2110 Mays Landing Rd

Vineland, NJ 08332

$100,000F

1 bd · 1.0 ba · — sqft · Built 2000 · Manufactured · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,253/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$167
• HOA: −$600
• Vac / Maint / Mgmt: −$263
• Net cashflow: $-301/mo
• Annual: $-3,617/yr
• Cap rate: 2.68%
• Cash-on-cash: -12.92%
• DSCR: 0.43
• 1% rule: 1.25%
• Cash to close: $28,000

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $-301 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $56k (43.6% below list).
• Meets the 1% rule at list price ($1k rent vs $100k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $56k (43.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#363 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Vineland Public School District (urban): math 9% / reading 34% proficiency, ranked #418 of 472 in NJ (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Dr. William Mennies Elementary School (math 0% / reading 23%, grade F, #1,206 of 1,303 statewide, top 93%, 602 students, 0% FRL); Anthony Rossi Elementary School (math 10% / reading 31%, grade F, #985 of 1,303 statewide, top 76%, 611 students, 0% FRL); Vineland Senior High School (math 10% / reading 34%, grade F, #346 of 399 statewide, top 88%, 2,780 students, 0% FRL) — zoned schools average 0% FRL vs 53% district-wide (53 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 48% of rent.
• Market conditions: Rents rising (+1.9%/yr); 297 active listings in the ZIP; 216 units permitted in Cumberland County in 2024 (73 in 5+ unit buildings).
• Cumberland County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 38 sale attempts since 20y ago; this cycle's ask is 72% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $25k; list at $100k implies a 300% gain — meaningful room to come down on a strong offer.
• Cap rate 2.7% vs local median 4.5% in Vineland — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.