24 Farrington Ct · Leisuretowne, NJ 08088

$188,000

1 bd · 1.0 ba · 782 sqft · SingleFamily public records · 15 Days on market

Built 1971 5,497 sqft lot Est $231k · 19% under $89/mo HOA · 5% of rent

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +13.7/30.0
• Schools +4.5/10.0
• DSCR +4.2/10.0
• 1% rule +3.8/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Coming Soon !! Terrific find!! Celebrate affordable retirement living in the 55+ community of Leisuretowne. End unit attached home offers both comfort and economy. Special Features include a bright and sunny living room, galley kitchen, one bedroom and a full bath. There is an extra storage area, a covered front porch and a rear patio. The back yard offers a nicely landscaped buffer between houses. Roof was replaced in 2021. Solar panels helps with utility costs(SunRun monthly payment $ 53.29). Includes existing appliances and widow unit air conditioner. Seller is offering a one year home warranty at the time of settlement! Photos to follow - Cat on Premises Sellers new home will be available May 1. SHOWINGS FOR BACK UP OFFERS ONLY as per seller

Key facts

• $89 HOA
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $188k.

Deal economics

• At list price, monthly cash flow is $15 ($186/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 $166k (11.9% below list).
• Recommended offer: $166k (11.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.0% in Leisuretowne — 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 57/100 on livability (#516 in NJ) — a working-class tenant base; expect higher turnover. Strengths: crime A+, housing A+, cost of living A-; Watch: schools F, amenities F, commute F.
• Lenape Regional High School District (suburban): math 34% / reading 60% proficiency, ranked #136 of 472 in NJ (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 161 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,161 units permitted in Burlington County in 2024 (988 in 5+ unit buildings).

Forward outlook

• 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.
• Burlington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y 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 $152k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 67% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $165,552 (11.9% below list)

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.88% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.35%
• DSCR: 1.02
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $230,690
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15 Dorchester Dr	0.30mi	2/1.0 (+1)	818 (+5%)	0mo	$241,000	$295	73
60 Huntington Dr	0.25mi	2/1.0 (+1)	818 (+5%)	4mo	$260,000	$318	72
6 Picardy Pl	0.15mi	2/1.0 (+1)	818 (+5%)	11mo	$230,000	$281	71
53 Kingston Way	0.05mi	2/1.0 (+1)	861 (+10%)	22mo	$235,000	$273	58

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -15.7%
• Equity multiple: 0.44×
• Total profit: $-29,457
• Equity at exit: $28,031

10-year hold

• IRR: -7.3%
• Equity multiple: 0.54×
• Total profit: $-24,296
• Equity at exit: $16,255

Cash invested: $52,640 (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 08088

• Active inventory: 161
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,656 medium
• Mortgage (P&I): −$986
• Tax from tax record: −$139 /mo · $1,670/yr
• Insurance: −$78
• HOA: −$89
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $15

Break-even live

Break-even rent $1,636

Max offer price $188,000

Occupancy floor 94%

Sensitivity live

Price	-10% $122	-5% $69	+0% $15	+5% $-38	+10% $-91
Rent	-10% $-115	-5% $-50	+0% $15	+5% $81	+10% $146
Rate	-1.0pp $110	-0.5pp $63	base $15	+0.5pp $-33	+1.0pp $-83

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: $47,000
• Closing costs: $5,640
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
62 Kingston Way Southampton, NJ	1.0	1.0	782	$1,500	$1.92	0d	1	0.06mi
9 Narberth Pl Southampton, NJ	2.0	1.0	984	$2,100	$2.13	0d	1	0.23mi

HOA detail

• Monthly dues: $89 · $1,068/yr

Listing history 18 events

1. 2026-04-02
   status Pending
2. 2026-04-01
   price $188,000
3. 2025-12-15
   historical Active Under Contract
4. 2025-12-01
   listed $185,000 Active
5. 2025-11-13
   historical $185,000
6. 2025-05-31
   soldstatus $151,500
7. 2025-05-01
   soldstatus $151,500 Closed 761-char remark

   Show marketing remark (761 chars)

