515 Corson Tavern Rd Unit H-61 · Dennis, NJ 08230

$55,000

4 bd · 1.0 ba · 600 sqft · SingleFamily · 240 Days on market

Built 2017 Fair condition $92/sqft · 25% below area Est $74k · 25% under ↓ 19% since listing

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come See This Remarkable Cottage at Lake & Shore RV Resort! Lot fee is paid for the year!!! Step inside this spacious and inviting cottage( 2017) featuring three bedrooms downstairs and a double loft upstairs, perfect for family and friends. Enjoy the huge Florida room, ideal for relaxing or entertaining. The home includes full-size appliances and even comes with its own golf cart for easy cruising around the resort. Their lot fee is paid for the year. Located in the highly sought-after Lake & Shore RV Resort, the site fee is paid through April, and next year’s annual fee is $10,044 (Thousand Trails membership required). You can host up to 10 guests for free and enjoy the April 1 – October 26 season. Plus, you can still stay Fridays through Mondays all winter long, making this a true year-round getaway! Pet friendly also!

Key facts

• Florida room
• Pet friendly
• 2 parking spots

Tags

• FLORIDA ROOM
• PET FRIENDLY

🏷️ Possibly a rental listed for sale. The $55,000 price doesn't fit this home's estimated sale value (~$73,500) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $55k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $725 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Dennis Township School District (suburban): math 26% / reading 41% proficiency, ranked #284 of 472 in NJ (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 76 active listings in the ZIP; 877 units permitted in Cape May County in 2024 (35 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 240 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $48,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 240 days. Have you received any prior offers? Is the seller open to a 12% 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. 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.
6. 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.
7. 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: 2.54% ✓
• Cap rate: 22.12%
• Cash-on-cash: 56.51%
• DSCR: 3.51
• GRM: 3.3

CMA / ARV

• ARV (median comp): $73,500
• List price: $55,000
• Delta: -25.17%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 54.9%
• Equity multiple: 3.42×
• Total profit: $37,299
• Equity at exit: $8,201

10-year hold

• IRR: 60.0%
• Equity multiple: 6.98×
• Total profit: $92,042
• Equity at exit: $4,755

Cash invested: $15,400 (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 08230

• Home prices YoY: -15.3%
• Active inventory: 76
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,399 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $725

Break-even live

Break-even rent $481

Max offer price $55,000

Occupancy floor 43%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-17
   status $55,000 Pending 240 DOM
2. 2026-06-17
   days on market $55,000 Active 240 DOM
3. 2026-06-16
   days on market $55,000 Active 239 DOM
4. 2026-06-15
   days on market $55,000 Active 238 DOM
5. 2026-06-13
   days on market $55,000 Active 236 DOM
6. 2026-06-12
   pricedays on market $55,000 Active 235 DOM
7. 2026-06-09
   days on market $65,000 Active 232 DOM
8. 2026-06-08
   days on market $65,000 Active 231 DOM
9. 2026-06-07
   days on market $65,000 Active 230 DOM
10. 2026-06-07
    days on market $65,000 Active 229 DOM
11. 2026-06-04
    days on market $65,000 Active 226 DOM
12. 2026-06-02
    days on market $65,000 Active 225 DOM
13. 2026-06-01
    days on market $65,000 Active 224 DOM
14. 2026-05-31
    days on market $65,000 Active 223 DOM
15. 2026-05-14
    price $65,000 857-char remark

    Show marketing remark (857 chars)

    Come See This Remarkable Cottage at Lake & Shore RV Resort! Lot fee is paid for the year!!! Step inside this spacious and inviting cottage( 2017) featuring three bedrooms downstairs and a double loft upstairs, perfect for family and friends. Enjoy the huge Florida room, ideal for relaxing or entertaining. The home includes full-size appliances and even comes with its own golf cart for easy cruising around the resort. Their lot fee is paid for the year. Located in the highly sought-after Lake & Shore RV Resort, the site fee is paid through April, and next year’s annual fee is $10,044 (Thousand Trails membership required). You can host up to 10 guests for free and enjoy the April 1 – October 26 season. Plus, you can still stay Fridays through Mondays all winter long, making this a true year-round getaway! Pet friendly also!

16. 2026-04-07
    status Active 857-char remark

    Show marketing remark (857 chars)

    Come See This Remarkable Cottage at Lake & Shore RV Resort! Lot fee is paid for the year!!! Step inside this spacious and inviting cottage( 2017) featuring three bedrooms downstairs and a double loft upstairs, perfect for family and friends. Enjoy the huge Florida room, ideal for relaxing or entertaining. The home includes full-size appliances and even comes with its own golf cart for easy cruising around the resort. Their lot fee is paid for the year. Located in the highly sought-after Lake & Shore RV Resort, the site fee is paid through April, and next year’s annual fee is $10,044 (Thousand Trails membership required). You can host up to 10 guests for free and enjoy the April 1 – October 26 season. Plus, you can still stay Fridays through Mondays all winter long, making this a true year-round getaway! Pet friendly also!

