-05-06
   listed $209,000 Active 799-char remark
2. 1996-08-28
   soldstatus $85,000
3. 1982-09-01
   soldstatus $66,955

ⓘ 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: $3,204 · $267/mo
• Projected year-2 tax: $4,204 · $350/mo
• Expected delta: +$1,000/yr (+$83/mo · 31.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 14 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: $26,565
• − Mortgage interest: −$11,707
• − Property taxes: −$3,204
• − Insurance: −$1,045
• − Repairs & maintenance: −$2,125
• − Management: −$2,125
• − HOA: −$1,872
• − Depreciation: −$6,080
• Taxable loss: −$1,594
• Est. tax savings @ 24.0%: +$383
• After-tax cash flow: $2,095/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: Manchester Township School District
• NCES district ID: 3409450
• Math proficiency: 25% ▼ -17.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $38,905
• Composite: 28.8/100
• National rank: #6662
• State rank: #320 of 472 in NJ

Livability — Crestwood Village

• Score: 63/100
• State rank: #422
• US rank: #15006

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crestwood Village, NJ
• City population: 34,290
• Population (ZIP): 34,290

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Black 4% Two or more races 4% Asian 2%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Romanian 8% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 88% English-only · Spanish 3% Russian/Polish/Slavic 2% Other Indo-European 2%

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: ▼ -347.85%
• Current HPI: 274.4679
• 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

+212.1% since first listed

4 events — show timeline

• 2026-05-22 Pending — MOMLS
• 2026-05-06 Listed $209,000 MOMLS
• 1996-08-28 Sold (Public Records) $85,000 Public Records
• 1982-09-01 Sold (Public Records) $66,955 Public Records

Property tax history

+2.7%/yr

Latest (2025): $3,204 · -5.4% YoY. Source: county tax records.