515 Corson Tavern Unit D-22 · Dennis, NJ 08230

$140,000

4 bd · 1.0 ba · 500 sqft · SingleFamily · 1 Days on market

Built 2023 Fair condition $280/sqft · 12% below area ↓ 6% 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).

• Cash flow +19.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The site fee has been paid for two years. The site fee is $10,044 per year. Experience resort living at its finest in this spacious park model located in the highly sought-after Lake & Shore RV Resort. This property features three bedrooms on the main level, a full kitchen and bathroom with residential fixtures, and a comfortable living area designed for everyday living or weekend retreats. The loft area offers additional sleeping space for five or more guests, providing plenty of room for family and visitors. Enjoy outdoor living with a covered front porch, rear deck with a bar, fire pit, and storage shed. The property also includes a stackable washer and dryer and a three-seater street legal golf cart for convenient travel throughout the resort. Resort amenities include a private lake, swimming pool, waterpark, arcade, adult lounge, fitness center, basketball courts, and pickleball courts. The annual site fee is $10,044, which covers access from April 1 through October 26, with weekend stays (Friday–Monday) permitted during the winter months. Thousand Trails membership is required.

Key facts

• Covered front porch
• Outdoor bar
• Blackstone grill

Tags

• SPACIOUS LOFT
• COVERED FRONT PORCH
• EXPANSIVE DECK
• OUTDOOR BAR
• STORAGE SHED
• BLACKSTONE GRILL

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $140k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Dennis Township School District (suburban): math 26% / reading 41% proficiency, ranked #284 of 472 in NJ (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 76 active listings in the ZIP; 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 $968 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $140,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.01% ✓
• Cap rate: 7.54%
• Cash-on-cash: 4.45%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (median comp): $319,887
• List price: $140,000
• Delta: -56.23%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
515 Corson Tavern Unit D-49	0.00mi	3/1.0 (-1)	482 (-4%)	3mo	$80,000	$166	87
515 Corson Tavern Rd Unit E-51	0.39mi	3/1.0 (-1)	500 (0%)	6mo	$73,500	$147	72
515 Corson Tavern Rd Unit H-27	0.39mi	3/1.0 (-1)	500 (0%)	12mo	$140,000	$280	67
515 Corson Tavern Rd Unit Unit C-27	0.39mi	3/1.0 (-1)	450 (-10%)	12mo	$65,000	$144	50

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: -9.3%
• Equity multiple: 0.66×
• Total profit: $-13,399
• Equity at exit: $20,874

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $349
• Equity at exit: $12,105

Cash invested: $39,200 (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 08230

• Home prices YoY: -15.3%
• Active inventory: 76
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,409 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $145

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 85%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   days on marketlisting id $140,000 Active 1 DOM
3. 2026-01-07
   price $150,000 1113-char remark

   Show marketing remark (1113 chars)

   The site fee has been paid for two years. The site fee is $10,044 per year. Experience resort living at its finest in this spacious park model located in the highly sought-after Lake & Shore RV Resort. This property features three bedrooms on the main level, a full kitchen and bathroom with residential fixtures, and a comfortable living area designed for everyday living or weekend retreats. The loft area offers additional sleeping space for five or more guests, providing plenty of room for family and visitors. Enjoy outdoor living with a covered front porch, rear deck with a bar, fire pit, and storage shed. The property also includes a stackable washer and dryer and a three-seater street legal golf cart for convenient travel throughout the resort. Resort amenities include a private lake, swimming pool, waterpark, arcade, adult lounge, fitness center, basketball courts, and pickleball courts. The annual site fee is $10,044, which covers access from April 1 through October 26, with weekend stays (Friday–Monday) permitted during the winter months. Thousand Trails membership is required.

