2350 State Route 10 Unit B29

Parsippany-Troy Hills, NJ 07054

$265,900D+

1 bd · 1.0 ba · 700 sqft · Built 1960 · Condo · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,760/mo
• Mortgage (P&I): −$1,394
• Tax + insurance: −$443
• HOA: −$332
• Vac / Maint / Mgmt: −$580
• Net cashflow: $11/mo
• Annual: $129/yr
• Cap rate: 6.34%
• Cash-on-cash: 0.17%
• DSCR: 1.01
• 1% rule: 1.04%
• Cash to close: $74,452

Investor read

• This is a 1-bed/1.0-bath condo listed at $266k. Condition is rated good.
• At list price, monthly cash flow is $11 ($129/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $266k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Parsippany-Troy Hills Township School District (suburban): math 47% / reading 61% proficiency, ranked #94 of 472 in NJ (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Littleton Elementary School (math 61% / reading 64%, grade B, #91 of 1,303 statewide, top 7%, 411 students, 6% FRL); Brooklawn Middle School (math 51% / reading 65%, grade B, #46 of 431 statewide, top 11%, 904 students, 9% FRL); Parsippany Hills High School (math 44% / reading 67%, grade C, #75 of 399 statewide, top 19%, 998 students, 12% FRL) — zoned schools at 9% FRL track the district average.
• Market conditions: Rents rising fast (+4.6%/yr); 19 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 2,357 units permitted in Morris County in 2024 (1,496 in 5+ unit buildings).
• Morris County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• This rent runs 32% of the median local income ($104k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1960 — 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.