32 Ferris Wheel Dr

West Amwell, NJ 08530

$925,000C+

4 bd · 2.5 ba · 3,104 sqft · Built 2002 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $25,101/mo
• Mortgage (P&I): −$4,851
• Tax + insurance: −$1,717
• HOA: −$0
• Vac / Maint / Mgmt: −$5,271
• Net cashflow: $13,262/mo
• Annual: $159,148/yr
• Cap rate: 23.50%
• Cash-on-cash: 61.45%
• DSCR: 3.73
• 1% rule: 2.71%
• Cash to close: $259,000

Investor read

• This is a 4-bed/2.5-bath single-family listed at $925k.
• At list price, monthly cash flow is $13k ($159k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $925k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• South Hunterdon Regional School District (rural): math 13% / reading 43% proficiency, ranked #335 of 472 in NJ (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 52 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 389 units permitted in Hunterdon County in 2024 (180 in 5+ unit buildings).
• Hunterdon County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 12y ago; this cycle's ask is 61% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $562k; list at $925k implies a 64% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $259k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.