24--1 Florence Tollgate Pl Unit 24-1 · Florence, NJ 08518

$107,500

1 bd · 1.0 ba · 774 sqft · Condo · 84 Days on market

Built 1974 Good condition $719/mo HOA · 39% of rent

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +13.3/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.0/10.0
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

HVAC just installed, March 2026. This unit has been fully rented the past 10 years. Current tenant outgrew it due to growing family. Unit freshly painted. Welcome to Florence Tollgate, where comfort, convenience, and affordability come together in this well-maintained first-floor 1-bedroom, 1-bath condo. Whether you are looking for an easy place to call home or a property with rental appeal, this unit offers a practical layout and a location that works for a variety of needs. Inside, you’ll find a bright living space with an open feel, updated flooring, and plenty of natural light. The kitchen has been improved with attractive finishes, including newer countertops and appliances, while the bathroom has also been updated. The bedroom is generously sized with ample closet space, and additional storage in the hallway adds to the unit’s functionality. An in-unit washer and dryer provide everyday convenience. One of the biggest advantages of this property is the simple monthly budgeting. The HOA fee includes heat, hot water, water, sewer, and common area maintenance, leaving electric, insurance, and taxes as the primary additional expenses. Community amenities include a seasonal pool, and the location near parking adds extra convenience. For owner-occupants, this is an excellent option for first-time buyers, downsizers, or anyone seeking low-maintenance living in a convenient location. For investors, the property’s accessibility to major roadways, the River Line, and nearby employment centers makes it attractive for tenants seeking an affordable and commuter-friendly rental. Conveniently located near I-295, Route 130, the NJ Turnpike, and the Florence River Line Station, this condo offers a strong combination of value, livability, and investment potential.

Key facts

• Practical layout
• Freshly painted
• Natural light

Tags

• HVAC JUST INSTALLED
• FULLY RENTED
• FRESHLY PAINTED
• PRACTICAL LAYOUT
• UPDATED FLOORING
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $108k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1 ($-9/yr) — negative.
• To cash-flow at today's rent, offer at most $107k (0.1% below list).
• Meets the 1% rule at list price ($2k rent vs $108k).
• Recommended offer: $101k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 3.6% in Florence — 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.

Location & tenants

• Location reads 71/100 on livability (#255 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, crime A-; Watch: schools D, amenities F, health & safety F.
• Florence Township School District (suburban): math 19% / reading 45% proficiency, ranked #301 of 472 in NJ (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 41 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,161 units permitted in Burlington County in 2024 (988 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $743 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Burlington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($101k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.
• 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.

Recommended offer $101,050 (6.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.72% ✓
• Cap rate: 6.28%
• Cash-on-cash: -0.03%
• DSCR: 1.00
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.44×
• Total profit: $-16,999
• Equity at exit: $16,029

10-year hold

• IRR: -6.6%
• Equity multiple: 0.57×
• Total profit: $-12,957
• Equity at exit: $9,295

Cash invested: $30,100 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 08518

• Home prices YoY: -22.6%
• Active inventory: 41
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,850 medium
• Mortgage (P&I): −$564
• Tax est. 1.5%: −$134 /mo · $1,612/yr
• Insurance: −$45
• HOA: −$719
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $-1

Break-even live

Break-even rent $1,851

Max offer price $107,388

Occupancy floor 95%

Sensitivity live

Price	-10% $74	-5% $36	+0% $-1	+5% $-38	+10% $-75
Rent	-10% $-147	-5% $-74	+0% $-1	+5% $72	+10% $145
Rate	-1.0pp $53	-0.5pp $27	base $-1	+0.5pp $-29	+1.0pp $-57

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $26,875
• Closing costs: $3,225
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Florence Tollgate Unit 7 Florence, NJ	2.0	1.5	960	$1,950	$2.03	6d	1	0.02mi
20 Florence Tollgate Pl #1 Florence, NJ	1.0	1.0	774	$1,800	$2.33	16d	1	0.07mi
21 Florence Tollgate Pl #4 Florence, NJ	2.0	1.0	960	$1,850	$1.93	16d	1	0.09mi
225 W 2nd St Florence, NJ	1.0	1.0	733	$674	$0.92	44d	1	0.65mi
1370 Hornberger Ave Unit A Roebling, NJ	1.0	1.0	600	$1,250	$2.08	44d	1	1.46mi

