94 E Browning Rd

Bellmawr, NJ 08031

$750,000B-

25 bd · 15.0 ba · 4,000 sqft · Built 1955 · MultiFamily · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,720/mo
• Mortgage (P&I): −$3,933
• Tax + insurance: −$1,250
• HOA: −$0
• Vac / Maint / Mgmt: −$2,251
• Net cashflow: $3,286/mo
• Annual: $39,429/yr
• Cap rate: 11.55%
• Cash-on-cash: 18.78%
• DSCR: 1.84
• 1% rule: 1.43%
• Cash to close: $210,000

Investor read

• This is a 5 × 5-bed/?-bath units multifamily listed at $750k. Condition is rated fair.
• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $657/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $750k).
• It's been on market 37 days — a 3% lower offer ($728k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $728k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#190 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+; Watch: amenities F, commute F.
• Black Horse Pike Regional School District (suburban): math 10% / reading 44% proficiency, ranked #359 of 472 in NJ (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Bell Oaks Upper Elementary School (math 20% / reading 36%, grade F, #335 of 431 statewide, top 79%, 457 students, 38% FRL); Triton Regional High School (math 9% / reading 42%, grade F, #321 of 399 statewide, top 81%, 1,132 students, 29% FRL).
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 35 active listings in the ZIP; 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.
• 3 sale attempts since 4y 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 $500k; list at $750k implies a 50% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $210k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.6% vs local median 4.0% in Bellmawr — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $10,720/mo this rent would consume 168% of the median local household income ($77k/yr) (locally 219% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1955 — 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 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: paint — Peeling and chipping
• Major: kitchen cabinets — Outdated and worn
• Major: bathroom fixtures — Outdated and worn
• Major: HVAC units — Visible and likely in need of replacement