28 Wyckoff Ave Unit and 28-1/2

Manasquan, NJ 08736

$1,549,000C-

4 bd · 2.5 ba · 2,000 sqft · Built 1932 · MultiFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,556/mo
• Mortgage (P&I): −$8,123
• Tax + insurance: −$2,582
• HOA: −$0
• Vac / Maint / Mgmt: −$3,477
• Net cashflow: $2,374/mo
• Annual: $28,493/yr
• Cap rate: 8.13%
• Cash-on-cash: 6.57%
• DSCR: 1.29
• 1% rule: 1.07%
• Cash to close: $433,720

Investor read

• This is a 4-bed/2.5-bath multifamily listed at $1.55M. Condition is rated good.
• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.55M).
• 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 $11k of loan paydown is wiped out by about $46k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#397 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, schools A-; Watch: amenities D+, commute F, cost of living F.
• Manasquan School District (suburban): math 39% / reading 60% proficiency, ranked #129 of 472 in NJ (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 11% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 70 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,840 units permitted in Monmouth County in 2024 (484 in 5+ unit buildings).
• Monmouth County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• At $16,556/mo this rent would consume 114% of the median local household income ($174k/yr) (locally 65% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1932 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.