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702 Petersburg Rd
Score
0
Woodbine, NJ

702 Petersburg Rd

499K
3 bd • 3 ba • 1,892 sf

This analysis was generated on 2/20/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

AI Property Analysis

0:00
0:00 / 0:00
List Price

$499,000

Price/Sq.Ft

$264

Year Built

1810

AI Property Analysis

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

The Good

• Historic Charm: Built circa 1810, the home boasts original features that offer a unique appeal for history enthusiasts. • Waterfront Location: The property offers direct access to Johnson's Pond, providing opportunities for fishing, kayaking, and other watersports. • Additional Building: The small building previously used as a retail shop offers potential for a live-work setup, art studio, or additional storage. This adds versatility to the property. • Large Lot: Situated on just under one acre, the property provides ample outdoor space and privacy. • Minimal Flood Risk: With a flood risk of 1/10 and FEMA Zone X_UNSHADED, the property is at low risk of flooding, potentially saving on insurance costs.

The Bad

• Dated Systems and Features: While the description highlights original features, these may require significant updates to meet modern standards and improve energy efficiency. • School Rating: The nearest school, Dennis Twp Elementary Mid School, has a rating of only 4/10, which may be a concern for families with children. • Limited Room Details: The lack of detailed room information makes it difficult to assess the layout and functionality of the home. Prospective buyers will need to rely on a viewing to fully understand the space. • Reliance on Electric Baseboard Heat: Electric baseboard heating can be less efficient and more expensive than other heating systems, especially during colder months. Consider upgrading to a more efficient system. • Increase in Listing Price: While the property sold for $350,000 in 2004, the listing price has increased to $499,000, which is a 42.6% increase. This increase may not be justified by market conditions or improvements made to the property.

The Ugly

• Potential for High Maintenance Costs: Given the age of the home (built in 1810), there is a high likelihood of needing repairs and renovations to maintain its structural integrity and address outdated systems. Costs can be unpredictable and substantial. • High Wind Risk and Insurance: The severe wind risk (8/10) could lead to high insurance premiums and potential property damage during storms. This adds to the overall cost of ownership. • Unknown Condition of Septic and Well Systems: As a property in a rural area, it likely relies on a septic system and well water. The condition of these systems is unknown and could require costly repairs or replacements. • Air Quality Concerns: The major air quality risk (5/10) and the occurrence of 6 bad air days per year could be a significant health concern, potentially requiring investment in air purification systems and limiting outdoor activities. • Baseboard Electric Heat: This type of heating is inefficient and costly, especially in older homes with poor insulation. Expect high energy bills in winter.

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 Historic Charm: The property's 1810 construction and original features appeal to individuals who appreciate historic homes. • Nature Enthusiasts: Direct access to Johnson's Pond for fishing, kayaking, and watersports makes it ideal for those who value waterfront living. • Home-Based Business Owners: The additional building, previously used as a retail shop, provides a dedicated space for a live-work setup or art studio. • Buyers Comfortable with Older Home Maintenance: Individuals prepared for the upkeep and potential renovations associated with a 200+ year old property. • Vacation Rental Investors: The unique waterfront location and historic charm could attract tourists looking for a distinctive getaway, generating income for investors comfortable managing short-term rentals.

Not For

• Buyers Seeking Modern, Low-Maintenance Homes: The property's age (built in 1810) and original features may require ongoing maintenance and repairs that modern home buyers may want to avoid. • Commuters to Major Cities: The rural location of Woodbine and the potential for lengthy commutes to employment centers like Philadelphia or Atlantic City may not suit those who need to travel frequently. • Buyers with Limited Budgets: While the price per square foot ($263.74) might seem reasonable, the costs associated with maintaining an older home, potential renovations, and waterfront property can strain a limited budget. • Families Prioritizing Top-Rated Schools: The nearest school, Dennis Twp Elementary Mid School, has a rating of 4/10, which may not meet the standards of families seeking highly-rated educational institutions. • Buyers Sensitive to Air Quality: With a major air quality risk (5/10) and an average of 6 bad air days per year, this property may not be suitable for individuals with respiratory issues.
Demographics
Area Median Income

$78,848

Property History

Price History
Ownership Timeline
$350,000Cash Purchase
May 7, 2004
Robert G David, Joan H DavidRaymond A Finley Iii, Deborah A Finley
Bargain And Sale Deed
Standard Sale (Purchase/Resales)

Property Taxes

$4,958
2024 Tax Assessment
2.1%from previous year
Assessed Value$261,500
Tax Rate1.90%

Sunlight Analysis

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Sunlight Analysis

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Risk Assessment

Climate Risks

windSEVERE

Insurance: Required

heatMAJOR

7 extreme heat days per year

98th percentile: 100°F

airMODERATE

6 bad air quality days per year

fireMODERATE

Insurance: Recommended

floodMINIMAL

FEMA Zone: Minimal Risk Area

Insurance: Optional

Risk Analysis

• High Wind Risk: A severe wind risk (8/10) suggests potential for property damage from storms. Wind insurance is critical, and homeowners should factor in costs for tree trimming and securing outdoor items. • Air Quality: The major air quality risk (5/10) and 6 bad air days per year could affect health, especially for sensitive individuals. Investing in air purifiers might be necessary. • Heat Risk: The severe heat risk (7/10) with a 98th percentile temperature of 100°F and 7 hot days per year indicates potential for high energy bills and discomfort during summer. Upgrades to the central air system or additional cooling solutions may be needed. • Historic Home Maintenance: Owning a home built in 1810 carries inherent risks related to aging infrastructure. Unexpected repairs to the foundation, roof, or plumbing can be costly. A thorough inspection is crucial. • Septic System: Properties in Woodbine often rely on septic systems. Failure to maintain the system can lead to costly repairs and environmental issues. Regular inspections are essential.
Insurance
Annual Cost

$1,796

$150 per month

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Schools

Dennis Twp Elementary Mid School

Public•Grades 3-8
4/5
Elementary
0.4 mi
Get more information on GreatSchools

Dennis Twp Primary School

Public•Grades PK-2
/5
Primary
2.3 mi
Get more information on GreatSchools

Financials

Monthly Costs
Market Rent (3 bed)

$1,925

Get a detailed estimate on Zillow®
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Location & Comparables

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