135 Maurice Blvd

Rio Grande, NJ 08242

$182,500F

2 bd · 2.0 ba · 1,024 sqft · Built 2013 · Manufactured · Active · 154 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,267/mo
• Mortgage (P&I): −$957
• Tax + insurance: −$304
• HOA: −$0
• Vac / Maint / Mgmt: −$266
• Net cashflow: $-260/mo
• Annual: $-3,125/yr
• Cap rate: 4.58%
• Cash-on-cash: -6.12%
• DSCR: 0.73
• 1% rule: 0.69%
• Cash to close: $51,100

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $182k.
• At list price, monthly cash flow is $-260 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (20.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (30.6% below list).
• It's been on market 154 days — a 12% lower offer ($161k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (30.6% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#144 in NJ, #3,760 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: commute D, amenities F, cost of living F.
• Middle Township Public School District (suburban): math 15% / reading 38% proficiency, ranked #372 of 472 in NJ (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Middle Township Elementary #1 (657 students, 56% FRL); Middle Township Elementary #4 (math 14% / reading 47%, grade F, #303 of 431 statewide, top 72%, 594 students, 52% FRL); Middle Township High School (math 17% / reading 32%, grade F, #327 of 399 statewide, top 82%, 790 students, 36% FRL).
• Market conditions: 72 active listings in the ZIP; 877 units permitted in Cape May County in 2024 (35 in 5+ unit buildings).
• Cape May County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 154 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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.