51 Federal Ct #51 · Smithville, NJ 08205-3604

$174,900

2 bd · 2.0 ba · 1,110 sqft · Condo · 18 Days on market

Fair condition $164/mo HOA · 8% of rent

---

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 +20.0/30.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• DSCR +6.3/10.0
• Appreciation +5.0/10.0
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks

Quiet 2-Bedroom, 2-Bath Condo in Club 3! An excellent opportunity for first-time homebuyers or investors. This tenant-occupied unit offers immediate rental income potential and features low HOA fees. Conveniently located and well-maintained, this property presents great value. Being sold As-Is. Buyer is responsible for obtaining the Certificate of Occupancy (CO).

Key facts

• Low hoa fees
• Well maintained
• $164 HOA

Tags

• IMMEDIATE RENTAL INCOME
• LOW HOA FEES
• WELL MAINTAINED

Property features AI

Finance

• Other: No pets allowed; Common area includes bus service
• HOA & community: Monthly association fee (approximately $164); Association-managed; Association fee includes amenities, maintenance, and trash

Exterior

• Parking: Assigned exterior parking; No garage
• Utilities: Public water; Public sewer; Gas water heater
• Home design: Condo (Club 3); Top floor unit; Unit occupies a single level; 3–5 story building
• Construction: Aluminum exterior siding
• Exterior features: Aluminum siding; No waterfront

Interior

• Kitchen: Dishwasher; Gas stove; Refrigerator
• Bedrooms: Top floor unit (single-level unit); Unit has 1 level
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning (electric); Forced air heating (natural gas)
• Interior features: Dishwasher; Dryer; Gas stove; Refrigerator; Washer; Breakfast nook; Den/TV room; Dining area; Laundry/utility room; Recreation/Family room; Master bath; Skylight
• Laundry & utility: Washer; Dryer; Laundry/utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $175k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 3.9% in Smithville — 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 64/100 on livability (#402 in NJ) — a middle-class / working-renter tenant base. Strengths: housing B; Watch: cost of living C-, amenities F, commute F.
• Greater Egg Harbor Regional High School District (suburban): math 16% / reading 49% proficiency, ranked #319 of 472 in NJ (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• 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 $49k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $172,276 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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.
6. 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.
7. 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: 1.15% ✓
• Cap rate: 7.76%
• Cash-on-cash: 5.24%
• DSCR: 1.23
• GRM: 7.3

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: 12.4%
• Equity multiple: 1.71×
• Total profit: $34,818
• Equity at exit: $78,643

10-year hold

• IRR: 14.5%
• Equity multiple: 3.15×
• Total profit: $105,071
• Equity at exit: $121,198

Cash invested: $48,972 (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 08205-3604

• Active inventory: 1
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,008 medium
• Mortgage (P&I): −$917
• Tax est. 1.5%: −$219 /mo · $2,624/yr
• Insurance: −$73
• HOA: −$164
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $214

Break-even live

Break-even rent $1,738

Max offer price $174,900

Occupancy floor 84%

Sensitivity live

Price	-10% $335	-5% $274	+0% $214	+5% $153	+10% $93
Rent	-10% $55	-5% $134	+0% $214	+5% $293	+10% $372
Rate	-1.0pp $302	-0.5pp $258	base $214	+0.5pp $168	+1.0pp $122

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Iroquois Dr Galloway, NJ	2.0	1.0	855	$1,800	$2.11	14d	1	0.33mi
31 Arapaho Pl Unit 1 Galloway, NJ	2.0	1.0	855	$2,100	$2.46	14d	1	0.38mi
180 Walden Way Galloway, NJ	2.0–3.0	2.5	1290	$2,307	$1.79	0d	2	0.55mi
64 Mattix Run Galloway, NJ	2.0	1.0	1007	$1,800	$1.79	22d	1	1.12mi

HOA detail condo

• Monthly dues: $164 · $1,968/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-19
   days on market $174,900 Active 18 DOM
2. 2026-06-18
   days on market $174,900 Active 17 DOM
3. 2026-06-17
   days on market $174,900 Active 16 DOM
4. 2026-06-16
   days on market $174,900 Active 15 DOM
5. 2026-06-15
   days on market $174,900 Active 14 DOM
6. 2026-06-14
   days on market $174,900 Active 12 DOM
7. 2026-06-13
   days on market $174,900 Active 11 DOM
8. 2026-06-10
   days on market $174,900 Active 9 DOM
9. 2026-06-09
   days on market $174,900 Active 8 DOM
10. 2026-06-08
    days on market $174,900 Active 7 DOM
11. 2026-06-07
    days on market $174,900 Active 6 DOM
12. 2026-06-03
    days on market $174,900 Active 2 DOM
13. 2026-06-03
    price $174,900 Active 1 DOM
14. 2026-06-02
    remarks 365-char remark
15. 2026-06-02
    listed $175,000 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 · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,099
• − Mortgage interest: −$9,797
• − Property taxes: −$2,624
• − Insurance: −$874
• − Repairs & maintenance: −$1,928
• − Management: −$1,928
• − HOA: −$1,968
• − Depreciation: −$5,088
• Taxable loss: −$108
• Est. tax savings @ 24.0%: +$26
• After-tax cash flow: $2,592/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 · 8 photos

Fair 45/100 Moderate rehab

This 2-bedroom, 2-bath condo requires moderate renovations to improve its condition and value. Key updates include painting, replacing cabinets and tiles, and landscaping.

Repairs flagged

• Moderate kitchen cabinets — Worn condition
• Minor bathroom tiles — Slight discoloration

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace kitchen cabinets — Modern cabinets improve functionality and aesthetics
• Both Replace bathroom tiles — Fresh tiles improve functionality and aesthetics
• Both Landscaping — Well-maintained landscaping enhances curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Worn condition	Moderate	$3,000–15,000
bathroom tiles · Slight discoloration	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace kitchen cabinets — Modern cabinets improve functionality and aesthetics ↑
• Both Replace bathroom tiles — Fresh tiles improve functionality and aesthetics ↑
• Both Landscaping — Well-maintained landscaping enhances curb appeal ↑

ⓘ 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: Greater Egg Harbor Regional High School District
• NCES district ID: 3406060
• Math proficiency: 16% ▼ -13.00%
• Reading proficiency: 49% ▲ 2.00%
• Median HH income: $58,324
• Composite: 28.94/100
• National rank: #6629
• State rank: #319 of 472 in NJ

Livability — Smithville

• Score: 64/100
• State rank: #402
• US rank: #13992

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Smithville, NJ

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%

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

1 event — show timeline

• 2026-05-31 Listed $175,000 SJSRMLS