29 Elmwood Dr · Pittsgrove, NJ 08318

$58,500

2 bd · 1.0 ba · 786 sqft · SingleFamily · 208 Days on market

Built 1977 Est $63k · 7% under ↓ 10% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +10.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this 2 bedroom 1 bath mobile home located in Harding Woods. This mobile home features a nice size living room and eat in kitchen. It has 2 nice size bedrooms. If you are looking to downsize or a starter home this id a the place for you. This mobile home is move in ready. This mobile home has been freshly painted on the outside and roof has been recently done. This property has 2 driveways for parking. There is a shed on the property. Mobile home is being sold as-is. Seller must find suitable housing. Schedule your appointment today to see this mobile home.

Key facts

• Recently done roof
• Shed
• Freshly painted

Tags

• MOVE IN READY
• FRESHLY PAINTED
• RECENTLY DONE ROOF
• 2 DRIVEWAYS
• SHED

Property features AI

Finance

• Financial info: Monthly land lease payment of $746; Ground rent exists (1 year remaining); Annual ground rent listed in income/expense details
• HOA & community: Community amenities include a pool; Land lease with approximately 1 year remaining

Exterior

• Parking: Driveway parking (2 spaces); Total of 2 garage/parking spaces
• Utilities: Community water; Community septic tank
• Home design: Manufactured single-wide home; Flat tar-and-gravel roof; Estimated year built
• Construction: Aluminum siding; Manufactured structure
• Exterior features: Community pool; Above-grade other structures

Interior

• Kitchen: Electric range/oven; Built-in microwave; Dishwasher
• Bedrooms: 2 bedrooms on main level
• Flooring: Laminated flooring
• Bathrooms: 1 full bathroom on main level
• Heating & cooling: Forced air heating (natural gas)
• Interior features: Average condition; Property manager on site; No basement
• Laundry & utility: Electric hot water

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $582 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $58k).
• Recommended offer: $51k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Pittsgrove Township School District (rural): math 18% / reading 48% proficiency, ranked #295 of 472 in NJ (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 79 active listings in the ZIP; 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $404 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Salem County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 208 days — a 12% lower offer ($51k) is reasonable based on typical stale-listing flexibility.

Recommended offer $51,480 (12.0% below list)

Questions for the listing agent

1. It's been on market 208 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 2.13% ✓
• Cap rate: 18.24%
• Cash-on-cash: 42.67%
• DSCR: 2.90
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $62,880
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25 Elmwood Dr	0.02mi	2/1.0	768 (-2%)	10mo	$20,000	$26	87
88 Hazelwood Dr	0.14mi	2/2.0	800 (+2%)	9mo	$64,000	$80	79
7 Elmwood Dr	0.13mi	2/2.0	784 (-0%)	18mo	$109,000	$139	75
1 Cedarwood Dr	0.12mi	2/1.0	750 (-5%)	16mo	$60,000	$80	73
43 Hazelwood Dr	0.13mi	2/1.0	860 (+9%)	11mo	$69,000	$80	69
4 Donald Pl	0.34mi	2/2.0	868 (+10%)	6mo	$50,000	$58	57
5 Luann Dr	0.44mi	2/1.0	860 (+9%)	23mo	$77,500	$90	45
248 Harding Hwy Unit E-10	0.70mi	2/1.0	800 (+2%)	24mo	$74,900	$94	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.4%
• Equity multiple: 2.69×
• Total profit: $27,632
• Equity at exit: $8,723

10-year hold

• IRR: 45.8%
• Equity multiple: 5.39×
• Total profit: $71,901
• Equity at exit: $5,058

Cash invested: $16,380 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 08318

• Home prices YoY: -16.6%
• Active inventory: 79
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,249 medium
• Mortgage (P&I): −$307
• Tax est. 1.5%: −$73 /mo · $878/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $582

Break-even live

Break-even rent $512

Max offer price $58,500

Occupancy floor 48%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $14,625
• Closing costs: $1,755
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-31
   days on market $58,500 Active 208 DOM
2. 2026-05-30
   days on market $58,500 Active 207 DOM
3. 2026-02-05
   price $58,500
4. 2025-12-12
   price $61,500
5. 2025-11-04
   listed $65,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $14,987
• − Mortgage interest: −$3,277
• − Property taxes: −$878
• − Insurance: −$292
• − Repairs & maintenance: −$1,199
• − Management: −$1,199
• − Depreciation: −$1,702
• Taxable income: $6,441
• Est. tax owed @ 24.0%: −$1,546
• After-tax cash flow: $5,443/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Pittsgrove Township School District
• NCES district ID: 3413110
• Math proficiency: 18% ▼ -22.00%
• Reading proficiency: 48% ▼ -8.00%
• Median HH income: $71,126
• Composite: 30.59/100
• National rank: #6201
• State rank: #295 of 472 in NJ

Livability — Pittsgrove

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 12,149

Population outlook (Salem County) Hauer SSP2

• Today (2025): 59,905 people
• By 2030: 57,351 · -4.3%
• By 2040: 51,837 · -13.5%
• By 2050: 46,356 · -22.6%
• By 2075: 36,452 · -39.2%
• By 2100: 28,907 · -51.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Black 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6%
• Common ancestry: Lithuanian 3% Romanian 3% Serbian 1%
• Foreign-born: 1%
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Salem

• 2024 margin: R (+19.2) · D 39.6% · R 58.8% · Other 1.6%
• 2008→2024 swing: -23.1pp toward R · 2008: 3.9pp · 2024: -19.2pp
• All cycles: 2024: R+19.2 2020: R+12.8 2016: R+15.4 2012: D+0.8 2008: D+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.68%
• Current HPI: 284.9025
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

-10.0% since first listed

3 events — show timeline

• 2026-02-05 Price Changed $58,500 BRIGHT MLS
• 2025-12-12 Price Changed $61,500 BRIGHT MLS
• 2025-11-04 Listed $65,000 BRIGHT MLS