1806 Huntingdon

Pine Hill, NJ 08030

$185,000D

2 bd · 2.0 ba · 882 sqft · Built 1988 · Condo · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,920/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$248
• Vac / Maint / Mgmt: −$403
• Net cashflow: $-10/mo
• Annual: $-118/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.23%
• DSCR: 0.99
• 1% rule: 1.04%
• Cash to close: $51,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $185k. Condition is rated good.
• At list price, monthly cash flow is $-10 ($-118/yr) — negative.
• To cash-flow at today's rent, offer at most $184k (0.8% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• It's been on market 35 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $179k (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 65/100 on livability (#385 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, crime B, cost of living B; Watch: amenities F, commute F, health & safety D-.
• Gloucester Township Public Schools (suburban): math 14% / reading 41% proficiency, ranked #351 of 472 in NJ (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Highland Regional High School (math 9% / reading 41%, grade F, #325 of 399 statewide, top 81%, 1,204 students, 31% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: 92 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 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.
• Climate carrying-cost: major wind risk, 52% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.2% vs local median 3.6% in Pine Hill — 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 36% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.