1405 Farrell Ave #105

Golden Triangle, NJ 08002

$45,000D

2 bd · 1.0 ba · 732 sqft · Built 1970 · Manufactured · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,953/mo
• Mortgage (P&I): −$236
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$410
• Net cashflow: $1,232/mo
• Annual: $14,781/yr
• Cap rate: 39.14%
• Cash-on-cash: 117.31%
• DSCR: 6.22
• 1% rule: 4.34%
• Cash to close: $12,600

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $45k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#20 in NJ, #552 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: schools D-, cost of living F.
• Cherry Hill School District (suburban): math 27% / reading 59% proficiency, ranked #181 of 472 in NJ (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.9%/yr); 101 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 + 2.9% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 39.1% vs local median 5.0% in Golden Triangle — 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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)

• Minor: Paint — Paint appears faded in some areas.
• Minor: Flooring — Carpet in living areas appears worn.
• Minor: Landscaping — Minimal landscaping with some overgrown areas.
• Minor: Appliances — Appliances are in as-is condition and may need cleaning or minor repairs.