12 Walton Pl · Ocean City, NJ 08226

$699,000

None bd · None ba · 1,428 sqft · SingleFamily public records · 45 Days on market

Built 1900 Est $1361k · 49% under

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Why this score? — see what drove the C+ 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 +24.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +5.1/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bay Views! Property is being offered for land value only. The current structure features bay views from the rear deck, offering excellent potential for future redevelopment or new construction. Access to the structure is limited and requires a signed Hold Harmless Agreement before entry. Please complete and submit the agreement to the listing agent before scheduling or touring the property. Please see the associated documents for the required form. Property being sold AS IS.

Key facts

• Bay views
• Rear deck
• 2 parking spots

Tags

• BAY VIEWS
• REAR DECK

Property features AI

Finance

• Other: Survey available
• Financial info: Listed for sale

Exterior

• Parking: Two exterior parking spaces; No garage
• Utilities: Public water; Public sewer; Gas water heater; Separate electric and gas meters
• Home design: Multi-unit property (3 units)
• Construction: Asbestos, cedar, and wood shingle exterior; Property over 25 years old
• Exterior features: Bay view; Stone driveway

Interior

• Heating & cooling: Natural gas heating; Space/wall/floor heating
• Interior features: Wall/space heaters

What this means for you Summary

Snapshot

• This is a single-family listed at $699k.

Deal economics

• At list price, monthly cash flow is $959 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $699k).
• Recommended offer: $678k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.3% in Ocean City — 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 80/100 on livability (#72 in NJ, #1,762 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, health & safety A+; Watch: housing D+, cost of living F.
• Ocean City School District (urban): math 31% / reading 53% proficiency, ranked #212 of 472 in NJ (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ocean City Primary School (math 54% / reading 42%, grade D, #299 of 1,303 statewide, top 23%, 280 students, 31% FRL); Ocean City Intermediate School (math 26% / reading 49%, grade F, #217 of 431 statewide, top 51%, 370 students, 27% FRL); Ocean City High School (math 33% / reading 63%, grade D, #117 of 399 statewide, top 30%, 1,215 students, 13% FRL) — zoned schools at 24% FRL track the district average.
• Market conditions: 427 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d 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

• 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.
• Cape May County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($678k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts 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 1900 — 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $678,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.01% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.49%
• DSCR: 1.38
• GRM: 8.2

CMA / ARV

• ARV (median comp): $1,361,164
• List price: $699,000
• Delta: -48.65%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1312 Bay Ave	0.28mi	3/2.5	1,444 (+1%)	18mo	$1,050,000	$727	70
1309 Pleasure Ave	0.28mi	3/2.5	1,291 (-10%)	9mo	$1,100,000	$852	63
301 13th St	0.33mi	5/2.5	1,574 (+10%)	16mo	$800,000	$508	54

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: -7.2%
• Equity multiple: 0.73×
• Total profit: $-52,204
• Equity at exit: $104,223

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $33,140
• 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 08226

• Active inventory: 427
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $7,085 medium
• Mortgage (P&I): −$3,666
• Tax from tax record: −$255 /mo · $3,061/yr
• Insurance: −$291
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,488
• Net cashflow: $959

Break-even live

Break-even rent $5,872

Max offer price $699,000

Occupancy floor 81%

Sensitivity live

Price	-10% $1,355	-5% $1,157	+0% $959	+5% $761	+10% $563
Rent	-10% $399	-5% $679	+0% $959	+5% $1,239	+10% $1,519
Rate	-1.0pp $1,311	-0.5pp $1,137	base $959	+0.5pp $778	+1.0pp $594

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 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1142 Simpson Ave Unit 1308992P Ocean City, NJ	3.0	2.0	1097	$7,788	$7.10	45d	1	0.17mi
935 Ocean Ave Ocean City, NJ	1.0–3.0	1.0–2.5	1112	$5,350	$4.81	45d	1	0.53mi
101 West Ave Unit 1309011P Ocean City, NJ	3.0	1.0	990	$5,019	$5.07	45d	1	1.02mi
710 Battersea Rd Unit 1309016P Ocean City, NJ	3.0	2.0	1291	$8,042	$6.23	45d	1	1.27mi

