3128 S Congress Rd

Camden, NJ 08104

$155,000C-

2 bd · 1.0 ba · 971 sqft · Built 1918 · SingleFamily · Pending · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,506/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$242
• HOA: −$0
• Vac / Maint / Mgmt: −$316
• Net cashflow: $135/mo
• Annual: $1,617/yr
• Cap rate: 7.34%
• Cash-on-cash: 3.73%
• DSCR: 1.17
• 1% rule: 0.97%
• Cash to close: $43,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $155k.
• At list price, monthly cash flow is $135 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (2.9% below list).
• It's been on market 50 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (3.0% 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 70/100 on livability (#262 in NJ) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A; Watch: crime F, employment F.
• Camden City School District (urban): math 3% / reading 16% proficiency, ranked #472 of 472 in NJ (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 86% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Morgan Village Middle School (244 students, 77% FRL).
• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 96 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,018 units permitted in Camden County in 2024 (509 in 5+ unit buildings).
• Camden County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 8 sale attempts since 27y 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.
• Current owner paid $56k; list at $155k implies a 174% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 40% 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.

Questions for listing agent

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.