131 Central Ave #6 · Ocean City, NJ 08226

$569,900

2 bd · 1.0 ba · 784 sqft · Condo · 221 Days on market

Good condition $727/sqft · 11% below area Est $640k · 11% under $266/mo HOA · 6% of rent

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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).

• ARV discount +12.4/15.0
• Cash flow +8.2/30.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Your Shore home prayers are answered here in Ocean City's desirable North-end at this beautifully maintained top-floor Condo. Offered fully furnished this home is light and bright with a beachy feel and an open living space. Well appointed kitchen offers all the essential appliances and the dining area is spacious enough for the family. The full bath has been recently upgraded and there is even a storage attic to help keep seasonal items out of the way. Low maintenance exterior includes vinyl siding and windows, and a newer roof of just 4 years. Common area patio features a grill, table with umbrella and chairs, plus shared storage for your beach chairs. Low condo fee includes building & flood insurances plus your water and sewer usage. In the off-season you'll stay warm with efficient Gas Hot-water baseboard heat and a built-in gas-log fireplace. The boxes are checked, come make it yours.

Key facts

• Newer roof
• Top-floor condo
• Storage attic

Tags

• TOP-FLOOR CONDO
• WELL APPOINTED KITCHEN
• RECENTLY UPGRADED BATH
• STORAGE ATTIC
• LOW MAINTENANCE EXTERIOR
• NEWER ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $570k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-961 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $431k (24.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $465k (18.5% below list).
• Recommended offer: $431k (24.4% below list) — sets the bar for cash-flow.
• Cap rate 5.2% vs local median 2.6% 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: 725 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 877 units permitted in Cape May County in 2024 (35 in 5+ unit buildings).
• At $4,646/mo this rent would consume 55% of the median local household income ($102k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k 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 221 days — a 12% lower offer ($502k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $430,913 (24.4% 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 221 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.82% ✗
• Cap rate: 5.17%
• Cash-on-cash: -4.02%
• DSCR: 0.82
• GRM: 10.2

CMA / ARV

• ARV (median comp): $639,720
• List price: $569,900
• Delta: -10.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1001 Little Atlantic Ave #373	0.93mi	2/2.0	787 (+0%)	0mo	$400,000	$508	60
703-05 North St	0.23mi	3/2.0 (+1)	900 (+15%)	6mo	$870,000	$967	51
809 1st St #1	0.22mi	3/2.0 (+1)	922 (+18%)	7mo	$850,000	$922	50
901 Ocean Ave #314	0.83mi	1/1.0 (-1)	715 (-9%)	2mo	$330,000	$462	44
805 Central Ave #3	0.69mi	2/1.0	960 (+22%)	3mo	$561,900	$585	40
901 Ocean Ave #405	0.83mi	1/1.0 (-1)	715 (-9%)	6mo	$320,000	$448	40
718 Simpson Ave #2	0.66mi	2/2.0	890 (+14%)	3mo	$557,000	$626	40
921 Wesley Ave Unit A24	0.83mi	1/1.0 (-1)	700 (-11%)	5mo	$289,999	$414	38
901 Ocean Ave #316	0.83mi	1/1.0 (-1)	715 (-9%)	8mo	$325,000	$455	38
853-71 Plymouth #19	0.67mi	1/1.0 (-1)	625 (-20%)	2mo	$492,500	$788	37
901 Ocean Ave #201	0.83mi	1/1.0 (-1)	637 (-19%)	3mo	$319,000	$501	33
935 Ocean Ave #605	0.87mi	2/2.0	920 (+17%)	7mo	$690,000	$750	30

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: -28.7%
• Equity multiple: 0.04×
• Total profit: $-153,028
• Equity at exit: $84,974

10-year hold

• IRR: -27.9%
• Equity multiple: -0.32×
• Total profit: $-210,013
• Equity at exit: $49,275

Cash invested: $159,572 (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: 725
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $4,646 high
• Mortgage (P&I): −$2,989
• Tax est. 1.5%: −$712 /mo · $8,548/yr
• Insurance: −$237
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$266
• Vacancy / Maint / Mgmt: −$976
• Net cashflow: $-961

Break-even live

Break-even rent $5,862

Max offer price $430,913

Occupancy floor —

Sensitivity live

Price	-10% $-567	-5% $-764	+0% $-961	+5% $-1,157	+10% $-1,354
Rent	-10% $-1,328	-5% $-1,144	+0% $-961	+5% $-777	+10% $-593
Rate	-1.0pp $-674	-0.5pp $-816	base $-961	+0.5pp $-1,108	+1.0pp $-1,258

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: $142,475
• Closing costs: $17,097
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 West Ave Unit 1309011P Ocean City, NJ	3.0	1.0	990	$5,019	$5.07	184d	1	0.14mi
340 Central Ave Unit 1 Ocean City, NJ	3.0	1.0	900	$2,100	$2.33	47d	1	0.23mi
816 Saint James Pl Unit 1377380P Ocean City, NJ	2.0	1.0	947	$4,812	$5.08	1d	1	0.23mi
54 Wesley Rd Unit 1309007P Ocean City, NJ	2.0–3.0	1.0–2.0	5731	$10,383	$1.81	2d	2	0.28mi
714 West Ave Unit 1309009P Ocean City, NJ	2.0	1.0	699	$3,881	$5.55	25d	1	0.61mi
712 West Ave Unit 1308989P Ocean City, NJ	2.0	1.0	753	$3,689	$4.90	1d	1	0.61mi
1140 Simpson Ave Unit 1309005P Ocean City, NJ	2.0	1.0	990	$4,229	$4.27	0d	1	1.11mi
1142 Simpson Ave Unit 1308992P Ocean City, NJ	3.0	2.0	1097	$5,014	$4.57	1d	1	1.11mi

