1908 North Ave

Port Norris, NJ 08349

$187,500C-

3 bd · 1.0 ba · 1,584 sqft · Built 1920 · SingleFamily · Pending · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,779/mo
• Mortgage (P&I): −$983
• Tax + insurance: −$337
• HOA: −$0
• Vac / Maint / Mgmt: −$374
• Net cashflow: $85/mo
• Annual: $1,024/yr
• Cap rate: 6.84%
• Cash-on-cash: 1.95%
• DSCR: 1.09
• 1% rule: 0.95%
• Cash to close: $52,500

Investor read

• This is a 3-bed/1.0-bath single-family listed at $188k.
• At list price, monthly cash flow is $85 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (5.1% below list).
• It's been on market 61 days — a 6% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (6.0% below list) — sets the bar for market timing.
• In year one you build about $611 of equity ($1k loan paydown + $-685 appreciation (-0.4% local appreciation)).
• Location reads 58/100 on livability (#508 in NJ) — a working-class tenant base; expect higher turnover. Strengths: crime A+; Watch: schools F, amenities F, commute F.
• Commercial Township School District (rural): math 5% / reading 29% proficiency, ranked #449 of 472 in NJ (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 216 units permitted in Cumberland County in 2024 (73 in 5+ unit buildings).
• Cumberland County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 6 sale attempts since 2y ago; this cycle's ask has dropped $12k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $188k implies a 168% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are F-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.
• 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.