735 Woodside Dr

Richwood, NJ 08062

$139,900D

3 bd · 1.0 ba · 1,150 sqft · Built 2004 · Manufactured · Pending · 154 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,994/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$233
• HOA: −$670
• Vac / Maint / Mgmt: −$419
• Net cashflow: $-61/mo
• Annual: $-738/yr
• Cap rate: 5.77%
• Cash-on-cash: -1.88%
• DSCR: 0.92
• 1% rule: 1.43%
• Cash to close: $39,172

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $140k.
• At list price, monthly cash flow is $-61 ($-738/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (6.4% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 154 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#434 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Kingsway Regional School District (rural): math 29% / reading 54% proficiency, ranked #175 of 472 in NJ (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: South Harrison Elementary School (math 22% / reading 47%, grade F, #582 of 1,303 statewide, top 49%, 333 students, 14% FRL); Kingsway Regional Middle School (math 27% / reading 55%, grade F, #188 of 431 statewide, top 44%, 954 students, 11% FRL); Kingsway Regional High School (math 31% / reading 51%, grade F, #180 of 399 statewide, top 46%, 1,947 students, 10% FRL) — zoned schools at 12% FRL track the district average.
• Watch-outs: HOA is 34% of rent.
• Market conditions: 147 active listings in the ZIP; 1,047 units permitted in Gloucester County in 2024 (183 in 5+ unit buildings).
• Gloucester County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $19k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $11k; list at $140k implies a 1172% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 56% 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.
• Cap rate 5.8% vs local median 0.8% in Richwood — 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.

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 154 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.