4514 Champions Run #4514

Golden Triangle, NJ 08002

$349,999D

2 bd · 2.0 ba · 1,300 sqft · Built 2014 · Condo · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,931/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$583
• HOA: −$365
• Vac / Maint / Mgmt: −$615
• Net cashflow: $-469/mo
• Annual: $-5,623/yr
• Cap rate: 4.69%
• Cash-on-cash: -5.74%
• DSCR: 0.74
• 1% rule: 0.84%
• Cash to close: $98,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $350k.
• At list price, monthly cash flow is $-469 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $282k (19.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $293k (16.3% below list).
• It's been on market 39 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $282k (19.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#20 in NJ, #552 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: 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.
• Zoned schools: Clara Barton Elementary School (math 12% / reading 54%, grade F, #650 of 1,303 statewide, top 50%, 473 students, 32% FRL); John A. Carusi Middle School (math 12% / reading 51%, grade F, #289 of 431 statewide, top 69%, 841 students, 29% FRL); Cherry Hill High School West (math 11% / reading 51%, grade F, #277 of 399 statewide, top 70%, 1,355 students, 24% FRL).
• Market conditions: Rents rising (+2.9%/yr); 101 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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.
• 6 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $219k; list at $350k implies a 59% gain — meaningful room to come down on a strong offer.
• This rent runs 35% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 39 days. Have you received any prior offers? Is the seller open to a 19% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.