29 Mullica Way · Egg Harbor City, NJ 08215

$99,900

2 bd · 2.0 ba · 1,152 sqft · Manufactured · 60 Days on market

Built 1988 Fair condition $869/mo HOA · 38% of rent ↓ 18% since listing

---

Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.4/30.0
• 1% rule +10.0/10.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• Livability +3.3/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to Mullica Woods, a 55+ Adult Community. This manufactured home is a spacious Schultz model 2 bedroom 2 bath home tucked inside the peaceful wooded setting of Mullica Woods, a desirable 55+ community. This home offers easy, single level living with a bright open floor plann that connects the living room, dining area and kitchen the moment you step through the front door. The kitchen features a newer stove, plenty of cabinet space and great flow for everyday living. Both bedrooms are generously sized with large closets, and the primary suite includes its own private full bath. A dedicated laundry/mudroom provides extra storage and opens up to the large side deck, perfect for relaxing or entertaining. You'll also enjoy a front deck, a new roof and a backyard shed for tools and seasonal items. Need community amenities? Mullica Woods offers a welcoming, well maintained environment with a clubhouse, a community center, a community kitchen, picnic area, sun deck, swimming pool and on site association staff. It's set in a quiet wooded area, yet close to everything: 2mi to grocery stores, shopping and restaurants. 6mi to public golf courses, 8 miles to medical facilities, 23mi to Atlantic City and nearby beaches, and close to wineries and outdoor recreation. A comfortable, peaceful home in a beautifully maintained 55+ community - ready for its next owner to enjoy!

Key facts

• Newer stove
• Front deck
• Large side deck

Tags

• SPACIOUS SCHULTZ MODEL
• BRIGHT OPEN FLOOR PLAN
• NEWER STOVE
• DEDICATED LAUNDRY MUDROOM
• LARGE SIDE DECK
• FRONT DECK

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $100k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 5.7% in Egg Harbor City — 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.

Location & tenants

• Location reads 66/100 on livability (#353 in NJ) — a middle-class / working-renter tenant base. Strengths: health & safety A, housing B+, crime B; Watch: employment D, schools F, amenities F.
• Greater Egg Harbor Regional High School District (suburban): math 16% / reading 49% proficiency, ranked #319 of 472 in NJ (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 78 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• This rent runs 34% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Atlantic County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $30k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 38% of rent.

Recommended offer $96,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 2.31% ✓
• Cap rate: 9.45%
• Cash-on-cash: 11.27%
• DSCR: 1.50
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $1,107
• Equity at exit: $14,895

10-year hold

• IRR: 11.1%
• Equity multiple: 1.89×
• Total profit: $24,812
• Equity at exit: $8,638

Cash invested: $27,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 08215

• Home prices YoY: -22.4%
• Active inventory: 78
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $2,306 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$869
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $263

Break-even live

Break-even rent $1,974

Max offer price $99,900

Occupancy floor 84%

Sensitivity live

Price	-10% $332	-5% $297	+0% $263	+5% $228	+10% $194
Rent	-10% $80	-5% $172	+0% $263	+5% $354	+10% $445
Rate	-1.0pp $313	-0.5pp $288	base $263	+0.5pp $237	+1.0pp $210

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
541 Philadelphia Ave Egg Harbor City, NJ	2.0	1.0	750	$1,700	$2.27	14d	1	0.99mi
340 Chicago Ave Egg Harbor City, NJ	3.0	1.0	1176	$2,200	$1.87	14d	1	1.35mi

HOA detail

• Monthly dues: $869 · $10,428/yr
• Likely covers: pool

Listing history 21 events

1. 2026-06-19
   days on market $99,900 Active 60 DOM
2. 2026-06-18
   days on market $99,900 Active 59 DOM
3. 2026-06-17
   pricedays on market $99,900 Active 58 DOM
4. 2026-06-16
   days on market $129,900 Active 57 DOM
5. 2026-06-15
   days on market $129,900 Active 56 DOM
6. 2026-06-14
   days on market $129,900 Active 54 DOM
7. 2026-06-13
   days on market $129,900 Active 53 DOM
8. 2026-06-10
   days on market $129,900 Active 51 DOM
9. 2026-06-09
   days on market $129,900 Active 50 DOM
10. 2026-06-08
    days on market $129,900 Active 49 DOM
11. 2026-06-07
    days on market $129,900 Active 48 DOM
12. 2026-06-05
    days on market $129,900 Active 45 DOM
13. 2026-06-03
    days on market $129,900 Active 44 DOM
14. 2026-06-02
    days on market $129,900 Active 43 DOM
15. 2026-06-01
    days on market $129,900 Active 42 DOM
16. 2026-05-31
    days on market $129,900 Active 41 DOM
17. 2026-05-30
    days on market $129,900 Active 40 DOM
18. 2026-04-20
    listed $129,900 Active 1391-char remark

    Show marketing remark (1391 chars)

    Welcome home to Mullica Woods, a 55+ Adult Community. This manufactured home is a spacious Schultz model 2 bedroom 2 bath home tucked inside the peaceful wooded setting of Mullica Woods, a desirable 55+ community. This home offers easy, single level living with a bright open floor plann that connects the living room, dining area and kitchen the moment you step through the front door. The kitchen features a newer stove, plenty of cabinet space and great flow for everyday living. Both bedrooms are generously sized with large closets, and the primary suite includes its own private full bath. A dedicated laundry/mudroom provides extra storage and opens up to the large side deck, perfect for relaxing or entertaining. You'll also enjoy a front deck, a new roof and a backyard shed for tools and seasonal items. Need community amenities? Mullica Woods offers a welcoming, well maintained environment with a clubhouse, a community center, a community kitchen, picnic area, sun deck, swimming pool and on site association staff. It's set in a quiet wooded area, yet close to everything: 2mi to grocery stores, shopping and restaurants. 6mi to public golf courses, 8 miles to medical facilities, 23mi to Atlantic City and nearby beaches, and close to wineries and outdoor recreation. A comfortable, peaceful home in a beautifully maintained 55+ community - ready for its next owner to enjoy!

