219 Allens Ln

Harrison, NJ 08062

$314,900C-

3 bd · 2.5 ba · 2,068 sqft · Built 1991 · Condo · Pending · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,500/mo
• Mortgage (P&I): −$1,651
• Tax + insurance: −$558
• HOA: −$278
• Vac / Maint / Mgmt: −$735
• Net cashflow: $278/mo
• Annual: $3,335/yr
• Cap rate: 7.35%
• Cash-on-cash: 3.78%
• DSCR: 1.17
• 1% rule: 1.11%
• Cash to close: $88,172

Investor read

• This is a 3-bed/2.5-bath condo listed at $315k.
• At list price, monthly cash flow is $278 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $315k).
• It's been on market 54 days — a 3% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $305k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#71 in NJ, #1,725 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, amenities A; Watch: cost of living F.
• Harrison Township School District (suburban): math 44% / reading 55% proficiency, ranked #99 of 472 in NJ (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Harrison Township Elementary School (math 52% / reading 52%, grade C-, #209 of 1,303 statewide, top 19%, 770 students, 10% FRL); Clearview Regional Middle School (math 26% / reading 55%, grade F, #193 of 431 statewide, top 45%, 753 students, 14% FRL); Clearview Regional High School (math 29% / reading 61%, grade D-, #145 of 399 statewide, top 37%, 1,431 students, 10% FRL) — zoned schools at 11% FRL track the district average.
• Market conditions: 148 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,047 units permitted in Gloucester County in 2024 (183 in 5+ unit buildings).
• Gloucester County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 23y 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.
• Climate carrying-cost: moderate flood risk; major wind risk, 53% 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.

Questions for listing agent

• It's been on market 54 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.
• 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.