515 Corson Tavern Rd Unit I-18 · Dennis, NJ 08230

$69,000

2 bd · 1.5 ba · 400 sqft · SingleFamily · 111 Days on market

Built 2022 Excellent condition $172/sqft · 57% above area ↓ 13% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.8/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

What are you waiting for? Welcome to your summer retreat at Lake and Shore RV Resort! This almost brand-new( 2022) , two-bedroom RV offers exceptional space and comfort, perfectly situated on a large lot. The owner paid their lot fee for the 2026. Enjoy outdoor living at its finest with both a covered porch on one side and a spacious deck on the other — ideal for entertaining or relaxing after a day at the shore. This property comes fully equipped with four smart TVs, a projector with a large screen on the porch for outdoor movie nights, and a grill — everything you need to start making memories right away. The resort offers a lake, swimming pool, a water park , miniature golf course, basketball, pickleball, and it has events all through the summer. The seasonal lot fee is $10,044 . Ownership requires membership with Thousand Trails. The season runs from April 1 through October 26, with additional weekend access (Friday through Monday) in the off-season, weather permitting. If you’ve been dreaming of an affordable way to own a summer home at the Shore, this is your opportunity. Don’t miss it!.

Key facts

• Covered porch
• Four smart tvs
• Grill

Tags

• COVERED PORCH
• SPACIOUS DECK
• FOUR SMART TVS
• PROJECTOR WITH LARGE SCREEN
• GRILL

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $69k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $464 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Recommended offer: $63k (9.0% 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 $477 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 $19k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($63k) is reasonable based on typical stale-listing flexibility.

Recommended offer $62,790 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.73% ✓
• Cap rate: 14.35%
• Cash-on-cash: 28.79%
• DSCR: 2.28
• GRM: 4.8

CMA / ARV

• ARV (median comp): $43,975
• List price: $69,000
• Delta: 56.91%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
515 Corson Tavern Rd Unit H35	0.10mi	2/1.0	399 (-0%)	12mo	$100,000	$251	83
515 Corson Tavern Rd Unit K-7	0.10mi	2/1.0	400 (0%)	12mo	$25,000	$63	83
515 Corson Tavern Rd Unit D-44	0.10mi	2/2.0	400 (0%)	13mo	$60,000	$150	82
515 Corson Tavern Rd Unit I-10	0.10mi	2/1.0	408 (+2%)	13mo	$49,000	$120	79
515 Corson Tavern Rd Unit E-52	0.10mi	1/1.0 (-1)	384 (-4%)	7mo	$39,000	$102	76
515 Corson Tavern Unit K-3	0.10mi	2/1.0	384 (-4%)	14mo	$40,000	$104	75
515 Corson Tavern Rd Unit F-32	0.10mi	2/2.0	350 (-12%)	3mo	$34,000	$97	70
515 Corson Tavern Rd Unit G-30	0.10mi	1/1.0 (-1)	384 (-4%)	15mo	$47,000	$122	69
515 Corson Tavern Rd Unit Unit C-27	0.10mi	3/1.0 (+1)	450 (+12%)	12mo	$65,000	$144	57

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: 23.1%
• Equity multiple: 1.95×
• Total profit: $18,358
• Equity at exit: $10,288

10-year hold

• IRR: 31.1%
• Equity multiple: 3.80×
• Total profit: $54,072
• Equity at exit: $5,966

Cash invested: $19,320 (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: 4.8×

Monthly cashflow live

• Estimated rent: $1,190 medium
• Mortgage (P&I): −$362
• Tax est. 1.5%: −$86 /mo · $1,035/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $464

Break-even live

Break-even rent $604

Max offer price $69,000

Occupancy floor 56%

Sensitivity live

Price	-10% $511	-5% $487	+0% $464	+5% $440	+10% $416
Rent	-10% $369	-5% $416	+0% $464	+5% $511	+10% $558
Rate	-1.0pp $498	-0.5pp $481	base $464	+0.5pp $446	+1.0pp $427

