293B Malvern Ct

Leisure Village, NJ 08701

$199,900D

2 bd · 2.0 ba · 1,374 sqft · Built 1968 · Condo · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,285/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$302
• HOA: −$427
• Vac / Maint / Mgmt: −$480
• Net cashflow: $28/mo
• Annual: $334/yr
• Cap rate: 6.46%
• Cash-on-cash: 0.60%
• DSCR: 1.03
• 1% rule: 1.14%
• Cash to close: $55,972

Investor read

• This is a 2-bed/2.0-bath condo listed at $200k. Condition is rated average.
• At list price, monthly cash flow is $28 ($334/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• It's been on market 38 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#416 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, crime B+, cost of living B; Watch: amenities F, commute F, employment F.
• Lakewood Township School District (suburban): math 17% / reading 28% proficiency, ranked #417 of 472 in NJ (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Oak Street Elem School (math 17% / reading 21%, grade F, #1,030 of 1,303 statewide, top 80%, 534 students, 97% FRL); Lakewood Middle School (math 16% / reading 30%, grade F, #376 of 431 statewide, top 88%, 995 students, 94% FRL); Lakewood High School (math 14% / reading 37%, grade F, #321 of 399 statewide, top 81%, 1,423 students, 86% FRL).
• Market conditions: 426 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 4,434 units permitted in Ocean County in 2024 (868 in 5+ unit buildings).
• Ocean County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: major wind risk, 68% 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.
• This rent runs 42% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?

Repairs flagged (vision-AI assessment)

• Minor: Paint — Paint appears faded in some areas
• Minor: Ceiling fan — Ceiling fan is dusty
• Minor: Chandelier — Chandelier is dusty