11 Walter Ave · Northfield, NJ 08234

$129,500

3 bd · 2.0 ba · 1,296 sqft · Manufactured · 15 Days on market

Built 2004

---

Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

"HARBOR CROSSINGS" 24x52 Double Wide on slab in top condition. 7 years young. Great location minutes to Atlantic City, Parkway & Shopping. Easy ride to Phila. All offers considered. Assoc Fee=lot rent, water, sewer, street maint, trash & recycle pick-up.

Key facts

• 2 parking spots
• Built 2004
• Listed 14 days

Property features AI

Finance

• Other: Listing is for sale

Exterior

• Parking: Two-car exterior parking
• Utilities: Public water; Public sewer; Gas water heater
• Home design: Single-family property; Approximately 21–25 years old
• Construction: Vinyl siding
• Exterior features: Paved road; Porch; Lot less than 1 acre; Not waterfront

Interior

• Kitchen: Dishwasher; Gas stove; Microwave; Refrigerator; Breakfast nook; Eat-in kitchen
• Flooring: Hardwood; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Cathedral ceiling; Storage; Walk-in closet
• Laundry & utility: Washer; Dryer; Laundry/utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $869 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.3% vs local median 5.5% in Northfield — 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 75/100 on livability (#155 in NJ, #3,997 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living D-.
• Egg Harbor Township School District (suburban): math 18% / reading 46% proficiency, ranked #311 of 472 in NJ (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 357 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $895 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Atlantic County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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 $75k; list at $130k implies a 73% gain — meaningful room to come down on a strong offer.

Recommended offer $127,557 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 1.72% ✓
• Cap rate: 14.35%
• Cash-on-cash: 28.77%
• DSCR: 2.28
• GRM: 4.8

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: 23.1%
• Equity multiple: 1.95×
• Total profit: $34,410
• Equity at exit: $19,309

10-year hold

• IRR: 31.1%
• Equity multiple: 3.80×
• Total profit: $101,387
• Equity at exit: $11,197

Cash invested: $36,260 (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 08234

• Home prices YoY: -6.7%
• Active inventory: 357
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $2,233 high
• Mortgage (P&I): −$679
• Tax est. 1.5%: −$162 /mo · $1,942/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $869

Break-even live

Break-even rent $1,133

Max offer price $129,500

Occupancy floor 56%

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: $32,375
• Closing costs: $3,885
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6696 Washington Ave Egg Harbor Township, NJ	2.0	1.5	894	$2,200	$2.46	21d	1	0.68mi
173 Heather Croft Egg Harbor Township, NJ	2.0	1.0	944	$2,000	$2.12	21d	1	0.74mi
124 Gravesmith Dr Egg Harbor Township, NJ	3.0	1.0	1288	$2,500	$1.94	43d	1	0.75mi
272 Heather Croft #272 Egg Harbor Township, NJ	2.0	1.0	944	$2,300	$2.44	21d	1	0.77mi
310 Heather Croft Egg Harbor Township, NJ	2.0	2.0	972	$2,200	$2.26	43d	1	0.78mi
199 Heather Croft #199 Egg Harbor Township, NJ	2.0	1.0	944	$2,100	$2.22	21d	1	0.79mi

Listing history 12 events

1. 2026-06-19
   days on market $129,500 Active 15 DOM
2. 2026-06-18
   days on market $129,500 Active 14 DOM
3. 2026-06-17
   days on market $129,500 Active 13 DOM
4. 2026-06-16
   days on market $129,500 Active 12 DOM
5. 2026-06-15
   days on market $129,500 Active 11 DOM
6. 2026-06-14
   days on market $129,500 Active 9 DOM
7. 2026-06-13
   days on market $129,500 Active 8 DOM
8. 2026-06-10
   days on market $129,500 Active 6 DOM
9. 2026-06-09
   days on market $129,500 Active 5 DOM
10. 2026-06-08
    days on market $129,500 Active 4 DOM
11. 2026-06-07
    remarks 699-char remark
12. 2026-06-07
    listed $129,500 Active 3 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: $26,797
• − Mortgage interest: −$7,254
• − Property taxes: −$1,942
• − Insurance: −$648
• − Repairs & maintenance: −$2,144
• − Management: −$2,144
• − Depreciation: −$3,767
• Taxable income: $8,899
• Est. tax owed @ 24.0%: −$2,136
• After-tax cash flow: $8,295/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.

Schools (NCES district)

• District: Egg Harbor Township School District
• NCES district ID: 3404560
• Math proficiency: 18% ▼ -24.00%
• Reading proficiency: 46% ▼ -6.00%
• Median HH income: $71,612
• Composite: 29.81/100
• National rank: #6421
• State rank: #311 of 472 in NJ

Livability — Northfield

• Score: 75/100
• State rank: #155
• US rank: #3997

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 46,856

Population outlook (Atlantic County) Hauer SSP2

• Today (2025): 268,948 people
• By 2030: 264,497 · -1.7%
• By 2040: 252,261 · -6.2%
• By 2050: 237,846 · -11.6%
• By 2075: 210,650 · -21.7%
• By 2100: 180,234 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 56% Hispanic / Latino 16% Asian 13% Black 9% Two or more races 9%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6% Dominican 2%
• Common ancestry: Romanian 3% Italian 1% Slovak 1%
• Foreign-born: 17% · Canada, China, Vietnam
• Languages at home: 73% English-only · Spanish 12% Other Indo-European 4% Tagalog/Filipino 3%

Political lean MEDSL · Atlantic

• 2024 margin: Toss-up / Even · D 47.7% · R 50.7% · Other 1.6%
• 2008→2024 swing: -18.1pp toward R · 2008: 15.1pp · 2024: -3.0pp
• All cycles: 2024: R+3.0 2020: D+6.7 2016: D+6.2 2012: D+17.2 2008: D+15.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -22.76%
• Current HPI: 319.2948
• 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

+62.1% since first listed

4 events — show timeline

• 2026-06-04 Listed $129,500 SJSRMLS
• 2008-10-11 Sold (MLS) $75,000 SJSRMLS
• 2008-09-26 Listing Removed — SJSRMLS
• 2008-05-09 Listed $79,900 SJSRMLS