22 Baltimore Dr · Manahawkin, NJ 08050

$150,000

3 bd · 2.0 ba · 1,100 sqft · SingleFamily · 1 Days on market

Built 2020 Good condition Est $161k · 7% under

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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
• ARV discount +10.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Schools +3.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Built in 2020 and located in desirable Pine Crest Village an all age community, this beautifully maintained 3-bedroom, 2-bath home offers a spacious split-bedroom floor plan and modern open-concept living. Features include a large living room, bright kitchen with center island, stainless steel appliances, skylights, dining area, primary suite with private bath and walk-in shower, two additional bedrooms, full guest bath, laundry/mud room, paver patio, storage shed, and private driveway. Situated in an all-age community close to shopping, dining, medical facilities, and area beaches.

Key facts

• Bright kitchen
• Abundant cabinetry
• Center island

Tags

• SPLIT-BEDROOM FLOOR PLAN
• OPEN-CONCEPT LIVING AREA
• BRIGHT KITCHEN
• ABUNDANT CABINETRY
• STAINLESS STEEL APPLIANCES
• CENTER ISLAND

Property features AI

Finance

• Other: Lease not being considered
• Financial info: Monthly land lease: $725; Land lease years remaining: 0; Ground rent paid annually
• HOA & community: Property manager present; Park: Pinecrest Village; Ownership is land lease

Exterior

• Parking: Driveway parking (2 spaces); 2 total garage/parking spaces
• Utilities: Public water; Public sewer; Electric cooling; Natural gas for heating and hot water
• Home design: Manufactured double-wide home; Entry level: main level living; Shingle roof
• Construction: Manufactured construction; Crawl space foundation
• Exterior features: Ground rent applies (paid annually); Property located in Pinecrest Village; Not in a federal flood zone; Above-grade other structures

Interior

• Kitchen: Built-in microwave; Dishwasher; Gas oven/range; Refrigerator
• Bedrooms: 3 bedrooms on the main level
• Flooring: Carpet
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Forced air heating; Natural gas heating and hot water; Central air conditioning (electric)
• Interior features: Breakfast area; Dining area; Stall shower; Tub shower; Walk-in shower; Kitchen island; Skylights; Carpeted areas

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Cap rate 14.6% vs local median 2.5% in Manahawkin — 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 67/100 on livability (#336 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A, employment A-; Watch: amenities F, commute F, cost of living F.
• Southern Regional School District (suburban): math 22% / reading 52% proficiency, ranked #251 of 472 in NJ (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 210 active listings in the ZIP; 4,434 units permitted in Ocean County in 2024 (868 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 $4k 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 $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $150,000

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: 1.75% ✓
• Cap rate: 14.58%
• Cash-on-cash: 29.58%
• DSCR: 2.32
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $160,600
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8 Baltimore Ave	0.04mi	3/2.0	1,140 (+4%)	3mo	$167,000	$146	90
2 Baltimore Ave	0.08mi	3/2.0	1,231 (+12%)	17mo	$132,450	$108	62
177 S Lakeshore Dr	0.66mi	3/1.5	1,084 (-2%)	22mo	$412,000	$380	46

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: 24.1%
• Equity multiple: 1.99×
• Total profit: $41,678
• Equity at exit: $22,365

10-year hold

• IRR: 31.9%
• Equity multiple: 3.89×
• Total profit: $121,367
• Equity at exit: $12,969

Cash invested: $42,000 (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 08050

• Active inventory: 210
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $2,623 medium
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$551
• Net cashflow: $1,035

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 56%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark

   Show marketing remark (589 chars)

   Built in 2020 and located in desirable Pine Crest Village an all age community, this beautifully maintained 3-bedroom, 2-bath home offers a spacious split-bedroom floor plan and modern open-concept living. Features include a large living room, bright kitchen with center island, stainless steel appliances, skylights, dining area, primary suite with private bath and walk-in shower, two additional bedrooms, full guest bath, laundry/mud room, paver patio, storage shed, and private driveway. Situated in an all-age community close to shopping, dining, medical facilities, and area beaches.

2. 2026-06-18
   listed $150,000 Active 1 DOM

   Show marketing remark (589 chars)

   Built in 2020 and located in desirable Pine Crest Village an all age community, this beautifully maintained 3-bedroom, 2-bath home offers a spacious split-bedroom floor plan and modern open-concept living. Features include a large living room, bright kitchen with center island, stainless steel appliances, skylights, dining area, primary suite with private bath and walk-in shower, two additional bedrooms, full guest bath, laundry/mud room, paver patio, storage shed, and private driveway. Situated in an all-age community close to shopping, dining, medical facilities, and area beaches.

ⓘ 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: $31,473
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$2,518
• − Management: −$2,518
• − Depreciation: −$4,364
• Taxable income: $10,672
• Est. tax owed @ 24.0%: −$2,561
• After-tax cash flow: $9,863/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 · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, modern home in Pine Crest Village offers a split-bedroom floor plan and is ready for immediate occupancy. It has a good condition score and minimal repairs needed, making it an excellent investment opportunity.

Value-add opportunities

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics
• Both replace carpet with hardwood flooring — hardwood flooring is more durable and adds value
• Both install new kitchen backsplash — backsplash adds visual interest and is a common feature in modern kitchens

Renovation cost estimate screening

Value-add ROI direction

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics ↑
• Both replace carpet with hardwood flooring — hardwood flooring is more durable and adds value ↑
• Both install new kitchen backsplash — backsplash adds visual interest and is a common feature in modern kitchens ↑

ⓘ 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: Southern Regional School District
• NCES district ID: 3415480
• Math proficiency: 22% ▼ -17.00%
• Reading proficiency: 52% ▼ -2.00%
• Median HH income: $70,588
• Composite: 33.85/100
• National rank: #5355
• State rank: #251 of 472 in NJ

Livability — Manahawkin

• Score: 67/100
• State rank: #336
• US rank: #10744

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 27,599

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 8% Lithuanian 1% Subsaharan African 1%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 92% English-only · Spanish 5% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -404.12%
• Current HPI: 369.8706
• 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

+0.0% since first listed

2 events — show timeline

• 2026-06-18 Listed $150,000 MOMLS
• 2026-06-18 Listed $150,000 BRIGHT MLS