13 Jay Ct

Plainsboro, NJ 08536

$106,642B

1 bd · 1.0 ba · 688 sqft · Built 1983 · Condo · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,839/mo
• Mortgage (P&I): −$559
• Tax + insurance: −$178
• HOA: −$235
• Vac / Maint / Mgmt: −$386
• Net cashflow: $481/mo
• Annual: $5,768/yr
• Cap rate: 11.70%
• Cash-on-cash: 19.32%
• DSCR: 1.86
• 1% rule: 1.72%
• Cash to close: $29,860

Investor read

• This is a 1-bed/1.0-bath condo listed at $107k. Condition is rated good.
• At list price, monthly cash flow is $481 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $107k).
• It's been on market 48 days — a 3% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $738 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• West Windsor-Plainsboro Regional School District (suburban): math 57% / reading 71% proficiency, ranked #37 of 472 in NJ (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 3% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-0.8%/yr); 65 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,971 units permitted in Middlesex County in 2024 (1,193 in 5+ unit buildings).
• Middlesex County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 15y 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 $73k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $30k cash investment doubles in ~9 years — after that, you're playing with house money.
• 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.
• This rent is only 16% of the median local income ($138k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.