57 Dover Dr

Lindenwold, NJ 08021

$125,000B-

2 bd · 1.5 ba · 1,267 sqft · Built 1973 · Townhouse · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,183/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$208
• HOA: −$623
• Vac / Maint / Mgmt: −$458
• Net cashflow: $237/mo
• Annual: $2,849/yr
• Cap rate: 8.57%
• Cash-on-cash: 8.14%
• DSCR: 1.36
• 1% rule: 1.75%
• Cash to close: $35,000

Investor read

• This is a 2-bed/1.5-bath townhouse listed at $125k. Condition is rated poor.
• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#312 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A, cost of living B; Watch: employment C-, crime D, schools F.
• Lindenwold Public School District (suburban): math 4% / reading 25% proficiency, ranked #461 of 472 in NJ (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents rising (+3.0%/yr); 242 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 1,018 units permitted in Camden County in 2024 (509 in 5+ unit buildings).
• Camden 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, 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 8.6% vs local median 5.3% in Lindenwold — 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.
• This rent runs 38% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 1973 — 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?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen renovation — No kitchen visible
• Major: Bathroom renovation — No bathrooms visible
• Major: Exterior renovation — No exterior visible
• Major: Flooring replacement — No flooring visible
• Major: Interior wall and paint repair — No interior walls/paint visible
• Major: Window replacement — No windows visible