10 Glenwood Dr

Lindenwold, NJ 08021

$175,000D+

3 bd · 2.5 ba · 1,368 sqft · Built 1973 · Townhouse · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,399/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$292
• HOA: −$760
• Vac / Maint / Mgmt: −$504
• Net cashflow: $-74/mo
• Annual: $-889/yr
• Cap rate: 5.79%
• Cash-on-cash: -1.81%
• DSCR: 0.92
• 1% rule: 1.37%
• Cash to close: $49,000

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $175k. Condition is rated good.
• At list price, monthly cash flow is $-74 ($-889/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (6.1% below list).
• Meets the 1% rule at list price ($2k rent vs $175k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $164k (6.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#312 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A, cost of living B; Watch: employment C-, crime D, amenities D-.
• Lindenwold Public School District (suburban): math 4% / reading 25% proficiency, ranked #461 of 472 in NJ (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lindenwold Middle School (math 3% / reading 26%, grade F, #418 of 431 statewide, top 97%, 911 students, 88% FRL) — zoned schools average 88% FRL vs 68% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 32% of rent.
• Market conditions: Rents rising (+3.0%/yr); 242 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 1,018 units permitted in Camden County in 2024 (509 in 5+ unit buildings).
• Camden County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: major wind risk, 56% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 42% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.