775 Allen Dr · North Wildwood, NJ 08260

$555,000

3 bd · 2.0 ba · 1,100 sqft · Condo · 11 Days on market

Built 1986 Good condition

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

OPEN HOUSE Sale by Owner SATURDAY MAY 9 - 11:00am TO 2:30pm 775 Allen Drive A- 201 NORTH WILDWOOD - ANGLESEA Please park on street or in parking lot space marked A or E, thank you. Look for balloons and signage. Turn Key, 1100 sq. ft. , heated, salt water pool, off street parking. 24 unit, friendly, financially sound community. Walk into a L shaped living room, dining space with brand new LUX flooring flowing into updated kitchen. A front deck, with prep table, chairs, table and grill. Two recently renovated bathroom one with deep tub the other a beautiful walk-in shower. Laundry room with shelving. Three good sized bedrooms all with closets, plus the walk-in in the primary being used as

Key facts

• Laundry room
• Updated kitchen
• Walk-in shower

Tags

• HEATED SALT WATER POOL
• UPDATED KITCHEN
• RECENTLY RENOVATED BATHROOM
• WALK-IN SHOWER
• LAUNDRY ROOM
• PRIVATE STORAGE SHED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $555k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $6k ($77k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $555k).
• Cap rate 20.2% vs local median 3.6% in North Wildwood — 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 68/100 on livability (#318 in NJ) — a middle-class / working-renter tenant base. Strengths: health & safety A+; Watch: amenities C-, crime D-, commute F.
• North Wildwood School District (suburban): math 55% / reading 45% proficiency, ranked #396 of 612 in NJ (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 431 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $17k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $155k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $555,000

Questions for the listing agent

1. 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?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 2.34% ✓
• Cap rate: 20.21%
• Cash-on-cash: 49.69%
• DSCR: 3.21
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 47.4%
• Equity multiple: 3.06×
• Total profit: $320,080
• Equity at exit: $82,752

10-year hold

• IRR: 53.1%
• Equity multiple: 6.19×
• Total profit: $807,223
• Equity at exit: $47,986

Cash invested: $155,400 (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 08260

• Home prices YoY: -30.7%
• Active inventory: 431
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $13,000 medium
• Mortgage (P&I): −$2,910
• Tax est. 1.5%: −$694 /mo · $8,325/yr
• Insurance: −$231
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,730
• Net cashflow: $6,435

Break-even live

Break-even rent $4,855

Max offer price $555,000

Occupancy floor 46%

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: $138,750
• Closing costs: $16,650
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
642 W Pine Ave #2 North Wildwood, NJ	3.0	1.0	1010	$13,000	$12.87	43d	1	0.28mi

HOA detail condo

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

Listing history 8 events

1. 2026-06-15
   days on market $555,000 Active 11 DOM
2. 2026-06-13
   days on market $555,000 Active 9 DOM
3. 2026-06-12
   days on market $555,000 Active 8 DOM
4. 2026-06-09
   days on market $555,000 Active 5 DOM
5. 2026-06-08
   days on market $555,000 Active 4 DOM
6. 2026-06-07
   days on market $555,000 Active 3 DOM
7. 2026-06-07
   remarks 699-char remark
8. 2026-06-07
   listed $555,000 Active 2 DOM

ⓘ 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: $156,000
• − Mortgage interest: −$31,089
• − Property taxes: −$8,325
• − Insurance: −$2,775
• − Repairs & maintenance: −$12,480
• − Management: −$12,480
• − Depreciation: −$16,145
• Taxable income: $72,706
• Est. tax owed @ 24.0%: −$17,449
• After-tax cash flow: $59,765/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

Good 75/100 Cosmetic rehab

This condo is in good condition with recent updates, including new flooring and bathrooms. It is move-in ready and has a good curb appeal.

Value-add opportunities

• Resale Painting the exterior siding — Fresh paint can enhance the home's curb appeal and make it more attractive to potential buyers.
• Rental Upgrading the HVAC system — A new or well-maintained HVAC system can improve tenant satisfaction and reduce maintenance costs.

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting the exterior siding — Fresh paint can enhance the home's curb appeal and make it more attractive to potential buyers. ↑
• Rental Upgrading the HVAC system — A new or well-maintained HVAC system can improve tenant satisfaction and reduce maintenance costs. ↑

ⓘ 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: North Wildwood School District
• NCES district ID: 3411670
• Math proficiency: 55% ▲ 5.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $45,310
• Composite: 44.38/100
• National rank: #6123
• State rank: #396 of 612 in NJ

Livability — North Wildwood

• Score: 68/100
• State rank: #318
• US rank: #9827

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Wildwood, NJ
• Population (ZIP): 12,913

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 14% Two or more races 7% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 3%
• Common ancestry: Romanian 7% Slovak 2% Lithuanian 1%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 12% Other Indo-European 3% French/Haitian/Cajun 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: ▼ -243.83%
• Current HPI: 551.3393
• 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

1 event — show timeline

• 2026-06-04 Listed $555,000 ForSaleByOwner.com