119 E Cresse Ave Unit B · Wildwood, NJ 08260-0000

$345,000

2 bd · 1.0 ba · 650 sqft · Condo public records · 32 Days on market

Built 1950

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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 +25.8/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Appreciation +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Listing remarks

Enjoy coastal living in this 2 Bedroom condo just 2 blocks from the beach. Featuring a living room/kitchen, 2 nice size bedrooms, bathroom and utility room. Outside features a covered porch, shared storage and outside shower. Best of all--- NO HOA fees, giving you more freedom and lower monthly costs. A rare opportunity to own near the beach without extra expenses.

Key facts

• Covered porch
• Shared storage
• No hoa fees

Tags

• COVERED PORCH
• SHARED STORAGE
• NO HOA FEES

Property features AI

Finance

• Other: Offered for sale
• HOA & community: No condo fee

Exterior

• Utilities: City water; City sewer; Electric hot water
• Home design: Condominium unit (Unit B)
• Exterior features: Outside shower; Storage facilities; Year-round usage; Owners allowed pets; 2 blocks to the beach

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 2 bedrooms (Unit B)
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Electric cooling; Ceiling fan; Other cooling (see remarks)
• Interior features: Smoke/Fire detector; Furniture included; Living room; Eat-in kitchen; 5 total rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $345k.

Deal economics

• At list price, monthly cash flow is $841 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $345k).
• Recommended offer: $335k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 5.6% in Wildwood — 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 74/100 on livability (#176 in NJ, #4,679 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment D, schools F, crime F.
• Wildwood City School District (suburban): math 12% / reading 27% proficiency, ranked #442 of 472 in NJ (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 3 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

• In year one you build about $13k of equity ($2k loan paydown + $10k appreciation (3.0% local appreciation)).
• 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 $97k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($335k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $334,650 (3.0% below list)

Questions for the listing agent

1. 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?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.13% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.44%
• DSCR: 1.46
• GRM: 7.4

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: 17.3%
• Equity multiple: 1.98×
• Total profit: $95,087
• Equity at exit: $155,127

10-year hold

• IRR: 18.7%
• Equity multiple: 3.73×
• Total profit: $263,473
• Equity at exit: $239,069

Cash invested: $96,600 (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 08260-0000

• Active inventory: 3
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $3,911 medium
• Mortgage (P&I): −$1,809
• Tax from tax record: −$296 /mo · $3,553/yr
• Insurance: −$144
• HOA: −$0
• Vacancy / Maint / Mgmt: −$821
• Net cashflow: $841

Break-even live

Break-even rent $2,847

Max offer price $345,000

Occupancy floor 74%

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: $86,250
• Closing costs: $10,350
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	43d	1	0.26mi
206 W Spencer Ave Wildwood, NJ	2.0	1.0	750	$2,000	$2.67	44d	1	0.71mi

HOA detail condo

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

Listing history 14 events

1. 2026-06-17
   status $345,000 Under Contract 32 DOM
2. 2026-06-16
   days on market $345,000 Active 32 DOM
3. 2026-06-15
   days on market $345,000 Active 31 DOM
4. 2026-06-13
   days on market $345,000 Active 29 DOM
5. 2026-06-12
   days on market $345,000 Active 28 DOM
6. 2026-06-09
   days on market $345,000 Active 25 DOM
7. 2026-06-08
   days on market $345,000 Active 24 DOM
8. 2026-06-07
   days on market $345,000 Active 23 DOM
9. 2026-06-07
   days on market $345,000 Active 22 DOM
10. 2026-06-04
    days on market $345,000 Active 19 DOM
11. 2026-06-02
    days on market $345,000 Active 18 DOM
12. 2026-06-01
    days on market $345,000 Active 17 DOM
13. 2026-05-31
    days on market $345,000 Active 16 DOM
14. 2026-05-15
    listed $345,000 Active

ⓘ 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: $3,553 · $296/mo
• Projected year-2 tax: $6,072 · $506/mo
• Expected delta: +$2,519/yr (+$210/mo · 70.9%)

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

Taxation est. · year 1

• Rental income: $46,934
• − Mortgage interest: −$19,325
• − Property taxes: −$3,553
• − Insurance: −$1,725
• − Repairs & maintenance: −$3,755
• − Management: −$3,755
• − Depreciation: −$10,036
• Taxable income: $4,785
• Est. tax owed @ 24.0%: −$1,148
• After-tax cash flow: $8,941/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: Wildwood City School District
• NCES district ID: 3417940
• Math proficiency: 12% ▼ -6.00%
• Reading proficiency: 27% ▲ 5.00%
• Median HH income: $33,232
• Composite: 15.84/100
• National rank: #9261
• State rank: #442 of 472 in NJ

Livability — Wildwood

• Score: 74/100
• State rank: #176
• US rank: #4679

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wildwood, NJ

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

• 2026-05-15 Listed $345,000 CMCMLS

Property tax history

+2.9%/yr

Latest (2025): $3,553 · +2.8% YoY. Source: county tax records.