47 & 49 N Indian Valley Ct

Mystic Island, NJ 08087

$375,000B-

4 bd · 0.0 ba · 2,083 sqft · Built 1987 · MultiFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,730/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$625
• HOA: −$0
• Vac / Maint / Mgmt: −$993
• Net cashflow: $1,145/mo
• Annual: $13,742/yr
• Cap rate: 9.96%
• Cash-on-cash: 13.09%
• DSCR: 1.58
• 1% rule: 1.26%
• Cash to close: $105,000

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $375k. Condition is rated average.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $573/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $375k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#455 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A; Watch: employment C-, schools F, amenities F.
• Pinelands Regional School District (rural): math 14% / reading 46% proficiency, ranked #344 of 472 in NJ (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 296 active listings in the ZIP; solid renter incomes; 4,434 units permitted in Ocean County in 2024 (868 in 5+ unit buildings).
• Ocean 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 $105k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.0% vs local median 2.6% in Mystic Island — 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.
• At $4,730/mo this rent would consume 62% of the median local household income ($92k/yr) (locally 519% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• 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 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.

Repairs flagged (vision-AI assessment)

• Moderate: exterior siding — Weathered and discolored
• Moderate: interior paint — Some wear and tear
• Minor: kitchen appliances — Standard appliances, some clutter