152 Centura #152

Ashland, NJ 08003

$110,000D+

2 bd · 2.0 ba · 1,738 sqft · Built 1980 · Condo · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,009/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$183
• HOA: −$1,635
• Vac / Maint / Mgmt: −$632
• Net cashflow: $-18/mo
• Annual: $-215/yr
• Cap rate: 6.10%
• Cash-on-cash: -0.70%
• DSCR: 0.97
• 1% rule: 2.74%
• Cash to close: $30,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $110k. Condition is rated good.
• At list price, monthly cash flow is $-18 ($-215/yr) — negative.
• To cash-flow at today's rent, offer at most $107k (2.4% below list).
• Meets the 1% rule at list price ($3k rent vs $110k).
• It's been on market 61 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#83 in NJ, #1,995 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, schools A; Watch: amenities F, cost of living F.
• Cherry Hill School District (suburban): math 27% / reading 59% proficiency, ranked #181 of 472 in NJ (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 54% of rent.
• Market conditions: 147 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• Cap rate 6.1% vs local median 4.4% in Ashland — 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 61 days. Have you received any prior offers? Is the seller open to a 6% 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?
• 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.
• 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?