65 Race St · Trenton, NJ 08638

$205,000

2 bd · 1.0 ba · 980 sqft · SingleFamily public records · 151 Days on market

Built 1911 1,651 sqft lot Est $198k · at est.

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Why this score? — see what drove the D 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 +17.1/30.0
• ARV discount +5.9/15.0
• DSCR +5.3/10.0
• 1% rule +4.0/10.0
• Livability +3.8/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention Investors. This 2 bedroom, 1 bath home is new to the market. Being Sold "As Is" owner will not do any repairs, and Buyer is responsible for getting the City of Trenton Inspection.

Key facts

• Built 1911
• Listed 151 days

Property features AI

Finance

• Other: Fee simple ownership

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Frame construction
• Construction: Frame construction; Unfinished basement; Other foundation details
• Exterior features: Lot approximately 17 x 97 feet; Semi-detached property; Above- and below-grade structures

Interior

• Kitchen: Standard kitchen
• Bedrooms: 2 bedrooms on the first upper level
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard hot water heating; Radiator heating; Natural gas fuel and hot water
• Interior features: Living room; Dining room; Kitchen; Basement (unfinished)
• Laundry & utility: Laundry hookups in the basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $141 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (9.7% below list).
• Recommended offer: $180k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#133 in NJ, #3,533 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, employment F.
• Trenton Public School District (urban): math 2% / reading 16% proficiency, ranked #471 of 472 in NJ (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Dr. Martin Luther King Jr. Elementary School (math 3% / reading 6%); Luis Munoz-Rivera Ms (math 2% / reading 20%); Trenton Central High School - Main Campus (math 2% / reading 10%, grade F, #396 of 399 statewide, top 99%, 2,255 students, 56% FRL) — zoned schools average 56% FRL vs 80% district-wide (25 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.3%/yr); 83 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,256 units permitted in Mercer County in 2024 (1,303 in 5+ unit buildings).
• This rent runs 33% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Mercer County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; list at $205k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 151 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 1911 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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?
8. 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.
9. 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.
10. 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: 0.90% ✗
• Cap rate: 7.12%
• Cash-on-cash: 2.95%
• DSCR: 1.13
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $197,960
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
46 Bond St	0.29mi	3/1.0 (+1)	898 (-8%)	7mo	$181,050	$202	62
48 Homestead Ave	0.61mi	2/1.5	1,054 (+8%)	4mo	$270,000	$256	54
39 Heil Ave	0.46mi	2/1.0	1,050 (+7%)	18mo	$145,000	$138	52
119 Robbins Ave	0.62mi	3/1.0 (+1)	1,056 (+8%)	3mo	$355,000	$336	51
77 Pashley Ave	0.70mi	3/2.0 (+1)	1,068 (+9%)	3mo	$200,000	$187	40
68 Weber	0.69mi	3/1.0 (+1)	1,105 (+13%)	10mo	$157,000	$142	33

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 · 3.31% rent growth · sell at horizon

5-year hold

• IRR: -11.3%
• Equity multiple: 0.59×
• Total profit: $-23,678
• Equity at exit: $30,566

10-year hold

• IRR: -1.7%
• Equity multiple: 0.88×
• Total profit: $-6,771
• Equity at exit: $17,725

Cash invested: $57,400 (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 08638

• Rents YoY: 3.3%
• Active inventory: 83
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,852 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$161 /mo · $1,938/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $141

Break-even live

Break-even rent $1,673

Max offer price $205,000

Occupancy floor 87%

Sensitivity live

Price	-10% $257	-5% $199	+0% $141	+5% $83	+10% $25
Rent	-10% $-5	-5% $68	+0% $141	+5% $214	+10% $287
Rate	-1.0pp $244	-0.5pp $193	base $141	+0.5pp $88	+1.0pp $34

