13 Bingham Ct

Rumson, NJ 07760

$2,580,000F

3 bd · 3.5 ba · 3,418 sqft · Built 2023 · Condo · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $18,895/mo
• Mortgage (P&I): −$13,530
• Tax + insurance: −$3,399
• HOA: −$852
• Vac / Maint / Mgmt: −$3,968
• Net cashflow: $-2,853/mo
• Annual: $-34,240/yr
• Cap rate: 4.97%
• Cash-on-cash: -4.74%
• DSCR: 0.79
• 1% rule: 0.73%
• Cash to close: $722,400

Investor read

• This is a 3-bed/3.5-bath condo listed at $2.58M.
• At list price, monthly cash flow is $-3k ($-34k/yr) — negative.
• To cash-flow at today's rent, offer at most $2.08M (19.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.89M (26.8% below list).
• It's been on market 39 days — a 3% lower offer ($2.50M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.89M (26.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $18k of loan paydown is wiped out by about $77k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#326 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A-; Watch: amenities F, commute F, cost of living F.
• Rumson-Fair Haven Regional High School District (suburban): math 64% / reading 75% proficiency, ranked #82 of 612 in NJ (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Deane-Porter Elementary School (math 67% / reading 67%, grade B+, #42 of 1,303 statewide, top 4%, 384 students, 0% FRL); Forrestdale School (math 74% / reading 77%, grade A, #1 of 431 statewide, top 0%, 525 students, 1% FRL); Rumson-Fair Haven Regional High School (math 61% / reading 72%, grade B, #36 of 399 statewide, top 9%, 876 students, 0% FRL).
• Market conditions: 81 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 2,840 units permitted in Monmouth County in 2024 (484 in 5+ unit buildings).
• Monmouth County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% vs local median 3.6% in Rumson — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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?
• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.