1991 Route 37 W #112 · Pine Lake Park, NJ 08757

$215,000

3 bd · 2.0 ba · 1,248 sqft · SingleFamily · 33 Days on market

Built 1997 Good condition $172/sqft · 26% below area Est $292k · 26% under $560/mo HOA · 19% of rent ↓ 4% since listing

---

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 +21.6/30.0
• ARV discount +15.0/15.0
• 1% rule +9.0/10.0
• DSCR +6.9/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well-maintained 3BD, 2BA home featuring a spacious living room, eat-in kitchen, and primary suite with ensuite bath. Two additional bedrooms, a full hall bath, and laundry room complete the layout. Updates include newer HVAC and hot water heater (2 yrs), Timberline roof (8 yrs), newer flooring, new doors, fixtures, skylight, and newer dryer. Enjoy outdoor living on the large deck with PVC railings and privacy shades, perfect for relaxing or entertaining--plus shed storage and deck lighting. Double concrete driveway with additional stone parking. Located in Pine Acres Manor, a pet-friendly, all-ages community with a low monthly fee that includes taxes. Convenient to highways, shopping, dining, beaches, and more.

Key facts

• Built 1997
• Listed 33 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $215k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.7% in Pine Lake Park — 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 65/100 on livability (#377 in NJ) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety B+; Watch: schools F, amenities F, commute F.
• Manchester Township School District (suburban): math 25% / reading 44% proficiency, ranked #320 of 472 in NJ (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 491 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 4,434 units permitted in Ocean County in 2024 (868 in 5+ unit buildings).
• At $3,001/mo this rent would consume 62% of the median local household income ($58k/yr) (locally 1010% of renters already pay >50% of income on rent) — 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Ocean County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.

Recommended offer $208,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.40% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.48%
• DSCR: 1.29
• GRM: 6.0

CMA / ARV

• ARV (median comp): $291,546
• List price: $215,000
• Delta: -26.26%
• 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
107 West Ave	0.06mi	3/2.0	1,200 (-4%)	2mo	$211,500	$176	90
42 3rd St	0.39mi	3/2.0	1,367 (+10%)	7mo	$469,300	$343	60
501 Bismarck St	0.59mi	3/1.0	1,300 (+4%)	4mo	$415,000	$319	58
882 Liverpool Cir Unit A	0.61mi	2/2.0 (-1)	1,193 (-4%)	8mo	$260,000	$218	53
609 Commonwealth Blvd	0.65mi	3/1.0	1,323 (+6%)	4mo	$400,000	$302	53
873B Liverpool Cir	0.67mi	2/2.0 (-1)	1,164 (-7%)	0mo	$306,000	$263	52
640 Broadway Blvd	0.59mi	3/2.0	1,352 (+8%)	8mo	$524,000	$388	52
809 Broadway Blvd	0.75mi	3/1.0	1,255 (+1%)	10mo	$495,000	$394	52
918B Liverpool Cir	0.74mi	2/2.0 (-1)	1,243 (-0%)	11mo	$215,000	$173	51
44 Second St	0.36mi	2/1.0 (-1)	1,100 (-12%)	7mo	$125,000	$114	49
801 Broadway Blvd	0.73mi	3/1.0	1,356 (+9%)	0mo	$470,000	$347	47
1183A Thornbury Ln	0.68mi	2/2.0 (-1)	1,394 (+12%)	11mo	$299,000	$214	34

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: -6.1%
• Equity multiple: 0.77×
• Total profit: $-13,742
• Equity at exit: $32,057

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $16,279
• Equity at exit: $18,589

Cash invested: $60,200 (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 08757

• Active inventory: 491
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $3,001 high
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$560
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $325

Break-even live

Break-even rent $2,590

Max offer price $215,000

Occupancy floor 84%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2035 Route 37 Manchester, NJ	2.0	2.0	1375	$2,775	$2.02	1d	3	0.16mi
150 Farm Rd Manchester, NJ	3.0	2.0	1280	$3,000	$2.34	22d	1	0.39mi
1700 New Jersey 37 Unit 112-11 Toms River, NJ	2.0	2.0	1224	$2,299	$1.88	1d	1	0.48mi
501 Bismarck St Toms River, NJ	3.0	1.0	1300	$2,775	$2.13	43d	1	0.60mi
2501 Route 37 Manchester, NJ	2.0	2.0–2.5	1252	$3,468	$2.77	1d	6	1.13mi
10 Purnell St Toms River, NJ	2.0	2.0	1232	$2,300	$1.87	1d	1	1.43mi

HOA detail

• Monthly dues: $560 · $6,720/yr
• Likely covers: water

Listing history 3 events

1. 2026-05-12
   price $219,000 738-char remark

   Show marketing remark (738 chars)

   Welcome to this well-maintained 3BD, 2BA home featuring a spacious living room, eat-in kitchen, and primary suite with ensuite bath. Two additional bedrooms, a full hall bath, and laundry room complete the layout. Updates include newer HVAC and hot water heater (2 yrs), Timberline roof (8 yrs), newer flooring, new doors, fixtures, skylight, and newer dryer. Enjoy outdoor living on the large deck with PVC railings and privacy shades, perfect for relaxing or entertaining--plus shed storage and deck lighting. Double concrete driveway with additional stone parking. Located in Pine Acres Manor, a pet-friendly, all-ages community with a low monthly fee that includes taxes. Convenient to highways, shopping, dining, beaches, and more.