19. 2024-05-31
    soldstatus $125,000 Sold 687-char remark

    Show marketing remark (687 chars)

    Mullica Woods 55 OLDER Community, spacious 2 bed 2 bath Schultz Manufactured home. Quiet neighborhood with a peaceful setting in the woods. Front deck opens up into an open floor plan for the living room, kitchen and dining rooms. Spacious bedrooms with huge closets. The master bedroom has a really nice ensuite. The laundry room/mud room opens to a large deck for grilling or just relaxing and enjoying the peaceful sounds of nature. There is a nice size shed in the back of the property. You will love the area and how close to everything it is, plus 15 min to Atlantic City famous beaches and boardwalk. Come see this little GEM today. https://my. matterport.com/show/ ?m=hbnVqGumWM8

20. 2024-03-22
    historical Under Contract 687-char remark

    Show marketing remark (687 chars)

    Mullica Woods 55 OLDER Community, spacious 2 bed 2 bath Schultz Manufactured home. Quiet neighborhood with a peaceful setting in the woods. Front deck opens up into an open floor plan for the living room, kitchen and dining rooms. Spacious bedrooms with huge closets. The master bedroom has a really nice ensuite. The laundry room/mud room opens to a large deck for grilling or just relaxing and enjoying the peaceful sounds of nature. There is a nice size shed in the back of the property. You will love the area and how close to everything it is, plus 15 min to Atlantic City famous beaches and boardwalk. Come see this little GEM today. https://my. matterport.com/show/ ?m=hbnVqGumWM8

21. 2024-02-23
    listed $159,000 Active 687-char remark

    Show marketing remark (687 chars)

    Mullica Woods 55 OLDER Community, spacious 2 bed 2 bath Schultz Manufactured home. Quiet neighborhood with a peaceful setting in the woods. Front deck opens up into an open floor plan for the living room, kitchen and dining rooms. Spacious bedrooms with huge closets. The master bedroom has a really nice ensuite. The laundry room/mud room opens to a large deck for grilling or just relaxing and enjoying the peaceful sounds of nature. There is a nice size shed in the back of the property. You will love the area and how close to everything it is, plus 15 min to Atlantic City famous beaches and boardwalk. Come see this little GEM today. https://my. matterport.com/show/ ?m=hbnVqGumWM8

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,676
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$2,214
• − Management: −$2,214
• − HOA: −$10,428
• − Depreciation: −$2,906
• Taxable income: $2,320
• Est. tax owed @ 24.0%: −$557
• After-tax cash flow: $2,595/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate renovations to improve its condition and increase its resale value.

Repairs flagged

• Major deck — rotting and unstable
• Moderate kitchen cabinets — dated and worn
• Major bathroom — dated and small

Value-add opportunities

• Resale paint interior walls — enhances curb appeal
• Resale replace kitchen cabinets — modernizes space
• Resale update bathroom — creates more usable space

Renovation cost estimate screening

Repair item	Severity	Est. cost
deck · rotting and unstable	Major	$15,000–50,000
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom · dated and small	Major	$15,000–50,000
Total estimated repair cost · 3 items		$33,000–115,000

Value-add ROI direction

• Resale paint interior walls — enhances curb appeal ↑
• Resale replace kitchen cabinets — modernizes space ↑
• Resale update bathroom — creates more usable space ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Greater Egg Harbor Regional High School District
• NCES district ID: 3406060
• Math proficiency: 16% ▼ -13.00%
• Reading proficiency: 49% ▲ 2.00%
• Median HH income: $58,324
• Composite: 28.94/100
• National rank: #6629
• State rank: #319 of 472 in NJ

Livability — Egg Harbor City

• Score: 66/100
• State rank: #353
• US rank: #11600

Category grades

Amenities F Commute B- Cost of living B- Crime B Employment D Housing B+ Health & safety A User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Atlantic County · 143,611 people
• City population: 13,545
• Metro: Atlantic City-Hammonton, NJ
• Population (ZIP): 13,545
• Household income: $80,893
• Rent vs Own: 26.7% rent · 73.3% own
• Severe rent burden: 484.0

Population outlook (Atlantic County) Hauer SSP2

• Today (2025): 268,948 people
• By 2030: 264,497 · -1.7%
• By 2040: 252,261 · -6.2%
• By 2050: 237,846 · -11.6%
• By 2075: 210,650 · -21.7%
• By 2100: 180,234 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 19% Hispanic / Latino 12% Two or more races 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 7% Dominican 2%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Spanish 6% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Atlantic

• 2024 margin: Toss-up / Even · D 47.7% · R 50.7% · Other 1.6%
• 2008→2024 swing: -18.1pp toward R · 2008: 15.1pp · 2024: -3.0pp
• All cycles: 2024: R+3.0 2020: D+6.7 2016: D+6.2 2012: D+17.2 2008: D+15.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -76.92%
• Current HPI: 267.2078
• Rent YoY: —
• Metro: Atlantic City-Hammonton, NJ
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

-18.3% since first listed

4 events — show timeline

• 2026-04-20 Listed $129,900 SJSRMLS
• 2024-05-31 Sold (MLS) $125,000 SJSRMLS
• 2024-03-22 Contingent — SJSRMLS
• 2024-02-23 Listed $159,000 SJSRMLS