328 Nicholas Dr · Moorestown-Lenola, NJ 08075

$133,884

2 bd · 2.0 ba · 1,059 sqft · Condo public records · 24 Days on market

Built 2003 $292/mo HOA · 13% 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 +28.9/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This lovely two bedroom condo with a den that could be used as a guest room or an office is located at the well kept Garden Club in Delran. The living room and dining area faces a serene view to the wooded back yard. Enjoy all the amenities: the pool is located in a harmonious landscape, and a tennis court within the premises and other amenities. Live in luxury at affordable price. This is a moderate income property. Complete application must be submitted to the LA to submit to NJHMFA to be reviewed and approved. Easy access to all major Highways and downtown Philadelphia. Easy to show.

Key facts

• $292 HOA
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $134k.

Deal economics

• At list price, monthly cash flow is $453 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• Recommended offer: $132k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 3.0% in Moorestown-Lenola — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Delran Township School District (suburban): math 22% / reading 49% proficiency, ranked #251 of 472 in NJ (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 129 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $926 of loan paydown is wiped out by about $4k 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 $37k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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.
• Current owner paid $98k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price.
• Climate carrying-cost: major wind risk, 36% 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 $131,875 (1.5% below list)

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.70% ✓
• Cap rate: 10.35%
• Cash-on-cash: 14.49%
• DSCR: 1.64
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 5.1%
• Equity multiple: 1.20×
• Total profit: $7,422
• Equity at exit: $19,963

10-year hold

• IRR: 14.7%
• Equity multiple: 2.19×
• Total profit: $44,767
• Equity at exit: $11,576

Cash invested: $37,488 (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 08075

• Active inventory: 129
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,276 high
• Mortgage (P&I): −$702
• Tax from tax record: −$296 /mo · $3,548/yr
• Insurance: −$56
• HOA: −$292
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $453

Break-even live

Break-even rent $1,703

Max offer price $133,884

Occupancy floor 75%

Sensitivity live

Price	-10% $528	-5% $490	+0% $453	+5% $415	+10% $377
Rent	-10% $273	-5% $363	+0% $453	+5% $542	+10% $632
Rate	-1.0pp $520	-0.5pp $487	base $453	+0.5pp $418	+1.0pp $383

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: $33,471
• Closing costs: $4,017
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
135 Natalie Rd Riverside, NJ	3.0	2.0	1257	$2,360	$1.88	5d	1	0.15mi
34 Foxglove Dr Delran, NJ	2.0	1.0	790	$1,900	$2.41	24d	1	0.65mi
5 Larkspur Ct Delran, NJ	3.0	2.5	1476	$3,000	$2.03	1d	1	0.66mi
1901 Underwood Blvd Delran, NJ	1.0–2.0	1.0–2.0	942	$2,450	$2.60	1d	1	1.33mi
808 Delaware Ave Riverside, NJ	3.0	2.0	948	$2,600	$2.74	1d	1	1.40mi

HOA detail condo

• Monthly dues: $292 · $3,504/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-03-30
   status Pending
2. 2026-03-08
   status Active
3. 2026-02-25
   historical
4. 2026-02-24
   status Active
5. 2026-02-24
   historical
6. 2026-02-23
   listed $133,884 Active
7. 2019-03-04
   soldstatus $98,000
8. 2018-12-31
   soldstatus $98,000 Closed 593-char remark

   Show marketing remark (593 chars)

   This lovely two bedroom condo with a den that could be used as a guest room or an office is located at the well kept Garden Club in Delran. The living room and dining area faces a serene view to the wooded back yard. Enjoy all the amenities: the pool is located in a harmonious landscape, and a tennis court within the premises and other amenities. Live in luxury at affordable price. This is a moderate income property. Complete application must be submitted to the LA to submit to NJHMFA to be reviewed and approved. Easy access to all major Highways and downtown Philadelphia. Easy to show.

9. 2018-12-10
   status Pending 593-char remark

   Show marketing remark (593 chars)

   This lovely two bedroom condo with a den that could be used as a guest room or an office is located at the well kept Garden Club in Delran. The living room and dining area faces a serene view to the wooded back yard. Enjoy all the amenities: the pool is located in a harmonious landscape, and a tennis court within the premises and other amenities. Live in luxury at affordable price. This is a moderate income property. Complete application must be submitted to the LA to submit to NJHMFA to be reviewed and approved. Easy access to all major Highways and downtown Philadelphia. Easy to show.

10. 2018-09-08
    listed $98,000 Active 593-char remark

    Show marketing remark (593 chars)

    This lovely two bedroom condo with a den that could be used as a guest room or an office is located at the well kept Garden Club in Delran. The living room and dining area faces a serene view to the wooded back yard. Enjoy all the amenities: the pool is located in a harmonious landscape, and a tennis court within the premises and other amenities. Live in luxury at affordable price. This is a moderate income property. Complete application must be submitted to the LA to submit to NJHMFA to be reviewed and approved. Easy access to all major Highways and downtown Philadelphia. Easy to show.

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

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $3,548 · $296/mo
• Projected year-2 tax: $3,548 · $296/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 36% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,314
• − Mortgage interest: −$7,500
• − Property taxes: −$3,548
• − Insurance: −$669
• − Repairs & maintenance: −$2,185
• − Management: −$2,185
• − HOA: −$3,504
• − Depreciation: −$3,895
• Taxable income: $3,827
• Est. tax owed @ 24.0%: −$919
• After-tax cash flow: $4,512/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.

Schools (NCES district)

• District: Delran Township School District
• NCES district ID: 3403780
• Math proficiency: 22% ▼ -16.00%
• Reading proficiency: 49% ▼ -2.00%
• Median HH income: $83,417
• Composite: 33.85/100
• National rank: #5354
• State rank: #251 of 472 in NJ

Livability — Moorestown-Lenola

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Burlington County · 323,710 people
• City population: 20,990
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 30,615
• Household income: $94,407
• Rent vs Own: 30.2% rent · 69.8% own
• Severe rent burden: 1103.0

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 (70%)
• Race & ethnicity: White 70% Black 10% Hispanic / Latino 9% Two or more races 9% Asian 3%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 8% Estonian 3% Russian 2%
• Foreign-born: 13% · Canada, China
• Languages at home: 82% English-only · Other Indo-European 8% Spanish 6% Other Asian/Pacific 2%

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: ▼ -396.76%
• Current HPI: 281.8091
• Rent YoY: —
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• 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

+36.6% since first listed

10 events — show timeline

• 2026-03-30 Pending — BRIGHT MLS
• 2026-03-08 Relisted — BRIGHT MLS
• 2026-02-25 Listing Removed — BRIGHT MLS
• 2026-02-24 Relisted — BRIGHT MLS
• 2026-02-24 Listing Removed — BRIGHT MLS
• 2026-02-23 Listed $133,884 BRIGHT MLS
• 2019-03-04 Sold (Public Records) $98,000 Public Records
• 2018-12-31 Sold (MLS) $98,000 BRIGHT MLS
• 2018-12-10 Pending — BRIGHT MLS
• 2018-09-08 Listed $98,000 BRIGHT MLS

Property tax history

+3.0%/yr

Latest (2025): $3,548 · +0.7% YoY. Source: county tax records.