38-A E Daisy Ln

Ramblewood, NJ 08054

$199,000D

2 bd · 1.0 ba · 1,004 sqft · Built 1974 · Condo · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,256/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$332
• HOA: −$467
• Vac / Maint / Mgmt: −$474
• Net cashflow: $-60/mo
• Annual: $-721/yr
• Cap rate: 5.93%
• Cash-on-cash: -1.29%
• DSCR: 0.94
• 1% rule: 1.13%
• Cash to close: $55,720

Investor read

• This is a 2-bed/1.0-bath condo listed at $199k. Condition is rated fair.
• At list price, monthly cash flow is $-60 ($-721/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (4.4% below list).
• Meets the 1% rule at list price ($2k rent vs $199k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $190k (4.4% below list) — sets the bar for cash-flow.
• 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 73/100 on livability (#198 in NJ) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, cost of living F, health & safety D-.
• Mount Laurel Township School District (suburban): math 37% / reading 54% proficiency, ranked #161 of 472 in NJ (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Parkway Elementary School (math 37% / reading 57%, grade D-, #308 of 1,303 statewide, top 26%, 361 students, 8% FRL); T. E. Harrington Middle School (math 38% / reading 57%, grade C-, #123 of 431 statewide, top 30%, 930 students, 14% FRL); Lenape High School (math 29% / reading 59%, grade F, #161 of 399 statewide, top 40%, 1,892 students, 15% FRL) — zoned schools at 12% FRL track the district average.
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents rising (+1.5%/yr); 255 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 2,161 units permitted in Burlington County in 2024 (988 in 5+ unit buildings).
• Burlington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: major wind risk, 53% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.8% in Ramblewood — 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

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?

Repairs flagged (vision-AI assessment)

• Major: Paint — The interior walls are painted in a dated pink color.
• Major: Flooring — The carpet in the living room and bedrooms appears to be worn and outdated.
• Minor: Kitchen Countertops — The countertops appear to be dated and could be replaced for a fresh look.
• Minor: Appliances — The appliances appear to be dated and could be replaced for a fresh look.