HOA detail condo

• Monthly dues: $719 · $8,628/yr
• Likely covers: watersewerelectricpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-13
   days on market $107,500 Active 84 DOM
2. 2026-06-09
   days on market $107,500 Active 81 DOM
3. 2026-06-08
   days on market $107,500 Active 80 DOM
4. 2026-06-07
   days on market $107,500 Active 79 DOM
5. 2026-06-04
   days on market $107,500 Active 76 DOM
6. 2026-06-03
   days on market $107,500 Active 75 DOM
7. 2026-06-02
   days on market $107,500 Active 74 DOM
8. 2026-06-01
   days on market $107,500 Active 73 DOM
9. 2026-05-31
   days on market $107,500 Active 72 DOM
10. 2026-03-20
    listed $107,500 Active 1801-char remark

    Show marketing remark (1801 chars)

    HVAC just installed, March 2026. This unit has been fully rented the past 10 years. Current tenant outgrew it due to growing family. Unit freshly painted. Welcome to Florence Tollgate, where comfort, convenience, and affordability come together in this well-maintained first-floor 1-bedroom, 1-bath condo. Whether you are looking for an easy place to call home or a property with rental appeal, this unit offers a practical layout and a location that works for a variety of needs. Inside, you’ll find a bright living space with an open feel, updated flooring, and plenty of natural light. The kitchen has been improved with attractive finishes, including newer countertops and appliances, while the bathroom has also been updated. The bedroom is generously sized with ample closet space, and additional storage in the hallway adds to the unit’s functionality. An in-unit washer and dryer provide everyday convenience. One of the biggest advantages of this property is the simple monthly budgeting. The HOA fee includes heat, hot water, water, sewer, and common area maintenance, leaving electric, insurance, and taxes as the primary additional expenses. Community amenities include a seasonal pool, and the location near parking adds extra convenience. For owner-occupants, this is an excellent option for first-time buyers, downsizers, or anyone seeking low-maintenance living in a convenient location. For investors, the property’s accessibility to major roadways, the River Line, and nearby employment centers makes it attractive for tenants seeking an affordable and commuter-friendly rental. Conveniently located near I-295, Route 130, the NJ Turnpike, and the Florence River Line Station, this condo offers a strong combination of value, livability, and investment potential.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,194
• − Mortgage interest: −$6,022
• − Property taxes: −$1,612
• − Insurance: −$538
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − HOA: −$8,628
• − Depreciation: −$3,127
• Taxable loss: −$1,284
• Est. tax savings @ 24.0%: +$308
• After-tax cash flow: $299/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained first-floor 1-bedroom, 1-bath condo is ready for a new owner or renter. Recent updates and a practical layout make it an attractive option for both buyers and renters.

Value-add opportunities

• Both update kitchen appliances — newer appliances can attract both buyers and renters
• Both update flooring — new flooring can improve both resale and rental appeal
• Both update exterior paint — fresh paint can improve curb appeal and attract more buyers

Renovation cost estimate screening

Value-add ROI direction

• Both update kitchen appliances — newer appliances can attract both buyers and renters ↑
• Both update flooring — new flooring can improve both resale and rental appeal ↑
• Both update exterior paint — fresh paint can improve curb appeal and attract more buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Florence Township School District
• NCES district ID: 3405220
• Math proficiency: 19% ▼ -17.00%
• Reading proficiency: 45% ▲ 5.00%
• Median HH income: $77,044
• Composite: 30.34/100
• National rank: #6266
• State rank: #301 of 472 in NJ

Livability — Florence

• Score: 71/100
• State rank: #255
• US rank: #7317

Category grades

Amenities F Commute B- Cost of living B- Crime A- Employment A Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Florence, NJ
• City population: 5,830
• Population (ZIP): 5,830

Population outlook (Burlington County) Hauer SSP2

• Today (2025): 453,425 people
• By 2030: 452,359 · -0.2%
• By 2040: 445,033 · -1.9%
• By 2050: 431,760 · -4.8%
• By 2075: 406,277 · -10.4%
• By 2100: 364,732 · -19.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 13% Two or more races 9% Asian 8% Black 7%
• Hispanic origin (detail): Puerto Rican 7% Cuban 4%
• Common ancestry: Romanian 10% Italian 5% Slovene 3%
• Foreign-born: 13% · Canada, Jamaica, China
• Languages at home: 84% English-only · Spanish 6% Other Indo-European 4% Other Asian/Pacific 4%

Political lean MEDSL · Burlington

• 2024 margin: D (+16.6) · D 57.6% · R 41.0% · Other 1.3%
• 2008→2024 swing: -2.0pp toward R · 2008: 18.6pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+19.5 2016: D+14.8 2012: D+18.7 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.00%
• Current HPI: 319.1503
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

1 event — show timeline

• 2026-03-20 Listed $107,500 BRIGHT MLS