6 View Rd

Cape May Court House, NJ 08210

$324,900D+

3 bd · 1.0 ba · 1,128 sqft · Built 1967 · SingleFamily · Under Contract · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,822/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$432
• HOA: −$0
• Vac / Maint / Mgmt: −$593
• Net cashflow: $94/mo
• Annual: $1,124/yr
• Cap rate: 6.64%
• Cash-on-cash: 1.24%
• DSCR: 1.05
• 1% rule: 0.87%
• Cash to close: $90,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $325k.
• At list price, monthly cash flow is $94 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $282k (13.1% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $282k (13.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#323 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A-, housing B+, health & safety B+; Watch: amenities F, commute F, cost of living F.
• Middle Township Public School District (suburban): math 15% / reading 38% proficiency, ranked #372 of 472 in NJ (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 144 active listings in the ZIP; 877 units permitted in Cape May County in 2024 (35 in 5+ unit buildings).
• Cape May County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.