915-917 N Delaware St · Paulsboro, NJ 08066

$399,999

20 bd · None ba · 4,046 sqft · MultiFamily · 53 Days on market

Built 1935 Average condition 3,524 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

* SELLER EAGER TO SELL. OFFERING $10,000 CREDIT TOWARDS BUYERS CLOSING COSTS * 4-unit income-producing property located in the heart of Paulsboro. Property includes two residential units, both currently occupied, and two commercial units. One commercial unit is occupied. The second commercial unit is vacant, featuring updated flooring, paint, ceiling, and bathroom, with approximately 1,500 sq ft of space. All four units have been fully updated with new flooring and paint. Additional features include a rear office/storage area and a basement suitable for storage. Convenient municipal parking is available across the street.

Key facts

• Residential units
• Commercial units
• Updated flooring

Tags

• INCOME PRODUCING PROPERTY
• RESIDENTIAL UNITS
• COMMERCIAL UNITS
• UPDATED FLOORING
• REAR OFFICE STORAGE AREA
• BASEMENT SUITABLE FOR STORAGE

Property features AI

Exterior

• Parking: Public parking lot
• Utilities: Public water; Public sewer
• Home design: Two-story property; Fee simple ownership; Estimated year of major renovation 2025
• Construction: Brick construction; Brick/mortar foundation; Above-grade and below-grade structures present
• Exterior features: Corner lot/unit; No tidal water

Interior

• Bedrooms: Five bedrooms on the upper level
• Bathrooms: Two full bathrooms (upper level); Two half bathrooms (main level)
• Heating & cooling: Radiator heating; Oil-fired heating; Electric hot water
• Interior features: Estimated living area; Unfinished basement

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $400k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $686/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $400k).
• Recommended offer: $388k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 5.1% in Paulsboro — 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.

Location & tenants

• Location reads 62/100 on livability (#445 in NJ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• Paulsboro School District (suburban): math 5% / reading 26% proficiency, ranked #455 of 472 in NJ (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Paulsboro High School (math 8% / reading 27%, grade F, #373 of 399 statewide, top 94%, 384 students, 40% FRL) — zoned schools average 40% FRL vs 67% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 57 active listings in the ZIP; 1,047 units permitted in Gloucester County in 2024 (183 in 5+ unit buildings).
• At $6,971/mo this rent would consume 129% of the median local household income ($65k/yr) (locally 304% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Gloucester County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $230k; list at $400k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $387,999 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.74% ✓
• Cap rate: 14.52%
• Cash-on-cash: 29.39%
• DSCR: 2.31
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 1.98×
• Total profit: $109,978
• Equity at exit: $59,641

10-year hold

• IRR: 31.7%
• Equity multiple: 3.87×
• Total profit: $321,135
• Equity at exit: $34,585

Cash invested: $112,000 (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 08066

• Home prices YoY: -19.0%
• Active inventory: 57
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $6,971 high
• Mortgage (P&I): −$2,098
• Tax est. 1.5%: −$500 /mo · $6,000/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,464
• Net cashflow: $2,743

Break-even live

Break-even rent $3,499

Max offer price $399,999

Occupancy floor 56%

Sensitivity live

Price	-10% $3,019	-5% $2,881	+0% $2,743	+5% $2,605	+10% $2,466
Rent	-10% $2,192	-5% $2,467	+0% $2,743	+5% $3,018	+10% $3,293
Rate	-1.0pp $2,944	-0.5pp $2,845	base $2,743	+0.5pp $2,639	+1.0pp $2,534

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,972
Total (4 units)			$6,971

