108 Redwwod Dr #256 · Ocean Acres, NJ 08005

$59,900

3 bd · 1.0 ba · 768 sqft · Manufactured · 115 Days on market

Built 2026 Fair condition $78/sqft · 258% above area

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * Pinewood Estates is an active and exciting 55+ Senior Community. Nestle into your 3 bedroom, 1.5 bathroom home located inside of Pinewood Estates, a friendly and well-maintained community. Around you, enjoy the great features the community has to offer such as a basketball court, community events, and a swimming pool. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Swimming pool
• Basketball court
• Community events

Tags

• BASKETBALL COURT
• COMMUNITY EVENTS
• SWIMMING POOL

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $60k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $60k).
• Recommended offer: $55k (9.0% below list) — sets the bar for market timing.
• Cap rate 41.4% vs local median 3.2% in Ocean Acres — 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 63/100 on livability (#425 in NJ) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: schools C-, amenities F, commute F.
• Barnegat Township School District (suburban): math 23% / reading 46% proficiency, ranked #285 of 472 in NJ (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 253 active listings in the ZIP; solid renter incomes; 4,434 units permitted in Ocean County in 2024 (868 in 5+ unit buildings).
• This rent runs 35% of the median local income ($94k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($55k) 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 $54,509 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 4.58% ✓
• Cap rate: 41.44%
• Cash-on-cash: 125.54%
• DSCR: 6.59
• GRM: 1.8

CMA / ARV

• ARV (median comp): $16,730
• List price: $59,900
• Delta: 258.04%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 Redwood Dr	0.00mi	2/1.5 (-1)	800 (+4%)	7mo	$30,000	$38	80
105 Basswood Dr	0.19mi	2/1.0 (-1)	800 (+4%)	2mo	$7,000	$9	78

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: —
• Equity multiple: 7.09×
• Total profit: $102,088
• Equity at exit: $8,931

10-year hold

• IRR: —
• Equity multiple: 14.89×
• Total profit: $232,965
• Equity at exit: $5,179

Cash invested: $16,772 (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 08005

• Active inventory: 253
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $2,745 medium
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$576
• Net cashflow: $1,755

Break-even live

Break-even rent $524

Max offer price $59,900

Occupancy floor 31%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-17
   days on market $59,900 Active 115 DOM
2. 2026-06-16
   days on market $59,900 Active 114 DOM
3. 2026-06-15
   days on market $59,900 Active 113 DOM
4. 2026-06-13
   days on market $59,900 Active 111 DOM
5. 2026-06-13
   days on market $59,900 Active 110 DOM
6. 2026-06-09
   days on market $59,900 Active 107 DOM
7. 2026-06-08
   days on market $59,900 Active 106 DOM
8. 2026-06-07
   days on market $59,900 Active 105 DOM
9. 2026-06-04
   days on market $59,900 Active 102 DOM
10. 2026-06-03
    days on market $59,900 Active 101 DOM
11. 2026-06-02
    days on market $59,900 Active 100 DOM
12. 2026-06-01
    pricedays on market $59,900 Active 99 DOM
13. 2026-05-31
    days on market $59,400 Active 98 DOM
14. 2026-04-28
    status Active 496-char remark

    Show marketing remark (496 chars)

    * THIS IS A RESALE LISTING * Pinewood Estates is an active and exciting 55+ Senior Community. Nestle into your 3 bedroom, 1.5 bathroom home located inside of Pinewood Estates, a friendly and well-maintained community. Around you, enjoy the great features the community has to offer such as a basketball court, community events, and a swimming pool. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

15. 2026-04-24
    historical 496-char remark

    Show marketing remark (496 chars)

    * THIS IS A RESALE LISTING * Pinewood Estates is an active and exciting 55+ Senior Community. Nestle into your 3 bedroom, 1.5 bathroom home located inside of Pinewood Estates, a friendly and well-maintained community. Around you, enjoy the great features the community has to offer such as a basketball court, community events, and a swimming pool. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

16. 2026-02-17
    listed $59,400 Active 496-char remark

    Show marketing remark (496 chars)

    * THIS IS A RESALE LISTING * Pinewood Estates is an active and exciting 55+ Senior Community. Nestle into your 3 bedroom, 1.5 bathroom home located inside of Pinewood Estates, a friendly and well-maintained community. Around you, enjoy the great features the community has to offer such as a basketball court, community events, and a swimming pool. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ 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: $32,940
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$2,635
• − Management: −$2,635
• − Depreciation: −$1,743
• Taxable income: $21,374
• Est. tax owed @ 24.0%: −$5,130
• After-tax cash flow: $15,926/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

Fair 45/100 Cosmetic rehab

This manufactured home requires significant exterior repairs and maintenance, including painting, roof replacement, and landscaping. Interior updates, such as painting and kitchen/bathroom renovations, would also greatly enhance its value.

Repairs flagged

• Major exterior siding — The siding appears weathered and possibly peeling.
• Major roof — The roof appears old and may need replacement.
• Major landscaping — The landscaping is overgrown and unkempt, detracting from curb appeal.

Value-add opportunities

• Resale paint exterior — Fresh paint can significantly improve the home's curb appeal and resale value.
• Resale trim landscaping — A well-maintained landscape enhances curb appeal and can attract potential buyers.
• Resale replace roof — A new roof can add years of life to the home and improve its overall condition.
• Resale repair exterior siding — Fresh siding can improve the home's appearance and add value.
• Both update interior paint — Fresh paint inside can improve the home's overall condition and appeal to both buyers and renters.
• Both update kitchen and bathrooms — Modernizing the kitchen and bathrooms can significantly increase the home's value and appeal to both buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · The siding appears weathered and possibly peeling.	Major	$15,000–50,000
roof · The roof appears old and may need replacement.	Major	$15,000–50,000
landscaping · The landscaping is overgrown and unkempt, detracting from curb appeal.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Resale paint exterior — Fresh paint can significantly improve the home's curb appeal and resale value. ↑
• Resale trim landscaping — A well-maintained landscape enhances curb appeal and can attract potential buyers. ↑
• Resale replace roof — A new roof can add years of life to the home and improve its overall condition. ↑
• Resale repair exterior siding — Fresh siding can improve the home's appearance and add value. ↑
• Both update interior paint — Fresh paint inside can improve the home's overall condition and appeal to both buyers and renters. ↑
• Both update kitchen and bathrooms — Modernizing the kitchen and bathrooms can significantly increase the home's value and appeal to both buyers and renters. ↑

ⓘ 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: Barnegat Township School District
• NCES district ID: 3416470
• Math proficiency: 23% ▼ -14.00%
• Reading proficiency: 46% ▼ -5.00%
• Median HH income: $63,645
• Composite: 31.15/100
• National rank: #6059
• State rank: #285 of 472 in NJ

Livability — Ocean Acres

• Score: 63/100
• State rank: #425
• US rank: #15187

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Ocean County · 439,426 people
• City population: 25,936
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 26,866
• Household income: $93,584
• Rent vs Own: 11.4% rent · 88.6% own
• Severe rent burden: 384.0

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 (86%)
• Race & ethnicity: White 86% Two or more races 7% Hispanic / Latino 6% Black 3% Asian 1%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 9% Scotch-Irish 2% Serbian 1%
• Foreign-born: 5% · Canada, Vietnam, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Arabic 1%

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: ▼ -204.01%
• Current HPI: 344.3189
• 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

3 events — show timeline

• 2026-04-28 Relisted — Zillow
• 2026-04-24 Delisted — Zillow
• 2026-02-17 Listed $59,400 Zillow