240 Sherman Ave · Seaside Heights, NJ 08751

$699,000

4 bd · 2.0 ba · 768 sqft · SingleFamily public records · 66 Days on market

Built 1946 2,178 sqft lot Est $548k · 28% over

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Why this score? — see what drove the F 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).

• Livability +3.0/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +1.4/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Under Attorney Review accepting back up offers. Calling all Investors, this 3-Family is totally renovated! The front house offers two 1-bedroom, 1-bathroom apartments, the rear house has 2 bedrooms and one full bath. All units have brand new flooring, white shaker cabinets, appliances, tankless water heaters, energy efficient split air/heating units, recessed lighting, ceiling fans, stand up shower enclosures, and more! All units are rented year-round with 50K in rent annually. Coin -operated washer and dryer on the premises with storage for each unit. Walking distance to boardwalk, restaurants and attractions.

Key facts

• Fully renovated
• Modern upgrades
• New flooring

Tags

• FULLY RENOVATED
• MODERN UPGRADES
• CONTEMPORARY FINISHES
• NEW FLOORING
• STYLISH WHITE CABINETRY
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Financial info: Owner pays water (multi-family information)

Exterior

• Parking: No garage
• Utilities: Public sewer
• Home design: Individually owned
• Construction: Crawl space basement
• Exterior features: Shingle roof

Interior

• Bedrooms: 4 bedrooms
• Flooring: Laminate
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Laminate flooring; No fireplaces

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $699k.

Deal economics

• At list price, monthly cash flow is $-3k ($-38k/yr) — negative.
• To cash-flow at today's rent, offer at most $171k (75.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $243k (65.2% below list).
• Recommended offer: $171k (75.5% below list) — sets the bar for cash-flow.
• Cap rate 1.6% vs local median 2.9% in Seaside Heights — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 60/100 on livability (#483 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: schools F, commute F, employment F.
• Central Regional School District (suburban): math 17% / reading 43% proficiency, ranked #357 of 472 in NJ (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 194 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $5k of loan paydown is wiped out by about $21k 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 66 days — a 6% lower offer ($657k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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: flood insurance adds $427/mo; built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• 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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,260 (75.5% 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 66 days. Have you received any prior offers? Is the seller open to a 75% concession, seller financing, or rate buy-down credit?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.35% ✗
• Cap rate: 1.57%
• Cash-on-cash: -16.86%
• DSCR: 0.25
• GRM: 24.0

CMA / ARV

• ARV (on-the-fly): $547,584
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 Lincoln Ave	0.33mi	3/1.5 (-1)	800 (+4%)	3mo	$477,232	$597	68
105 Dolphin Dr	0.43mi	3/1.0 (-1)	768 (0%)	3mo	$707,500	$921	68
415 Coolidge Ave Unit B	0.66mi	3/1.5 (-1)	800 (+4%)	12mo	$570,000	$713	45

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: -56.3%
• Equity multiple: -0.61×
• Total profit: $-315,399
• Equity at exit: $104,223

10-year hold

• IRR: —
• Equity multiple: -1.73×
• Total profit: $-534,363
• Equity at exit: $60,437

Cash invested: $195,720 (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 08751

• Home prices YoY: -34.8%
• Active inventory: 194
• Price-to-rent: 24.0×

Monthly cashflow live

• Estimated rent: $2,431 high
• Mortgage (P&I): −$3,666
• Tax from tax record: −$714 /mo · $8,563/yr
• Insurance: −$291
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $-3,177

Break-even live

Break-even rent $6,452

Max offer price $171,260

Occupancy floor —

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: $174,750
• Closing costs: $20,970
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
58 Kearney Ave Apt 2 Seaside Heights, NJ	3.0	1.0	750	$2,600	$3.47	18d	1	0.26mi
46 Kearney Ave Unit B Seaside Heights, NJ	3.0	1.5	700	$2,200	$3.14	25d	1	0.28mi
46 Kearney Ave Unit A Seaside Heights, NJ	3.0	1.0	700	$2,000	$2.86	25d	1	0.28mi
241 Hiering Ave Seaside Heights, NJ	3.0	1.0	626	$4,250	$6.79	25d	1	0.30mi
104 5th Ave Unit UP Seaside Heights, NJ	3.0	2.0	950	$3,000	$3.16	44d	1	0.88mi
1955 Railway Ave E Seaside Heights, NJ	3.0	1.5	1064	$3,500	$3.29	44d	1	0.92mi
2020 Baltimore Ave Unit Down Seaside Heights, NJ	3.0	1.0	750	$2,600	$3.47	44d	1	1.04mi

Listing history 4 events

1. 2026-06-18
   days on market $699,000 Active 66 DOM
2. 2026-06-17
   days on market $699,000 Active 65 DOM
3. 2026-06-17
   remarks 695-char remark
4. 2026-06-17
   listed $699,000 Active 64 DOM

ⓘ 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: $8,563 · $714/mo
• Projected year-2 tax: $12,984 · $1,082/mo
• Expected delta: +$4,421/yr (+$368/mo · 51.6%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,168
• − Mortgage interest: −$39,155
• − Property taxes: −$8,563
• − Insurance: −$8,614
• − Repairs & maintenance: −$2,333
• − Management: −$2,333
• − Depreciation: −$20,335
• Taxable loss: −$52,165
• Est. tax savings @ 24.0%: +$12,520
• After-tax cash flow: $-25,602/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: Central Regional School District
• NCES district ID: 3402910
• Math proficiency: 17% ▼ -14.00%
• Reading proficiency: 43% ▲ 7.00%
• Median HH income: $44,676
• Composite: 25.59/100
• National rank: #7422
• State rank: #357 of 472 in NJ

Livability — Seaside Heights

• Score: 60/100
• State rank: #483
• US rank: #19128

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Seaside Heights, NJ
• Population (ZIP): 3,625

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 11% Two or more races 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 5%
• Common ancestry: Romanian 7% Iranian 1% Subsaharan African 1%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 6% Other Indo-European 2% Russian/Polish/Slavic 1%

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: ▼ -301.05%
• Current HPI: 564.3566
• 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

+1298.0% since first listed

14 events — show timeline

• 2026-06-17 Price Changed $699,000 MOMLS
• 2026-04-13 Listed $715,000 MOMLS
• 2023-08-11 Sold (Public Records) $650,000 Public Records
• 2023-07-31 Sold (MLS) $650,000 MOMLS
• 2023-06-23 Pending — MOMLS
• 2023-06-22 Delisted — MOMLS
• 2023-06-13 Listed $660,000 MOMLS
• 2021-08-19 Sold (Public Records) $500,000 Public Records
• 2021-08-13 Sold (MLS) $500,000 MOMLS
• 2021-07-06 Pending — MOMLS
• 2021-06-17 Listed $500,000 MOMLS
• 2019-08-09 Sold (Public Records) $100,000 Public Records
• 2000-06-06 Sold (Public Records) $50,000 Public Records
• 2000-06-06 Sold (Public Records) $50,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $8,563 · +23.8% YoY. Source: county tax records.