22 Pershing Ln

Sicklerville, NJ 08081

$350,000D

5 bd · 3.0 ba · 2,780 sqft · Built 1971 · SingleFamily · Pending · 164 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,024/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$764
• HOA: −$0
• Vac / Maint / Mgmt: −$635
• Net cashflow: $-211/mo
• Annual: $-2,534/yr
• Cap rate: 5.57%
• Cash-on-cash: -2.59%
• DSCR: 0.88
• 1% rule: 0.86%
• Cash to close: $98,000

Investor read

• This is a 5-bed/3.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $-211 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $313k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $302k (13.6% below list).
• It's been on market 164 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $302k (13.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Winslow Township School District (suburban): math 11% / reading 36% proficiency, ranked #387 of 472 in NJ (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.4%/yr); 329 active listings in the ZIP; 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.
• 4 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.
• Current owner paid $120k; list at $350k implies a 192% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 34% of the median local income ($106k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 164 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Built in 1971 — 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.
• 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.