205 Elmtowne Blvd

Hammonton, NJ 08037

$199,900C+

2 bd · 1.5 ba · 1,084 sqft · Built 1969 · Townhouse · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,600/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$348
• HOA: −$210
• Vac / Maint / Mgmt: −$546
• Net cashflow: $447/mo
• Annual: $5,367/yr
• Cap rate: 8.98%
• Cash-on-cash: 9.59%
• DSCR: 1.43
• 1% rule: 1.30%
• Cash to close: $55,972

Investor read

• This is a 2-bed/1.5-bath townhouse listed at $200k.
• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Location reads 72/100 on livability (#205 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities F, commute F, cost of living F.
• Winslow Township School District (suburban): math 11% / reading 36% proficiency, ranked #387 of 472 in NJ (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Winslow Township Elementary School One (math 2% / reading 17%, grade F, #1,235 of 1,303 statewide, top 96%, 356 students, 59% FRL); Winslow Township Middle School (math 14% / reading 42%, grade F, #335 of 431 statewide, top 79%, 764 students, 46% FRL); Winslow Township High School (math 10% / reading 36%, grade F, #337 of 399 statewide, top 85%, 1,273 students, 42% FRL).
• Market conditions: 147 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 9 sale attempts since 25y 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.
• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.0% vs local median 3.3% in Hammonton — 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.

Questions for listing agent

• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.