187 Rita Pl · Victory Lakes, NJ 08094

$75,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 179 Days on market

Built 1974 Est $81k · 7% under $878/mo HOA · 37% of rent ↓ 12% since listing

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Why this score? — see what drove the B 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).

• Cash flow +30.0/30.0
• ARV discount +10.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

🏡 Charming & Versatile Home in Desirable Friendly Village Community Welcome to Friendly Village, a sought-after community known for its welcoming atmosphere and convenient location. This beautifully maintained 2-bedroom, 2-full-bath home offers comfort and flexibility. Step inside to a bright, open-concept front living area featuring a spacious kitchen, dining room, and living room—perfect for entertaining or relaxing at home. The laundry room, complete with washer and dryer, is conveniently located just off the main living space. The primary bedroom suite offers privacy and a full primary bathroom. Outside, enjoy your morning coffee or evening beverage on the back deck, or sit

Key facts

• Parking
• Community pool
• Built 1974

Property features AI

Finance

• Financial info: Ground rent listed as an annual item
• HOA & community: Monthly HOA fee (includes pool(s), recreation facility, sewer, taxes, water); Association amenities include billiard room, clubhouse, outdoor pool

Exterior

• Parking: Attached carport (1 space total)
• Utilities: Public water; Public sewer
• Home design: Mobile home (double wide, pre-1976); Above-grade structure
• Construction: Vinyl siding; Estimated year built
• Exterior features: Community pool; Ground rent exists (approximately 100 years remaining); Not in a federal flood zone

Interior

• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: 90% forced air heating (natural gas); Central air conditioning (electric); Electric hot water
• Interior features: Bar; Not furnished; No basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $75k.

Deal economics

• At list price, monthly cash flow is $485 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.1% vs local median 5.2% in Victory Lakes — 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 60/100 on livability (#477 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: schools F, amenities F, commute F.
• Monroe Township Public School District (suburban): math 20% / reading 45% proficiency, ranked #302 of 472 in NJ (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 268 active listings in the ZIP; solid renter incomes; 1,047 units permitted in Gloucester County in 2024 (183 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Gloucester County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 179 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 179 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 3.18% ✓
• Cap rate: 14.06%
• Cash-on-cash: 27.73%
• DSCR: 2.23
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $80,640
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
159 New Hope Ln	0.12mi	2/2.0	1,440 (0%)	6mo	$80,000	$56	90

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: 22.3%
• Equity multiple: 1.92×
• Total profit: $19,329
• Equity at exit: $11,183

10-year hold

• IRR: 30.6%
• Equity multiple: 3.81×
• Total profit: $58,966
• Equity at exit: $6,485

Cash invested: $21,000 (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 08094

• Active inventory: 268
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $2,382 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$878
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $485

Break-even live

Break-even rent $1,767

Max offer price $75,000

Occupancy floor 75%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $878 · $10,536/yr

Listing history 17 events

1. 2026-06-18
   days on market $75,000 Active 179 DOM
2. 2026-06-17
   days on market $75,000 Active 178 DOM
3. 2026-06-16
   days on market $75,000 Active 177 DOM
4. 2026-06-15
   days on market $75,000 Active 176 DOM
5. 2026-06-13
   days on market $75,000 Active 174 DOM
6. 2026-06-09
   days on market $75,000 Active 170 DOM
7. 2026-06-08
   days on market $75,000 Active 169 DOM
8. 2026-06-08
   price $75,000 Active 168 DOM
9. 2026-06-07
   days on market $87,900 Active 168 DOM
10. 2026-06-04
    days on market $87,900 Active 165 DOM
11. 2026-06-03
    days on market $87,900 Active 164 DOM
12. 2026-06-02
    days on market $87,900 Active 163 DOM
13. 2026-06-01
    days on market $87,900 Active 162 DOM
14. 2026-05-31
    days on market $87,900 Active 161 DOM
15. 2026-04-15
    price $87,900
16. 2026-01-09
    price $90,000
17. 2025-12-21
    listed $100,000 Active

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

Taxation est. · year 1

• Rental income: $28,581
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$2,286
• − Management: −$2,286
• − HOA: −$10,536
• − Depreciation: −$2,182
• Taxable income: $5,589
• Est. tax owed @ 24.0%: −$1,341
• After-tax cash flow: $4,482/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: Monroe Township Public School District
• NCES district ID: 3410470
• Math proficiency: 20% ▼ -24.00%
• Reading proficiency: 45% ▼ -9.00%
• Median HH income: $71,557
• Composite: 30.24/100
• National rank: #6295
• State rank: #302 of 472 in NJ

Livability — Victory Lakes

• Score: 60/100
• State rank: #477
• US rank: #18504

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Gloucester County · 160,422 people
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 41,595
• Household income: $96,699
• Rent vs Own: 14.5% rent · 85.5% own
• Severe rent burden: 721.0

Population outlook (Gloucester County) Hauer SSP2

• Today (2025): 298,895 people
• By 2030: 299,031 · +0.0%
• By 2040: 294,020 · -1.6%
• By 2050: 284,188 · -4.9%
• By 2075: 260,720 · -12.8%
• By 2100: 229,565 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 11% Black 10% Two or more races 8% Asian 1%
• Hispanic origin (detail): Puerto Rican 6% Dominican 1%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 5% Russian/Polish/Slavic 1%

Political lean MEDSL · Gloucester

• 2024 margin: Toss-up / Even · D 47.8% · R 50.6% · Other 1.6%
• 2008→2024 swing: -15.0pp toward R · 2008: 12.2pp · 2024: -2.8pp
• All cycles: 2024: R+2.8 2020: D+1.9 2016: R+0.4 2012: D+10.5 2008: D+12.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -213.12%
• Current HPI: 278.3849
• Rent YoY: —
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• 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

-12.1% since first listed

3 events — show timeline

• 2026-04-15 Price Changed $87,900 BRIGHT MLS
• 2026-01-09 Price Changed $90,000 BRIGHT MLS
• 2025-12-21 Listed $100,000 BRIGHT MLS