36 Florence Tollgate · Florence, NJ 08518

$124,000

2 bd · 2.0 ba · 960 sqft · Condo · 9 Days on market

Built 1974 Average condition

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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 +13.6/30.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• DSCR +4.1/10.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This beautiful 2 bedroom 1 1/2 bath condo has heat, hot water, garbage included with the Assoc fees. As well as pool access. It is Close to major highways NJTPK, US 130, US 295, Light rail to Hamilton and Trenton. Beautiful balcony views. Lots of sunlight. Great price in today& apos; s economy.

Key facts

• Pool access
• Balcony views
• Built 1974

Tags

• POOL ACCESS
• BALCONY VIEWS
• CLOSE TO MAJOR HIGHWAYS
• LIGHT RAIL TO HAMILTON
• LIGHT RAIL TO TRENTON

Property features AI

Exterior

• Home design: Built in 1974
• Construction: Living area approximately 960
• Exterior features: Located in the Florence subdivision

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $124k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $7 ($87/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $124k).
• Cap rate 6.4% vs local median 3.6% in Florence — 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 71/100 on livability (#255 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, crime A-; Watch: schools D, amenities F, health & safety F.
• Florence Township School District (suburban): math 19% / reading 45% proficiency, ranked #301 of 472 in NJ (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 40 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,161 units permitted in Burlington County in 2024 (988 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $857 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Burlington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 12 sale attempts since 23y 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.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.
• 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.

Recommended offer $124,000

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.49% ✓
• Cap rate: 6.36%
• Cash-on-cash: 0.25%
• DSCR: 1.01
• GRM: 5.6

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: -15.5%
• Equity multiple: 0.45×
• Total profit: $-19,240
• Equity at exit: $18,489

10-year hold

• IRR: -6.4%
• Equity multiple: 0.58×
• Total profit: $-14,563
• Equity at exit: $10,721

Cash invested: $34,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 08518

• Home prices YoY: -22.6%
• Active inventory: 40
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,847 high
• Mortgage (P&I): −$650
• Tax est. 1.5%: −$155 /mo · $1,860/yr
• Insurance: −$52
• HOA est. from 1 same-building comp: −$595
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $7

Break-even live

Break-even rent $1,838

Max offer price $124,000

Occupancy floor 95%

Sensitivity live

Price	-10% $93	-5% $50	+0% $7	+5% $-36	+10% $-78
Rent	-10% $-139	-5% $-66	+0% $7	+5% $80	+10% $153
Rate	-1.0pp $70	-0.5pp $39	base $7	+0.5pp $-25	+1.0pp $-58

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: $31,000
• Closing costs: $3,720
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21 Florence Tollgate Pl #4 Florence, NJ	2.0	1.0	960	$1,850	$1.93	15d	1	0.07mi
20 Florence Tollgate Pl #1 Florence, NJ	1.0	1.0	774	$1,800	$2.33	15d	1	0.09mi
5 Florence Tollgate Unit 7 Florence, NJ	2.0	1.5	960	$1,950	$2.03	5d	1	0.14mi
225 W 2nd St Florence, NJ	1.0	1.0	733	$674	$0.92	44d	1	0.71mi
1370 Hornberger Ave Unit A Roebling, NJ	1.0	1.0	600	$1,250	$2.08	44d	1	1.30mi
43 Main St Unit 2B Roebling, NJ	1.0	1.0	704	$1,650	$2.34	44d	1	1.40mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watertrashpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-18
   days on market $124,000 Active 9 DOM
2. 2026-06-17
   days on market $124,000 Active 8 DOM
3. 2026-06-16
   days on market $124,000 Active 7 DOM
4. 2026-06-15
   days on market $124,000 Active 6 DOM
5. 2026-06-13
   days on market $124,000 Active 4 DOM
6. 2026-06-13
   days on market $124,000 Active 3 DOM
7. 2026-06-10
   remarks 295-char remark
8. 2026-06-10
   listed $124,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,164
• − Mortgage interest: −$6,946
• − Property taxes: −$1,860
• − Insurance: −$620
• − Repairs & maintenance: −$1,773
• − Management: −$1,773
• − HOA: −$7,140
• − Depreciation: −$3,607
• Taxable loss: −$1,555
• Est. tax savings @ 24.0%: +$373
• After-tax cash flow: $460/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 · 1 photo

Average 55/100 Cosmetic rehab

This 2-bedroom condo has good hardwood flooring and average interior walls, but needs minor repairs and maintenance to improve its condition and value.