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
77 Race St Trenton, NJ	2.0	1.0	950	$1,700	$1.79	23d	1	0.06mi
901 Brunswick Ave #7 Trenton, NJ	3.0	1.0	940	$2,800	$2.98	15d	1	0.60mi
125 Olive St Trenton, NJ	2.0–3.0	1.0–1.5	896	$1,220	$1.36	23d	1	0.71mi
1100 Prospect St Unit 1 Ewing Township, NJ	3.0	1.0	1100	$2,000	$1.82	23d	1	0.72mi
12 Belvidere St Trenton, NJ	1.0	1.0	1068	$1,600	$1.50	23d	1	0.81mi
202 E Hanover St Unit 5G Trenton, NJ	2.0	1.0	750	$1,200	$1.60	23d	1	0.82mi
216 E State St Trenton, NJ	1.0–2.0	1.0	811	$1,895	$2.34	15d	2	0.86mi
150 E State St Trenton, NJ	1.0	1.0	627	$1,750	$2.79	23d	1	0.88mi
27 Passaic St Trenton, NJ	2.0	1.0	900	$1,700	$1.89	23d	1	0.98mi
417 Walnut Ave Trenton, NJ	3.0	1.0	992	$2,050	$2.07	23d	1	1.06mi
1163 E State St Unit 9 Trenton, NJ	2.0	1.0	775	$1,770	$2.28	23d	1	1.06mi
1165 E State St Trenton, NJ	3.0	1.0	900	$1,749	$1.94	15d	1	1.06mi
416 Klagg Ave Trenton, NJ	3.0	1.0	1034	$2,300	$2.22	23d	1	1.07mi
339 Tioga St #339 Trenton, NJ	2.0	1.0	864	$1,850	$2.14	23d	1	1.09mi
307 Spring St Unit 3 Trenton, NJ	2.0	1.0	559	$1,800	$3.22	15d	1	1.09mi
307 Spring St Unit 2 Trenton, NJ	2.0	1.0	689	$1,750	$2.54	15d	1	1.09mi
186 Passaic St Trenton, NJ	3.0	2.0	1064	$2,400	$2.26	6d	1	1.09mi
1001 Pennington Rd Unit 1-2B Ewing Township, NJ	2.0	1.0	700	$1,200	$1.71	23d	1	1.12mi
329 W State St Trenton, NJ	1.0	1.0	650	$1,500	$2.31	23d	1	1.18mi
720 Monmouth St Unit 111 Trenton, NJ	1.0	1.0	1102	$1,500	$1.36	23d	1	1.25mi
720 Monmouth St Unit 103 Trenton, NJ	1.0	1.0	832	$1,450	$1.74	23d	1	1.25mi
720 Monmouth St Unit 204 Trenton, NJ	2.0	1.0	1011	$1,750	$1.73	23d	1	1.26mi
435 Tyler St Unit 123 Trenton, NJ	1.0	1.0	607	$1,475	$2.43	23d	1	1.26mi
435 Tyler St Apt 203 Trenton, NJ	1.0	1.0	662	$1,500	$2.27	23d	1	1.26mi
435 Tyler St Unit 115 Trenton, NJ	1.0	1.0	860	$1,600	$1.86	23d	1	1.26mi
71 Clark St Trenton, NJ	1.0–2.0	1.0–2.0	975	$2,350	$2.41	15d	4	1.44mi
702 Meadow Woods Ln Lawrence Township, NJ	1.0	1.0	800	$1,745	$2.18	23d	1	1.45mi
907 Meadow Woods Ln Unit TYPE Lawrence Township, NJ	1.0	1.0	800	$1,600	$2.00	23d	1	1.47mi
114 Washington Ct Hamilton Township, NJ	1.0	1.0	560	$1,475	$2.63	23d	3	1.48mi
732 W State St Fl back Trenton, NJ	1.0	1.0	600	$1,150	$1.92	23d	1	1.48mi
121 Columbus Ave Trenton, NJ	3.0	1.0	1050	$1,900	$1.81	23d	1	1.49mi

Listing history 15 events

1. 2026-06-08
   days on market $205,000 Active 151 DOM
2. 2026-06-07
   days on market $205,000 Active 150 DOM
3. 2026-06-03
   days on market $205,000 Active 146 DOM
4. 2026-06-02
   days on market $205,000 Active 145 DOM
5. 2026-06-01
   days on market $205,000 Active 144 DOM
6. 2026-05-31
   days on market $205,000 Active 143 DOM
7. 2026-05-30
   days on market $205,000 Active 142 DOM
8. 2026-02-04
   price $205,000
9. 2026-01-08
   listed $220,000 Active
10. 2022-08-02
    soldstatus $110,500
11. 2022-07-19
    soldstatus $78,000
12. 2022-07-13
    soldstatus $78,000 Closed 199-char remark

    Show marketing remark (199 chars)

    Attention Investors. This 2 bedroom, 1 bath home is new to the market. Being Sold "As Is" owner will not do any repairs, and Buyer is responsible for getting the City of Trenton Inspection.

