70 Miles Ave

White Horse, NJ 08610

$170,000C+

2 bd · 1.0 ba · 520 sqft · Built 1950 · SingleFamily · Active · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,143/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$333
• HOA: −$0
• Vac / Maint / Mgmt: −$450
• Net cashflow: $468/mo
• Annual: $5,614/yr
• Cap rate: 9.60%
• Cash-on-cash: 11.79%
• DSCR: 1.52
• 1% rule: 1.26%
• Cash to close: $47,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $170k.
• At list price, monthly cash flow is $468 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• It's been on market 137 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (12.0% 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 $5k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#55 in NJ, #1,332 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, cost of living D-.
• Hamilton Township Public School District (suburban): math 17% / reading 41% proficiency, ranked #338 of 472 in NJ (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Kisthardt Elementary School (math 8% / reading 22%, grade F, #1,124 of 1,303 statewide, top 88%, 242 students, 59% FRL); Albert E Grice Middle School (math 11% / reading 44%, grade F, #340 of 431 statewide, top 80%, 967 students, 50% FRL); Hamilton West-Watson (math 16% / reading 50%, grade F, #259 of 399 statewide, top 66%, 1,348 students, 44% FRL) — zoned schools average 51% FRL vs 29% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 118 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,256 units permitted in Mercer County in 2024 (1,303 in 5+ unit buildings).
• Mercer County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.6% vs local median 3.1% in White Horse — 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 31% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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?
• 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.