First-Time Buyer Secures a Cash-Flowing Duplex in Seaside Heights

Property 263 Kearney Avenue, Seaside Heights, NJ Duplex | Short-Term Rental Conversion Client represented by Jason Tarabokija, listing agent for Breezy, NJ Elite Group Client Goal This was a first-time homebuyer who wanted to diversify beyond W-2 income and protect his long-term future through real estate ownership. He was specifically interested in: Breezy Strategy Cash-flowing…

Seaside Heights Cash-Flowing Duplex: Short-Term Rental Conversion

263 Kearney Avenue, Seaside Heights, NJ

Duplex | Short-Term Rental Conversion

Client represented by Jason Tarabokija, listing agent for Breezy, NJ Elite Group

Client Goal

This was a first-time homebuyer who wanted to diversify beyond W-2 income and protect his long-term future through real estate ownership.

He was specifically interested in:

• building an additional income stream
• capturing real estate tax benefits
• buying something that could perform immediately, not “someday”

Breezy Strategy

Cash-flowing duplexes in Seaside Heights are rare, especially ones that still work after financing. Breezy coached the client through the full process, from underwriting to negotiation, with the goal of landing a deal that made sense on day one.

Key decisions:

• Targeted a duplex to create multiple income streams under one roof
• Focused on numbers first, not hype or “beach premium” pricing
• Negotiated aggressively and secured the property $50,000 under asking price
• Planned minor renovations to increase STR appeal without overspending on improvements
• Used Breezy STR comps to compare expected performance in the 200 block versus higher-priced homes closer to the ocean

The Data That Made This Deal Make Sense

Breezy’s short-term rental comps showed a consistent pattern in Seaside Heights:

Homes closer to the beach cost significantly more, but the nightly rate and occupancy lift often wasn’t enough to justify the higher acquisition basis.

In the 200 block, properties frequently deliver:

• similar occupancy
• strong summer ADR
• comparable annual revenue potential

• …without paying the premium that comes with being one or two blocks closer to the sand.
• That comp-based underwriting is what confirmed this duplex could actually cash flow, even after conservative expense assumptions.

Deal Summary

• Property: 263 Carney Avenue, Seaside Heights, NJ
• Type: Duplex
• Purchase Price: $575,000 (~$50,000 under asking)
• Financing: 20% down, 30-year mortgage @ 6.25%
• Taxes (annual): $8,674
• Insurance (flood + hazard): $8,000
• Post-closing: minor renovations + STR setup

Simple NOI Snapshot (Projected)

Gross Rental Revenue: $90,000

Operating Expenses:

• Repairs & Expense Reserve (25%): $22,500
• Property Taxes: $8,674
• Insurance (flood + hazard): $8,000

• Net Operating Income (NOI):
• $50,826 Per Year

Cash Flow (After Debt Service)

Estimated Annual Debt Service: ~$33,960

Projected Annual Cash Flow:

$16,866 Annually

($1,405 per month)

Why This Deal Works

• Cash-flowing duplexes in this market are rare, especially at this price point
• Buying under asking immediately improved the numbers and reduced risk
• Breezy comps confirmed the 200 block can perform close to ocean-block revenue without ocean-block pricing
• Minor renovations delivered a strong STR guest experience without major CapEx
• Duplex structure creates two income streams and reduces vacancy risk
• Strong cash flow provides a real hedge against W-2 dependence

Takeaway

This deal shows how first-time buyers can still win at the Jersey Shore without overpaying. By using real STR comps, focusing on the acquisition basis, and executing a simple renovation strategy, Breezy helped the client secure a rare cash-flowing duplex that generates income today while building long-term wealth and tax advantages.

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