1027 Ocean Ave #5 · Ocean City, NJ 08226

$499,000

2 bd · 1.0 ba · 546 sqft · Condo public records · 103 Days on market

Built 1968 $237/mo HOA · 3% of rent

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Why this score? — see what drove the B- 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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• 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

Get ready for summertime in this 2-bedroom 1-bathroom condo, which has been beautifully maintained and is move-in ready. It offers comfort, efficiency, and an unbeatable location close to the beach, boardwalk, and all that Ocean City has to offer. Recent improvements include upgraded electric, energy-efficient mini-split systems installed in 2021 for heating and cooling, and a newly renovated bathroom featuring radiant heated floors for added comfort year-round. Enjoy the outside shower, coin-operated laundry room, and beach chair storage that come with the unit. Perfect as a shore getaway, investment property, or easy coastal retreat, this well-cared-for unit combines modern updates with convenient access to Ocean City’s best attractions.

Key facts

• Upgraded electric
• Outside shower
• Beach chair storage

Tags

• UPGRADED ELECTRIC
• NEWLY RENOVATED BATHROOM
• RADIANT HEATED FLOORS
• OUTSIDE SHOWER
• COIN OPERATED LAUNDRY ROOM
• BEACH CHAIR STORAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $499k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $499k).
• Recommended offer: $454k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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; 2 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 $15k 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 $140k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($454k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago 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.
• Current owner paid $170k; list at $499k implies a 194% gain — meaningful room to come down on a strong offer.

Recommended offer $454,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.37% ✓
• Cap rate: 11.35%
• Cash-on-cash: 18.08%
• DSCR: 1.80
• GRM: 6.1

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: 9.7%
• Equity multiple: 1.38×
• Total profit: $53,198
• Equity at exit: $74,403

10-year hold

• IRR: 18.8%
• Equity multiple: 2.57×
• Total profit: $218,947
• Equity at exit: $43,144

Cash invested: $139,720 (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: 6.1×

Monthly cashflow live

• Estimated rent: $6,819 medium
• Mortgage (P&I): −$2,617
• Tax from tax record: −$220 /mo · $2,645/yr
• Insurance: −$208
• HOA: −$237
• Vacancy / Maint / Mgmt: −$1,432
• Net cashflow: $2,105

Break-even live

Break-even rent $4,155

Max offer price $499,000

Occupancy floor 64%

Sensitivity live

Price	-10% $2,387	-5% $2,246	+0% $2,105	+5% $1,964	+10% $1,822
Rent	-10% $1,566	-5% $1,835	+0% $2,105	+5% $2,374	+10% $2,644
Rate	-1.0pp $2,356	-0.5pp $2,232	base $2,105	+0.5pp $1,976	+1.0pp $1,844

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
714 West Ave Unit 1308989P Ocean City, NJ	2.0	1.0	742	$6,384	$8.60	45d	1	0.45mi
200 Bay Ave Unit 200 Ocean City, NJ	1.0	1.0	425	$7,800	$18.35	22d	1	1.08mi

HOA detail condo

• Monthly dues: $237 · $2,844/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-02-13
   listed $499,000 Active 755-char remark

   Show marketing remark (755 chars)

   Get ready for summertime in this 2-bedroom 1-bathroom condo, which has been beautifully maintained and is move-in ready. It offers comfort, efficiency, and an unbeatable location close to the beach, boardwalk, and all that Ocean City has to offer. Recent improvements include upgraded electric, energy-efficient mini-split systems installed in 2021 for heating and cooling, and a newly renovated bathroom featuring radiant heated floors for added comfort year-round. Enjoy the outside shower, coin-operated laundry room, and beach chair storage that come with the unit. Perfect as a shore getaway, investment property, or easy coastal retreat, this well-cared-for unit combines modern updates with convenient access to Ocean City’s best attractions.

2. 2015-06-23
   soldstatus $170,000
3. 2015-06-02
   soldstatus $170,000 Sold 290-char remark

   Show marketing remark (290 chars)

   Dolphin Court, 2 bedroom, 1 bath condo, 1st floor unit. Steps to the beach and boardwalk, amusements, restaurants, and action! Great for owner use or as a rental property. Pets permitted for owners. A rare find in OC condo living! Easy to show. Bring an offer today in time for the season.

4. 2015-05-19
   historical Under Contract 290-char remark

   Show marketing remark (290 chars)

   Dolphin Court, 2 bedroom, 1 bath condo, 1st floor unit. Steps to the beach and boardwalk, amusements, restaurants, and action! Great for owner use or as a rental property. Pets permitted for owners. A rare find in OC condo living! Easy to show. Bring an offer today in time for the season.

5. 2015-03-27
   listed $229,900 Active 290-char remark

   Show marketing remark (290 chars)

   Dolphin Court, 2 bedroom, 1 bath condo, 1st floor unit. Steps to the beach and boardwalk, amusements, restaurants, and action! Great for owner use or as a rental property. Pets permitted for owners. A rare find in OC condo living! Easy to show. Bring an offer today in time for the season.

6. 1996-05-16
   soldstatus $75,000
7. 1996-05-11
   soldstatus $75,000
8. 1987-06-24
   soldstatus $75,000

ⓘ 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: $2,645 · $220/mo
• Projected year-2 tax: $7,535 · $628/mo
• Expected delta: +$4,890/yr (+$408/mo · 184.9%)

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

Taxation est. · year 1

• Rental income: $81,827
• − Mortgage interest: −$27,952
• − Property taxes: −$2,645
• − Insurance: −$2,495
• − Repairs & maintenance: −$6,546
• − Management: −$6,546
• − HOA: −$2,844
• − Depreciation: −$14,516
• Taxable income: $18,283
• Est. tax owed @ 24.0%: −$4,388
• After-tax cash flow: $20,870/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

+565.3% since first listed

8 events — show timeline

• 2026-02-13 Listed $499,000 SJSRMLS
• 2015-06-23 Sold (Public Records) $170,000 Public Records
• 2015-06-02 Sold (MLS) $170,000 SJSRMLS
• 2015-05-19 Contingent — SJSRMLS
• 2015-03-27 Listed $229,900 SJSRMLS
• 1996-05-16 Sold (Public Records) $75,000 Public Records
• 1996-05-11 Sold (Public Records) $75,000 Public Records
• 1987-06-24 Sold (Public Records) $75,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $2,645 · +3.4% YoY. Source: county tax records.