Listing history 36 events

1. 2026-06-22
   days on market $699,000 Active 45 DOM
2. 2026-06-21
   days on market $699,000 Active 44 DOM
3. 2026-06-21
   days on market $699,000 Active 43 DOM
4. 2026-06-18
   days on market $699,000 Active 41 DOM
5. 2026-06-17
   days on market $699,000 Active 40 DOM
6. 2026-06-16
   days on market $699,000 Active 39 DOM
7. 2026-06-15
   days on market $699,000 Active 38 DOM
8. 2026-06-13
   days on market $699,000 Active 36 DOM
9. 2026-06-12
   days on market $699,000 Active 35 DOM
10. 2026-06-09
    days on market $699,000 Active 32 DOM
11. 2026-06-08
    days on market $699,000 Active 31 DOM
12. 2026-06-07
    days on market $699,000 Active 30 DOM
13. 2026-06-07
    days on market $699,000 Active 29 DOM
14. 2026-06-04
    days on market $699,000 Active 26 DOM
15. 2026-06-02
    days on market $699,000 Active 25 DOM
16. 2026-06-01
    days on market $699,000 Active 24 DOM
17. 2026-05-31
    days on market $699,000 Active 23 DOM
18. 2026-05-08
    listed $699,000 Active 452-char remark

    Show marketing remark (479 chars)

    Bay Views! Property is being offered for land value only. The current structure features bay views from the rear deck, offering excellent potential for future redevelopment or new construction. Access to the structure is limited and requires a signed Hold Harmless Agreement before entry. Please complete and submit the agreement to the listing agent before scheduling or touring the property. Please see the associated documents for the required form. Property being sold AS IS.

19. 2026-05-08
    listed $699,000 Active 479-char remark

    Show marketing remark (479 chars)

    Bay Views! Property is being offered for land value only. The current structure features bay views from the rear deck, offering excellent potential for future redevelopment or new construction. Access to the structure is limited and requires a signed Hold Harmless Agreement before entry. Please complete and submit the agreement to the listing agent before scheduling or touring the property. Please see the associated documents for the required form. Property being sold AS IS.

20. 2025-12-17
    soldstatus $680,000
21. 2025-10-20
    historical

    Show marketing remark (1043 chars)

    Multi-Unit Opportunity in Ocean City's Bay Area! Welcome to 2 Walton Place—a rare 3-unit property in the heart of Ocean City’s sought-after bay area! This unique offering features a front duplex and a detached rear cottage, all on a spacious 120x25 ft lot. The front building offers two well-maintained units: Unit A (First Floor): 1 bedroom, 1 full bathroom Unit B (Second Floor): 2 bedrooms, 1 full bathroom Tucked behind the main building, the detached cottage is full of charm and coastal whimsy, offering 2 bedrooms and 1 full bathroom—perfect for summer guests, extended family, or rental income. Enjoy the privacy and character of the central courtyard, perfect for outdoor dining or relaxing after a beach day. The spacious front yard adds curb appeal and room to play, while 2 off-street parking spots complete this investment package. Just a short walk to the bay, beach, boardwalk, and downtown, this is a versatile property with endless potential—ideal for investors or a multi-generational beach retreat!

