23 Crescent Blvd

Collingswood, NJ 08108

$199,000B-

3 bd · 1.5 ba · 1,164 sqft · Built 1926 · SingleFamily · Under Contract · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,771/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$332
• HOA: −$0
• Vac / Maint / Mgmt: −$582
• Net cashflow: $814/mo
• Annual: $9,765/yr
• Cap rate: 11.20%
• Cash-on-cash: 17.53%
• DSCR: 1.78
• 1% rule: 1.39%
• Cash to close: $55,720

Investor read

• This is a 3-bed/1.5-bath single-family listed at $199k. Condition is rated fair.
• At list price, monthly cash flow is $814 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• It's been on market 90 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $187k (6.0% 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 $6k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#81 in NJ, #1,941 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A, housing A; Watch: cost of living F.
• Collingswood Public School District (suburban): math 17% / reading 56% proficiency, ranked #269 of 472 in NJ (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 81 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 2 sale attempts 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 + 0.6% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 52% 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 11.2% vs local median 2.9% in Collingswood — 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 ($108k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1926 — 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 A-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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — Worn and dated appearance
• Major: Bathroom fixtures — Cluttered and dated appearance
• Moderate: Exterior siding — Weathered and discolored
• Major: Flooring — Worn and dirty parquet
• Moderate: Paint — Chipped and worn in some areas
• Major: Landscaping — Overgrown and in need of trimming