1476 Mount Ephraim Ave #3

Camden, NJ 08104-1550

$175,000D

3 bd · 2.0 ba · — sqft · Built 1930 · Condo · Active · 197 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,571/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$292
• HOA: −$0
• Vac / Maint / Mgmt: −$330
• Net cashflow: $31/mo
• Annual: $376/yr
• Cap rate: 6.51%
• Cash-on-cash: 0.77%
• DSCR: 1.03
• 1% rule: 0.90%
• Cash to close: $49,000

Investor read

• This is a 3-bed/2.0-bath condo listed at $175k. Condition is rated poor.
• At list price, monthly cash flow is $31 ($376/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (10.3% below list).
• It's been on market 197 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Location reads 70/100 on livability (#262 in NJ) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A; Watch: crime F, employment F.
• Camden City School District (urban): math 3% / reading 16% proficiency, ranked #472 of 472 in NJ (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 86% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Morgan Village Middle School (244 students, 77% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~6 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.

Questions for listing agent

• It's been on market 197 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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?

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant structural damage
• Major: roof — Missing shingles, exposed rafters
• Major: interior walls — No visible interior walls or paint
• Major: kitchen — No visible kitchen
• Major: bathrooms — No visible bathrooms
• Major: systems — No visible systems