215 Surf Ave #104 · North Wildwood, NJ 08260-5976

$495,900

2 bd · 2.0 ba · 946 sqft · Condo public records · 103 Days on market

Built 1985

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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
• Appreciation +5.0/10.0
• Schools +4.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Location! Windsurfer Condominiums are located on the NE Corner of 3rd and Surf. Just a short half block to the beach and seawall plus walking distance to the Pub district, restaurants, parks and the recreation center. The far North end of North Wildwood is a highly desirable area. This is a large 2-bedroom 2 full bath condo with wood burning fireplace, large kitchen, roomy and bright master suite with huge walk-in closet and brand new (less than 1 year old) master bath with walk in shower and teak seating. Large hall bath has tub and shower combo, new vanity, new toilet and new ceiling tiles. 2nd bedroom is also very roomy and can fit 2 sets of bunk beds if you need that. Washer and Dryer in hall closet. Kitchen includes new refrigerator, glass top stove, microwave, dishwasher and garbage disposal. Step down into the sunken living room and utilize the wood burning fireplace for those cold winter and fall days. Windows are 4-5 years old, HWH is 5+ years old, washer and dryer are both approx. 6 years old. All new ceiling fans with remote controls. Wi-Fi Thermostat which works with app on your phone, ideal when you are away. Sliders lead to a nice sized deck that looks out to Surf Avenue, watch the parades passing by from your deck - deck furniture is included. Property is being sold fully furnished with living room, kitchen, and two bedrooms furnished. (Living room TV is excluded from sale) Also included are dishes, glasses, air fryer, blender, all pictures and decor. Owners have lived here for 23 years and never rented. In addition to the monthly condo fee (which covers master insurances including flood, water, sewer, all common area maintenance), there is a $1,572 annual contribution to the reserve account which can be paid monthly, quarterly or annually. Parking for this unit is on 3rd street side and designated by the unit number - there is additional guest parking of 7 spots on a first come first served basis using a unit tag (necessary in season only). Seller will purchase one seasonal parking pass for new owner with a full price offer. The Windsurfer Condominium is not pet friendly (except for service animals). Seller is a License NJ Real Estate Agent.

Key facts

• Large living area
• Side deck
• Dining area

Tags

• SHORT WALK TO THE BEACH
• LARGE LIVING AREA
• SIDE DECK
• WOOD BURNING FIREPLACE
• EFFICIENT KITCHEN
• DINING AREA

Property features AI

Finance

• Other: Located about 2 blocks from the beach and 4 blocks from the bay; near inlet and entertainment
• HOA & community: Condo fee approximately $336.88/month

Exterior

• Parking: Assigned parking for 1 car with concrete driveway
• Utilities: City water; City sewer; Electric hot water
• Home design: Condominium unit in a multi-story building; Located on the first floor; Unit faces unspecified direction
• Construction: Fireplace (unit feature)
• Exterior features: Year-round use; Outside shower; Storage facilities; Elevator (common area)

Interior

• Kitchen: Range, Microwave, Refrigerator, Dishwasher, Disposal; Eat-in kitchen
• Bedrooms: 2 bedrooms (unit 104, first floor)
• Flooring: Wall-to-wall carpet in some areas
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating with forced air and heat pump; Central air conditioning, Ceiling fan
• Interior features: Range, Microwave, Refrigerator, Dishwasher, Disposal; Smoke/Fire detector, Intercom; Drapes, Curtains, Furniture (partial included); Living room, Eat-in kitchen, Laundry/utility room, Storage space, Additional room (see remarks); 4 total rooms
• Laundry & utility: Washer and Dryer in unit; Laundry/utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $496k.

Deal economics

• At list price, monthly cash flow is $7k ($81k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $496k).
• Recommended offer: $451k (9.0% below list) — sets the bar for market timing.
• Cap rate 22.7% 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: 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 $18k of equity ($3k loan paydown + $15k 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 $139k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($451k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Recommended offer $451,269 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.62% ✓
• Cap rate: 22.68%
• Cash-on-cash: 58.53%
• DSCR: 3.60
• GRM: 3.2

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: 63.5%
• Equity multiple: 4.54×
• Total profit: $491,354
• Equity at exit: $222,978

10-year hold

• IRR: 63.0%
• Equity multiple: 9.25×
• Total profit: $1,145,021
• Equity at exit: $343,636

Cash invested: $138,852 (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 08260-5976

• Active inventory: 1
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $13,000 medium
• Mortgage (P&I): −$2,601
• Tax from tax record: −$335 /mo · $4,018/yr
• Insurance: −$207
• HOA est. from 1 same-building comp: −$355
• Vacancy / Maint / Mgmt: −$2,730
• Net cashflow: $6,773

