860 Lower Ferry Rd Unit 4C

Ewing, NJ 08628

$145,000C+

2 bd · 2.0 ba · 1,421 sqft · Built 1973 · Condo · Active · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,798/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$242
• HOA: −$786
• Vac / Maint / Mgmt: −$588
• Net cashflow: $422/mo
• Annual: $5,066/yr
• Cap rate: 9.79%
• Cash-on-cash: 12.48%
• DSCR: 1.56
• 1% rule: 1.93%
• Cash to close: $40,600

Investor read

• This is a 2-bed/2.0-bath condo listed at $145k. Condition is rated fair.
• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• It's been on market 103 days — a 9% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Ewing Township School District (suburban): math 16% / reading 37% proficiency, ranked #358 of 472 in NJ (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: HOA is 28% of rent.
• Market conditions: 39 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,256 units permitted in Mercer County in 2024 (1,303 in 5+ unit buildings).
• Mercer County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% 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.

Questions for listing agent

• It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be old and weathered, with visible signs of wear and tear.
• Moderate: exterior siding — The exterior siding appears to be in fair condition, with some discoloration and minor damage visible.
• Minor: flooring — The flooring in the common areas appears to be in fair condition, with some wear and tear visible.
• Minor: interior walls/paint — The interior walls and paint appear to be in fair condition, with some discoloration and minor damage visible.
• Minor: HVAC/mechanicals — The HVAC system appears to be in fair condition, with some signs of wear and tear visible.
• Minor: landscaping — The landscaping appears to be in fair condition, with some overgrown areas and minor damage visible.