111 E Hemmingsway Way

Lawnside, NJ 08045

$360,000B

4 bd · 2.0 ba · 1,804 sqft · Built 1970 · SingleFamily · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,207/mo
• Mortgage (P&I): −$1,888
• Tax + insurance: −$887
• HOA: −$0
• Vac / Maint / Mgmt: −$884
• Net cashflow: $548/mo
• Annual: $6,581/yr
• Cap rate: 8.12%
• Cash-on-cash: 6.53%
• DSCR: 1.29
• 1% rule: 1.17%
• Cash to close: $100,800

Investor read

• This is a 4-bed/2.0-bath single-family listed at $360k.
• At list price, monthly cash flow is $548 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $360k).
• It's been on market 65 days — a 6% lower offer ($338k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $338k (6.0% below list) — sets the bar for market timing.
• In year one you build about $38k of equity ($2k loan paydown + $36k appreciation (10.0% local appreciation)).
• Location reads 75/100 on livability (#152 in NJ, #3,974 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, employment A-; Watch: crime F, amenities F.
• Lawnside School Distric (suburban): math 20% / reading 35% proficiency, ranked #566 of 612 in NJ (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lawnside School (math 8% / reading 32%, grade F, #995 of 1,303 statewide, top 78%, 324 students, 40% FRL) — zoned schools average 40% FRL vs 64% district-wide (24 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 22 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 1,018 units permitted in Camden County in 2024 (509 in 5+ unit buildings).
• Camden County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 17y ago; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $268k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $101k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk; major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.