27-5 Florence Tollgate Pl · Florence, NJ 08518

$98,000

2 bd · 1.0 ba · 960 sqft · Condo public records · 234 Days on market

Built 1974 $102/sqft · 39% below area Est $129k · 24% under $719/mo HOA · 39% of rent

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Why this score? — see what drove the C 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 +17.1/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +5.3/10.0
• Livability +3.6/5.0
• 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

Welcome to this very affordable second floor condo located in the Florence Tollgate development. The property is in Florence Township but with a Burlington Twp zip code. This condo would be ideal for someone looking to own their very first place of their own or for someone who is lookig to downsize without breaking the bank. Walk in to a good sized open living room, dining area that is adequate to configure to the new owner's liking. Off the living room are the sliding glass doors that lead onto the balcony where there is a good space to unwind. Right next to the dining area is the kitchen that has just the right amount of counter and cabinet space to be creative with. Also in the kitchen are the washer and dryer. Just a short walk down the hallway is a spacious bedroom with ample closet space. A full size bathroom completes this amazing unit. There is plenty of closet space in the hallway for storage of seasonal clothing or decor. This condo is a great opportunity for its next owners to call their own and make their own. Heat, water, and sewer are all included with the monthly associate fee as well as the common area maintenance. Electric would be the only utility bill other than the new owner's choice of internet provider/cable service. A community pool is located at the other end of the parking lot which includes a community clubhouse. For those looking for affordable living that the can own, this is the perfect place to do just that.

Key facts

• $719 HOA
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $98k.

Deal economics

• At list price, monthly cash flow is $67 ($809/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $98k).
• Recommended offer: $86k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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 $678 of loan paydown is wiped out by about $3k 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

• It's been on market 234 days — a 12% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 13y 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 39% 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 $86,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 234 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 1.90% ✓
• Cap rate: 7.12%
• Cash-on-cash: 2.95%
• DSCR: 1.13
• GRM: 4.4

CMA / ARV

• ARV (median comp): $129,105
• List price: $98,000
• Delta: -24.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.59×
• Total profit: $-11,114
• Equity at exit: $14,612

10-year hold

• IRR: -1.2%
• Equity multiple: 0.92×
• Total profit: $-2,230
• Equity at exit: $8,473

Cash invested: $27,440 (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: 4.4×

Monthly cashflow live

• Estimated rent: $1,858 high
• Mortgage (P&I): −$514
• Tax from tax record: −$127 /mo · $1,519/yr
• Insurance: −$41
• HOA: −$719
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $67

Break-even live

Break-even rent $1,773

Max offer price $98,000

Occupancy floor 91%

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20 Florence Tollgate Pl #1 Florence, NJ	1.0	1.0	774	$1,800	$2.33	15d	1	0.07mi
21 Florence Tollgate Pl #4 Florence, NJ	2.0	1.0	960	$1,850	$1.93	15d	1	0.08mi
5 Florence Tollgate Unit 7 Florence, NJ	2.0	1.5	960	$1,950	$2.03	5d	1	0.08mi
225 W 2nd St Florence, NJ	1.0	1.0	733	$674	$0.92	43d	1	0.60mi
1370 Hornberger Ave Unit A Roebling, NJ	1.0	1.0	600	$1,250	$2.08	43d	1	1.40mi
43 Main St Unit 2B Roebling, NJ	1.0	1.0	704	$1,650	$2.34	43d	1	1.48mi

HOA detail condo

• Monthly dues: $719 · $8,628/yr
• Likely covers: watersewerelectricinternetcablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 47 events

1. 2026-06-18
   days on market $98,000 Active 234 DOM
2. 2026-06-17
   days on market $98,000 Active 233 DOM
3. 2026-06-16
   days on market $98,000 Active 232 DOM
4. 2026-06-15
   days on market $98,000 Active 231 DOM
5. 2026-06-13
   days on market $98,000 Active 229 DOM
6. 2026-06-13
   days on market $98,000 Active 228 DOM
7. 2026-06-09
   days on market $98,000 Active 225 DOM
8. 2026-06-08
   days on market $98,000 Active 224 DOM
9. 2026-06-07
   days on market $98,000 Active 223 DOM
10. 2026-06-04
    days on market $98,000 Active 220 DOM
11. 2026-06-03
    days on market $98,000 Active 219 DOM
12. 2026-06-02
    days on market $98,000 Active 218 DOM
13. 2026-06-01
    days on market $98,000 Active 217 DOM
14. 2026-05-31
    days on market $98,000 Active 216 DOM
15. 2026-04-20
    price $98,000 1461-char remark

