Champion 42 Cedarcrest Village Plan

Vineland, NJ 08360

$205,000C

4 bd · 2.0 ba · 1,792 sqft · Built — · Manufactured · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,348/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$342
• HOA: −$0
• Vac / Maint / Mgmt: −$493
• Net cashflow: $438/mo
• Annual: $5,256/yr
• Cap rate: 8.86%
• Cash-on-cash: 9.16%
• DSCR: 1.41
• 1% rule: 1.15%
• Cash to close: $57,400

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $205k. Condition is rated poor.
• At list price, monthly cash flow is $438 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• It's been on market 33 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $199k (3.0% below list) — sets the bar for market timing.
• 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 66/100 on livability (#363 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+; Watch: employment D+, schools D, crime F.
• Vineland Public School District (urban): math 9% / reading 34% proficiency, ranked #418 of 472 in NJ (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 175 active listings in the ZIP; 216 units permitted in Cumberland County in 2024 (73 in 5+ unit buildings).
• Cumberland County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 8.9% vs local median 4.5% in Vineland — 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.
• This rent runs 43% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen — No photos of kitchen
• Major: bathrooms — No photos of bathrooms
• Major: roof — No photos of roof
• Major: exterior — No photos of exterior
• Major: flooring — No photos of flooring
• Major: interior walls/paint — No photos of interior walls/paint