808 Dudley Ct #808 Marshall Court

Ventnor City, NJ 08406

$499,000C+

3 bd · 2.5 ba · 1,800 sqft · Built — · Townhouse · Under Contract · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,343/mo
• Mortgage (P&I): −$2,617
• Tax + insurance: −$832
• HOA: −$730
• Vac / Maint / Mgmt: −$1,332
• Net cashflow: $832/mo
• Annual: $9,990/yr
• Cap rate: 8.29%
• Cash-on-cash: 7.15%
• DSCR: 1.32
• 1% rule: 1.27%
• Cash to close: $139,720

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $499k. Condition is rated good.
• At list price, monthly cash flow is $832 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $499k).
• It's been on market 46 days — a 3% lower offer ($484k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $484k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#202 in NJ) — a middle-class / working-renter tenant base. Strengths: health & safety A+, commute A-, crime B+; Watch: amenities F, cost of living F.
• Ventnor City School District (suburban): math 27% / reading 49% proficiency, ranked #266 of 472 in NJ (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ventnor Elementary School (math 27% / reading 42%, grade F, #582 of 1,303 statewide, top 49%, 304 students, 47% FRL); Ventnor Middle School (math 28% / reading 52%, grade F, #197 of 431 statewide, top 46%, 204 students, 62% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents rising fast (+57.3%/yr); 161 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• Atlantic County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $140k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 8.3% vs local median 4.1% in Ventnor City — 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.
• At $6,343/mo this rent would consume 110% of the median local household income ($69k/yr) (locally 329% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.