    Show marketing remark (1461 chars)

    Welcome to this very affordable second floor condo located in the Florence Tollgate development. The property is in Florence Township but with a Burlington Twp zip code. This condo would be ideal for someone looking to own their very first place of their own or for someone who is lookig to downsize without breaking the bank. Walk in to a good sized open living room, dining area that is adequate to configure to the new owner's liking. Off the living room are the sliding glass doors that lead onto the balcony where there is a good space to unwind. Right next to the dining area is the kitchen that has just the right amount of counter and cabinet space to be creative with. Also in the kitchen are the washer and dryer. Just a short walk down the hallway is a spacious bedroom with ample closet space. A full size bathroom completes this amazing unit. There is plenty of closet space in the hallway for storage of seasonal clothing or decor. This condo is a great opportunity for its next owners to call their own and make their own. Heat, water, and sewer are all included with the monthly associate fee as well as the common area maintenance. Electric would be the only utility bill other than the new owner's choice of internet provider/cable service. A community pool is located at the other end of the parking lot which includes a community clubhouse. For those looking for affordable living that the can own, this is the perfect place to do just that.

16. 2026-01-23
    status Active 1461-char remark

    Show marketing remark (1461 chars)

    Welcome to this very affordable second floor condo located in the Florence Tollgate development. The property is in Florence Township but with a Burlington Twp zip code. This condo would be ideal for someone looking to own their very first place of their own or for someone who is lookig to downsize without breaking the bank. Walk in to a good sized open living room, dining area that is adequate to configure to the new owner's liking. Off the living room are the sliding glass doors that lead onto the balcony where there is a good space to unwind. Right next to the dining area is the kitchen that has just the right amount of counter and cabinet space to be creative with. Also in the kitchen are the washer and dryer. Just a short walk down the hallway is a spacious bedroom with ample closet space. A full size bathroom completes this amazing unit. There is plenty of closet space in the hallway for storage of seasonal clothing or decor. This condo is a great opportunity for its next owners to call their own and make their own. Heat, water, and sewer are all included with the monthly associate fee as well as the common area maintenance. Electric would be the only utility bill other than the new owner's choice of internet provider/cable service. A community pool is located at the other end of the parking lot which includes a community clubhouse. For those looking for affordable living that the can own, this is the perfect place to do just that.

17. 2026-01-23
    historical 1461-char remark

    Show marketing remark (1461 chars)

    Welcome to this very affordable second floor condo located in the Florence Tollgate development. The property is in Florence Township but with a Burlington Twp zip code. This condo would be ideal for someone looking to own their very first place of their own or for someone who is lookig to downsize without breaking the bank. Walk in to a good sized open living room, dining area that is adequate to configure to the new owner's liking. Off the living room are the sliding glass doors that lead onto the balcony where there is a good space to unwind. Right next to the dining area is the kitchen that has just the right amount of counter and cabinet space to be creative with. Also in the kitchen are the washer and dryer. Just a short walk down the hallway is a spacious bedroom with ample closet space. A full size bathroom completes this amazing unit. There is plenty of closet space in the hallway for storage of seasonal clothing or decor. This condo is a great opportunity for its next owners to call their own and make their own. Heat, water, and sewer are all included with the monthly associate fee as well as the common area maintenance. Electric would be the only utility bill other than the new owner's choice of internet provider/cable service. A community pool is located at the other end of the parking lot which includes a community clubhouse. For those looking for affordable living that the can own, this is the perfect place to do just that.