Break-even live

Break-even rent $4,427

Max offer price $495,900

Occupancy floor 43%

Sensitivity live

Price	-10% $7,054	-5% $6,913	+0% $6,773	+5% $6,633	+10% $6,492
Rent	-10% $5,746	-5% $6,260	+0% $6,773	+5% $7,287	+10% $7,800
Rate	-1.0pp $7,023	-0.5pp $6,899	base $6,773	+0.5pp $6,645	+1.0pp $6,514

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: $123,975
• Closing costs: $14,877
• 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	44d	1	1.09mi

HOA detail condo

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

Listing history 26 events

1. 2026-06-21
   days on market $495,900 Active 103 DOM
2. 2026-06-18
   days on market $495,900 Active 101 DOM
3. 2026-06-17
   days on market $495,900 Active 100 DOM
4. 2026-06-16
   days on market $495,900 Active 99 DOM
5. 2026-06-15
   days on market $495,900 Active 98 DOM
6. 2026-06-13
   days on market $495,900 Active 96 DOM
7. 2026-06-12
   days on market $495,900 Active 95 DOM
8. 2026-06-09
   days on market $495,900 Active 92 DOM
9. 2026-06-08
   days on market $495,900 Active 91 DOM
10. 2026-06-07
    statusdays on market $495,900 Active 90 DOM
11. 2026-06-07
    pricestatusdays on market $495,900 Price Change 89 DOM
12. 2026-06-04
    days on market $514,900 Active 86 DOM
13. 2026-06-02
    days on market $514,900 Active 85 DOM
14. 2026-06-01
    days on market $514,900 Active 84 DOM
15. 2026-05-31
    days on market $514,900 Active 83 DOM
16. 2026-05-02
    price $514,900
17. 2026-05-02
    price $514,900,000
18. 2026-03-07
    listed $521,000 Active
19. 2023-05-03
    soldstatus $480,000
20. 2023-05-01
    soldstatus $480,000 Sold Coop by Member 2196-char remark

    Show marketing remark (2196 chars)

    Location! Windsurfer Condominiums are located on the NE Corner of 3rd and Surf. Just a short half block to the beach and seawall plus walking distance to the Pub district, restaurants, parks and the recreation center. The far North end of North Wildwood is a highly desirable area. This is a large 2-bedroom 2 full bath condo with wood burning fireplace, large kitchen, roomy and bright master suite with huge walk-in closet and brand new (less than 1 year old) master bath with walk in shower and teak seating. Large hall bath has tub and shower combo, new vanity, new toilet and new ceiling tiles. 2nd bedroom is also very roomy and can fit 2 sets of bunk beds if you need that. Washer and Dryer in hall closet. Kitchen includes new refrigerator, glass top stove, microwave, dishwasher and garbage disposal. Step down into the sunken living room and utilize the wood burning fireplace for those cold winter and fall days. Windows are 4-5 years old, HWH is 5+ years old, washer and dryer are both approx. 6 years old. All new ceiling fans with remote controls. Wi-Fi Thermostat which works with app on your phone, ideal when you are away. Sliders lead to a nice sized deck that looks out to Surf Avenue, watch the parades passing by from your deck - deck furniture is included. Property is being sold fully furnished with living room, kitchen, and two bedrooms furnished. (Living room TV is excluded from sale) Also included are dishes, glasses, air fryer, blender, all pictures and decor. Owners have lived here for 23 years and never rented. In addition to the monthly condo fee (which covers master insurances including flood, water, sewer, all common area maintenance), there is a $1,572 annual contribution to the reserve account which can be paid monthly, quarterly or annually. Parking for this unit is on 3rd street side and designated by the unit number - there is additional guest parking of 7 spots on a first come first served basis using a unit tag (necessary in season only). Seller will purchase one seasonal parking pass for new owner with a full price offer. The Windsurfer Condominium is not pet friendly (except for service animals). Seller is a License NJ Real Estate Agent.

21. 2023-03-24
    status Under Contract 2196-char remark

    Show marketing remark (2196 chars)

