511 Wrightstown Sykesville Rd #116

North Hanover, NJ 08562

$95,000B-

2 bd · 2.0 ba · 960 sqft · Built 2016 · Manufactured · Active · 260 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,281/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$158
• HOA: −$0
• Vac / Maint / Mgmt: −$269
• Net cashflow: $355/mo
• Annual: $4,263/yr
• Cap rate: 10.78%
• Cash-on-cash: 16.03%
• DSCR: 1.71
• 1% rule: 1.35%
• Cash to close: $26,600

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $95k. Condition is rated good.
• At list price, monthly cash flow is $355 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• It's been on market 260 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($657 loan paydown + $7k appreciation (7.3% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Northern Burlington County Regional School District (rural): math 27% / reading 57% proficiency, ranked #198 of 472 in NJ (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Clarence B. Lamb Elementary School (math 22% / reading 42%, grade F, #661 of 1,303 statewide, top 54%, 294 students, 32% FRL); Northern Burlington County Regional Middle School (math 27% / reading 56%, grade F, #182 of 431 statewide, top 43%, 703 students, 13% FRL); Northern Burlington County Regional High School (math 27% / reading 58%, grade F, #166 of 399 statewide, top 42%, 1,427 students, 13% FRL).
• Market conditions: 54 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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.
• At projected returns (7.3% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 10.8% vs local median 2.3% in North Hanover — 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.
• This rent is only 17% of the median local income ($90k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 260 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.