2-1 Florence Tollgate · Florence, NJ 08518

$102,500

1 bd · 1.0 ba · 774 sqft · Condo · 118 Days on market

Built 1974 Average condition $132/sqft · 18% below area Est $126k · 18% under $60/mo HOA · 3% of rent

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Simple living in quiet safe community, with salt water pool. Heat, hot water, sewer etc. included in $719 HOA fee so only pay electric, Ins. , and taxes. Commuters will like being Close to I-295, Rt 130, and River line. Desirable to owner occupy instead of paying rent or for leasing to the many local warehouse workers in the area. Newer Built in Micro Convection oven above range, refrigerator and combo washer/Dryer. Spacious feel, with plenty of closet space in Hallway and Bedroom. This First Floor Unit has New carpeting in Living room and New high quality floor in Kitchen, Hallway, and Dining Room. Expanded Kitchen with extra counter to left of Stove and Soffit above cabinets. HVAC replaced in 2018. Additional photos available upon request.

Key facts

• Salt water pool
• Expanded kitchen
• $60 HOA

Tags

• SALT WATER POOL
• EXPANDED KITCHEN
• NEW CARPETING IN LIVING ROOM

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $102k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $688 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $102k).
• Recommended offer: $93k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.4% vs local median 3.6% in Florence — 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 71/100 on livability (#255 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, crime A-; Watch: amenities F, health & safety F.
• Florence Township School District (suburban): math 19% / reading 45% proficiency, ranked #301 of 472 in NJ (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Roebling Elementary School (math 12% / reading 17%, grade F, #1,143 of 1,303 statewide, top 88%, 373 students, 40% FRL); Florence Riverfront School (math 17% / reading 47%, grade F, #285 of 431 statewide, top 67%, 649 students, 34% FRL); Florence Township Memorial High School (math 32% / reading 52%, grade F, #169 of 399 statewide, top 44%, 484 students, 28% FRL).
• Market conditions: 41 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,161 units permitted in Burlington County in 2024 (988 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $709 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Burlington 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 $29k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 14y ago 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $93,275 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% 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. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.80% ✓
• Cap rate: 14.35%
• Cash-on-cash: 28.79%
• DSCR: 2.28
• GRM: 4.6

CMA / ARV

• ARV (median comp): $125,512
• List price: $102,500
• Delta: -18.33%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.1%
• Equity multiple: 1.95×
• Total profit: $27,303
• Equity at exit: $15,283

10-year hold

• IRR: 31.1%
• Equity multiple: 3.80×
• Total profit: $80,498
• Equity at exit: $8,862

Cash invested: $28,700 (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 08518

• Home prices YoY: -22.6%
• Active inventory: 41
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,844 high
• Mortgage (P&I): −$538
• Tax est. 1.5%: −$128 /mo · $1,538/yr
• Insurance: −$43
• HOA: −$60
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $688

Break-even live

Break-even rent $973

Max offer price $102,500

Occupancy floor 58%

Sensitivity live

Price	-10% $759	-5% $724	+0% $688	+5% $653	+10% $618
Rent	-10% $543	-5% $616	+0% $688	+5% $761	+10% $834
Rate	-1.0pp $740	-0.5pp $715	base $688	+0.5pp $662	+1.0pp $635

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: $25,625
• Closing costs: $3,075
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21 Florence Tollgate Pl #4 Florence, NJ	2.0	1.0	960	$1,850	$1.93	16d	1	0.02mi
20 Florence Tollgate Pl #1 Florence, NJ	1.0	1.0	774	$1,800	$2.33	16d	1	0.04mi
5 Florence Tollgate Unit 7 Florence, NJ	2.0	1.5	960	$1,950	$2.03	7d	1	0.09mi
225 W 2nd St Florence, NJ	1.0	1.0	733	$674	$0.92	45d	1	0.69mi
1370 Hornberger Ave Unit A Roebling, NJ	1.0	1.0	600	$1,250	$2.08	45d	1	1.36mi
43 Main St Unit 2B Roebling, NJ	1.0	1.0	704	$1,650	$2.34	45d	1	1.45mi

HOA detail condo

• Monthly dues: $60 · $720/yr
• Likely covers: watersewerelectricpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-21
   days on market $102,500 Active 118 DOM
2. 2026-06-18
   days on market $102,500 Active 115 DOM
3. 2026-06-17
   days on market $102,500 Active 114 DOM
4. 2026-06-16
   days on market $102,500 Active 113 DOM
5. 2026-06-15
   days on market $102,500 Active 112 DOM
6. 2026-06-13
   days on market $102,500 Active 110 DOM
7. 2026-06-13
   days on market $102,500 Active 109 DOM
8. 2026-06-09
   days on market $102,500 Active 106 DOM
9. 2026-06-08
   days on market $102,500 Active 105 DOM
10. 2026-06-07
    days on market $102,500 Active 104 DOM
11. 2026-06-04
    days on market $102,500 Active 101 DOM
12. 2026-06-03
    days on market $102,500 Active 100 DOM
13. 2026-06-02
    days on market $102,500 Active 99 DOM
14. 2026-06-01
    days on market $102,500 Active 98 DOM
15. 2026-05-31
    days on market $102,500 Active 97 DOM
16. 2026-02-23
    listed $102,500 Active 751-char remark

    Show marketing remark (751 chars)

    Simple living in quiet safe community, with salt water pool. Heat, hot water, sewer etc. included in $719 HOA fee so only pay electric, Ins. , and taxes. Commuters will like being Close to I-295, Rt 130, and River line. Desirable to owner occupy instead of paying rent or for leasing to the many local warehouse workers in the area. Newer Built in Micro Convection oven above range, refrigerator and combo washer/Dryer. Spacious feel, with plenty of closet space in Hallway and Bedroom. This First Floor Unit has New carpeting in Living room and New high quality floor in Kitchen, Hallway, and Dining Room. Expanded Kitchen with extra counter to left of Stove and Soffit above cabinets. HVAC replaced in 2018. Additional photos available upon request.

