3 Chelmsford Ct

Marlton, NJ 08053

$275,000D-

3 bd · 2.0 ba · 1,369 sqft · Built 1987 · Condo · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,650/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$458
• HOA: −$308
• Vac / Maint / Mgmt: −$557
• Net cashflow: $-115/mo
• Annual: $-1,377/yr
• Cap rate: 5.79%
• Cash-on-cash: -1.79%
• DSCR: 0.92
• 1% rule: 0.96%
• Cash to close: $77,000

Investor read

• This is a 3-bed/2.0-bath condo listed at $275k. Condition is rated poor.
• At list price, monthly cash flow is $-115 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $258k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (3.6% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $258k (6.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#165 in NJ, #4,364 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: amenities C-, commute F, cost of living F.
• Lenape Regional High School District (suburban): math 34% / reading 60% proficiency, ranked #136 of 472 in NJ (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cherokee High School (math 32% / reading 59%, grade D-, #138 of 399 statewide, top 36%, 2,179 students, 10% FRL).
• Market conditions: Rents rising (+3.0%/yr); 191 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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.
• 2 sale attempts since 9y ago; this cycle's ask is 62% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $170k; list at $275k implies a 62% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 61% 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.
• Cap rate 5.8% vs local median 3.2% in Marlton — 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.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: exterior paint — Peeling and chipping
• Major: roof — No visible damage, but not inspected