2524 Wendover Dr

Pompton Plains, NJ 07444

$200,972C-

2 bd · 1.0 ba · 725 sqft · Built 1994 · SingleFamily · Under Contract · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,169/mo
• Mortgage (P&I): −$1,054
• Tax + insurance: −$378
• HOA: −$0
• Vac / Maint / Mgmt: −$455
• Net cashflow: $281/mo
• Annual: $3,374/yr
• Cap rate: 7.97%
• Cash-on-cash: 6.00%
• DSCR: 1.27
• 1% rule: 1.08%
• Cash to close: $56,272

Investor read

• This is a 2-bed/1.0-bath single-family listed at $201k.
• At list price, monthly cash flow is $281 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $201k).
• It's been on market 34 days — a 3% lower offer ($195k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $195k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Pequannock Township School District (suburban): math 39% / reading 60% proficiency, ranked #129 of 472 in NJ (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 3% free/reduced lunch — higher-income household profile.
• Market conditions: 6 active listings in the ZIP; 2,357 units permitted in Morris County in 2024 (1,496 in 5+ unit buildings).
• Morris County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $136k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.