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15 Center Avenue
Leonardo, NJ

15 Center Avenue

$549,000
2 bd • 2 ba • sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$549,000

Price/Sq.Ft

$549000

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 15 Center Avenue, Leonardo, NJ 07737 has several positive aspects: 1. Location: Situated in the heart of Leonardo, likely within walking distance to local amenities and possibly the waterfront, given the town's coastal location. 2. Recent Upgrades: The exterior appearance suggests recent renovations, including new siding, windows, and landscaping, which could indicate overall good maintenance. 3. Curb Appeal: The property presents well from the street, with a charming front porch, neat landscaping, and mature trees that provide shade and character. 4. Size: With 2 bedrooms and 2 bathrooms, it's well-suited for small families, couples, or as a vacation home, matching the median household size in the area. 5. Price Point: At $549,000, it's priced below the median home value in Middletown Township (which Leonardo is part of), potentially offering good value. 6. Rental Potential: Based on local rental rates, this property could generate approximately $1,602/month as a two-bedroom rental, potentially yielding a gross rental yield of about 3.5% annually. 7. Community: Leonardo offers a tight-knit community feel, which can be attractive to many buyers seeking a close-knit neighborhood.

The Bad

1. Limited Information: The lack of details on square footage, year built, and specific features makes it challenging to fully assess the property's value. 2. Size Constraints: With only 2 bedrooms, the property may be too small for larger families or those needing more space, potentially limiting the buyer pool. 3. Potential Flood Risk: Given Leonardo's coastal location and susceptibility to flooding, this property may require costly flood insurance, depending on its exact location and elevation. 4. Property Taxes: Middletown Township is known for relatively high property taxes. Without specific data, we estimate annual property taxes could be around $8,000-$10,000 based on the sale price and local averages. 5. Limited Local Amenities: Leonardo has limited commercial development, meaning residents often need to travel for shopping, dining, and entertainment. 6. Commute Considerations: While highway access is available, commutes to major employment centers like New York City can be lengthy, potentially impacting the property's attractiveness to commuters. 7. Seasonal Population Fluctuations: The influx of tourists during summer months can lead to increased traffic and reduced beach access, which may be a drawback for some buyers.

The Ugly

1. Flood Insurance Costs: If the property is in a high-risk flood zone, flood insurance could add $2,000-$4,000 or more annually to ownership costs, significantly impacting affordability. 2. Potential for Storm Damage: Leonardo was significantly impacted by Hurricane Sandy. If this property suffered damage, there could be lingering issues or a higher risk of future storm damage, potentially leading to costly repairs or higher insurance premiums. 3. Septic System Uncertainty: Some properties in Leonardo rely on septic systems. If this home has a septic system, it could require expensive maintenance or replacement, potentially costing $10,000-$25,000. 4. Water Quality Concerns: Proximity to Raritan Bay and potential aging infrastructure could affect water quality. Testing and potential water treatment systems could add to ownership costs. 5. Limited Appreciation Potential: The combination of flood risks, high property taxes, and limited local amenities could constrain future appreciation, potentially making this a less attractive investment compared to properties in other areas. 6. Seasonal Rental Challenges: If considered as an investment property, the seasonal nature of the area could make year-round rentals challenging, potentially leading to periods of vacancy and reduced rental income. 7. Unknown Age and Systems: Without information on the year built or recent upgrades, there's a risk of major systems (HVAC, plumbing, electrical) needing costly replacements in the near future. These could easily run $10,000-$20,000 each.

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

This property is best suited for: 1. First-time homebuyers or downsizers with a household income of around $150,000-$180,000, based on a 28% front-end debt-to-income ratio for a mortgage on the $549,000 purchase price. 2. Couples or small families who value a tight-knit community and don't need more than 2 bedrooms. 3. Those who appreciate a coastal lifestyle and are willing to accept the associated risks and costs. 4. Buyers who work remotely or have flexible commutes, given the potential for long travel times to major employment centers. 5. Individuals or couples looking for a vacation home in a quieter, less commercialized coastal area. 6. Buyers who value outdoor activities and proximity to beaches, despite seasonal crowding. 7. Those with some home improvement skills who can handle minor repairs and maintenance, potentially offsetting some ownership costs.

Not For

This property is not ideal for: 1. Larger families needing more than 2 bedrooms or extensive living space. 2. Buyers with a household income below $150,000, who may struggle with the combined costs of mortgage, taxes, and potential flood insurance. 3. Those seeking a low-maintenance or turnkey property, given the potential for flood-related issues and unknown property age/condition. 4. Investors looking for high rental yields or significant appreciation, due to the seasonal nature of the area and potential for high ownership costs. 5. Buyers who prioritize walkable access to extensive shopping, dining, and entertainment options. 6. Those with a low tolerance for natural disaster risk, given the area's history with storms like Hurricane Sandy. 7. Commuters who need quick, reliable access to New York City or other major employment centers on a daily basis. 8. Buyers looking for newer construction with modern amenities, as this appears to be an older home despite recent exterior updates.
Demographics
Area Median Income

$122,589

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Risk Assessment

Risk Analysis

1. Flood Risk: Leonardo's coastal location puts this property at high risk for flooding. Annual flood insurance could cost $2,000-$4,000 or more, with the potential for significant increases over time. 2. Storm Vulnerability: The area's history with Hurricane Sandy suggests a risk of future storm damage. Repair costs could easily exceed $50,000 in a severe event. 3. Property Tax Increases: With Middletown Township's high property taxes, there's a risk of significant annual increases. A 5% annual increase could add $400-$500 to the tax bill each year. 4. Septic System Failure: If the property uses a septic system, failure could result in a $10,000-$25,000 replacement cost. 5. Water Quality Issues: Potential contamination or infrastructure problems could necessitate expensive filtration systems ($1,000-$5,000) or ongoing water delivery services. 6. Limited Appreciation: The combination of natural disaster risks and high carrying costs could limit price appreciation to below the regional average, potentially 2-3% annually instead of 4-5%. 7. Seasonal Rental Challenges: If used as an investment property, off-season vacancies could result in 4-5 months of lost rental income annually. 8. Major System Failures: Given the unknown age of the property, HVAC, plumbing, or electrical systems could require replacement within 5-10 years, each potentially costing $10,000-$20,000. 9. Zoning Changes: Any changes to local zoning laws could impact property use or future development potential. 10. Environmental Regulations: Stricter coastal regulations could require costly upgrades or limit renovation options in the future.

Financials

Monthly Costs

Location & Comparables

Subject Property
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