402-404 Washington · Burlington, NJ 08036

$425,000

6 bd · 3.0 ba · 2,212 sqft · Manufactured public records · 3 Days on market

Built 1950

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +7.5/15.0
• Cash flow +5.8/30.0
• Appreciation +4.3/10.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.1/10.0
• DSCR +0.2/10.0

Listing remarks MLS

Investors ALERT!!! Side by side units with good income and even better potential income. Newer Appliances with Extended Warranties in both units with separate utilities. Units are in good condition. Each unit has a small basement. Oil Tanks in basement of each unit. Large lot - 19' x 215' x 97' x 229'. Backs to Woods. Public Water and Public Sewer. Tenant has vacated one unit. Live in vacant unit and collect income from other.

Key facts

• Built 1950
• Listed 3 days

Property features AI

Finance

• Other: Two total units (multifamily)
• Financial info: Currently fully leased (2 of 2 units) on month-to-month leases; Total actual rent reported: $43,200

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: Semi-detached property; Fee simple ownership; Estimated year built
• Construction: Composition and wood siding exterior; Block foundation; Asphalt, shingle and rubber roofing; Above-grade other structures
• Exterior features: No tidal water

Interior

• Bedrooms: Two 3-bedroom units
• Heating & cooling: Forced air heating; Oil-fired heating; Electric hot water
• Interior features: Partial basement

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath manufactured listed at $425k.

Deal economics

• At list price, monthly cash flow is $-848 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $275k (35.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $258k (39.4% below list).
• Recommended offer: $258k (39.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 78/100 on livability (#89 in NJ, #2,359 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: amenities F.
• Hainesport Township School District (suburban): math 27% / reading 53% proficiency, ranked #205 of 472 in NJ (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Hainesport Township School (math 27% / reading 53%, grade F, #466 of 1,303 statewide, top 36%, 526 students, 10% FRL) — zoned schools at 10% FRL track the district average.
• Market conditions: 31 active listings in the ZIP; 2,161 units permitted in Burlington County in 2024 (988 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.4%/yr); year-one equity from $3k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Burlington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 24y 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 $221k; list at $425k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $257,655 (39.4% below list)

Questions for the listing agent

1. 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?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.61% ✗
• Cap rate: 3.90%
• Cash-on-cash: -8.55%
• DSCR: 0.62
• GRM: 13.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.36% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -19.1%
• Equity multiple: 0.22×
• Total profit: $-92,839
• Equity at exit: $95,331

10-year hold

• IRR: -12.5%
• Equity multiple: -0.03×
• Total profit: $-122,681
• Equity at exit: $94,043

Cash invested: $119,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 08036

• Home prices YoY: -0.5%
• Active inventory: 31
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $2,577 medium
• Mortgage (P&I): −$2,229
• Tax from tax record: −$478 /mo · $5,734/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$541
• Net cashflow: $-848

Break-even live

Break-even rent $3,650

Max offer price $275,166

Occupancy floor —

Sensitivity live

Price	-10% $-608	-5% $-728	+0% $-848	+5% $-968	+10% $-1,089
Rent	-10% $-1,052	-5% $-950	+0% $-848	+5% $-746	+10% $-645
Rate	-1.0pp $-634	-0.5pp $-740	base $-848	+0.5pp $-958	+1.0pp $-1,070

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   statusdays on market $425,000 Active Under Contract 3 DOM
2. 2026-06-17
   remarks 567-char remark
3. 2026-06-17
   listed $425,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $5,734 · $478/mo
• Projected year-2 tax: $8,158 · $680/mo
• Expected delta: +$2,424/yr (+$202/mo · 42.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $30,919
• − Mortgage interest: −$23,807
• − Property taxes: −$5,734
• − Insurance: −$2,125
• − Repairs & maintenance: −$2,473
• − Management: −$2,473
• − Depreciation: −$12,364
• Taxable loss: −$18,057
• Est. tax savings @ 24.0%: +$4,334
• After-tax cash flow: $-5,844/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hainesport Township School District
• NCES district ID: 3406420
• Math proficiency: 27% ▼ -29.00%
• Reading proficiency: 53% ▼ -12.00%
• Median HH income: $88,435
• Composite: 38.07/100
• National rank: #4283
• State rank: #205 of 472 in NJ

Livability — Burlington

• Score: 78/100
• State rank: #89
• US rank: #2359

Category grades

Amenities F Commute C+ Cost of living A- Crime B- Employment B Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 6,028

Population outlook (Burlington County) Hauer SSP2

• Today (2025): 453,425 people
• By 2030: 452,359 · -0.2%
• By 2040: 445,033 · -1.9%
• By 2050: 431,760 · -4.8%
• By 2075: 406,277 · -10.4%
• By 2100: 364,732 · -19.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 11% Two or more races 7% Asian 7% Black 6%
• Hispanic origin (detail): Puerto Rican 6% Cuban 1%
• Common ancestry: Romanian 5% Scotch-Irish 2% Italian 1%
• Foreign-born: 7% · Canada, South Korea, Guatemala
• Languages at home: 88% English-only · Spanish 6% Other Indo-European 2% Tagalog/Filipino 1%

Political lean MEDSL · Burlington

• 2024 margin: D (+16.6) · D 57.6% · R 41.0% · Other 1.3%
• 2008→2024 swing: -2.0pp toward R · 2008: 18.6pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+19.5 2016: D+14.8 2012: D+18.7 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.36%
• Current HPI: 302.0676
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

+240.0% since first listed

9 events — show timeline

• 2026-06-17 Listed $425,000 BRIGHT MLS
• 2007-09-27 Sold (Public Records) $221,000 Public Records
• 2007-08-30 Sold (MLS) $240,000 BRIGHT MLS
• 2007-08-13 Listing Removed — BRIGHT MLS
• 2007-01-08 Listed $240,000 BRIGHT MLS
• 2002-12-18 Sold (Public Records) $146,000 Public Records
• 2002-09-02 Listing Removed — BRIGHT MLS
• 2002-09-02 Listed $153,500 BRIGHT MLS
• 2001-02-20 Sold (Public Records) $125,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $5,734 · +10.6% YoY. Source: county tax records.