18 Lenape Dr Unit B · Crestwood Village, NJ 08759

$149,900

2 bd · 2.0 ba · — sqft · MultiFamily · 24 Days on market

$430/mo HOA · 20% of rent

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Why this score? — see what drove the C 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 +23.1/30.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Charming Lexington model in the 55+ Crestwood 3 community with 2 bedrooms, 2 full bathrooms, and a 1-car garage! Enjoy a spacious living and dining area with wood flooring and sliding doors leading to a bright sunroom. The eat-in kitchen features direct access to the outdoors. The primary bedroom includes a private en suite with a shower stall. There's ample closet space throughout the home, plus a laundry room with a utility tub and cabinetry. The backyard provides a peaceful buffer for added privacy. Residents of Crestwood 3 enjoy a clubhouse, exterior maintenance, snow and trash removal, and more. Sprinkler system to keep your lawn beautiful. Newer roof and windows. Schedule a showing today! Don't wait!

Key facts

• Private en suite
• Laundry room
• Newer roof

Tags

• BRIGHT SUNROOM
• EAT-IN KITCHEN
• PRIVATE EN SUITE
• AMPLE CLOSET SPACE
• LAUNDRY ROOM
• NEWER ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 5.5% in Crestwood Village — 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 63/100 on livability (#422 in NJ) — a middle-class / working-renter tenant base. Strengths: cost of living A, housing A, health & safety B+; Watch: amenities F, commute F, employment F.
• Manchester Township School District (suburban): math 25% / reading 44% proficiency, ranked #320 of 472 in NJ (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Whiting Elementary School (math 22% / reading 47%, grade F, #582 of 1,303 statewide, top 49%, 301 students, 25% FRL); Manchester Township Middle School (math 28% / reading 45%, grade F, #226 of 431 statewide, top 55%, 582 students, 41% FRL); Manchester Township High School (math 21% / reading 38%, grade F, #290 of 399 statewide, top 74%, 959 students, 38% FRL).
• Market conditions: 658 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 4,434 units permitted in Ocean County in 2024 (868 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Ocean County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y 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 $82k; list at $150k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,651 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.46% ✓
• Cap rate: 8.44%
• Cash-on-cash: 7.68%
• DSCR: 1.34
• GRM: 5.7

CMA / ARV

• ARV (median comp): $98,782
• List price: $149,900
• Delta: 51.75%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-6,876
• Equity at exit: $22,351

10-year hold

• IRR: 5.5%
• Equity multiple: 1.41×
• Total profit: $17,262
• Equity at exit: $12,961

Cash invested: $41,972 (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 08759

• Active inventory: 658
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,196 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$430
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $269

Break-even live

Break-even rent $1,856

Max offer price $149,900

Occupancy floor 83%

Sensitivity live

Price	-10% $372	-5% $321	+0% $269	+5% $217	+10% $165
Rent	-10% $95	-5% $182	+0% $269	+5% $355	+10% $442
Rate	-1.0pp $344	-0.5pp $307	base $269	+0.5pp $230	+1.0pp $190

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8A Canton Dr Unit 8A Whiting, NJ	2.0	2.0	—	$2,400	—	45d	1	0.45mi
4B Oxford Pl Unit A Whiting, NJ	2.0	2.0	—	$2,000	—	45d	1	0.51mi
9A Juniper Ln Unit 50 Whiting, NJ	1.0	1.0	1009	$1,950	$1.93	45d	1	0.57mi
19B Maplewood Dr #52 Whiting, NJ	2.0	1.5	1109	$2,250	$2.03	18d	1	0.61mi
16B Ivy Ct Unit A Manchester Township, NJ	2.0	2.0	1544	$2,400	$1.55	0d	1	0.66mi
35 Auburn St Whiting, NJ	2.0	1.5	—	$2,300	—	0d	1	0.80mi
57D Milford Ave Unit 53 Whiting, NJ	2.0	1.0	880	$1,800	$2.05	26d	1	0.84mi
9B Portsmouth St Unit 54B Whiting, NJ	2.0	2.0	1544	$2,350	$1.52	22d	1	0.86mi
9B Portsmouth St Unit 54B Whiting, NJ	2.0	2.0	1544	$2,400	$1.55	0d	1	0.86mi
50 Westport Dr #71 Whiting, NJ	2.0	1.0	1120	$2,200	$1.96	0d	1	0.87mi
49 Westport Dr #71 Whiting, NJ	2.0	1.5	1192	$1,995	$1.67	45d	1	0.87mi
— Lakehurst, NJ	2.0	2.0	1568	$2,300	$1.47	0d	1	1.01mi

HOA detail

• Monthly dues: $430 · $5,160/yr
• Likely covers: trashexterior maint.