22. 2025-10-20
    historical

    Show marketing remark (1043 chars)

    Multi-Unit Opportunity in Ocean City's Bay Area! Welcome to 2 Walton Place—a rare 3-unit property in the heart of Ocean City’s sought-after bay area! This unique offering features a front duplex and a detached rear cottage, all on a spacious 120x25 ft lot. The front building offers two well-maintained units: Unit A (First Floor): 1 bedroom, 1 full bathroom Unit B (Second Floor): 2 bedrooms, 1 full bathroom Tucked behind the main building, the detached cottage is full of charm and coastal whimsy, offering 2 bedrooms and 1 full bathroom—perfect for summer guests, extended family, or rental income. Enjoy the privacy and character of the central courtyard, perfect for outdoor dining or relaxing after a beach day. The spacious front yard adds curb appeal and room to play, while 2 off-street parking spots complete this investment package. Just a short walk to the bay, beach, boardwalk, and downtown, this is a versatile property with endless potential—ideal for investors or a multi-generational beach retreat!

23. 2025-09-17
    listed $799,000 Active

    Show marketing remark (1043 chars)

    Multi-Unit Opportunity in Ocean City's Bay Area! Welcome to 2 Walton Place—a rare 3-unit property in the heart of Ocean City’s sought-after bay area! This unique offering features a front duplex and a detached rear cottage, all on a spacious 120x25 ft lot. The front building offers two well-maintained units: Unit A (First Floor): 1 bedroom, 1 full bathroom Unit B (Second Floor): 2 bedrooms, 1 full bathroom Tucked behind the main building, the detached cottage is full of charm and coastal whimsy, offering 2 bedrooms and 1 full bathroom—perfect for summer guests, extended family, or rental income. Enjoy the privacy and character of the central courtyard, perfect for outdoor dining or relaxing after a beach day. The spacious front yard adds curb appeal and room to play, while 2 off-street parking spots complete this investment package. Just a short walk to the bay, beach, boardwalk, and downtown, this is a versatile property with endless potential—ideal for investors or a multi-generational beach retreat!

24. 2025-09-17
    listed $799,000 Active

    Show marketing remark (1043 chars)

    Multi-Unit Opportunity in Ocean City's Bay Area! Welcome to 2 Walton Place—a rare 3-unit property in the heart of Ocean City’s sought-after bay area! This unique offering features a front duplex and a detached rear cottage, all on a spacious 120x25 ft lot. The front building offers two well-maintained units: Unit A (First Floor): 1 bedroom, 1 full bathroom Unit B (Second Floor): 2 bedrooms, 1 full bathroom Tucked behind the main building, the detached cottage is full of charm and coastal whimsy, offering 2 bedrooms and 1 full bathroom—perfect for summer guests, extended family, or rental income. Enjoy the privacy and character of the central courtyard, perfect for outdoor dining or relaxing after a beach day. The spacious front yard adds curb appeal and room to play, while 2 off-street parking spots complete this investment package. Just a short walk to the bay, beach, boardwalk, and downtown, this is a versatile property with endless potential—ideal for investors or a multi-generational beach retreat!

25. 2025-09-17
    historical

    Show marketing remark (1043 chars)

    Multi-Unit Opportunity in Ocean City's Bay Area! Welcome to 2 Walton Place—a rare 3-unit property in the heart of Ocean City’s sought-after bay area! This unique offering features a front duplex and a detached rear cottage, all on a spacious 120x25 ft lot. The front building offers two well-maintained units: Unit A (First Floor): 1 bedroom, 1 full bathroom Unit B (Second Floor): 2 bedrooms, 1 full bathroom Tucked behind the main building, the detached cottage is full of charm and coastal whimsy, offering 2 bedrooms and 1 full bathroom—perfect for summer guests, extended family, or rental income. Enjoy the privacy and character of the central courtyard, perfect for outdoor dining or relaxing after a beach day. The spacious front yard adds curb appeal and room to play, while 2 off-street parking spots complete this investment package. Just a short walk to the bay, beach, boardwalk, and downtown, this is a versatile property with endless potential—ideal for investors or a multi-generational beach retreat!

