181 Cookstown New Egypt Rd Unit B37

North Hanover, NJ 08562

$165,000D+

3 bd · 2.0 ba · 900 sqft · Built 2016 · SingleFamily · Active · 338 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,739/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$275
• HOA: −$600
• Vac / Maint / Mgmt: −$365
• Net cashflow: $-366/mo
• Annual: $-4,396/yr
• Cap rate: 3.63%
• Cash-on-cash: -9.51%
• DSCR: 0.58
• 1% rule: 1.05%
• Cash to close: $46,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $165k. Condition is rated good.
• At list price, monthly cash flow is $-366 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (32.1% below list).
• Meets the 1% rule at list price ($2k rent vs $165k).
• It's been on market 338 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (32.1% below list) — sets the bar for cash-flow.
• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (7.3% local appreciation)).
• Location reads: area grade D — 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).
• Watch-outs: HOA is 34% of rent.
• Market conditions: 54 active listings in the ZIP; 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.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.6% 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.

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 338 days. Have you received any prior offers? Is the seller open to a 32% 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — The cabinets appear dated and could be replaced for a fresh look.
• Minor: bathroom paint — The paint in the bathrooms appears slightly worn and could be refreshed.
• Minor: landscaping — The yard could benefit from some updates to enhance curb appeal.