511 Sykesville Rd #116

Wrightstown, NJ 08562

$115,000B+

2 bd · 2.0 ba · 960 sqft · Built 2016 · Land · Active · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,749/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$367
• Net cashflow: $587/mo
• Annual: $7,046/yr
• Cap rate: 12.42%
• Cash-on-cash: 21.88%
• DSCR: 1.97
• 1% rule: 1.52%
• Cash to close: $32,200

Investor read

• This is a 2-bed/2.0-bath land listed at $115k.
• At list price, monthly cash flow is $587 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 116 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($795 loan paydown + $8k appreciation (7.3% local appreciation)).
• Location reads 58/100 on livability (#503 in NJ) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: housing C-, employment D+, amenities F.
• 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).
• Market conditions: 33 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 12 sale attempts since 31y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $115k implies a 156% gain — meaningful room to come down on a strong offer.
• At projected returns (7.3% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.