230- Lake Shore North O2 Unit C · Milford, PA 07827

$164,900

2 bd · 1.0 ba · 936 sqft · Condo public records · 50 Days on market

Built 1975 $176/sqft · 47% below area Est $310k · 47% under $273/mo HOA · 16% 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 +15.0/15.0
• Cash flow +12.0/30.0
• 1% rule +5.0/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• DSCR +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.1/10.0

Listing remarks

FOR SALE: Fully Renovated 2nd Floor Apartment with Sweeping Lake & Golf Course Views Experience resort-style living in this stunning 2-bedroom, 1-bath apartment thoughtfully renovated from top to bottom. Enjoy your morning coffee or evening wine on the private patio, where you'll take in beautiful lake views alongside the serene backdrop of the adjacent golf course. Step inside to brand-new everything: Gourmet kitchen features brand-new stainless-steel appliances, a modern countertop sink with pull-down sprayer faucet, and sleek polished chrome cabinet knobs. Luxury bathroom showcases a new Carrara marble double-sink vanity with a frameless LED light anti-fog mirror elegance and func

Key facts

• $273 HOA
• 2 parking spots
• Community pool

Property features AI

Finance

• HOA & community: Monthly association fee; Association fee covers common area and exterior maintenance and snow removal; Community amenities include clubhouse, lake privileges, playground, outdoor pool, and tennis courts

Exterior

• Parking: 2 parking spaces; Common/off-street shared parking lot; No garage
• Utilities: Public water (water charge extra); Septic / shared sewer; All underground utilities; Cable TV available (garbage extra charge)
• Home design: One-floor unit style (Lakestyle); Second floor unit; Building painted gray; Renovated in 2026
• Construction: Wood siding; Asphalt shingle roof; Approximate construction/renovated date indicated
• Exterior features: Deck; Open porch; Patio; Association outdoor pool; Lake/water view; Wooded lot

Interior

• Kitchen: Galley-style kitchen 14x8; Dishwasher; Microwave; Electric range/oven; Self-cleaning oven; Refrigerator
• Bedrooms: Bedroom 1 (Second floor) 16x12; Bedroom 2 (Second floor) 12x14
• Flooring: Laminate; Tile
• Bathrooms: Master bath with tub/shower; 1 full bathroom
• Heating & cooling: Electric baseboard heat; Window air conditioning units
• Interior features: Carbon monoxide detector; Smoke detector; Fire extinguisher
• Laundry & utility: Utility room; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $-39 ($-472/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (4.2% below list).
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $158k (4.2% below list) — sets the bar for cash-flow.
• Cap rate 6.0% vs local median 2.8% in Milford — 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 79/100 on livability (#255 in PA, #2,230 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, amenities A+, health & safety A+; Watch: cost of living D+, commute F.
• Montague Township School District (rural): math 40% / reading 55% proficiency, ranked #400 of 612 in NJ (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 184 units permitted in Sussex County in 2024 (18 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Sussex County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $116k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $157,947 (4.2% 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 50 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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. 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?
9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 1.00% ✓
• Cap rate: 6.01%
• Cash-on-cash: -1.02%
• DSCR: 0.95
• GRM: 8.3

CMA / ARV

• ARV (median comp): $309,990
• List price: $164,900
• Delta: -46.80%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -17.9%
• Equity multiple: 0.37×
• Total profit: $-29,074
• Equity at exit: $24,587

10-year hold

• IRR: -9.8%
• Equity multiple: 0.40×
• Total profit: $-27,923
• Equity at exit: $14,258

Cash invested: $46,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Pennsylvania: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

10-day notice; Philadelphia has eviction-court diversion + some protections; otherwise moderate.

