3487 Detroiter St

Browns Mills, NJ 08015

$95,000D-

2 bd · 1.0 ba · 950 sqft · Built 1979 · SingleFamily · Pending · 177 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,500/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$158
• HOA: −$735
• Vac / Maint / Mgmt: −$315
• Net cashflow: $-207/mo
• Annual: $-2,478/yr
• Cap rate: 3.68%
• Cash-on-cash: -9.32%
• DSCR: 0.59
• 1% rule: 1.58%
• Cash to close: $26,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $95k. Condition is rated poor.
• At list price, monthly cash flow is $-207 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $65k (31.5% below list).
• Meets the 1% rule at list price ($2k rent vs $95k).
• It's been on market 177 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (31.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#436 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B+, cost of living B; Watch: schools F, amenities F, commute F.
• Pemberton Township School District (rural): math 12% / reading 38% proficiency, ranked #382 of 472 in NJ (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: HOA is 49% of rent.
• Market conditions: 116 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,161 units permitted in Burlington County in 2024 (988 in 5+ unit buildings).
• Burlington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $45k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 3.7% vs local median 5.2% in Browns Mills — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 177 days. Have you received any prior offers? Is the seller open to a 31% 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 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?

Repairs flagged (vision-AI assessment)

• Major: Kitchen — No photos of the kitchen
• Major: Bathroom — No photos of the bathroom
• Major: Roof — No photos of the roof
• Major: Exterior — No photos of the exterior
• Major: Flooring — No photos of the flooring
• Major: Interior walls/paint — No photos of the interior walls/paint