17. 2026-04-01
    historical 857-char remark

    Show marketing remark (857 chars)

    Come See This Remarkable Cottage at Lake & Shore RV Resort! Lot fee is paid for the year!!! Step inside this spacious and inviting cottage( 2017) featuring three bedrooms downstairs and a double loft upstairs, perfect for family and friends. Enjoy the huge Florida room, ideal for relaxing or entertaining. The home includes full-size appliances and even comes with its own golf cart for easy cruising around the resort. Their lot fee is paid for the year. Located in the highly sought-after Lake & Shore RV Resort, the site fee is paid through April, and next year’s annual fee is $10,044 (Thousand Trails membership required). You can host up to 10 guests for free and enjoy the April 1 – October 26 season. Plus, you can still stay Fridays through Mondays all winter long, making this a true year-round getaway! Pet friendly also!

18. 2026-01-07
    price $75,000 857-char remark

    Show marketing remark (857 chars)

    Come See This Remarkable Cottage at Lake & Shore RV Resort! Lot fee is paid for the year!!! Step inside this spacious and inviting cottage( 2017) featuring three bedrooms downstairs and a double loft upstairs, perfect for family and friends. Enjoy the huge Florida room, ideal for relaxing or entertaining. The home includes full-size appliances and even comes with its own golf cart for easy cruising around the resort. Their lot fee is paid for the year. Located in the highly sought-after Lake & Shore RV Resort, the site fee is paid through April, and next year’s annual fee is $10,044 (Thousand Trails membership required). You can host up to 10 guests for free and enjoy the April 1 – October 26 season. Plus, you can still stay Fridays through Mondays all winter long, making this a true year-round getaway! Pet friendly also!

19. 2025-10-14
    listed $80,000 Active 857-char remark

    Show marketing remark (857 chars)

    Come See This Remarkable Cottage at Lake & Shore RV Resort! Lot fee is paid for the year!!! Step inside this spacious and inviting cottage( 2017) featuring three bedrooms downstairs and a double loft upstairs, perfect for family and friends. Enjoy the huge Florida room, ideal for relaxing or entertaining. The home includes full-size appliances and even comes with its own golf cart for easy cruising around the resort. Their lot fee is paid for the year. Located in the highly sought-after Lake & Shore RV Resort, the site fee is paid through April, and next year’s annual fee is $10,044 (Thousand Trails membership required). You can host up to 10 guests for free and enjoy the April 1 – October 26 season. Plus, you can still stay Fridays through Mondays all winter long, making this a true year-round getaway! Pet friendly also!

ⓘ 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: $16,790
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$1,343
• − Management: −$1,343
• − Depreciation: −$1,600
• Taxable income: $8,322
• Est. tax owed @ 24.0%: −$1,997
• After-tax cash flow: $6,705/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

Fair 45/100 Moderate rehab

This mobile home requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen, bathrooms, exterior, flooring, and landscaping.

Repairs flagged

• Major kitchen cabinets — poor condition
• Major bathroom fixtures — dated and worn
• Moderate exterior siding — bare and worn
• Major flooring — dated and worn
• Major interior walls/paint — dated and peeling
• Major landscaping — bare and unattractive

Value-add opportunities

• Both paint interior walls — enhances appearance and value
• Both replace kitchen cabinets — modernizes and increases value
• Both repair exterior siding — improves curb appeal and value
• Both replace flooring — modernizes and increases value
• Both landscaping — enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · poor condition	Major	$15,000–50,000
bathroom fixtures · dated and worn	Major	$15,000–50,000
exterior siding · bare and worn	Moderate	$3,000–15,000
flooring · dated and worn	Major	$15,000–50,000
interior walls/paint · dated and peeling	Major	$15,000–50,000
landscaping · bare and unattractive	Major	$15,000–50,000
Total estimated repair cost · 6 items		$78,000–265,000

Value-add ROI direction

• Both paint interior walls — enhances appearance and value ↑
• Both replace kitchen cabinets — modernizes and increases value ↑
• Both repair exterior siding — improves curb appeal and value ↑
• Both replace flooring — modernizes and increases value ↑
• Both landscaping — enhances curb appeal and value ↑

ⓘ 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: Dennis Township School District
• NCES district ID: 3403840
• Math proficiency: 26% ▼ -27.00%
• Reading proficiency: 41% ▼ -9.00%
• Median HH income: $72,052
• Composite: 31.16/100
• National rank: #6055
• State rank: #284 of 472 in NJ

Livability — Dennis

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Ocean View, NJ
• Population (ZIP): 5,998

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Romanian 6% Slovak 3% Iranian 2%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 97% English-only · Other Indo-European 2% Spanish 1%

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: ▼ -62.62%
• Current HPI: 347.2196
• 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

-18.8% since first listed

5 events — show timeline

• 2026-05-14 Price Changed $65,000 BRIGHT MLS
• 2026-04-07 Relisted — BRIGHT MLS
• 2026-04-01 Listing Removed — BRIGHT MLS
• 2026-01-07 Price Changed $75,000 BRIGHT MLS
• 2025-10-14 Listed $80,000 BRIGHT MLS