  We present a study of the reaction $\pi^-p \to ne^+e^-$ for
$\sqrt{s}=1.49\,\textrm{GeV}$, including non-resonant Born terms and
contributions of the $N(1440)$, $N(1520)$, $N(1535)$ resonances ($R$), using an
effective-Lagrangian model, which we extended by a phenomenological phase
factor at the $RN\rho$ vertex function. We give predictions for both the
differential cross section $d\sigma/dm$ and the spin density matrix elements of
the virtual photon that decays into the lepton pair. In the studied energy
range, the cross section is dominated by the Born and $N(1520)$ contributions.
