114-C7 Cookstown New Egypt Rd

North Hanover, NJ 08562

$99,500D-

2 bd · 1.0 ba · 498 sqft · Built 1980 · Manufactured · Active · 181 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $924/mo
• Mortgage (P&I): −$522
• Tax + insurance: −$166
• HOA: −$650
• Vac / Maint / Mgmt: −$194
• Net cashflow: $-608/mo
• Annual: $-7,292/yr
• Cap rate: -1.04%
• Cash-on-cash: -26.17%
• DSCR: -0.16
• 1% rule: 0.93%
• Cash to close: $27,860

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $100k. Condition is rated excellent.
• At list price, monthly cash flow is $-608 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $12k (88.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $92k (7.1% below list).
• It's been on market 181 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $12k (88.4% below list) — sets the bar for cash-flow.
• In year one you build about $8k of equity ($688 loan paydown + $7k appreciation (7.3% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Northern Burlington County Regional School District (rural): math 27% / reading 57% proficiency, ranked #198 of 472 in NJ (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Clarence B. Lamb Elementary School (math 22% / reading 42%, grade F, #661 of 1,303 statewide, top 54%, 294 students, 32% FRL); Northern Burlington County Regional Middle School (math 27% / reading 56%, grade F, #182 of 431 statewide, top 43%, 703 students, 13% FRL); Northern Burlington County Regional High School (math 27% / reading 58%, grade F, #166 of 399 statewide, top 42%, 1,427 students, 13% FRL).
• Watch-outs: HOA is 70% of rent.
• Market conditions: 48 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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.
• 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.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate -1.0% vs local median 2.5% in North Hanover — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent is only 12% of the median local income ($90k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 181 days. Have you received any prior offers? Is the seller open to a 88% concession, seller financing, or rate buy-down credit?
• 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.
• 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.