4. 2025-10-30
   listed $158,800 Active 1113-char remark

   Show marketing remark (1113 chars)

   The site fee has been paid for two years. The site fee is $10,044 per year. Experience resort living at its finest in this spacious park model located in the highly sought-after Lake & Shore RV Resort. This property features three bedrooms on the main level, a full kitchen and bathroom with residential fixtures, and a comfortable living area designed for everyday living or weekend retreats. The loft area offers additional sleeping space for five or more guests, providing plenty of room for family and visitors. Enjoy outdoor living with a covered front porch, rear deck with a bar, fire pit, and storage shed. The property also includes a stackable washer and dryer and a three-seater street legal golf cart for convenient travel throughout the resort. Resort amenities include a private lake, swimming pool, waterpark, arcade, adult lounge, fitness center, basketball courts, and pickleball courts. The annual site fee is $10,044, which covers access from April 1 through October 26, with weekend stays (Friday–Monday) permitted during the winter months. Thousand Trails membership is required.

ⓘ 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: $16,906
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$1,352
• − Management: −$1,352
• − Depreciation: −$4,073
• Taxable loss: −$514
• Est. tax savings @ 24.0%: +$123
• After-tax cash flow: $1,869/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 · 12 photos

Fair 45/100 Moderate rehab

This park model requires moderate renovations to improve its condition and appeal. Key areas for improvement include the kitchen, exterior paint, and HVAC system. Upgrading these elements can significantly increase its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — Worn but not damaged, could be refinished.
• Minor bathroom fixtures — Standard fixtures, could be replaced with modern ones.
• Moderate exterior paint — Siding appears intact but could use a fresh coat of paint.
• Moderate interior paint — Painted walls, some areas may need touch-ups.
• Moderate windows — Standard windows, could benefit from energy-efficient upgrades.
• Unknown HVAC system — Not inspected, could be outdated or inefficient.
• Moderate landscaping — Basic landscaping, could be improved with some landscaping work.

Value-add opportunities

• Resale Kitchen renovation — Updating the kitchen can significantly increase the home's appeal and value.
• Rental Landscaping — A well-maintained and landscaped property can attract more renters and increase rental income.
• Both HVAC upgrade — Upgrading the HVAC system can improve comfort and energy efficiency, benefiting both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Worn but not damaged, could be refinished.	Minor	$500–3,000
bathroom fixtures · Standard fixtures, could be replaced with modern ones.	Minor	$500–3,000
exterior paint · Siding appears intact but could use a fresh coat of paint.	Moderate	$3,000–15,000
interior paint · Painted walls, some areas may need touch-ups.	Moderate	$3,000–15,000
windows · Standard windows, could benefit from energy-efficient upgrades.	Moderate	$3,000–15,000
HVAC system · Not inspected, could be outdated or inefficient.	Unknown	$500–3,000
landscaping · Basic landscaping, could be improved with some landscaping work.	Moderate	$3,000–15,000
Total estimated repair cost · 7 items		$13,500–69,000

Value-add ROI direction

• Resale Kitchen renovation — Updating the kitchen can significantly increase the home's appeal and value. ↑
• Rental Landscaping — A well-maintained and landscaped property can attract more renters and increase rental income. ↑
• Both HVAC upgrade — Upgrading the HVAC system can improve comfort and energy efficiency, benefiting both resale and rental value. ↑

ⓘ 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: Dennis Township School District
• NCES district ID: 3403840
• Math proficiency: 26% ▼ -27.00%
• Reading proficiency: 41% ▼ -9.00%
• Median HH income: $72,052
• Composite: 31.16/100
• National rank: #6055
• State rank: #284 of 472 in NJ

Livability — Dennis

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Ocean View, NJ
• Population (ZIP): 5,998

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 (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Romanian 6% Slovak 3% Iranian 2%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 97% English-only · Other Indo-European 2% Spanish 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: ▼ -62.62%
• Current HPI: 347.2196
• 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

-5.5% since first listed

2 events — show timeline

• 2026-01-07 Price Changed $150,000 BRIGHT MLS
• 2025-10-30 Listed $158,800 BRIGHT MLS