603 A Wesley Ave #A · Ocean City, NJ 08226

$1,099,000

5 bd · 2.0 ba · 2,153 sqft · Condo · 86 Days on market

Good condition $510/sqft · 15% below area Est $1.298M · 15% under ↓ 4% since listing

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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 +14.4/15.0
• Cash flow +12.9/30.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• DSCR +3.9/10.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ocean City property in the heart of town! This hard to find 5-bedroom, 2-bathroom beauty is move-in ready with an updated kitchen and bath, strong rental history, and a perfect corner spot across from Veterans Park. Enjoy a fenced yard, sunny deck, outdoor shower, and all the charm of beach living in a location that is a quick walk to the beach, boardwalk, downtown, farmers market grounds, playgrounds, and The Ocean City Civic Center. August rental income through Airbnb and VRBO: $650 Sun–Thurs; $852 Fri–Sat; $4,954 per week!

Key facts

• Sunny deck
• Fenced yard
• Quick walk to beach

Tags

• UPDATED KITCHEN
• FENCED YARD
• SUNNY DECK
• OUTDOOR SHOWER
• CORNER SPOT
• QUICK WALK TO BEACH

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath condo listed at $1.10M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-498 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.03M (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $952k (13.3% below list).
• Recommended offer: $952k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.4% 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: 514 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 877 units permitted in Cape May County in 2024 (35 in 5+ unit buildings).
• At $9,524/mo this rent would consume 112% of the median local household income ($102k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k 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.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($1.03M) is reasonable based on typical stale-listing flexibility.
• 3 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $952,400 (13.3% 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 86 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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. 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.
10. 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.
11. 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: 0.87% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.28%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (median comp): $1,298,267
• List price: $1,099,000
• Delta: -15.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
323 Ocean Ave #2	0.28mi	5/2.0	2,004 (-7%)	2mo	$1,045,000	$521	74
841 Pelham Pl	0.20mi	5/5.0	2,100 (-2%)	2mo	$1,999,999	$952	73
1908 Central Ave #1	1.42mi	5/2.5	2,072 (-4%)	3mo	$1,610,000	$777	54
343 Central Ave	0.25mi	4/3.0 (-1)	1,700 (-21%)	3mo	$1,140,000	$671	52
343 Central Ave Ave #2	0.25mi	4/3.0 (-1)	1,700 (-21%)	3mo	$1,140,000	$671	52
69 Sunset Pl	1.09mi	5/3.5	1,950 (-9%)	2mo	$2,180,000	$1,118	42
1553 West Ave	1.05mi	5/3.5	2,400 (+12%)	1mo	$1,950,000	$813	39
31 Ocean Ave #B	0.57mi	4/2.5 (-1)	1,633 (-24%)	5mo	$1,330,000	$814	37
309 E Surf Rd	0.86mi	4/3.0 (-1)	2,400 (+12%)	2mo	$3,150,000	$1,313	35
801 Saint James Pl	0.60mi	5/4.5	2,600 (+21%)	3mo	$3,200,000	$1,231	34
1721 Central Ave #1st Floor	1.22mi	4/2.5 (-1)	1,689 (-22%)	2mo	$1,649,000	$976	31
118 Ocean Rd	0.81mi	6/2.5 (+1)	1,792 (-17%)	5mo	$1,600,000	$893	29

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: -19.5%
• Equity multiple: 0.32×
• Total profit: $-209,367
• Equity at exit: $163,864

10-year hold

• IRR: -12.1%
• Equity multiple: 0.28×
• Total profit: $-221,467
• Equity at exit: $95,021

Cash invested: $307,720 (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 →

Active competition Active MLS

• For sale now: 3 active
• Median asking: $1,199,999 ($652/sqft)
• Median days on market: 50 d
• This list price: 33% of active listings are priced below it
• ARV vs active asking: -7.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 08226

• Active inventory: 514
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $9,524 medium
• Mortgage (P&I): −$5,763
• Tax est. 1.5%: −$1,374 /mo · $16,485/yr
• Insurance: −$458
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,000
• Net cashflow: $-498

Break-even live

Break-even rent $10,154

Max offer price $1,027,008

Occupancy floor —

Sensitivity live

Price	-10% $262	-5% $-118	+0% $-498	+5% $-877	+10% $-1,257
Rent	-10% $-1,250	-5% $-874	+0% $-498	+5% $-121	+10% $255
Rate	-1.0pp $56	-0.5pp $-218	base $-498	+0.5pp $-782	+1.0pp $-1,072

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: $274,750
• Closing costs: $32,970
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
111 West Ave Unit 1309024P Ocean City, NJ	4.0	3.0	1991	$9,524	$4.78	93d	1	0.54mi