18. 2025-10-27
    listed $100,000 Active 1461-char remark

    Show marketing remark (1461 chars)

    Welcome to this very affordable second floor condo located in the Florence Tollgate development. The property is in Florence Township but with a Burlington Twp zip code. This condo would be ideal for someone looking to own their very first place of their own or for someone who is lookig to downsize without breaking the bank. Walk in to a good sized open living room, dining area that is adequate to configure to the new owner's liking. Off the living room are the sliding glass doors that lead onto the balcony where there is a good space to unwind. Right next to the dining area is the kitchen that has just the right amount of counter and cabinet space to be creative with. Also in the kitchen are the washer and dryer. Just a short walk down the hallway is a spacious bedroom with ample closet space. A full size bathroom completes this amazing unit. There is plenty of closet space in the hallway for storage of seasonal clothing or decor. This condo is a great opportunity for its next owners to call their own and make their own. Heat, water, and sewer are all included with the monthly associate fee as well as the common area maintenance. Electric would be the only utility bill other than the new owner's choice of internet provider/cable service. A community pool is located at the other end of the parking lot which includes a community clubhouse. For those looking for affordable living that the can own, this is the perfect place to do just that.

19. 2025-03-10
    soldstatus $130,000 Closed 1135-char remark

    Show marketing remark (1135 chars)

    This inpeccable ground level unit offers 2 bedrooms and 1.5 baths. Appreciate all of the closet space found inside of this unit. The heat, water and sewer are all included in the monthly association fee, and the grounds are maintained by the management company. Pool passes are available for the summer season and parking is available close to your unit. There is a ground floor patio to enjoy and trash dumpsters are provided for trash removal purposes. If you prefer the ease of ground floor living, with no steps to climb, this is for you. With the calculations of your association fee and your taxes per month, this is still a very affordable living arrangement for owner occupancy or for the investor looking to create or add to their investment portfolio. There will be added assessments due from 2/1/2025 through 7/1/2025 in the amount of 93.02 per month, Initial capital contribution to be paid at closing is 5 months HOA fee. Plan accordingly and determine if this unit could work for you. Cash offers preferred, so do the math and see how this can work for you! Current lease is in effect until 7/31/2025 @$1700 per month.

20. 2025-02-14
    historical Active Under Contract 1135-char remark

    Show marketing remark (1135 chars)

    This inpeccable ground level unit offers 2 bedrooms and 1.5 baths. Appreciate all of the closet space found inside of this unit. The heat, water and sewer are all included in the monthly association fee, and the grounds are maintained by the management company. Pool passes are available for the summer season and parking is available close to your unit. There is a ground floor patio to enjoy and trash dumpsters are provided for trash removal purposes. If you prefer the ease of ground floor living, with no steps to climb, this is for you. With the calculations of your association fee and your taxes per month, this is still a very affordable living arrangement for owner occupancy or for the investor looking to create or add to their investment portfolio. There will be added assessments due from 2/1/2025 through 7/1/2025 in the amount of 93.02 per month, Initial capital contribution to be paid at closing is 5 months HOA fee. Plan accordingly and determine if this unit could work for you. Cash offers preferred, so do the math and see how this can work for you! Current lease is in effect until 7/31/2025 @$1700 per month.

21. 2025-01-27
    listed $150,000 Active 1135-char remark

    Show marketing remark (1135 chars)

    This inpeccable ground level unit offers 2 bedrooms and 1.5 baths. Appreciate all of the closet space found inside of this unit. The heat, water and sewer are all included in the monthly association fee, and the grounds are maintained by the management company. Pool passes are available for the summer season and parking is available close to your unit. There is a ground floor patio to enjoy and trash dumpsters are provided for trash removal purposes. If you prefer the ease of ground floor living, with no steps to climb, this is for you. With the calculations of your association fee and your taxes per month, this is still a very affordable living arrangement for owner occupancy or for the investor looking to create or add to their investment portfolio. There will be added assessments due from 2/1/2025 through 7/1/2025 in the amount of 93.02 per month, Initial capital contribution to be paid at closing is 5 months HOA fee. Plan accordingly and determine if this unit could work for you. Cash offers preferred, so do the math and see how this can work for you! Current lease is in effect until 7/31/2025 @$1700 per month.

