260 Marshal Mill Rd #117

Malaga, NJ 08328

$128,000D-

2 bd · 2.0 ba · 1,100 sqft · Built 1989 · Manufactured · Active · 155 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $976/mo
• Mortgage (P&I): −$671
• Tax + insurance: −$213
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $-113/mo
• Annual: $-1,359/yr
• Cap rate: 5.23%
• Cash-on-cash: -3.79%
• DSCR: 0.83
• 1% rule: 0.76%
• Cash to close: $35,840

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $128k.
• At list price, monthly cash flow is $-113 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (12.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (23.7% below list).
• It's been on market 155 days — a 12% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (23.7% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($885 loan paydown + $4k appreciation (3.4% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Township Of Franklin School District (rural): math 16% / reading 41% proficiency, ranked #336 of 472 in NJ (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Mary F. Janvier School (555 students, 20% FRL); Delsea Regional Middle School (math 19% / reading 51%, grade F, #246 of 431 statewide, top 59%, 518 students, 19% FRL); Delsea Regional High School (math 32% / reading 53%, grade F, #166 of 399 statewide, top 42%, 1,074 students, 20% FRL).
• Market conditions: 15 active listings in the ZIP; 1,047 units permitted in Gloucester County in 2024 (183 in 5+ unit buildings).
• Gloucester County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 155 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• 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.
• 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.