350 Honeymoon Rd

Glassboro, NJ 08028

$539,900F

3 bd · 2.0 ba · 1,675 sqft · Built 2026 · Land · Active · 284 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,878/mo
• Mortgage (P&I): −$2,831
• Tax + insurance: −$340
• HOA: −$0
• Vac / Maint / Mgmt: −$604
• Net cashflow: $-897/mo
• Annual: $-10,769/yr
• Cap rate: 4.30%
• Cash-on-cash: -7.12%
• DSCR: 0.68
• 1% rule: 0.53%
• Cash to close: $151,172

Investor read

• This is a 3-bed/2.0-bath land listed at $540k.
• At list price, monthly cash flow is $-897 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $381k (29.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $288k (46.7% below list).
• It's been on market 284 days — a 12% lower offer ($475k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $288k (46.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#57 in NJ, #1,498 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: schools D+, cost of living D-.
• Glassboro School District (suburban): math 10% / reading 33% proficiency, ranked #412 of 472 in NJ (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.6%/yr); 75 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• This rent runs 39% of the median local income ($89k/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 284 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.