    Location! Windsurfer Condominiums are located on the NE Corner of 3rd and Surf. Just a short half block to the beach and seawall plus walking distance to the Pub district, restaurants, parks and the recreation center. The far North end of North Wildwood is a highly desirable area. This is a large 2-bedroom 2 full bath condo with wood burning fireplace, large kitchen, roomy and bright master suite with huge walk-in closet and brand new (less than 1 year old) master bath with walk in shower and teak seating. Large hall bath has tub and shower combo, new vanity, new toilet and new ceiling tiles. 2nd bedroom is also very roomy and can fit 2 sets of bunk beds if you need that. Washer and Dryer in hall closet. Kitchen includes new refrigerator, glass top stove, microwave, dishwasher and garbage disposal. Step down into the sunken living room and utilize the wood burning fireplace for those cold winter and fall days. Windows are 4-5 years old, HWH is 5+ years old, washer and dryer are both approx. 6 years old. All new ceiling fans with remote controls. Wi-Fi Thermostat which works with app on your phone, ideal when you are away. Sliders lead to a nice sized deck that looks out to Surf Avenue, watch the parades passing by from your deck - deck furniture is included. Property is being sold fully furnished with living room, kitchen, and two bedrooms furnished. (Living room TV is excluded from sale) Also included are dishes, glasses, air fryer, blender, all pictures and decor. Owners have lived here for 23 years and never rented. In addition to the monthly condo fee (which covers master insurances including flood, water, sewer, all common area maintenance), there is a $1,572 annual contribution to the reserve account which can be paid monthly, quarterly or annually. Parking for this unit is on 3rd street side and designated by the unit number - there is additional guest parking of 7 spots on a first come first served basis using a unit tag (necessary in season only). Seller will purchase one seasonal parking pass for new owner with a full price offer. The Windsurfer Condominium is not pet friendly (except for service animals). Seller is a License NJ Real Estate Agent.

22. 2023-03-18
    listed $489,900 Active 2196-char remark

    Show marketing remark (2196 chars)

    Location! Windsurfer Condominiums are located on the NE Corner of 3rd and Surf. Just a short half block to the beach and seawall plus walking distance to the Pub district, restaurants, parks and the recreation center. The far North end of North Wildwood is a highly desirable area. This is a large 2-bedroom 2 full bath condo with wood burning fireplace, large kitchen, roomy and bright master suite with huge walk-in closet and brand new (less than 1 year old) master bath with walk in shower and teak seating. Large hall bath has tub and shower combo, new vanity, new toilet and new ceiling tiles. 2nd bedroom is also very roomy and can fit 2 sets of bunk beds if you need that. Washer and Dryer in hall closet. Kitchen includes new refrigerator, glass top stove, microwave, dishwasher and garbage disposal. Step down into the sunken living room and utilize the wood burning fireplace for those cold winter and fall days. Windows are 4-5 years old, HWH is 5+ years old, washer and dryer are both approx. 6 years old. All new ceiling fans with remote controls. Wi-Fi Thermostat which works with app on your phone, ideal when you are away. Sliders lead to a nice sized deck that looks out to Surf Avenue, watch the parades passing by from your deck - deck furniture is included. Property is being sold fully furnished with living room, kitchen, and two bedrooms furnished. (Living room TV is excluded from sale) Also included are dishes, glasses, air fryer, blender, all pictures and decor. Owners have lived here for 23 years and never rented. In addition to the monthly condo fee (which covers master insurances including flood, water, sewer, all common area maintenance), there is a $1,572 annual contribution to the reserve account which can be paid monthly, quarterly or annually. Parking for this unit is on 3rd street side and designated by the unit number - there is additional guest parking of 7 spots on a first come first served basis using a unit tag (necessary in season only). Seller will purchase one seasonal parking pass for new owner with a full price offer. The Windsurfer Condominium is not pet friendly (except for service animals). Seller is a License NJ Real Estate Agent.

23. 2000-04-28
    soldstatus $85,000
24. 1994-08-05
    soldstatus $60,000
25. 1993-01-29
    soldstatus $70,000
26. 1987-10-02
    soldstatus $79,900

ⓘ 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: $4,018 · $335/mo
• Projected year-2 tax: $8,183 · $682/mo
• Expected delta: +$4,165/yr (+$347/mo · 103.7%)

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

Taxation est. · year 1

• Rental income: $156,000
• − Mortgage interest: −$27,778
• − Property taxes: −$4,018
• − Insurance: −$2,480
• − Repairs & maintenance: −$12,480
• − Management: −$12,480
• − HOA: −$4,260
• − Depreciation: −$14,426
• Taxable income: $78,078
• Est. tax owed @ 24.0%: −$18,739
• After-tax cash flow: $62,537/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: 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 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

+544.4% since first listed

11 events — show timeline

• 2026-05-02 Price Changed $514,900 CMCMLS
• 2026-05-02 Price Changed $514,900,000 CMCMLS
• 2026-03-07 Listed $521,000 CMCMLS
• 2023-05-03 Sold (Public Records) $480,000 Public Records
• 2023-05-01 Sold (MLS) $480,000 CMCMLS
• 2023-03-24 Pending — CMCMLS
• 2023-03-18 Listed $489,900 CMCMLS
• 2000-04-28 Sold (Public Records) $85,000 Public Records
• 1994-08-05 Sold (Public Records) $60,000 Public Records
• 1993-01-29 Sold (Public Records) $70,000 Public Records
• 1987-10-02 Sold (Public Records) $79,900 Public Records

Property tax history

+1.8%/yr

Latest (2023): $4,018 · +4.2% YoY. Source: county tax records.