HOA detail $0/mo · $0/yr condo

• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-15
   days on market $1,099,000 Active 86 DOM
2. 2026-06-13
   days on market $1,099,000 Active 84 DOM
3. 2026-06-12
   days on market $1,099,000 Active 83 DOM
4. 2026-06-09
   days on market $1,099,000 Active 80 DOM
5. 2026-06-08
   days on market $1,099,000 Active 79 DOM
6. 2026-06-07
   days on market $1,099,000 Active 78 DOM
7. 2026-06-07
   days on market $1,099,000 Active 77 DOM
8. 2026-06-04
   days on market $1,099,000 Active 74 DOM
9. 2026-06-02
   days on market $1,099,000 Active 73 DOM
10. 2026-06-01
    days on market $1,099,000 Active 72 DOM
11. 2026-05-31
    days on market $1,099,000 Active 71 DOM
12. 2026-03-21
    historical 543-char remark

    Show marketing remark (543 chars)

    Ocean City property in the heart of town! This hard to find 5-bedroom, 2-bathroom beauty is move-in ready with an updated kitchen and bath, strong rental history, and a perfect corner spot across from Veterans Park. Enjoy a fenced yard, sunny deck, outdoor shower, and all the charm of beach living in a location that is a quick walk to the beach, boardwalk, downtown, farmers market grounds, playgrounds, and The Ocean City Civic Center. August rental income through Airbnb and VRBO: $650 Sun–Thurs; $852 Fri–Sat; $4,954 per week!

13. 2026-03-21
    listed $1,099,000 Active 543-char remark

    Show marketing remark (543 chars)

    Ocean City property in the heart of town! This hard to find 5-bedroom, 2-bathroom beauty is move-in ready with an updated kitchen and bath, strong rental history, and a perfect corner spot across from Veterans Park. Enjoy a fenced yard, sunny deck, outdoor shower, and all the charm of beach living in a location that is a quick walk to the beach, boardwalk, downtown, farmers market grounds, playgrounds, and The Ocean City Civic Center. August rental income through Airbnb and VRBO: $650 Sun–Thurs; $852 Fri–Sat; $4,954 per week!

14. 2026-02-03
    listed $1,150,000 Active 543-char remark

    Show marketing remark (543 chars)

    Ocean City property in the heart of town! This hard to find 5-bedroom, 2-bathroom beauty is move-in ready with an updated kitchen and bath, strong rental history, and a perfect corner spot across from Veterans Park. Enjoy a fenced yard, sunny deck, outdoor shower, and all the charm of beach living in a location that is a quick walk to the beach, boardwalk, downtown, farmers market grounds, playgrounds, and The Ocean City Civic Center. August rental income through Airbnb and VRBO: $650 Sun–Thurs; $852 Fri–Sat; $4,954 per week!

15. 2025-10-24
    historical
16. 2025-09-25
    listed $1,149,000 Active

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $114,288
• − Mortgage interest: −$61,561
• − Property taxes: −$16,485
• − Insurance: −$10,614
• − Repairs & maintenance: −$9,143
• − Management: −$9,143
• − Depreciation: −$31,971
• Taxable loss: −$24,629
• Est. tax savings @ 24.0%: +$5,911
• After-tax cash flow: $-59/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 Est. rehab $10,765–$32,295 screening

This move-in ready 5-bedroom, 2-bathroom condo in Ocean City is in good condition with updated kitchen and bathrooms, and a perfect corner spot across from Veterans Park.

Value-add opportunities

• Both landscaping and curb appeal — enhances curb appeal and could attract more renters ↑
• Both HVAC system — improves comfort and energy efficiency ↑
• Both exterior paint — refreshes the home's appearance and could increase its value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 45/100

Zoned Schools

Elementary Ocean City Primary School D NJ #299/1,303 Nat'l #14,226/41,679 Middle Ocean City Intermediate School F NJ #217/431 Nat'l #6,708/14,009 High Ocean City High School D NJ #117/399 Nat'l #6,224/17,239

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

A Composite livability gradescore 80/100

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
• County: Cape May · 88,234 people
• City population: 11,260
• Metro: Atlantic City-Hammonton, NJ
• Population (ZIP): 11,260
• Household income: $101,782
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 7% of renters

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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%

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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%

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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

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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

-4.4% since first listed

5 events — show timeline

• 2026-03-21 Listed $1,099,000 SJSRMLS
• 2026-03-21 Listing Removed — SJSRMLS
• 2026-02-03 Listed $1,150,000 SJSRMLS
• 2025-10-24 Listing Removed — SJSRMLS
• 2025-09-25 Listed $1,149,000 SJSRMLS