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $69,000 Active 111 DOM
2. 2026-06-17
   days on market $69,000 Active 110 DOM
3. 2026-06-16
   days on market $69,000 Active 109 DOM
4. 2026-06-15
   days on market $69,000 Active 108 DOM
5. 2026-06-13
   days on market $69,000 Active 106 DOM
6. 2026-06-12
   days on market $69,000 Active 105 DOM
7. 2026-06-09
   days on market $69,000 Active 102 DOM
8. 2026-06-08
   days on market $69,000 Active 101 DOM
9. 2026-06-07
   days on market $69,000 Active 100 DOM
10. 2026-06-07
    days on market $69,000 Active 99 DOM
11. 2026-06-04
    days on market $69,000 Active 96 DOM
12. 2026-06-02
    days on market $69,000 Active 95 DOM
13. 2026-06-01
    days on market $69,000 Active 94 DOM
14. 2026-05-31
    days on market $69,000 Active 93 DOM
15. 2026-05-15
    price $69,000 1136-char remark

    Show marketing remark (1136 chars)

    What are you waiting for? Welcome to your summer retreat at Lake and Shore RV Resort! This almost brand-new( 2022) , two-bedroom RV offers exceptional space and comfort, perfectly situated on a large lot. The owner paid their lot fee for the 2026. Enjoy outdoor living at its finest with both a covered porch on one side and a spacious deck on the other — ideal for entertaining or relaxing after a day at the shore. This property comes fully equipped with four smart TVs, a projector with a large screen on the porch for outdoor movie nights, and a grill — everything you need to start making memories right away. The resort offers a lake, swimming pool, a water park , miniature golf course, basketball, pickleball, and it has events all through the summer. The seasonal lot fee is $10,044 . Ownership requires membership with Thousand Trails. The season runs from April 1 through October 26, with additional weekend access (Friday through Monday) in the off-season, weather permitting. If you’ve been dreaming of an affordable way to own a summer home at the Shore, this is your opportunity. Don’t miss it!.

16. 2026-02-27
    listed $79,000 Active 1136-char remark

    Show marketing remark (1136 chars)

    What are you waiting for? Welcome to your summer retreat at Lake and Shore RV Resort! This almost brand-new( 2022) , two-bedroom RV offers exceptional space and comfort, perfectly situated on a large lot. The owner paid their lot fee for the 2026. Enjoy outdoor living at its finest with both a covered porch on one side and a spacious deck on the other — ideal for entertaining or relaxing after a day at the shore. This property comes fully equipped with four smart TVs, a projector with a large screen on the porch for outdoor movie nights, and a grill — everything you need to start making memories right away. The resort offers a lake, swimming pool, a water park , miniature golf course, basketball, pickleball, and it has events all through the summer. The seasonal lot fee is $10,044 . Ownership requires membership with Thousand Trails. The season runs from April 1 through October 26, with additional weekend access (Friday through Monday) in the off-season, weather permitting. If you’ve been dreaming of an affordable way to own a summer home at the Shore, this is your opportunity. Don’t miss it!.

ⓘ 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: $14,284
• − Mortgage interest: −$3,865
• − Property taxes: −$1,035
• − Insurance: −$345
• − Repairs & maintenance: −$1,143
• − Management: −$1,143
• − Depreciation: −$2,007
• Taxable income: $4,746
• Est. tax owed @ 24.0%: −$1,139
• After-tax cash flow: $4,423/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 · 13 photos

Excellent 95/100 None rehab

This almost brand-new 2022 two-bedroom RV is in excellent condition with modern amenities and a large lot, making it an ideal summer retreat at Lake and Shore RV Resort.

Value-add opportunities

• Both Smart TVs and projector for outdoor movie nights — Enhances entertainment value for both resale and rental
• Both Grill for outdoor cooking — Enhances outdoor living and entertainment value
• Both Landscaping improvements — Enhances curb appeal and outdoor living space

Renovation cost estimate screening

Value-add ROI direction

• Both Smart TVs and projector for outdoor movie nights — Enhances entertainment value for both resale and rental ↑
• Both Grill for outdoor cooking — Enhances outdoor living and entertainment value ↑
• Both Landscaping improvements — Enhances curb appeal and outdoor living space ↑

ⓘ 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

-12.7% since first listed

2 events — show timeline

• 2026-05-15 Price Changed $69,000 BRIGHT MLS
• 2026-02-27 Listed $79,000 BRIGHT MLS