Score
0Ocean Gate, NJ
13 W Cape May Avenue
435K
4 beds
2 baths
4 bd • 2 ba • sf
This analysis was generated on 2/23/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$435,000
Price/Sq.Ft
$435,000
Year Built
1955
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Quaint ''Purple Cottage'' aesthetic and vintage details may appeal to buyers seeking a unique and charming home. This could be a significant selling point for those who appreciate older homes with character.
• The property is located in Ocean Gate, just minutes from the bay. This provides easy access to water activities and scenic views.
• The home boasts 4 bedrooms and 2 full baths, providing ample space for families or those who need extra rooms for guests or home offices. According to market insights, a four-bedroom rental in the area averages $2,710 per month.
• The property features a front yard pergola and a large deck overlooking the backyard, providing ample space for outdoor entertaining and relaxation.
• The property history shows a consistent increase in value over time. The property last sold in 2011 for $200,000 and is now listed for $435,000, indicating a potential return on investment.
The Bad
• Lack of square footage information makes it difficult to assess the property's value per square foot and compare it to similar homes in the area. Without this information, buyers may overpay for the property.
• The home's vintage details may require renovation or modernization to meet contemporary tastes. This could add to the overall cost of ownership and delay the buyer's ability to move in.
• The moderate flood risk (4/10) and severe wind risk (8/10) could lead to higher insurance costs and potential property damage. Buyers should factor these risks into their budget and consider the cost of mitigating them.
• School ratings for the area are below average (3/10 to 5/10), which may be a concern for families with children. This could also affect the property's resale value.
The Ugly
• The property was built in 1955. It is a high-risk flood zone. The existing structure may not meet current building codes for wind resistance, potentially resulting in structural issues during severe storms. The listing indicates a severe wind risk (8/10), which is a major concern.
• The property's climate risks, particularly flood and wind, could lead to significant insurance costs and potential property damage. Buyers should obtain detailed insurance quotes and factor these costs into their budget.
• Without square footage information, it's challenging to determine the actual value of the property. Buyers should insist on obtaining this information before making an offer.
• The property's listing price has increased significantly (117.5%) since its last sale in 2011. While this may reflect general market appreciation, it's essential to determine if the current price is justified by comparable sales in the area. Overpaying for the property could lead to financial losses if the market corrects.
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Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
• Buyers seeking a home with vintage charm and a unique aesthetic. The ''Purple Cottage'' offers a distinctive character that may appeal to those who appreciate older homes and are willing to invest in maintaining them.
• Individuals looking for a seasonal rental property near the bay. The listing suggests that the home is suitable for seasonal renting, which may attract buyers seeking income-generating properties. Given the estimated four-bedroom rental rate of $2,710/month, the property could potentially generate positive cash flow during peak season.
• Homeowners who value outdoor entertaining space. With a front yard pergola and a large deck overlooking the backyard, this property offers multiple options for outdoor relaxation and gatherings.
• Buyers familiar with the Ocean Gate area and its coastal living considerations. Those who understand the nuances of living in a coastal community, including flood risks, seasonal economies, and potential maintenance challenges, may find this property appealing.
Not For
• Buyers seeking a modern, move-in-ready home with updated features. The ''Purple Cottage'' is described as having vintage details, which may require renovation or modernization to meet contemporary tastes.
• Individuals with mobility issues or those who prefer single-story living. The listing does not specify the layout of the home, but it's possible that it has multiple levels, which may not be suitable for those with mobility challenges.
• Buyers who prefer low-maintenance properties. Older homes often require more upkeep than newer construction, and the ''Purple Cottage'' may require ongoing maintenance to preserve its vintage charm.
• Individuals concerned about climate risks, particularly flood and wind damage. The property has a moderate flood risk and a severe wind risk, which could lead to higher insurance costs and potential property damage.
Demographics
Area Median Income
$59,397
Property History
Price History
Ownership Timeline
$200,000Financed
Apr 6, 2011David A Dixon, Patricia A DixonRobert Kaulfers
Deed
Standard Sale (Purchase/Resales)
$0Financed
Aug 18, 2006David A Dixon, Patricia A DixonDavid A Dixon, Patricia A Dixon
Intrafamily Transfer
Non-Arm's Length Transactions
$134,500Financed
Jan 30, 2002Helen GothamDavid Dixon, Patricia Tyler
Deed
Standard Sale (Purchase/Resales)
$79,500Financed
May 13, 1994Stacey GarvetHelen Gotlch
Deed
Standard Sale (Purchase/Resales)
Property Taxes
$4,199
2023 Tax Assessment
4.5%from previous year
Assessed Value$151,000
Tax Rate2.78%
Sunlight Analysis
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Sunlight Analysis
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Risk Assessment
Climate Risks
heatSEVERE
7 extreme heat days per year
98th percentile: 96°F
windSEVERE
Insurance: Required
floodMODERATE
FEMA Zone: Minimal Risk Area
Insurance: Recommended
fireMODERATE
Insurance: Recommended
airMINIMAL
3 bad air quality days per year
Risk Analysis
• **Flood Risk:** A moderate flood risk (4/10) necessitates flood insurance, adding to the overall cost of ownership. While FEMA Zone X_UNSHADED indicates a lower risk, Ocean Gate's coastal location makes it prudent to have coverage.
• **Wind Risk:** A severe wind risk (8/10) could result in higher homeowners insurance premiums. Evaluate the home's construction and ability to withstand high winds. Consider the cost of reinforcing the structure or replacing windows with impact-resistant glass.
• **Property Appreciation:** The property's price has increased significantly (117.5%) since its last sale in 2011. While this may reflect general market appreciation, it's essential to determine if the current price is justified by comparable sales in the area. A market correction could lead to a decline in property value.
• **Maintenance Costs:** The home was built in 1955, suggesting that it may require ongoing maintenance and repairs. Budget for potential issues with the roof, plumbing, electrical, and HVAC systems. Unidentified square footage makes accurate maintenance cost projections challenging.
• **Seasonal Rental Market:** While the listing suggests the home is suitable for seasonal renting, the actual demand and income potential may vary. Research the local rental market and factor in vacancy rates, management fees, and potential regulations on short-term rentals.
Insurance
Annual Cost
$1,566
$131 per month
Cost & Affordability
Monthly Costs
Breakdown of estimated monthly expenses for this property
Monthly Payment
$0
* Estimated at 1% of home value annually. Actual costs may vary.
Not Included in Estimate
• Utilities (electricity, gas, water, internet)
• Home improvements and upgrades
• Landscaping and yard maintenance
• Pest control and home services
• Emergency repairs and replacements
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20.0% of purchase price
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$435 monthly
$131 monthly
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Schools
Financials
Monthly Costs
Market Rent (4 bed)
Get a detailed estimate on Zillow®$2,710
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