404-06 E Farragut Rd #7 · Wildwood Crest, NJ 08260

$469,000

2 bd · 1.0 ba · 588 sqft · Condo · 32 Days on market

Built 1959 Good condition

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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 +17.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• 1% rule +4.7/10.0
• Condition / age +4.0/5.0
• Schools +3.7/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 404-06 E Farragut Road Unit 7 - a beautifully maintained and fully furnished beach block condo just steps from the sand. This bright and airy 2BR/1BA retreat captures everything buyers love about shore living, featuring soft coastal finishes, an inviting living area, and a charming breakfast nook/dining space perfect for morning coffee before the beach or relaxing after a day in the sun. A rare standout for a beach block condo, both bedrooms are generously sized, offering exceptional comfort for family, guests, or extended stays. Adding even more flexibility, the living room sofa converts to a sleeper sofa, while the second bedroom features a trundle bed - allowing the condo to c

Key facts

• Move-in ready
• Inviting living area
• Beach block condo

Tags

• BEACH BLOCK CONDO
• FULLY FURNISHED
• INVITING LIVING AREA
• CHARMING BREAKFAST NOOK
• GENEROUSLY SIZED BEDROOMS
• MOVE-IN READY

Property features AI

Finance

• HOA & community: Condo fee of $231

Exterior

• Parking: Parking for 1 car
• Utilities: Public water; Public sewer; Electric hot water
• Home design: Condo unit (unit 7) on the top floor
• Exterior features: Patio; Year-round usage; Located 1 block from the beach

Interior

• Kitchen: Oven; Refrigerator
• Bedrooms: 2 bedrooms (unit 7, top floor)
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Shades; Living room; Kitchen; Breakfast nook; 4 total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $469k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-63 ($-755/yr) — negative.
• To cash-flow at today's rent, offer at most $460k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $456k (2.7% below list).
• Recommended offer: $455k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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: 437 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

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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 32 days — a 3% lower offer ($455k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1959 — 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 $454,930 (3.0% 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 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1959 — 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. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.97% ✗
• Cap rate: 7.22%
• Cash-on-cash: 3.32%
• DSCR: 1.15
• GRM: 8.6

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: -17.2%
• Equity multiple: 0.39×
• Total profit: $-79,675
• Equity at exit: $69,929

10-year hold

• IRR: -9.0%
• Equity multiple: 0.44×
• Total profit: $-73,195
• Equity at exit: $40,551

Cash invested: $131,320 (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

• Home prices YoY: -30.7%
• Active inventory: 437
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $4,563 medium
• Mortgage (P&I): −$2,459
• Tax est. 1.5%: −$586 /mo · $7,035/yr
• Insurance: −$195
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$958
• Net cashflow: $-63

Break-even live

Break-even rent $4,643

Max offer price $459,895

Occupancy floor 96%

Sensitivity live

Price	-10% $261	-5% $99	+0% $-63	+5% $-225	+10% $-387
Rent	-10% $-423	-5% $-243	+0% $-63	+5% $117	+10% $298
Rate	-1.0pp $173	-0.5pp $56	base $-63	+0.5pp $-184	+1.0pp $-308

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: $117,250
• Closing costs: $14,070
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
124 W Heather Rd Unit 1309025P Wildwood Crest, NJ	2.0	1.0	699	$4,563	$6.53	44d	1	0.99mi

HOA detail condo

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

Listing history 16 events

1. 2026-06-21
   days on market $469,000 Active 32 DOM
2. 2026-06-18
   days on market $469,000 Active 30 DOM
3. 2026-06-17
   days on market $469,000 Active 29 DOM
4. 2026-06-16
   days on market $469,000 Active 28 DOM
5. 2026-06-15
   days on market $469,000 Active 27 DOM
6. 2026-06-13
   days on market $469,000 Active 25 DOM
7. 2026-06-12
   days on market $469,000 Active 24 DOM
8. 2026-06-09
   days on market $469,000 Active 21 DOM
9. 2026-06-08
   days on market $469,000 Active 20 DOM
10. 2026-06-07
    days on market $469,000 Active 19 DOM
11. 2026-06-07
    days on market $469,000 Active 18 DOM
12. 2026-06-04
    days on market $469,000 Active 15 DOM
13. 2026-06-02
    days on market $469,000 Active 14 DOM
14. 2026-06-01
    days on market $469,000 Active 13 DOM
15. 2026-05-31
    days on market $469,000 Active 12 DOM
16. 2026-05-19
    listed $469,000 Active

ⓘ 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 5/10 Major FEMA zone AE · 47% 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: $54,756
• − Mortgage interest: −$26,271
• − Property taxes: −$7,035
• − Insurance: −$7,464
• − Repairs & maintenance: −$4,380
• − Management: −$4,380
• − Depreciation: −$13,644
• Taxable loss: −$8,418
• Est. tax savings @ 24.0%: +$2,020
• After-tax cash flow: $1,265/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 · 29 photos

Good 80/100 Cosmetic rehab

This well-maintained beach block condo is in good condition with minimal repairs needed. Upgrades to the exterior and interior can significantly increase its value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace carpet with hardwood flooring — Improves aesthetics and increases value
• Both Install new window treatments — Enhances curb appeal and value
• Both Upgrade kitchen appliances — Enhances functionality and value
• Both Install smart home devices — Enhances convenience and value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet with hardwood flooring — Improves aesthetics and increases value ↑
• Both Install new window treatments — Enhances curb appeal and value ↑
• Both Upgrade kitchen appliances — Enhances functionality and value ↑
• Both Install smart home devices — Enhances convenience and 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: 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 (ZIP): 12,913

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 14% Two or more races 7% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 3%
• Common ancestry: Romanian 7% Slovak 2% Lithuanian 1%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 12% Other Indo-European 3% French/Haitian/Cajun 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: ▼ -243.83%
• Current HPI: 551.3393
• 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

1 event — show timeline

• 2026-05-19 Listed $469,000 CMCMLS