179 Corolla Dr #179

Egg Harbor, NJ 08234-3907

$364,990D-

3 bd · 2.5 ba · 1,500 sqft · Built 2026 · Condo · Under Contract

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,942/mo
• Mortgage (P&I): −$1,914
• Tax + insurance: −$608
• HOA: −$298
• Vac / Maint / Mgmt: −$618
• Net cashflow: $-496/mo
• Annual: $-5,955/yr
• Cap rate: 4.66%
• Cash-on-cash: -5.83%
• DSCR: 0.74
• 1% rule: 0.81%
• Cash to close: $102,197

Investor read

• This is a 3-bed/2.5-bath condo listed at $365k. Condition is rated excellent.
• At list price, monthly cash flow is $-496 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $336k (7.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $294k (19.4% below list).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $294k (19.4% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($3k loan paydown + $11k appreciation (3.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Egg Harbor Township School District (suburban): math 18% / reading 46% proficiency, ranked #311 of 472 in NJ (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clayton J. Davenport Elementary School (math 17% / reading 32%, grade F, #878 of 1,303 statewide, top 70%, 757 students, 64% FRL); Fernwood Avenue Middle School (math 13% / reading 50%, grade F, #289 of 431 statewide, top 69%, 883 students, 50% FRL); Egg Harbor Township High School (math 32% / reading 52%, grade F, #169 of 399 statewide, top 44%, 2,335 students, 47% FRL) — zoned schools average 54% FRL vs 34% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 1 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• Atlantic County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% 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.

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?
• 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.
• 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 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.