26. 2025-09-17
    historical

    Show marketing remark (1043 chars)

    Multi-Unit Opportunity in Ocean City's Bay Area! Welcome to 2 Walton Place—a rare 3-unit property in the heart of Ocean City’s sought-after bay area! This unique offering features a front duplex and a detached rear cottage, all on a spacious 120x25 ft lot. The front building offers two well-maintained units: Unit A (First Floor): 1 bedroom, 1 full bathroom Unit B (Second Floor): 2 bedrooms, 1 full bathroom Tucked behind the main building, the detached cottage is full of charm and coastal whimsy, offering 2 bedrooms and 1 full bathroom—perfect for summer guests, extended family, or rental income. Enjoy the privacy and character of the central courtyard, perfect for outdoor dining or relaxing after a beach day. The spacious front yard adds curb appeal and room to play, while 2 off-street parking spots complete this investment package. Just a short walk to the bay, beach, boardwalk, and downtown, this is a versatile property with endless potential—ideal for investors or a multi-generational beach retreat!

27. 2025-08-31
    price $849,900
28. 2025-08-31
    price $849,900
29. 2025-08-21
    price $899,900
30. 2025-08-21
    price $899,900
31. 2025-08-05
    price $999,900
32. 2025-08-05
    price $999,900
33. 2025-07-24
    listed $1,100,000 Active
34. 2025-07-24
    listed $1,100,000 Active
35. 1999-03-15
    soldstatus $119,000
36. 1990-05-17
    soldstatus $105,000

ⓘ 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: $3,061 · $255/mo
• Projected year-2 tax: $10,233 · $853/mo
• Expected delta: +$7,172/yr (+$598/mo · 234.3%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥98°F today · 16 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $85,025
• − Mortgage interest: −$39,155
• − Property taxes: −$3,061
• − Insurance: −$8,614
• − Repairs & maintenance: −$6,802
• − Management: −$6,802
• − Depreciation: −$20,335
• Taxable income: $257
• Est. tax owed @ 24.0%: −$62
• After-tax cash flow: $11,446/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: Ocean City School District
• NCES district ID: 3411970
• Math proficiency: 31% ▼ -12.00%
• Reading proficiency: 53% ▼ -9.00%
• Median HH income: $60,444
• Composite: 37.07/100
• National rank: #4506
• State rank: #212 of 472 in NJ

Livability — Ocean City

• Score: 80/100
• State rank: #72
• US rank: #1762

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean City, NJ
• City population: 11,260
• Population (ZIP): 11,260

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Black 2% Two or more races 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Romanian 6% Slovak 2% Scotch-Irish 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 8% Russian/Polish/Slavic 2% Other Indo-European 2%

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: ▼ -381.90%
• Current HPI: 389.3687
• 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

+565.7% since first listed

19 events — show timeline

• 2026-05-08 Listed $699,000 SJSRMLS
• 2026-05-08 Listed $699,000 SJSRMLS
• 2025-12-17 Sold (Public Records) $680,000 Public Records
• 2025-10-20 Listing Removed — SJSRMLS
• 2025-10-20 Listing Removed — SJSRMLS
• 2025-09-17 Listing Removed — SJSRMLS
• 2025-09-17 Listing Removed — SJSRMLS
• 2025-09-17 Listed $799,000 SJSRMLS
• 2025-09-17 Listed $799,000 SJSRMLS
• 2025-08-31 Price Changed $849,900 SJSRMLS
• 2025-08-31 Price Changed $849,900 SJSRMLS
• 2025-08-21 Price Changed $899,900 SJSRMLS
• 2025-08-21 Price Changed $899,900 SJSRMLS
• 2025-08-05 Price Changed $999,900 SJSRMLS
• 2025-08-05 Price Changed $999,900 SJSRMLS
• 2025-07-24 Listed $1,100,000 SJSRMLS
• 2025-07-24 Listed $1,100,000 SJSRMLS
• 1999-03-15 Sold (Public Records) $119,000 Public Records
• 1990-05-17 Sold (Public Records) $105,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $3,061 · +3.4% YoY. Source: county tax records.