9 Cape Cv

Woodbine, NJ 08270

$57,000B-

1 bd · 1.0 ba · 691 sqft · Built 1979 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,795/mo
• Mortgage (P&I): −$299
• Tax + insurance: −$95
• HOA: −$0
• Vac / Maint / Mgmt: −$377
• Net cashflow: $1,024/mo
• Annual: $12,287/yr
• Cap rate: 27.85%
• Cash-on-cash: 76.99%
• DSCR: 4.43
• 1% rule: 3.15%
• Cash to close: $15,960

Investor read

• This is a 1-bed/1.0-bath single-family listed at $57k. Condition is rated poor.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $57k).
• It's been on market 26 days — a 2% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $56k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $394 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#498 in NJ) — a working-class tenant base; expect higher turnover. Strengths: crime A+; Watch: employment D, schools F, amenities F.
• Woodbine School District (rural): math 25% / reading 40% proficiency, ranked #552 of 612 in NJ (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 60 active listings in the ZIP; 877 units permitted in Cape May County in 2024 (35 in 5+ unit buildings).
• Cape May County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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 $42k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1979 — 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 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen — No photos of the kitchen show any condition.
• Major: bathroom — No photos of the bathroom show any condition.
• Major: roof — No photos of the roof show any condition.
• Major: exterior — No photos of the exterior show any condition.
• Major: flooring — No photos of the flooring show any condition.
• Major: interior walls/paint — No photos of the interior walls/paint show any condition.