Listing history 6 events

1. 2026-05-11
   status Pending 717-char remark

   Show marketing remark (717 chars)

   Charming Lexington model in the 55+ Crestwood 3 community with 2 bedrooms, 2 full bathrooms, and a 1-car garage! Enjoy a spacious living and dining area with wood flooring and sliding doors leading to a bright sunroom. The eat-in kitchen features direct access to the outdoors. The primary bedroom includes a private en suite with a shower stall. There's ample closet space throughout the home, plus a laundry room with a utility tub and cabinetry. The backyard provides a peaceful buffer for added privacy. Residents of Crestwood 3 enjoy a clubhouse, exterior maintenance, snow and trash removal, and more. Sprinkler system to keep your lawn beautiful. Newer roof and windows. Schedule a showing today! Don't wait!

2. 2026-04-17
   listed $149,900 Active 717-char remark

   Show marketing remark (717 chars)

   Charming Lexington model in the 55+ Crestwood 3 community with 2 bedrooms, 2 full bathrooms, and a 1-car garage! Enjoy a spacious living and dining area with wood flooring and sliding doors leading to a bright sunroom. The eat-in kitchen features direct access to the outdoors. The primary bedroom includes a private en suite with a shower stall. There's ample closet space throughout the home, plus a laundry room with a utility tub and cabinetry. The backyard provides a peaceful buffer for added privacy. Residents of Crestwood 3 enjoy a clubhouse, exterior maintenance, snow and trash removal, and more. Sprinkler system to keep your lawn beautiful. Newer roof and windows. Schedule a showing today! Don't wait!

3. 2011-02-21
   soldstatus $82,000 383-char remark

   Show marketing remark (383 chars)

   55+ COMMUNITY---WELL MAINTAINED LEXINGTON, 2 LARGE BDRMS, 2 FULL BATHS, LAMINATE FLOORS IN L/R, D/R AND FOYER, EAT IN KITCHEN UPGRADED W/NEWER SMOOTH TOP RANGE, FRIG, DISHWASHER, NEWER COUNTER TOPS, SINK AND FLOOR, FRONT PORCH/DEN, LAUNDRY RM W/NEWER WASHER AND DRYER, OPEN SIDE PATIO, CENTRAL A/C, CEILING FANS, NEWER VINYL WINDOWS THRU OUT, LAWN SPRINKLERS ON WELL, GDO, MUCH MORE!

4. 2010-11-11
   listed $84,900 383-char remark

   Show marketing remark (383 chars)

   55+ COMMUNITY---WELL MAINTAINED LEXINGTON, 2 LARGE BDRMS, 2 FULL BATHS, LAMINATE FLOORS IN L/R, D/R AND FOYER, EAT IN KITCHEN UPGRADED W/NEWER SMOOTH TOP RANGE, FRIG, DISHWASHER, NEWER COUNTER TOPS, SINK AND FLOOR, FRONT PORCH/DEN, LAUNDRY RM W/NEWER WASHER AND DRYER, OPEN SIDE PATIO, CENTRAL A/C, CEILING FANS, NEWER VINYL WINDOWS THRU OUT, LAWN SPRINKLERS ON WELL, GDO, MUCH MORE!

5. 2010-04-22
   listed $104,900
6. 2009-01-15
   listed $114,900

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,350
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$2,108
• − Management: −$2,108
• − HOA: −$5,160
• − Depreciation: −$4,361
• Taxable income: $1,218
• Est. tax owed @ 24.0%: −$292
• After-tax cash flow: $2,933/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: Manchester Township School District
• NCES district ID: 3409450
• Math proficiency: 25% ▼ -17.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $38,905
• Composite: 28.8/100
• National rank: #6662
• State rank: #320 of 472 in NJ

Livability — Crestwood Village

• Score: 63/100
• State rank: #422
• US rank: #15006

Category grades

Amenities F Commute F Cost of living A Crime C+ Employment F Housing A Health & safety B+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crestwood Village, NJ
• Population (ZIP): 34,290

Population outlook (Ocean County) Hauer SSP2

• Today (2025): 586,991 people
• By 2030: 581,403 · -1.0%
• By 2040: 564,913 · -3.8%
• By 2050: 538,149 · -8.3%
• By 2075: 468,845 · -20.1%
• By 2100: 350,297 · -40.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Black 4% Two or more races 4% Asian 2%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Romanian 8% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 88% English-only · Spanish 3% Russian/Polish/Slavic 2% Other Indo-European 2%

Political lean MEDSL · Ocean

• 2024 margin: Solid R (+36.0) · D 31.4% · R 67.4% · Other 1.2%
• 2008→2024 swing: -17.6pp toward R · 2008: -18.4pp · 2024: -36.0pp
• All cycles: 2024: R+36.0 2020: R+28.7 2016: R+34.0 2012: R+17.7 2008: R+18.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -347.85%
• Current HPI: 274.4679
• Rent YoY: —
• Metro: —
• 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

+30.5% since first listed

6 events — show timeline

• 2026-05-11 Pending — MOMLS
• 2026-04-17 Listed $149,900 MOMLS
• 2011-02-21 Sold (MLS) $82,000 MOMLS
• 2010-11-11 Listed $84,900 MOMLS
• 2010-04-22 Listed $104,900 MOMLS
• 2009-01-15 Listed $114,900 MOMLS