HOA detail $266/mo · $3,192/yr condo

• Likely covers: watersewergas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-10-31
   days on market $569,900 Active 221 DOM
2. 2026-10-31
   days on market $569,900 Active 220 DOM
3. 2026-10-29
   days on market $569,900 Active 219 DOM
4. 2026-10-28
   days on market $569,900 Active 218 DOM
5. 2026-10-27
   days on market $569,900 Active 217 DOM
6. 2026-10-26
   days on market $569,900 Active 216 DOM
7. 2026-10-25
   days on market $569,900 Active 215 DOM
8. 2026-10-24
   days on market $569,900 Active 214 DOM
9. 2026-10-23
   days on market $569,900 Active 213 DOM
10. 2026-10-22
    days on market $569,900 Active 212 DOM
11. 2026-10-21
    days on market $569,900 Active 211 DOM
12. 2026-10-20
    days on market $569,900 Active 210 DOM
13. 2026-10-19
    days on market $569,900 Active 209 DOM
14. 2026-10-18
    days on market $569,900 Active 208 DOM
15. 2026-10-17
    days on market $569,900 Active 207 DOM
16. 2026-10-16
    days on market $569,900 Active 206 DOM
17. 2026-10-15
    days on market $569,900 Active 205 DOM
18. 2026-10-14
    days on market $569,900 Active 204 DOM
19. 2026-10-13
    days on market $569,900 Active 203 DOM
20. 2026-10-12
    days on market $569,900 Active 202 DOM
21. 2026-10-11
    days on market $569,900 Active 201 DOM
22. 2026-10-10
    days on market $569,900 Active 200 DOM
23. 2026-10-09
    days on market $569,900 Active 199 DOM
24. 2026-10-08
    days on market $569,900 Active 198 DOM
25. 2026-10-07
    days on market $569,900 Active 197 DOM
26. 2026-10-06
    days on market $569,900 Active 196 DOM
27. 2026-10-05
    days on market $569,900 Active 195 DOM
28. 2026-10-04
    days on market $569,900 Active 194 DOM
29. 2026-10-04
    days on market $569,900 Active 193 DOM
30. 2026-10-02
    days on market $569,900 Active 192 DOM
31. 2026-10-01
    days on market $569,900 Active 191 DOM
32. 2026-09-30
    days on market $569,900 Active 190 DOM
33. 2026-09-29
    days on market $569,900 Active 189 DOM
34. 2026-09-28
    days on market $569,900 Active 188 DOM
35. 2026-09-27
    days on market $569,900 Active 187 DOM
36. 2026-09-26
    days on market $569,900 Active 186 DOM
37. 2026-09-25
    days on market $569,900 Active 185 DOM
38. 2026-09-24
    days on market $569,900 Active 184 DOM
39. 2026-09-23
    days on market $569,900 Active 183 DOM
40. 2026-09-20
    days on market $569,900 Active 180 DOM
41. 2026-09-19
    days on market $569,900 Active 179 DOM
42. 2026-09-19
    days on market $569,900 Active 178 DOM
43. 2026-09-17
    days on market $569,900 Active 177 DOM
44. 2026-09-17
    days on market $569,900 Active 176 DOM
45. 2026-09-16
    days on market $569,900 Active 175 DOM
46. 2026-09-14
    days on market $569,900 Active 174 DOM
47. 2026-09-13
    days on market $569,900 Active 173 DOM
48. 2026-09-12
    days on market $569,900 Active 172 DOM
49. 2026-09-11
    days on market $569,900 Active 171 DOM
50. 2026-09-05
    days on market $569,900 Active 165 DOM

ⓘ 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 ≥98°F today · 17 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: $55,754
• − Mortgage interest: −$31,923
• − Property taxes: −$8,548
• − Insurance: −$7,968
• − Repairs & maintenance: −$4,460
• − Management: −$4,460
• − HOA: −$3,192
• − Depreciation: −$16,579
• Taxable loss: −$21,377
• Est. tax savings @ 24.0%: +$5,131
• After-tax cash flow: $-6,396/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

Good 75/100 Cosmetic rehab Est. rehab $3,920–$11,760 screening

This top-floor condo in Ocean City's North-end is well-maintained and fully furnished, with a good condition score and minimal repairs needed. Fresh paint and updated flooring would significantly boost its value.

Repairs flagged

• Minor Kitchen cabinets — Slight wear visible on some cabinet doors.
• Minor Landscaping — Basic landscaping, no major curb appeal features visible.

Value-add opportunities

• Both Paint freshening — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both New flooring — Replacing carpet with hardwood or tile would increase both resale and rental value. ↑
• Both Landscaping upgrade — Enhanced landscaping would improve curb appeal and attract more potential buyers/renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 45/100

Zoned Schools

Elementary Ocean City Primary School D NJ #299/1,303 Nat'l #14,226/41,679 Middle Ocean City Intermediate School F NJ #217/431 Nat'l #6,708/14,009 High Ocean City High School D NJ #117/399 Nat'l #6,224/17,239

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

A Composite livability gradescore 80/100

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
• County: Cape May · 88,234 people
• City population: 11,260
• Metro: Atlantic City-Hammonton, NJ
• Population (ZIP): 11,260
• Household income: $101,782
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 7% of renters

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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%

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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%
• Languages at home: 89% English-only · Spanish 8% Russian/Polish/Slavic 2% Other Indo-European 2%

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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

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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

• 2026-03-24 Listed $569,900 SJSRMLS