  We study invariant properties of $5$-dimensional para-CR structures whose
Levi form is degenerate in precisely one direction and which are
$2$-nondegenerate. We realize that two, out of three, primary (basic) para-CR
invariants of such structures are the classical differential invariants known
to Monge (1810) and to Wuenschmann (1905) \[ M(G) :=
40G_{ppp}^3-45G_{pp}G_{ppp}G_{pppp}+9G_{pp}^2G_{ppppp}, \quad W(H) :=
9D^2H_r-27DH_p-18H_rDH_r+18H_pH_r+4H_r^3+54H_z. \] The vanishing $M(G) \equiv
0$ provides a local necessary and sufficient condition for the graph of a
function in the $(p,G)$-plane to be contained in a conic, while the vanishing
$W(H) \equiv 0$ gives an if-and-only-if condition for a 3rd order ODE to define
a natural Lorentzian geometry on the space of its solutions.
  Mainly, we give a geometric interpretation of the third basic invariant of
our class of para-CR structures, the simplest one, of lowest order, and of
mixed nature $N(G,H):=2G_{ppp}+G_{pp}H_{rr}$. We establish that the vanishing
$N(G,H) \equiv 0$ gives an if-and-only-if condition for the two $3$-dimensional
quotients of the para-CR manifold by its two canonical integrable rank-$2$
distributions, to be equipped with contact projective geometries. A curious
transformation between the Wuenschmann invariant and the Monge invariant, first
noted by us in arXiv:2003.08166, is also discussed, and its mysteries are
further revealed.