13. 2022-05-16
    historical Active Under Contract 199-char remark

    Show marketing remark (199 chars)

    Attention Investors. This 2 bedroom, 1 bath home is new to the market. Being Sold "As Is" owner will not do any repairs, and Buyer is responsible for getting the City of Trenton Inspection.

14. 2022-05-09
    listed $79,745 Active 199-char remark

    Show marketing remark (199 chars)

    Attention Investors. This 2 bedroom, 1 bath home is new to the market. Being Sold "As Is" owner will not do any repairs, and Buyer is responsible for getting the City of Trenton Inspection.

15. 2005-01-03
    soldstatus $35,000

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

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $1,938 · $161/mo
• Projected year-2 tax: $3,521 · $293/mo
• Expected delta: +$1,583/yr (+$132/mo · 81.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,225
• − Mortgage interest: −$11,483
• − Property taxes: −$1,938
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,778
• − Management: −$1,778
• − Depreciation: −$5,964
• Taxable loss: −$1,741
• Est. tax savings @ 24.0%: +$418
• After-tax cash flow: $2,112/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: Trenton Public School District
• NCES district ID: 3416290
• Math proficiency: 2% ▼ -8.00%
• Reading proficiency: 16% ▼ -4.00%
• Median HH income: $35,078
• Composite: 7.31/100
• National rank: #9956
• State rank: #471 of 472 in NJ

Livability — Trenton

• Score: 76/100
• State rank: #133
• US rank: #3533

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime F Employment F Housing A- Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Trenton, NJ
• County: Mercer County · 327,655 people
• City population: 177,819
• Metro: Trenton-Princeton, NJ
• Population (ZIP): 22,816
• Household income: $66,875
• Rent vs Own: 42.0% rent · 58.0% own
• Severe rent burden: 1185.0

Population outlook (Mercer County) Hauer SSP2

• Today (2025): 381,395 people
• By 2030: 384,640 · +0.9%
• By 2040: 391,431 · +2.6%
• By 2050: 397,845 · +4.3%
• By 2075: 417,281 · +9.4%
• By 2100: 420,327 · +10.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 43% White 31% Hispanic / Latino 21% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Dominican 3%
• Common ancestry: Romanian 4% Hispanic 2% Iranian 1%
• Foreign-born: 24% · Canada, Guatemala, China
• Languages at home: 76% English-only · Spanish 17% Russian/Polish/Slavic 2% Other Indo-European 2%

Political lean MEDSL · Mercer

• 2024 margin: Solid D (+33.9) · D 65.9% · R 32.0% · Other 2.1%
• 2008→2024 swing: -2.2pp toward R · 2008: 36.1pp · 2024: 33.9pp
• All cycles: 2024: D+33.9 2020: D+40.0 2016: D+36.2 2012: D+36.8 2008: D+36.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -286.00%
• Current HPI: 334.5143
• Rent YoY: ▲ 3.31%
• Metro: Trenton-Princeton, NJ
• 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

+485.7% since first listed

8 events — show timeline

• 2026-02-04 Price Changed $205,000 BRIGHT MLS
• 2026-01-08 Listed $220,000 BRIGHT MLS
• 2022-08-02 Sold (Public Records) $110,500 Public Records
• 2022-07-19 Sold (Public Records) $78,000 Public Records
• 2022-07-13 Sold (MLS) $78,000 BRIGHT MLS
• 2022-05-16 Contingent — BRIGHT MLS
• 2022-05-09 Listed $79,745 BRIGHT MLS
• 2005-01-03 Sold (Public Records) $35,000 Public Records

Property tax history

+0.8%/yr

Latest (2025): $1,938 · +1.5% YoY. Source: county tax records.