   Coming Soon !! Terrific find!! Celebrate affordable retirement living in the 55+ community of Leisuretowne. End unit attached home offers both comfort and economy. Special Features include a bright and sunny living room, galley kitchen, one bedroom and a full bath. There is an extra storage area, a covered front porch and a rear patio. The back yard offers a nicely landscaped buffer between houses. Roof was replaced in 2021. Solar panels helps with utility costs(SunRun monthly payment $ 53.29). Includes existing appliances and widow unit air conditioner. Seller is offering a one year home warranty at the time of settlement! Photos to follow - Cat on Premises Sellers new home will be available May 1. SHOWINGS FOR BACK UP OFFERS ONLY as per seller

8. 2025-04-01
   status Pending 761-char remark

   Show marketing remark (761 chars)

   Coming Soon !! Terrific find!! Celebrate affordable retirement living in the 55+ community of Leisuretowne. End unit attached home offers both comfort and economy. Special Features include a bright and sunny living room, galley kitchen, one bedroom and a full bath. There is an extra storage area, a covered front porch and a rear patio. The back yard offers a nicely landscaped buffer between houses. Roof was replaced in 2021. Solar panels helps with utility costs(SunRun monthly payment $ 53.29). Includes existing appliances and widow unit air conditioner. Seller is offering a one year home warranty at the time of settlement! Photos to follow - Cat on Premises Sellers new home will be available May 1. SHOWINGS FOR BACK UP OFFERS ONLY as per seller

9. 2025-03-27
   historical Active Under Contract 761-char remark

   Show marketing remark (761 chars)

   Coming Soon !! Terrific find!! Celebrate affordable retirement living in the 55+ community of Leisuretowne. End unit attached home offers both comfort and economy. Special Features include a bright and sunny living room, galley kitchen, one bedroom and a full bath. There is an extra storage area, a covered front porch and a rear patio. The back yard offers a nicely landscaped buffer between houses. Roof was replaced in 2021. Solar panels helps with utility costs(SunRun monthly payment $ 53.29). Includes existing appliances and widow unit air conditioner. Seller is offering a one year home warranty at the time of settlement! Photos to follow - Cat on Premises Sellers new home will be available May 1. SHOWINGS FOR BACK UP OFFERS ONLY as per seller

10. 2025-03-21
    listed $147,000 Active 761-char remark

    Show marketing remark (761 chars)

    Coming Soon !! Terrific find!! Celebrate affordable retirement living in the 55+ community of Leisuretowne. End unit attached home offers both comfort and economy. Special Features include a bright and sunny living room, galley kitchen, one bedroom and a full bath. There is an extra storage area, a covered front porch and a rear patio. The back yard offers a nicely landscaped buffer between houses. Roof was replaced in 2021. Solar panels helps with utility costs(SunRun monthly payment $ 53.29). Includes existing appliances and widow unit air conditioner. Seller is offering a one year home warranty at the time of settlement! Photos to follow - Cat on Premises Sellers new home will be available May 1. SHOWINGS FOR BACK UP OFFERS ONLY as per seller

11. 2025-03-17
    price $147,000 761-char remark

    Show marketing remark (761 chars)

    Coming Soon !! Terrific find!! Celebrate affordable retirement living in the 55+ community of Leisuretowne. End unit attached home offers both comfort and economy. Special Features include a bright and sunny living room, galley kitchen, one bedroom and a full bath. There is an extra storage area, a covered front porch and a rear patio. The back yard offers a nicely landscaped buffer between houses. Roof was replaced in 2021. Solar panels helps with utility costs(SunRun monthly payment $ 53.29). Includes existing appliances and widow unit air conditioner. Seller is offering a one year home warranty at the time of settlement! Photos to follow - Cat on Premises Sellers new home will be available May 1. SHOWINGS FOR BACK UP OFFERS ONLY as per seller

12. 2025-03-10
    historical $155,000 761-char remark

    Show marketing remark (761 chars)

    Coming Soon !! Terrific find!! Celebrate affordable retirement living in the 55+ community of Leisuretowne. End unit attached home offers both comfort and economy. Special Features include a bright and sunny living room, galley kitchen, one bedroom and a full bath. There is an extra storage area, a covered front porch and a rear patio. The back yard offers a nicely landscaped buffer between houses. Roof was replaced in 2021. Solar panels helps with utility costs(SunRun monthly payment $ 53.29). Includes existing appliances and widow unit air conditioner. Seller is offering a one year home warranty at the time of settlement! Photos to follow - Cat on Premises Sellers new home will be available May 1. SHOWINGS FOR BACK UP OFFERS ONLY as per seller

13. 2002-08-26
    soldstatus $51,000
14. 2002-07-26
    soldstatus $51,000 147-char remark

    Show marketing remark (147 chars)

    Must see this darling home that you can move right into. New roof, bright kitchen, porch are some of the amenities that come with this lovely home.

