1080 Buckingham Dr

Thorofare, NJ 08086

$350,000D

3 bd · 2.5 ba · 2,342 sqft · Built 2006 · Condo · Active · 149 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,524/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$756
• HOA: −$285
• Vac / Maint / Mgmt: −$740
• Net cashflow: $-92/mo
• Annual: $-1,109/yr
• Cap rate: 5.98%
• Cash-on-cash: -1.13%
• DSCR: 0.95
• 1% rule: 1.01%
• Cash to close: $98,000

Investor read

• This is a 3-bed/2.5-bath condo listed at $350k.
• At list price, monthly cash flow is $-92 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $334k (4.7% below list).
• Meets the 1% rule at list price ($4k rent vs $350k).
• It's been on market 149 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• West Deptford Township School District (suburban): math 24% / reading 50% proficiency, ranked #253 of 472 in NJ (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: West Deptford Middle School (math 20% / reading 53%, grade F, #226 of 431 statewide, top 55%, 849 students, 26% FRL); West Deptford High School (math 32% / reading 57%, grade F, #149 of 399 statewide, top 40%, 781 students, 22% FRL) — zoned schools at 24% FRL track the district average.
• Market conditions: 40 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,047 units permitted in Gloucester County in 2024 (183 in 5+ unit buildings).
• Gloucester County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 7 sale attempts since 19y ago; this cycle's ask has dropped $45k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $170k; list at $350k implies a 106% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% 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.

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?
• It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• 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.