384-B Lake Shr S Unit B · Milford, PA 07827

$189,000

2 bd · 1.0 ba · 1,144 sqft · Condo · 3 Days on market

Built 1975 Good condition $123/mo HOA · 7% of rent

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Why this score? — see what drove the D 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 +13.0/30.0
• ARV discount +7.5/15.0
• 1% rule +4.5/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• DSCR +3.9/10.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +1.1/10.0

Listing remarks

COMING SOON (6/6/26) - - - Stay tuned for more pictures, 3D Tour, and Floorplans. This large (1,144 sq ft) ground-floor open-floorplan condo with private entrance (3 steps/stairs) was just renovated to feature new carpeting and paint throughout, and new Kitchen cabinetry. Walk out sliding doors allow you to enjoy the lakefront views/access from the covered ground-level 16' x 12' private patio. OTHER: Assigned Parking Spot + Guest, Washer/Dryer closet, ample Storage, and Public Water & Sewer! Amenities include Lake Access, huge Pool, Beach, Ball Field, Playground, Basketball Court, Tennis Courts, Dog Park, etc. In addition, integrated into the community is High Point Country Club's bea

Key facts

• $123 HOA
• 2 parking spots
• Community pool

Property features AI

Finance

• Other: Community living with lake privileges
• HOA & community: Monthly association fee of $123; Association fee includes common area maintenance (and other items per remarks); Other association fees listed (additional $150)

Exterior

• Parking: 2 assigned off-street parking spaces
• Utilities: Public water (extra charge applies); Public sewer (extra charge applies); Electric service; Fiber optic available; Garbage service with extra charge
• Home design: One-floor, first-floor unit; Located on the first floor; Approximate construction year listed as approximate; Renovated in 2025
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Patio; Association outdoor pool; Lakefront setting; Playground and tennis courts available in community

Interior

• Kitchen: Eat-in kitchen; Separate dining area; Dishwasher, Electric range/oven, Refrigerator
• Bedrooms: 2 bedrooms on the ground/main level
• Flooring: Carpeting; Laminate
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Electric baseboard heating; Cooling: see remarks
• Interior features: Dishwasher, Range/Oven (electric), Refrigerator; Electric water heater; Carpeting and laminate flooring; Eat-in kitchen with separate dining area; Patio access from unit
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $189k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-10 ($-116/yr) — negative.
• To cash-flow at today's rent, offer at most $188k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (4.9% below list).
• Recommended offer: $180k (4.9% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.4% in Milford — 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 79/100 on livability (#255 in PA, #2,230 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, amenities A+, health & safety A+; Watch: cost of living D+, commute F.
• Montague Township School District (rural): math 40% / reading 55% proficiency, ranked #400 of 612 in NJ (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Montague Township School (math 12% / reading 37%, grade F, #878 of 1,303 statewide, top 70%, 310 students, 32% FRL) — zoned schools at 32% FRL track the district average.
• Zoned-school proficiency averages 24% at this address vs 48% district-wide (-23 pts) — the specific schools serving this property underperform the Montague Township School District average; the district grade overstates school quality for this exact location.
• Market conditions: 184 units permitted in Sussex County in 2024 (18 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 $6k of value loss. Plan a longer hold.
• Sussex County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $179,681 (4.9% below list)

Questions for the listing agent

1. 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?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 0.95% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.22%
• DSCR: 0.99
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -16.6%
• Equity multiple: 0.41×
• Total profit: $-31,138
• Equity at exit: $28,181

10-year hold

• IRR: -8.3%
• Equity multiple: 0.48×
• Total profit: $-27,490
• Equity at exit: $16,341

Cash invested: $52,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Pennsylvania: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

10-day notice; Philadelphia has eviction-court diversion + some protections; otherwise moderate.

Methodology + full state rankings →

ZIP-level market 07827

• Home prices YoY: -2.6%
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,797 medium
• Mortgage (P&I): −$991
• Tax est. 1.5%: −$236 /mo · $2,835/yr
• Insurance: −$79
• HOA: −$123
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $-10

Break-even live

Break-even rent $1,809

Max offer price $187,603

Occupancy floor 96%

Sensitivity live

Price	-10% $121	-5% $56	+0% $-10	+5% $-75	+10% $-140
Rent	-10% $-152	-5% $-81	+0% $-10	+5% $61	+10% $132
Rate	-1.0pp $86	-0.5pp $38	base $-10	+0.5pp $-59	+1.0pp $-108

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $123 · $1,476/yr
• Likely covers: watersewerpoolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-01
   days on market $189,000 Coming Soon 3 DOM
2. 2026-05-31
   days on market $189,000 Coming Soon 2 DOM

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

Taxation est. · year 1

• Rental income: $21,562
• − Mortgage interest: −$10,587
• − Property taxes: −$2,835
• − Insurance: −$945
• − Repairs & maintenance: −$1,725
• − Management: −$1,725
• − HOA: −$1,476
• − Depreciation: −$5,498
• Taxable loss: −$3,229
• Est. tax savings @ 24.0%: +$775
• After-tax cash flow: $659/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.

Condition & rehab AI · 8 photos

Good 75/100 Cosmetic rehab

This ground-floor open-floorplan condo has been recently renovated with new carpeting and paint, and features a private patio with lake views. The property is located in a community with various amenities, including a pool, beach, ball field, playground, and tennis courts.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and property value
• Both Painting exterior — Improves curb appeal and property value
• Both Landscaping around pool — Enhances curb appeal and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and property value ↑
• Both Painting exterior — Improves curb appeal and property value ↑
• Both Landscaping around pool — Enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Montague Township School District
• NCES district ID: 3410530
• Math proficiency: 40% ▼ -15.00%
• Reading proficiency: 55% ▬ 0.00%
• Median HH income: $62,366
• Composite: 43.98/100
• National rank: #6267
• State rank: #400 of 612 in NJ

Livability — Milford

• Score: 79/100
• State rank: #255
• US rank: #2230

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 15,799
• Population (ZIP): 4,111

Population outlook (Sussex County) Hauer SSP2

• Today (2025): 133,413 people
• By 2030: 127,324 · -4.6%
• By 2040: 113,987 · -14.6%
• By 2050: 100,391 · -24.8%
• By 2075: 78,063 · -41.5%
• By 2100: 62,346 · -53.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 6% Asian 6% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Romanian 9% Iranian 4% Subsaharan African 2%
• Foreign-born: 6% · Canada, China, Dominican Republic
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% Russian/Polish/Slavic 2%

Political lean MEDSL · Sussex

• 2024 margin: Strong R (+24.9) · D 36.6% · R 61.6% · Other 1.8%
• 2008→2024 swing: -4.2pp toward R · 2008: -20.7pp · 2024: -24.9pp
• All cycles: 2024: R+24.9 2020: R+19.5 2016: R+30.3 2012: R+22.4 2008: R+20.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.89%
• Current HPI: 290.6237
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.68%
• F500 in state: 34

Industry mix (Fortune 500 HQ in PA)

Industry	F500 HQs	Revenue
▸Healthcare	2	$309B
▸Insurance	2	$27B
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

+0.0% since first listed

4 events — show timeline

• 2026-05-29 Coming Soon $189,000 GSMLS
• 2026-02-02 Sold (MLS) $194,000 GSMLS
• 2025-12-15 Pending — GSMLS
• 2025-11-17 Listed $189,000 GSMLS