15. 2002-06-03
    historical 147-char remark

    Show marketing remark (147 chars)

    Must see this darling home that you can move right into. New roof, bright kitchen, porch are some of the amenities that come with this lovely home.

16. 2002-04-24
    listed $51,000 147-char remark

    Show marketing remark (147 chars)

    Must see this darling home that you can move right into. New roof, bright kitchen, porch are some of the amenities that come with this lovely home.

17. 1989-08-28
    soldstatus $48,000
18. 1986-06-13
    soldstatus $36,000

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

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $1,670 · $139/mo
• Projected year-2 tax: $3,175 · $265/mo
• Expected delta: +$1,506/yr (+$125/mo · 90.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 67% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,866
• − Mortgage interest: −$10,531
• − Property taxes: −$1,670
• − Insurance: −$940
• − Repairs & maintenance: −$1,589
• − Management: −$1,589
• − HOA: −$1,068
• − Depreciation: −$5,469
• Taxable loss: −$2,990
• Est. tax savings @ 24.0%: +$718
• After-tax cash flow: $903/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.

Schools (NCES district)

• District: Lenape Regional High School District
• NCES district ID: 3408490
• Math proficiency: 34% ▼ -2.00%
• Reading proficiency: 60% ▼ -5.00%
• Median HH income: $98,739
• Composite: 44.86/100
• National rank: #2724
• State rank: #136 of 472 in NJ

Livability — Leisuretowne

• Score: 57/100
• State rank: #516
• US rank: #21971

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leisuretowne, NJ
• Population (ZIP): 24,153

Population outlook (Burlington County) Hauer SSP2

• Today (2025): 453,425 people
• By 2030: 452,359 · -0.2%
• By 2040: 445,033 · -1.9%
• By 2050: 431,760 · -4.8%
• By 2075: 406,277 · -10.4%
• By 2100: 364,732 · -19.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 4% Two or more races 4% Asian 2% Black 1%
• Common ancestry: Romanian 8% Slovak 2% Iranian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Chinese 1%

Political lean MEDSL · Burlington

• 2024 margin: D (+16.6) · D 57.6% · R 41.0% · Other 1.3%
• 2008→2024 swing: -2.0pp toward R · 2008: 18.6pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+19.5 2016: D+14.8 2012: D+18.7 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -214.45%
• Current HPI: 302.9094
• Rent YoY: —
• Metro: —
• 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

+422.2% since first listed

18 events — show timeline

• 2026-04-02 Pending — BRIGHT MLS
• 2026-04-01 Price Changed $188,000 BRIGHT MLS
• 2025-12-15 Contingent — BRIGHT MLS
• 2025-12-01 Listed $185,000 BRIGHT MLS
• 2025-11-13 Coming Soon $185,000 BRIGHT MLS
• 2025-05-31 Sold (Public Records) $151,500 Public Records
• 2025-05-01 Sold (MLS) $151,500 BRIGHT MLS
• 2025-04-01 Pending — BRIGHT MLS
• 2025-03-27 Contingent — BRIGHT MLS
• 2025-03-21 Listed $147,000 BRIGHT MLS
• 2025-03-17 Price Changed $147,000 BRIGHT MLS
• 2025-03-10 Coming Soon $155,000 BRIGHT MLS
• 2002-08-26 Sold (Public Records) $51,000 Public Records
• 2002-07-26 Sold (MLS) $51,000 BRIGHT MLS
• 2002-06-03 Listing Removed — BRIGHT MLS
• 2002-04-24 Listed $51,000 BRIGHT MLS
• 1989-08-28 Sold (Public Records) $48,000 Public Records
• 1986-06-13 Sold (Public Records) $36,000 Public Records

Property tax history

+0.1%/yr

Latest (2025): $1,670 · +1.6% YoY. Source: county tax records.