109 E Primrose Rd Unit A · Wildwood Crest, NJ 08260-3937

$489,000

3 bd · 1.0 ba · 1,154 sqft · Condo · 101 Days on market

Built 1914 $424/sqft · 23% below area Est $638k · 23% under ↓ 6% since listing

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Appreciation +5.0/10.0
• Schools +3.7/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

If sitting on your front porch and enjoying the spectacular views of Sunset Lake is your dream. .. .look no further!!! This charming first floor condo is just steps from the bay and move in ready. Featuring 3 bedrooms and 1 bathroom. Updated kitchen with granite counters and stainless appliances. Additional amenities include spacious common area for those summer barbecues, outside shower, storage shed and off street parking for 2 cars. Comes fully furnished minus personal items. Did I mention. .. only a short stroll to the beautiful Wildwood Crest Beach!!! Better hurry. .. summer will be here before you know it!

Key facts

• Spacious common area
• Front porch
• Stainless appliances

Tags

• FRONT PORCH
• SPECTACULAR VIEWS
• UPDATED KITCHEN
• GRANITE COUNTERS
• STAINLESS APPLIANCES
• SPACIOUS COMMON AREA

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $489k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $489k).
• Recommended offer: $445k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.1% vs local median 2.7% in Wildwood Crest — 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 70/100 on livability (#257 in NJ) — a middle-class / working-renter tenant base. Strengths: health & safety A+; Watch: amenities C-, commute F, cost of living F.
• Wildwood Crest Borough School District (suburban): math 35% / reading 45% proficiency, ranked #493 of 612 in NJ (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $137k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($445k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1914 — 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $444,990 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. 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?
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. 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: 1.48% ✓
• Cap rate: 12.05%
• Cash-on-cash: 20.57%
• DSCR: 1.92
• GRM: 5.6

CMA / ARV

• ARV (median comp): $637,718
• List price: $489,000
• Delta: -23.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 23.3%
• Equity multiple: 2.33×
• Total profit: $181,589
• Equity at exit: $219,876

10-year hold

• IRR: 24.3%
• Equity multiple: 4.47×
• Total profit: $475,612
• Equity at exit: $338,854

Cash invested: $136,920 (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 08260-3937

• Active inventory: 1
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $7,248 medium
• Mortgage (P&I): −$2,564
• Tax est. 1.5%: −$611 /mo · $7,335/yr
• Insurance: −$204
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,522
• Net cashflow: $1,920

Break-even live

Break-even rent $4,818

Max offer price $489,000

Occupancy floor 69%

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: $122,250
• Closing costs: $14,670
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
611 W Burk Ave Unit A Wildwood, NJ	2.0	1.5	1248	$12,000	$9.62	43d	1	1.37mi
142 E Youngs Ave Unit 1309014P Wildwood, NJ	3.0	1.5	1194	$5,873	$4.92	43d	1	1.43mi
206 W Spencer Ave Wildwood, NJ	2.0	1.0	750	$2,000	$2.67	44d	1	1.50mi

HOA detail condo

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

Listing history 12 events

1. 2026-06-13
   status $489,000 Under Contract 101 DOM
2. 2026-06-12
   days on market $489,000 Active 101 DOM
3. 2026-06-09
   days on market $489,000 Active 98 DOM
4. 2026-06-08
   days on market $489,000 Active 97 DOM
5. 2026-06-07
   days on market $489,000 Active 96 DOM
6. 2026-06-07
   days on market $489,000 Active 95 DOM
7. 2026-06-04
   days on market $489,000 Active 92 DOM
8. 2026-06-02
   days on market $489,000 Active 91 DOM
9. 2026-06-01
   days on market $489,000 Active 90 DOM
10. 2026-05-31
    days on market $489,000 Active 89 DOM
11. 2026-04-16
    price $489,000 619-char remark

    Show marketing remark (619 chars)

    If sitting on your front porch and enjoying the spectacular views of Sunset Lake is your dream. .. .look no further!!! This charming first floor condo is just steps from the bay and move in ready. Featuring 3 bedrooms and 1 bathroom. Updated kitchen with granite counters and stainless appliances. Additional amenities include spacious common area for those summer barbecues, outside shower, storage shed and off street parking for 2 cars. Comes fully furnished minus personal items. Did I mention. .. only a short stroll to the beautiful Wildwood Crest Beach!!! Better hurry. .. summer will be here before you know it!

12. 2026-03-03
    listed $519,000 Active 619-char remark

    Show marketing remark (619 chars)

    If sitting on your front porch and enjoying the spectacular views of Sunset Lake is your dream. .. .look no further!!! This charming first floor condo is just steps from the bay and move in ready. Featuring 3 bedrooms and 1 bathroom. Updated kitchen with granite counters and stainless appliances. Additional amenities include spacious common area for those summer barbecues, outside shower, storage shed and off street parking for 2 cars. Comes fully furnished minus personal items. Did I mention. .. only a short stroll to the beautiful Wildwood Crest Beach!!! Better hurry. .. summer will be here before you know it!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $86,982
• − Mortgage interest: −$27,392
• − Property taxes: −$7,335
• − Insurance: −$7,564
• − Repairs & maintenance: −$6,959
• − Management: −$6,959
• − Depreciation: −$14,225
• Taxable income: $16,549
• Est. tax owed @ 24.0%: −$3,972
• After-tax cash flow: $19,073/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: Wildwood Crest Borough School District
• NCES district ID: 3417970
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 45% ▼ -5.00%
• Median HH income: $55,087
• Composite: 37.39/100
• National rank: #8922
• State rank: #493 of 612 in NJ

Livability — Wildwood Crest

• Score: 70/100
• State rank: #257
• US rank: #7359

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wildwood Crest, 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

-5.8% since first listed

2 events — show timeline

• 2026-04-16 Price Changed $489,000 CMCMLS
• 2026-03-03 Listed $519,000 CMCMLS