Methodology + full state rankings →

ZIP-level market 07827

• Home prices YoY: -2.6%
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,657 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$142 /mo · $1,700/yr
• Insurance: −$69
• HOA: −$273
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $-39

Break-even live

Break-even rent $1,706

Max offer price $157,947

Occupancy floor 97%

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $273 · $3,276/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $164,900 Active 50 DOM
2. 2026-06-17
   days on market $164,900 Active 49 DOM
3. 2026-06-16
   days on market $164,900 Active 48 DOM
4. 2026-06-15
   days on market $164,900 Active 47 DOM
5. 2026-06-13
   days on market $164,900 Active 45 DOM
6. 2026-06-09
   days on market $164,900 Active 41 DOM
7. 2026-06-08
   days on market $164,900 Active 40 DOM
8. 2026-06-07
   days on market $164,900 Active 39 DOM
9. 2026-06-04
   days on market $164,900 Active 36 DOM
10. 2026-06-03
    days on market $164,900 Active 35 DOM
11. 2026-06-02
    days on market $164,900 Active 34 DOM
12. 2026-06-01
    days on market $164,900 Active 33 DOM
13. 2026-05-31
    days on market $164,900 Active 32 DOM
14. 2026-04-29
    listed $164,900 Active 1170-char remark
15. 2023-07-06
    soldstatus $115,900
16. 2023-06-02
    soldstatus $115,900 Sold
17. 2023-03-17
    status Under Contract
18. 2023-02-22
    status Active
19. 2023-02-08
    status Under Contract
20. 2022-09-01
    price $115,900
21. 2022-08-11
    listed $125,000 Active
22. 2012-07-10
    soldstatus $22,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast PA · Partial reset (capped growth)

• Current annual tax: $1,700 · $142/mo
• Projected year-2 tax: $2,153 · $179/mo
• Expected delta: +$453/yr (+$38/mo · 26.6%)

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

Taxation est. · year 1

• Rental income: $19,880
• − Mortgage interest: −$9,237
• − Property taxes: −$1,700
• − Insurance: −$824
• − Repairs & maintenance: −$1,590
• − Management: −$1,590
• − HOA: −$3,276
• − Depreciation: −$4,797
• Taxable loss: −$3,135
• Est. tax savings @ 24.0%: +$752
• After-tax cash flow: $280/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: Montague Township School District
• NCES district ID: 3410530
• Math proficiency: 40% ▼ -15.00%
• Reading proficiency: 55% ▬ 0.00%
• Median HH income: $62,366
• Composite: 43.98/100
• National rank: #6267
• State rank: #400 of 612 in NJ

Livability — Milford

• Score: 79/100
• State rank: #255
• US rank: #2230

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 15,799
• Population (ZIP): 4,111

Population outlook (Sussex County) Hauer SSP2

• Today (2025): 133,413 people
• By 2030: 127,324 · -4.6%
• By 2040: 113,987 · -14.6%
• By 2050: 100,391 · -24.8%
• By 2075: 78,063 · -41.5%
• By 2100: 62,346 · -53.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 6% Asian 6% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Romanian 9% Iranian 4% Subsaharan African 2%
• Foreign-born: 6% · Canada, China, Dominican Republic
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% Russian/Polish/Slavic 2%

Political lean MEDSL · Sussex

• 2024 margin: Strong R (+24.9) · D 36.6% · R 61.6% · Other 1.8%
• 2008→2024 swing: -4.2pp toward R · 2008: -20.7pp · 2024: -24.9pp
• All cycles: 2024: R+24.9 2020: R+19.5 2016: R+30.3 2012: R+22.4 2008: R+20.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.89%
• Current HPI: 290.6237
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.68%
• F500 in state: 34

Industry mix (Fortune 500 HQ in PA)

Industry	F500 HQs	Revenue
▸Healthcare	2	$309B
▸Insurance	2	$27B
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

+649.5% since first listed

9 events — show timeline

• 2026-04-29 Listed $164,900 GSMLS
• 2023-07-06 Sold (Public Records) $115,900 Public Records
• 2023-06-02 Sold (MLS) $115,900 GSMLS
• 2023-03-17 Pending — GSMLS
• 2023-02-22 Relisted — GSMLS
• 2023-02-08 Pending — GSMLS
• 2022-09-01 Price Changed $115,900 GSMLS
• 2022-08-11 Listed $125,000 GSMLS
• 2012-07-10 Sold (Public Records) $22,000 Public Records

Property tax history

-0.5%/yr

Latest (2025): $1,700 · +7.5% YoY. Source: county tax records.