204 E Atlantic Ave · Cape May Court House, NJ 08210-2275

$189,000

2 bd · 1.0 ba · 700 sqft · SingleFamily public records · 49 Days on market

Built 1954 Est $225k · 16% under ↓ 24% since listing

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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).

• ARV discount +14.6/15.0
• Cash flow +11.4/30.0
• Appreciation +5.0/10.0
• 1% rule +3.7/10.0
• Livability +3.4/5.0
• DSCR +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Listing remarks

Endless Potential in Cape May Courthouse area! Wonderful opportunity for year-round living, a vacation getaway or investment property. Renovate or tear down and build the home of your dreams! A short drive to Stone Harbor & Avalon beaches. Middle Township Schools, shops and medical facilities are nearby. Bring your vision and customize to your taste. Don't miss this opportunity to enjoy the good life and make this your new home! Call today for a showing.

Key facts

• Built 1954
• Listed 49 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $-65 ($-786/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (12.7% below list).
• Recommended offer: $165k (12.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#323 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A-, housing B+, health & safety B+; Watch: amenities F, commute F, cost of living F.
• Middle Township Public School District (suburban): math 15% / reading 38% proficiency, ranked #372 of 472 in NJ (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 1 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

• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• 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 $53k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $165,000 (12.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.87% ✗
• Cap rate: 5.88%
• Cash-on-cash: -1.48%
• DSCR: 0.93
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $224,700
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26 N	0.50mi	2/1.0	748 (+7%)	6mo	$240,000	$321	60

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: 6.1%
• Equity multiple: 1.35×
• Total profit: $18,662
• Equity at exit: $84,983

10-year hold

• IRR: 9.1%
• Equity multiple: 2.37×
• Total profit: $72,395
• Equity at exit: $130,968

Cash invested: $52,920 (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 08210-2275

• Active inventory: 1
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,650 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$299 /mo · $3,589/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $-65

Break-even live

Break-even rent $1,733

Max offer price $177,436

Occupancy floor 99%

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
302 Bennett Rd Unit second floor Cape May Court House, NJ	2.0	1.0	650	$1,650	$2.54	43d	1	0.23mi

Listing history 10 events

1. 2026-04-11
   status Under Contract
2. 2026-03-17
   status Active
3. 2026-03-17
   historical Under Contract Con/Show
4. 2026-03-13
   status Under Contract
5. 2026-03-04
   status Active
6. 2026-02-14
   status Under Contract
7. 2026-01-27
   listed $189,000 Active
8. 2024-07-29
   status Pending
9. 2024-07-29
   historical
10. 2024-06-24
    listed $250,000 Active

ⓘ 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: $3,589 · $299/mo
• Projected year-2 tax: $4,148 · $346/mo
• Expected delta: +$559/yr (+$47/mo · 15.6%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,800
• − Mortgage interest: −$10,587
• − Property taxes: −$3,589
• − Insurance: −$945
• − Repairs & maintenance: −$1,584
• − Management: −$1,584
• − Depreciation: −$5,498
• Taxable loss: −$3,987
• Est. tax savings @ 24.0%: +$957
• After-tax cash flow: $171/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: Middle Township Public School District
• NCES district ID: 3410020
• Math proficiency: 15% ▼ -18.00%
• Reading proficiency: 38% ▼ -7.00%
• Median HH income: $59,228
• Composite: 24.09/100
• National rank: #7754
• State rank: #372 of 472 in NJ

Livability — Cape May Court House

• Score: 67/100
• State rank: #323
• US rank: #10157

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cape May Court House, NJ

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-24.4% since first listed

10 events — show timeline

• 2026-04-11 Pending — CMCMLS
• 2026-03-17 Relisted — CMCMLS
• 2026-03-17 Contingent — CMCMLS
• 2026-03-13 Pending — CMCMLS
• 2026-03-04 Relisted — CMCMLS
• 2026-02-14 Pending — CMCMLS
• 2026-01-27 Listed $189,000 CMCMLS
• 2024-07-29 Pending — BRIGHT MLS
• 2024-07-29 Listing Removed — BRIGHT MLS
• 2024-06-24 Listed $250,000 BRIGHT MLS

Property tax history

+2.1%/yr

Latest (2025): $3,589 · +2.5% YoY. Source: county tax records.