2215 37th St

Camden, NJ 08110

$170,000C

2 bd · 1.0 ba · 890 sqft · Built 1938 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,014/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$474
• HOA: −$0
• Vac / Maint / Mgmt: −$423
• Net cashflow: $226/mo
• Annual: $2,715/yr
• Cap rate: 7.89%
• Cash-on-cash: 5.70%
• DSCR: 1.25
• 1% rule: 1.18%
• Cash to close: $47,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $170k.
• At list price, monthly cash flow is $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#262 in NJ) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A; Watch: schools F, crime F, employment F.
• Pennsauken Township Board Of Education School District (suburban): math 12% / reading 32% proficiency, ranked #410 of 472 in NJ (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 2.8% of price; built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 59 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• Current owner paid $6k; list at $170k implies a 2991% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.