The best small multi-family buildings in the Camden area are often a few PATCO stops out of the city: Victorian duplexes in Collingswood, converted twins in Haddon Township, and up-and-down two-families in Gloucester City and Audubon. Camden itself adds converted rowhomes and corner buildings at lower prices.
In short: LendingStreet finances duplexes, triplexes and fourplexes in Camden and surrounding Camden County towns with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns and LLC borrowers allowed. Loans start at $150,000 with no stated maximum, purchases go up to 80% LTV and the standard minimum DSCR is 1.0x. New Jersey's high property taxes are the line to check first.
In Camden, most housing is rowhomes and twins, but you will find two- and three-unit conversions, corner buildings with apartments upstairs and some purpose-built small apartment houses, especially in Cooper Grant, Parkside and near the Broadway corridor. Prices are low and renovation needs vary from cosmetic to complete.
Just outside the city, Collingswood, Haddon Township, Audubon and Oaklyn have older single-family homes converted to two or three units, plus duplexes built as rentals. Gloucester City and Pennsauken have up-and-down two-families and twins. Lindenwold and Stratford, farther out on the PATCO line, have garden-style buildings that are often larger than four units.
Many conversions were done decades ago, so layouts vary. Some duplexes have a full first-floor unit and a smaller second-floor unit with a rear stair; others are side by side. Tenants pay attention to parking, laundry and separate heat, and buildings that offer all three lease faster.
The PATCO Speedline links Camden and the towns along it to Center City Philadelphia, and buildings within walking distance of a station tend to rent faster and hold tenants longer. The table is a general guide; confirm rents with current leases and listings.
Tenants include hospital staff at Cooper and nearby medical centers, students and staff at Rutgers-Camden and Rowan, and Philadelphia commuters who want lower rents or a short ride to Center City. Collingswood's walkable downtown and Haddon Township's Westmont area command the highest rents among the nearby towns.
| Area | Typical stock | What to check |
|---|---|---|
| Camden city | Converted rowhomes, corner buildings | Condition, legal unit count, city inspections |
| Collingswood, Haddon Township | Victorian duplexes and conversions | High tax bills, town CO inspections |
| Audubon, Oaklyn | Two-families and duplexes | Tax bills, older systems |
| Gloucester City | Up-and-down two-families, twins | Flood zones near the river |
| Pennsauken | Twins and two-families | Route 130 corridor, town rules |
Each municipality in Camden County sets its own zoning. Many conversions in older towns predate current codes and are legally nonconforming. Others were split without approval. Before you buy, check the town's records or ask the zoning officer for the legal number of units, and confirm the building has a current certificate of occupancy for each unit.
Only legal units count toward rent in your DSCR calculation. A third-floor apartment without approval will not be counted, and it may create problems at the next tenant-change inspection.
This example is illustrative and not a quote. An investor buys a Collingswood duplex a short walk from the PATCO station for $425,000. The units lease for $1,800 and $1,700, a combined $3,500 a month. Taxes are budgeted at $850 a month and insurance at $175.
At 75% LTV the loan is $318,750. Estimated principal and interest on a 30-year term is about $2,196, the total payment is about $3,221 and DSCR is about 1.09x. At 80% LTV the loan is $340,000, estimated principal and interest is about $2,343, the payment is about $3,368 and DSCR is about 1.04x. The tax bill is about a quarter of the total payment, which is common in South Jersey.
| Item | 75% LTV | 80% LTV |
|---|---|---|
| Loan amount | $318,750 | $340,000 |
| Estimated principal and interest | $2,196 | $2,343 |
| Taxes | $850 | $850 |
| Insurance | $175 | $175 |
| Total monthly payment | $3,221 | $3,368 |
| Combined rent | $3,500 | $3,500 |
| DSCR | About 1.09x | About 1.04x |
New Jersey property taxes are among the highest in the country, and many Camden County towns carry heavy bills relative to price. Use the current tax bill from the town's tax collector. If a town has completed a revaluation recently, or has one scheduled, the assessment may change.
In New Jersey, the seller generally pays the realty transfer fee. Buyers pay title insurance, recording fees and settlement fees, and many South Jersey closings are handled by title companies. Ask for an estimate early.
Lenders escrow taxes and insurance in the monthly payment, so the full annual bill divided by 12 goes into the DSCR calculation. When you compare two buildings in different towns, run each through its own tax bill; a duplex in one town can show a much better ratio than a similar building a mile away.
Many New Jersey towns require a certificate of occupancy or rental inspection at every tenant change, and New Jersey's lead-safe law requires inspections of most pre-1978 rental units. Landlords must also file a landlord registration statement. Before you buy, check:
New Jersey's Anti-Eviction Act limits the reasons a landlord can end most tenancies, and some municipalities have local rent control. If you buy a building with tenants in place, review the leases and local ordinances before planning rent increases. Lenders can use market rent estimates for vacant units, but signed leases are stronger support. Rent from tenants with housing vouchers can count like other lease income once the unit passes the housing authority's inspection.
Five to eight unit buildings are still residential, though max LTV can be lower and varies by program; see our 5-8 unit Camden page. If a Camden building needs a full renovation first, a fix and flip or bridge loan can carry it until it is leased. To get a quote, send the address, price, rents and tax bill through the form below or call (877) 298-1001.
Yes. The loan qualifies on the combined rent of both units, with no W-2s or tax returns.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
New Jersey property taxes are among the highest in the country, and they count in the DSCR payment.
Most pre-1978 rental units in New Jersey need lead-safe inspections. Plan for them before you lease.
Only if it is a legal unit with a certificate of occupancy.
The seller generally pays it in New Jersey.
The minimum credit score is 620.
Yes. Cash-out goes up to 75% LTV, with seasoning that varies by program.
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