Repairs flagged

• Minor paint — Paint appears slightly worn
• Minor curtains — Curtains are present but may need cleaning or replacement

Value-add opportunities

• Both painting — Fresh paint can improve the home's appearance and value
• Both new curtains — Fresh curtains can enhance the home's curb appeal and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
paint · Paint appears slightly worn	Minor	$500–3,000
curtains · Curtains are present but may need cleaning or replacement	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both painting — Fresh paint can improve the home's appearance and value ↑
• Both new curtains — Fresh curtains can enhance the home's curb appeal and rental 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: Florence Township School District
• NCES district ID: 3405220
• Math proficiency: 19% ▼ -17.00%
• Reading proficiency: 45% ▲ 5.00%
• Median HH income: $77,044
• Composite: 30.34/100
• National rank: #6266
• State rank: #301 of 472 in NJ

Livability — Florence

• Score: 71/100
• State rank: #255
• US rank: #7317

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Florence, NJ
• City population: 5,830
• Population (ZIP): 5,830

Population outlook (Burlington County) Hauer SSP2

• Today (2025): 453,425 people
• By 2030: 452,359 · -0.2%
• By 2040: 445,033 · -1.9%
• By 2050: 431,760 · -4.8%
• By 2075: 406,277 · -10.4%
• By 2100: 364,732 · -19.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 13% Two or more races 9% Asian 8% Black 7%
• Hispanic origin (detail): Puerto Rican 7% Cuban 4%
• Common ancestry: Romanian 10% Italian 5% Slovene 3%
• Foreign-born: 13% · Canada, Jamaica, China
• Languages at home: 84% English-only · Spanish 6% Other Indo-European 4% Other Asian/Pacific 4%

Political lean MEDSL · Burlington

• 2024 margin: D (+16.6) · D 57.6% · R 41.0% · Other 1.3%
• 2008→2024 swing: -2.0pp toward R · 2008: 18.6pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+19.5 2016: D+14.8 2012: D+18.7 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.00%
• Current HPI: 319.1503
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

+134.0% since first listed

32 events — show timeline

• 2026-06-10 Listed $124,000 FSBO.com
• 2025-07-12 Listing Removed — BRIGHT MLS
• 2025-06-04 Price Changed $120,000 BRIGHT MLS
• 2025-02-28 Listing Removed — BRIGHT MLS
• 2025-02-21 Price Changed $155,000 BRIGHT MLS
• 2025-02-20 Price Changed $155,000 MOMLS
• 2025-01-30 Listed $164,900 BRIGHT MLS
• 2025-01-30 Listed $164,900 MOMLS
• 2025-01-15 Listed $150,000 BRIGHT MLS
• 2024-12-23 Sold (MLS) $201,000 BRIGHT MLS
• 2024-11-25 Pending — BRIGHT MLS
• 2024-10-08 Listed $190,000 BRIGHT MLS
• 2018-04-19 Sold (MLS) $58,000 BRIGHT MLS
• 2018-04-10 Pending — BRIGHT MLS
• 2018-04-05 Contingent — BRIGHT MLS
• 2018-03-25 Listed $59,900 BRIGHT MLS
• 2015-12-17 Sold (MLS) $36,000 BRIGHT MLS
• 2015-09-11 Listing Removed — BRIGHT MLS
• 2015-09-09 Listed $36,000 BRIGHT MLS
• 2015-08-26 Listing Removed — BRIGHT MLS
• 2014-12-17 Sold (MLS) $40,000 BRIGHT MLS
• 2014-11-14 Listing Removed — BRIGHT MLS
• 2014-11-07 Listed $36,000 BRIGHT MLS
• 2014-08-07 Listed $50,000 BRIGHT MLS
• 2008-08-29 Listing Removed — BRIGHT MLS
• 2008-05-15 Listed $109,999 BRIGHT MLS
• 2004-08-20 Sold (MLS) $55,000 BRIGHT MLS
• 2004-07-30 Listing Removed — BRIGHT MLS
• 2004-05-06 Listed $55,000 BRIGHT MLS
• 2003-07-22 Sold (MLS) $53,000 BRIGHT MLS
• 2003-05-19 Listing Removed — BRIGHT MLS
• 2003-04-12 Listed $53,000 BRIGHT MLS