183 Woodlake Dr

Marlton, NJ 08053

$299,999D

3 bd · 2.0 ba · 1,596 sqft · Built 1987 · Condo · Pending · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,893/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$273
• Vac / Maint / Mgmt: −$608
• Net cashflow: $-61/mo
• Annual: $-727/yr
• Cap rate: 6.05%
• Cash-on-cash: -0.87%
• DSCR: 0.96
• 1% rule: 0.96%
• Cash to close: $84,000

Investor read

• This is a 3-bed/2.0-bath condo listed at $300k. Condition is rated good.
• At list price, monthly cash flow is $-61 ($-727/yr) — negative.
• To cash-flow at today's rent, offer at most $291k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $289k (3.6% below list).
• It's been on market 30 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $289k (3.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#165 in NJ, #4,364 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: amenities C-, commute F, cost of living F.
• Lenape Regional High School District (suburban): math 34% / reading 60% proficiency, ranked #136 of 472 in NJ (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Richard L Rice School (math 23% / reading 49%, grade F, #572 of 1,303 statewide, top 44%, 504 students, 6% FRL); Marlton Middle (math 36% / reading 58%, grade D+, #129 of 431 statewide, top 32%, 762 students, 10% FRL); Cherokee High School (math 32% / reading 59%, grade D-, #138 of 399 statewide, top 36%, 2,179 students, 10% FRL).
• Market conditions: Rents rising (+3.0%/yr); 192 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 2,161 units permitted in Burlington County in 2024 (988 in 5+ unit buildings).
• Burlington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 sale attempts since 26y 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.
• Climate carrying-cost: major wind risk, 62% 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 6.1% vs local median 3.2% in Marlton — 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.

Questions for listing agent

• 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?
• 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.
• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.