17. 2025-12-03
    historical
18. 2025-09-05
    price $115,000
19. 2025-07-08
    price $124,500
20. 2025-06-03
    listed $129,500 Active
21. 2024-08-07
    soldstatus $135,000 Closed
22. 2024-07-05
    status Pending
23. 2024-07-02
    historical Active Under Contract
24. 2024-06-07
    price $142,500
25. 2024-05-07
    status Active
26. 2024-04-25
    historical Active Under Contract
27. 2024-03-20
    listed $150,000 Active
28. 2023-08-04
    soldstatus $115,000 Closed
29. 2023-06-07
    status Pending
30. 2023-05-15
    historical Active Under Contract
31. 2023-02-24
    listed $120,000 Active
32. 2014-10-25
    historical
33. 2012-11-18
    listed $62,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,129
• − Mortgage interest: −$5,742
• − Property taxes: −$1,538
• − Insurance: −$512
• − Repairs & maintenance: −$1,770
• − Management: −$1,770
• − HOA: −$720
• − Depreciation: −$2,982
• Taxable income: $7,095
• Est. tax owed @ 24.0%: −$1,703
• After-tax cash flow: $6,559/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.

Condition & rehab AI · 6 photos

Average 55/100 Cosmetic rehab

This condo has average condition with some cosmetic repairs needed. Painting, replacing the kitchen faucet, and new carpet would significantly enhance its value.

Repairs flagged

• Minor Kitchen cabinets — Slight wear and tear visible on the wooden cabinets.

Value-add opportunities

• Both Paint the interior walls — Fresh paint can make the space feel brighter and more inviting.
• Both Replace the kitchen faucet — A new faucet can improve the kitchen's functionality and aesthetics.
• Both Replace the carpet — New carpet can improve the living room's appearance and comfort level.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Slight wear and tear visible on the wooden cabinets.	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Both Paint the interior walls — Fresh paint can make the space feel brighter and more inviting. ↑
• Both Replace the kitchen faucet — A new faucet can improve the kitchen's functionality and aesthetics. ↑
• Both Replace the carpet — New carpet can improve the living room's appearance and comfort level. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Florence Township School District
• NCES district ID: 3405220
• Math proficiency: 19% ▼ -17.00%
• Reading proficiency: 45% ▲ 5.00%
• Median HH income: $77,044
• Composite: 30.34/100
• National rank: #6266
• State rank: #301 of 472 in NJ

Livability — Florence

• Score: 71/100
• State rank: #255
• US rank: #7317

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Florence, NJ
• City population: 5,830
• Population (ZIP): 5,830

Population outlook (Burlington County) Hauer SSP2

• Today (2025): 453,425 people
• By 2030: 452,359 · -0.2%
• By 2040: 445,033 · -1.9%
• By 2050: 431,760 · -4.8%
• By 2075: 406,277 · -10.4%
• By 2100: 364,732 · -19.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 13% Two or more races 9% Asian 8% Black 7%
• Hispanic origin (detail): Puerto Rican 7% Cuban 4%
• Common ancestry: Romanian 10% Italian 5% Slovene 3%
• Foreign-born: 13% · Canada, Jamaica, China
• Languages at home: 84% English-only · Spanish 6% Other Indo-European 4% Other Asian/Pacific 4%

Political lean MEDSL · Burlington

• 2024 margin: D (+16.6) · D 57.6% · R 41.0% · Other 1.3%
• 2008→2024 swing: -2.0pp toward R · 2008: 18.6pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+19.5 2016: D+14.8 2012: D+18.7 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.00%
• Current HPI: 319.1503
• Rent YoY: —
• Metro: —
• 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

+65.3% since first listed

18 events — show timeline

• 2026-02-23 Listed $102,500 BRIGHT MLS
• 2025-12-03 Listing Removed — BRIGHT MLS
• 2025-09-05 Price Changed $115,000 BRIGHT MLS
• 2025-07-08 Price Changed $124,500 BRIGHT MLS
• 2025-06-03 Listed $129,500 BRIGHT MLS
• 2024-08-07 Sold (MLS) $135,000 BRIGHT MLS
• 2024-07-05 Pending — BRIGHT MLS
• 2024-07-02 Contingent — BRIGHT MLS
• 2024-06-07 Price Changed $142,500 BRIGHT MLS
• 2024-05-07 Relisted — BRIGHT MLS
• 2024-04-25 Contingent — BRIGHT MLS
• 2024-03-20 Listed $150,000 BRIGHT MLS
• 2023-08-04 Sold (MLS) $115,000 BRIGHT MLS
• 2023-06-07 Pending — BRIGHT MLS
• 2023-05-15 Contingent — BRIGHT MLS
• 2023-02-24 Listed $120,000 BRIGHT MLS
• 2014-10-25 Listing Removed — BRIGHT MLS
• 2012-11-18 Listed $62,000 BRIGHT MLS