515 Corson Tavern Rd Unit C-35 · Dennis, NJ 08230

$55,000

1 bd · 1.0 ba · 400 sqft · SingleFamily · 26 Days on market

Built 1996 Good condition 435 sqft lot Est $48k · 15% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +3.8/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• ARV discount +0.9/15.0
• Appreciation +0.0/10.0

Listing remarks

What a wonderful way to spend the summer at the shore. This is a 1996 park model that can sleep 6-8. It is located at Lake and Shore RV Resort. It has a new trek deck, heater, air conditioner, stove, new bathroom, and new tankless water heater. It is extremely well maintained. The lot fee of $10444 has already been paid for the season. The season runs from April 1st to the end of October , but you can still come during the off season Friday to Monday. This park has a lake, pool, water park, arcade , miniature golf , basketball , and pickleball court. It is located off of Rt ( near Sea Isle City and Ocean City.

Key facts

• New trek deck
• Water park
• New bathroom

Tags

• NEW TREK DECK
• NEW BATHROOM
• NEW TANKLESS WATER HEATER
• LAKE
• POOL
• WATER PARK

Property features AI

Finance

• Other: Pets allowed with number limits
• Financial info: Land lease payment approximately $10,044 annually; Land lease has about 1 year remaining

Exterior

• Parking: Crushed stone parking; Other parking type
• Utilities: Shared well water; Public septic
• Home design: Manufactured home; Land lease ownership interest
• Construction: Vinyl siding; Estimated year built
• Exterior features: Crushed stone parking; Community pool; Above grade other structures; Tidal water: none

Interior

• Bedrooms: One bedroom on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Central heating; Propane (leased) heating fuel; Central air conditioning; Instant hot water
• Interior features: Estimated living area; No basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $55k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $445 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Dennis Township School District (suburban): math 26% / reading 41% proficiency, ranked #284 of 472 in NJ (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 76 active listings in the ZIP; 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 $380 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Recommended offer $54,175 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.90% ✓
• Cap rate: 16.01%
• Cash-on-cash: 34.69%
• DSCR: 2.54
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $48,000
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
515 Corson Tavern Rd Unit E-52	0.10mi	1/1.0	384 (-4%)	7mo	$39,000	$102	83
515 Corson Tavern Rd Unit H35	0.10mi	2/1.0 (+1)	399 (-0%)	12mo	$100,000	$251	80
515 Corson Tavern Rd Unit K-7	0.10mi	2/1.0 (+1)	400 (0%)	12mo	$25,000	$63	80
515 Corson Tavern Rd Unit G-30	0.10mi	1/1.0	384 (-4%)	15mo	$47,000	$122	76
515 Corson Tavern Rd Unit I-10	0.10mi	2/1.0 (+1)	408 (+2%)	13mo	$49,000	$120	76
515 Corson Tavern Rd Unit D-44	0.10mi	2/2.0 (+1)	400 (0%)	13mo	$60,000	$150	76
515 Corson Tavern Unit K-3	0.10mi	2/1.0 (+1)	384 (-4%)	14mo	$40,000	$104	72
515 Corson Tavern Rd Unit F-32	0.10mi	2/2.0 (+1)	350 (-12%)	3mo	$34,000	$97	63

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: 30.2%
• Equity multiple: 2.26×
• Total profit: $19,458
• Equity at exit: $8,201

10-year hold

• IRR: 37.5%
• Equity multiple: 4.48×
• Total profit: $53,518
• Equity at exit: $4,755

Cash invested: $15,400 (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 08230

• Home prices YoY: -15.3%
• Active inventory: 76
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,045 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $445

Break-even live

Break-even rent $481

Max offer price $55,000

Occupancy floor 52%

Sensitivity live

Price	-10% $483	-5% $464	+0% $445	+5% $426	+10% $407
Rent	-10% $363	-5% $404	+0% $445	+5% $486	+10% $528
Rate	-1.0pp $473	-0.5pp $459	base $445	+0.5pp $431	+1.0pp $416

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $55,000 Active 26 DOM
2. 2026-06-18
   days on market $55,000 Active 24 DOM
3. 2026-06-17
   days on market $55,000 Active 23 DOM
4. 2026-06-16
   days on market $55,000 Active 22 DOM
5. 2026-06-15
   days on market $55,000 Active 21 DOM
6. 2026-06-13
   days on market $55,000 Active 19 DOM
7. 2026-06-12
   days on market $55,000 Active 18 DOM
8. 2026-06-09
   days on market $55,000 Active 15 DOM
9. 2026-06-09
   status $55,000 Active 14 DOM
10. 2026-06-02
    statusdays on market $55,000 Pending 14 DOM
11. 2026-06-01
    days on market $55,000 Active 13 DOM
12. 2026-05-31
    days on market $55,000 Active 12 DOM
13. 2026-05-19
    listed $55,000 Active 619-char remark

ⓘ 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: $12,536
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$1,003
• − Management: −$1,003
• − Depreciation: −$1,600
• Taxable income: $4,749
• Est. tax owed @ 24.0%: −$1,140
• After-tax cash flow: $4,202/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 · 2 photos

Good 75/100 Cosmetic rehab

This 1996 park model is in excellent condition with minimal maintenance required. It is well-maintained and located in a resort setting with amenities, making it a great investment for both resale and rental.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and resale value
• Both Landscaping improvements — Enhances curb appeal and rental value
• Rental New outdoor furniture — Improves rental appeal and comfort

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and resale value ↑
• Both Landscaping improvements — Enhances curb appeal and rental value ↑
• Rental New outdoor furniture — Improves rental appeal and comfort ↑

ⓘ 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: Dennis Township School District
• NCES district ID: 3403840
• Math proficiency: 26% ▼ -27.00%
• Reading proficiency: 41% ▼ -9.00%
• Median HH income: $72,052
• Composite: 31.16/100
• National rank: #6055
• State rank: #284 of 472 in NJ

Livability — Dennis

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Ocean View, NJ
• Population (ZIP): 5,998

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 (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Romanian 6% Slovak 3% Iranian 2%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 97% English-only · Other Indo-European 2% Spanish 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: ▼ -62.62%
• Current HPI: 347.2196
• 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

3 events — show timeline

• 2026-06-08 Relisted — BRIGHT MLS
• 2026-06-02 Pending — BRIGHT MLS
• 2026-05-19 Listed $55,000 BRIGHT MLS