320 Fenwick Rd

Woodstown, NJ 08098

$269,000D

3 bd · 1.0 ba · 1,012 sqft · Built 1974 · SingleFamily · Active · 169 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,784/mo
• Mortgage (P&I): −$1,411
• Tax + insurance: −$469
• HOA: −$0
• Vac / Maint / Mgmt: −$375
• Net cashflow: $-471/mo
• Annual: $-5,648/yr
• Cap rate: 4.19%
• Cash-on-cash: -7.50%
• DSCR: 0.67
• 1% rule: 0.66%
• Cash to close: $75,320

Investor read

• This is a 3-bed/1.0-bath single-family listed at $269k.
• At list price, monthly cash flow is $-471 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (30.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (33.7% below list).
• It's been on market 169 days — a 12% lower offer ($237k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $178k (33.7% below list) — sets the bar for 1% rule.
• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#298 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Woodstown-Pilesgrove Regional School District (town): math 23% / reading 48% proficiency, ranked #259 of 472 in NJ (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 63 active listings in the ZIP; 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).
• Salem County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $30k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $66k; list at $269k implies a 308% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% 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 4.2% vs local median 2.3% in Woodstown — 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?
• It's been on market 169 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.