200 State Rt 94 #310 · Vernon, NJ 07462-3323

$180,000

1 bd · 1.0 ba · 600 sqft · Condo public records · 135 Days on market

Built 2006 $596/mo HOA · 26% of rent ↓ 10% since listing

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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 +7.9/30.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0

Listing remarks MLS

Amazing views overlooking the pool and ski slopes. This fully furnished unit offers a perfect mountain retreat or income-producing opportunity. Features include a convenient kitchenette, oversized bathroom with a soaking tub, cozy gas fireplace, and a well-designed layout with a separate bedroom, living area, and private balcony. Ideally situated at the base of Mountain Creek Ski Resort, with immediate access to skiing, the water park, and world-class mountain biking. The hotel provides on-site laundry facilities and a dedicated owner ski locker for added convenience. Possible owner financing available-MOTIVATED SELLER! Take advantage of the hotel's rental program to generate extra income when the property is not in use. Brand new AC was installed 3 month ago.

Key facts

• Kitchenette
• Amazing views
• Soaking tub

Tags

• AMAZING VIEWS
• KITCHENETTE
• OVERSIZED BATHROOM
• SOAKING TUB
• GAS FIREPLACE
• PRIVATE BALCONY

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $-193 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (18.9% below list).
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $146k (18.9% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Vernon Township School District (rural): math 18% / reading 45% proficiency, ranked #294 of 472 in NJ (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Glen Meadow Middle School (math 14% / reading 47%, grade F, #303 of 431 statewide, top 72%, 645 students, 17% FRL); Vernon Township High School (math 20% / reading 52%, grade F, #230 of 399 statewide, top 58%, 929 students, 17% FRL) — zoned schools at 17% FRL track the district average.
• Market conditions: 12 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 184 units permitted in Sussex County in 2024 (18 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Sussex County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.

Recommended offer $145,900 (18.9% 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. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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.
9. 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.
10. 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: 1.26% ✓
• Cap rate: 5.01%
• Cash-on-cash: -4.60%
• DSCR: 0.80
• GRM: 6.6

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: 3.4%
• Equity multiple: 1.20×
• Total profit: $9,880
• Equity at exit: $80,936

10-year hold

• IRR: 6.9%
• Equity multiple: 2.05×
• Total profit: $53,105
• Equity at exit: $124,732

Cash invested: $50,400 (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 07462-3323

• Active inventory: 12
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,271 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$372 /mo · $4,465/yr
• Insurance: −$75
• HOA: −$596
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $-193

Break-even live

Break-even rent $2,515

Max offer price $145,900

Occupancy floor —

Sensitivity live

Price	-10% $-91	-5% $-142	+0% $-193	+5% $-244	+10% $-295
Rent	-10% $-372	-5% $-283	+0% $-193	+5% $-103	+10% $-14
Rate	-1.0pp $-102	-0.5pp $-147	base $-193	+0.5pp $-240	+1.0pp $-287

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12 Stonehill Dr #1 Vernon, NJ	2.0	1.0	748	$2,100	$2.81	45d	1	0.60mi
7 Theta Dr Apt 311 Vernon Township, NJ	1.0	1.0	715	$2,475	$3.46	45d	1	1.31mi
7 Theta Dr Apt 211 Vernon Township, NJ	1.0	1.0	715	$2,425	$3.39	45d	1	1.31mi

HOA detail condo

• Monthly dues: $596 · $7,152/yr
• Likely covers: watergaspool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-22
   days on market $180,000 Active 135 DOM
2. 2026-06-18
   days on market $180,000 Active 132 DOM
3. 2026-06-17
   days on market $180,000 Active 131 DOM
4. 2026-06-16
   days on market $180,000 Active 130 DOM
5. 2026-06-15
   days on market $180,000 Active 129 DOM
6. 2026-06-14
   days on market $180,000 Active 127 DOM
7. 2026-06-13
   days on market $180,000 Active 126 DOM
8. 2026-06-10
   days on market $180,000 Active 124 DOM
9. 2026-06-09
   days on market $180,000 Active 123 DOM
10. 2026-06-08
    days on market $180,000 Active 122 DOM
11. 2026-06-07
    days on market $180,000 Active 121 DOM
12. 2026-06-05
    days on market $180,000 Active 118 DOM
13. 2026-06-03
    days on market $180,000 Active 117 DOM
14. 2026-06-02
    days on market $180,000 Active 116 DOM
15. 2026-06-01
    days on market $180,000 Active 115 DOM
16. 2026-05-31
    days on market $180,000 Active 114 DOM
17. 2026-05-30
    days on market $180,000 Active 113 DOM
18. 2026-03-31
    price $180,000 770-char remark

    Show marketing remark (770 chars)

    Amazing views overlooking the pool and ski slopes. This fully furnished unit offers a perfect mountain retreat or income-producing opportunity. Features include a convenient kitchenette, oversized bathroom with a soaking tub, cozy gas fireplace, and a well-designed layout with a separate bedroom, living area, and private balcony. Ideally situated at the base of Mountain Creek Ski Resort, with immediate access to skiing, the water park, and world-class mountain biking. The hotel provides on-site laundry facilities and a dedicated owner ski locker for added convenience. Possible owner financing available-MOTIVATED SELLER! Take advantage of the hotel's rental program to generate extra income when the property is not in use. Brand new AC was installed 3 month ago.

19. 2026-02-06
    listed $199,900 Active 770-char remark

    Show marketing remark (770 chars)

    Amazing views overlooking the pool and ski slopes. This fully furnished unit offers a perfect mountain retreat or income-producing opportunity. Features include a convenient kitchenette, oversized bathroom with a soaking tub, cozy gas fireplace, and a well-designed layout with a separate bedroom, living area, and private balcony. Ideally situated at the base of Mountain Creek Ski Resort, with immediate access to skiing, the water park, and world-class mountain biking. The hotel provides on-site laundry facilities and a dedicated owner ski locker for added convenience. Possible owner financing available-MOTIVATED SELLER! Take advantage of the hotel's rental program to generate extra income when the property is not in use. Brand new AC was installed 3 month ago.

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

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $4,465 · $372/mo
• Projected year-2 tax: $4,473 · $373/mo
• Expected delta: +$9/yr (+$1/mo · 0.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $27,250
• − Mortgage interest: −$10,083
• − Property taxes: −$4,465
• − Insurance: −$900
• − Repairs & maintenance: −$2,180
• − Management: −$2,180
• − HOA: −$7,152
• − Depreciation: −$5,236
• Taxable loss: −$4,946
• Est. tax savings @ 24.0%: +$1,187
• After-tax cash flow: $-1,129/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: Vernon Township School District
• NCES district ID: 3416710
• Math proficiency: 18% ▼ -26.00%
• Reading proficiency: 45% ▼ -13.00%
• Median HH income: $84,455
• Composite: 30.63/100
• National rank: #6188
• State rank: #294 of 472 in NJ

Livability — Vernon

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Vernon Center, NJ

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-10.0% since first listed

2 events — show timeline

• 2026-03-31 Price Changed $180,000 GSMLS
• 2026-02-06 Listed $199,900 GSMLS

Property tax history

+8.3%/yr

Latest (2025): $4,465 · -0.4% YoY. Source: county tax records.