2. 2026-04-26
   listed $229,000 Active 738-char remark

   Show marketing remark (738 chars)

   Welcome to this well-maintained 3BD, 2BA home featuring a spacious living room, eat-in kitchen, and primary suite with ensuite bath. Two additional bedrooms, a full hall bath, and laundry room complete the layout. Updates include newer HVAC and hot water heater (2 yrs), Timberline roof (8 yrs), newer flooring, new doors, fixtures, skylight, and newer dryer. Enjoy outdoor living on the large deck with PVC railings and privacy shades, perfect for relaxing or entertaining--plus shed storage and deck lighting. Double concrete driveway with additional stone parking. Located in Pine Acres Manor, a pet-friendly, all-ages community with a low monthly fee that includes taxes. Convenient to highways, shopping, dining, beaches, and more.

3. 2026-04-22
   historical $229,000 738-char remark

   Show marketing remark (738 chars)

   Welcome to this well-maintained 3BD, 2BA home featuring a spacious living room, eat-in kitchen, and primary suite with ensuite bath. Two additional bedrooms, a full hall bath, and laundry room complete the layout. Updates include newer HVAC and hot water heater (2 yrs), Timberline roof (8 yrs), newer flooring, new doors, fixtures, skylight, and newer dryer. Enjoy outdoor living on the large deck with PVC railings and privacy shades, perfect for relaxing or entertaining--plus shed storage and deck lighting. Double concrete driveway with additional stone parking. Located in Pine Acres Manor, a pet-friendly, all-ages community with a low monthly fee that includes taxes. Convenient to highways, shopping, dining, beaches, and more.

ⓘ 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: $36,014
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,881
• − Management: −$2,881
• − HOA: −$6,720
• − Depreciation: −$6,255
• Taxable income: $934
• Est. tax owed @ 24.0%: −$224
• After-tax cash flow: $3,677/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

This well-maintained 1991 home features a spacious layout with updated HVAC and hot water heater, and a large deck with PVC railings and privacy shades. The home is in good condition with minor cosmetic updates needed to enhance its curb appeal and value.

Value-add opportunities

• Both Paint interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics.
• Both Replace deck railings — Weathered or damaged railings can detract from the home's curb appeal and safety.
• Both Upgrade deck lighting — Modern lighting can improve the home's curb appeal and safety at night.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Replace deck railings — Weathered or damaged railings can detract from the home's curb appeal and safety. ↑
• Both Upgrade deck lighting — Modern lighting can improve the home's curb appeal and safety at night. ↑

ⓘ 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: Manchester Township School District
• NCES district ID: 3409450
• Math proficiency: 25% ▼ -17.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $38,905
• Composite: 28.8/100
• National rank: #6662
• State rank: #320 of 472 in NJ

Livability — Pine Lake Park

• Score: 65/100
• State rank: #377
• US rank: #12719

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Ocean County · 439,426 people
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 36,087
• Household income: $58,319
• Rent vs Own: 12.9% rent · 87.1% own
• Severe rent burden: 1010.0

Population outlook (Ocean County) Hauer SSP2

• Today (2025): 586,991 people
• By 2030: 581,403 · -1.0%
• By 2040: 564,913 · -3.8%
• By 2050: 538,149 · -8.3%
• By 2075: 468,845 · -20.1%
• By 2100: 350,297 · -40.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 15% Two or more races 9% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 6% Dominican 1%
• Common ancestry: Romanian 9% Slovak 2% Iranian 2%
• Foreign-born: 11% · Canada, Jamaica
• Languages at home: 85% English-only · Spanish 7% Other Indo-European 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Ocean

• 2024 margin: Solid R (+36.0) · D 31.4% · R 67.4% · Other 1.2%
• 2008→2024 swing: -17.6pp toward R · 2008: -18.4pp · 2024: -36.0pp
• All cycles: 2024: R+36.0 2020: R+28.7 2016: R+34.0 2012: R+17.7 2008: R+18.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -429.32%
• Current HPI: 305.1341
• Rent YoY: —
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• 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

-4.4% since first listed

3 events — show timeline

• 2026-05-12 Price Changed $219,000 MOMLS
• 2026-04-26 Listed $229,000 MOMLS
• 2026-04-22 Coming Soon $229,000 MOMLS