21 Dogwood W

Tabernacle, NJ 08088

$119,000C+

2 bd · 2.0 ba · 980 sqft · Built 2009 · Manufactured · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,197/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$461
• Net cashflow: $913/mo
• Annual: $10,962/yr
• Cap rate: 15.50%
• Cash-on-cash: 32.90%
• DSCR: 2.46
• 1% rule: 1.85%
• Cash to close: $33,320

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $119k.
• At list price, monthly cash flow is $913 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• It's been on market 51 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Tabernacle Township School District (rural): math 19% / reading 44% proficiency, ranked #278 of 472 in NJ (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Tabernacle Elementary School (374 students, 8% FRL) — zoned schools at 8% FRL track the district average.
• Market conditions: 156 active listings in the ZIP; 2,161 units permitted in Burlington County in 2024 (988 in 5+ unit buildings).
• Burlington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 11y 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.
• Current owner paid $75k; list at $119k implies a 59% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.