22. 2024-03-14
    soldstatus $158,000 Closed
23. 2024-02-19
    status Pending
24. 2024-02-16
    historical Active Under Contract
25. 2024-01-30
    listed $160,000 Active
26. 2023-12-07
    historical $1,700
27. 2023-09-11
    listed $1,700
28. 2021-06-11
    soldstatus $92,500 Closed
29. 2021-06-09
    status Pending
30. 2021-05-13
    historical Active Under Contract
31. 2021-05-13
    status Active
32. 2021-05-10
    historical Active Under Contract
33. 2021-05-05
    listed $88,500 Active
34. 2017-03-21
    historical
35. 2017-03-20
    soldstatus $54,000
36. 2016-11-28
    listed $45,000
37. 2016-06-23
    historical
38. 2016-05-02
    listed $47,900
39. 2016-02-19
    soldstatus $50,227
40. 2016-02-02
    historical
41. 2016-01-15
    soldstatus $45,000
42. 2016-01-08
    historical
43. 2016-01-06
    listed $39,600
44. 2015-10-25
    listed $54,900
45. 2014-02-28
    historical
46. 2013-07-01
    listed $77,500
47. 1996-09-04
    soldstatus $48,000

ⓘ 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: $1,519 · $127/mo
• Projected year-2 tax: $1,980 · $165/mo
• Expected delta: +$461/yr (+$38/mo · 30.3%)

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

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: $22,295
• − Mortgage interest: −$5,490
• − Property taxes: −$1,519
• − Insurance: −$490
• − Repairs & maintenance: −$1,784
• − Management: −$1,784
• − HOA: −$8,628
• − Depreciation: −$2,851
• Taxable loss: −$250
• Est. tax savings @ 24.0%: +$60
• After-tax cash flow: $869/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: 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

+104.2% since first listed

33 events — show timeline

• 2026-04-20 Price Changed $98,000 BRIGHT MLS
• 2026-01-23 Relisted — BRIGHT MLS
• 2026-01-23 Listing Removed — BRIGHT MLS
• 2025-10-27 Listed $100,000 BRIGHT MLS
• 2025-03-10 Sold (MLS) $130,000 BRIGHT MLS
• 2025-02-14 Contingent — BRIGHT MLS
• 2025-01-27 Listed $150,000 BRIGHT MLS
• 2024-03-14 Sold (MLS) $158,000 BRIGHT MLS
• 2024-02-19 Pending — BRIGHT MLS
• 2024-02-16 Contingent — BRIGHT MLS
• 2024-01-30 Listed $160,000 BRIGHT MLS
• 2023-12-07 Rental Removed $1,700 BRIGHTMLS
• 2023-09-11 Listed for Rent $1,700 BRIGHTMLS
• 2021-06-11 Sold (MLS) $92,500 BRIGHT MLS
• 2021-06-09 Pending — BRIGHT MLS
• 2021-05-13 Contingent — BRIGHT MLS
• 2021-05-13 Relisted — BRIGHT MLS
• 2021-05-10 Contingent — BRIGHT MLS
• 2021-05-05 Listed $88,500 BRIGHT MLS
• 2017-03-21 Listing Removed — BRIGHT MLS
• 2017-03-20 Sold (MLS) $54,000 BRIGHT MLS
• 2016-11-28 Listed $45,000 BRIGHT MLS
• 2016-06-23 Listing Removed — BRIGHT MLS
• 2016-05-02 Listed $47,900 BRIGHT MLS
• 2016-02-19 Sold (MLS) $50,227 BRIGHT MLS
• 2016-02-02 Listing Removed — BRIGHT MLS
• 2016-01-15 Sold (MLS) $45,000 BRIGHT MLS
• 2016-01-08 Listing Removed — BRIGHT MLS
• 2016-01-06 Listed $39,600 BRIGHT MLS
• 2015-10-25 Listed $54,900 BRIGHT MLS
• 2014-02-28 Listing Removed — BRIGHT MLS
• 2013-07-01 Listed $77,500 BRIGHT MLS
• 1996-09-04 Sold (Public Records) $48,000 Public Records

Property tax history

-3.5%/yr

Latest (2014): $1,519 · -30.2% YoY. Source: county tax records.