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $399,999 Active 53 DOM
2. 2026-06-18
   days on market $399,999 Active 50 DOM
3. 2026-06-17
   days on market $399,999 Active 49 DOM
4. 2026-06-16
   days on market $399,999 Active 48 DOM
5. 2026-06-15
   days on market $399,999 Active 47 DOM
6. 2026-06-13
   days on market $399,999 Active 45 DOM
7. 2026-06-09
   days on market $399,999 Active 41 DOM
8. 2026-06-08
   days on market $399,999 Active 40 DOM
9. 2026-06-07
   days on market $399,999 Active 39 DOM
10. 2026-06-04
    days on market $399,999 Active 36 DOM
11. 2026-06-03
    days on market $399,999 Active 35 DOM
12. 2026-06-02
    days on market $399,999 Active 34 DOM
13. 2026-06-01
    days on market $399,999 Active 33 DOM
14. 2026-05-31
    days on market $399,999 Active 32 DOM
15. 2026-05-19
    price $399,999
16. 2026-04-29
    listed $415,000 Active
17. 2025-08-08
    historical
18. 2025-07-11
    price $365,000
19. 2025-06-10
    price $375,000
20. 2025-05-09
    listed $380,000 Active
21. 2025-05-07
    historical
22. 2025-04-29
    historical
23. 2025-03-14
    listed $398,000 Active
24. 2024-07-23
    soldstatus $230,000 Closed
25. 2024-06-27
    status Pending
26. 2024-05-14
    status Active
27. 2024-05-10
    status Pending
28. 2024-04-12
    listed $249,900 Active
29. 2024-04-01
    historical $249,900

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

Taxation est. · year 1

• Rental income: $83,652
• − Mortgage interest: −$22,406
• − Property taxes: −$6,000
• − Insurance: −$2,000
• − Repairs & maintenance: −$6,692
• − Management: −$6,692
• − Depreciation: −$11,636
• Taxable income: $28,225
• Est. tax owed @ 24.0%: −$6,774
• After-tax cash flow: $26,139/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.

Condition & rehab AI · 1 photo

Average 55/100 Moderate rehab

A 4-unit property with moderate rehabilitation needs, including exterior siding and windows. Landscaping and curb appeal improvements can significantly enhance its value.

Repairs flagged

• Major Exterior siding — Weathered and in need of replacement
• Major Windows — No photos, but typically in need of replacement

Value-add opportunities

• Both Landscaping and curb appeal — Enhances curb appeal and can attract more tenants
• Both New windows — Improves energy efficiency and property value
• Both New exterior siding — Enhances property appearance and can increase value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and in need of replacement	Major	$15,000–50,000
Windows · No photos, but typically in need of replacement	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Landscaping and curb appeal — Enhances curb appeal and can attract more tenants ↑
• Both New windows — Improves energy efficiency and property value ↑
• Both New exterior siding — Enhances property appearance and can increase value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Paulsboro School District
• NCES district ID: 3412720
• Math proficiency: 5% ▼ -9.00%
• Reading proficiency: 26% ▲ 3.00%
• Median HH income: $43,261
• Composite: 13.46/100
• National rank: #9521
• State rank: #455 of 472 in NJ

Livability — Paulsboro

• Score: 62/100
• State rank: #445
• US rank: #16559

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Paulsboro, NJ
• County: Gloucester County · 160,422 people
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 7,760
• Household income: $65,070
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 304.0

Population outlook (Gloucester County) Hauer SSP2

• Today (2025): 298,895 people
• By 2030: 299,031 · +0.0%
• By 2040: 294,020 · -1.6%
• By 2050: 284,188 · -4.9%
• By 2075: 260,720 · -12.8%
• By 2100: 229,565 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 47% Black 30% Hispanic / Latino 16% Two or more races 14%
• Hispanic origin (detail): Mexican 3% Puerto Rican 10%
• Common ancestry: Romanian 6% Serbian 3% Armenian 2%
• Foreign-born: 4% · Canada, Dominican Republic
• Languages at home: 84% English-only · Spanish 11% Arabic 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Gloucester

• 2024 margin: Toss-up / Even · D 47.8% · R 50.6% · Other 1.6%
• 2008→2024 swing: -15.0pp toward R · 2008: 12.2pp · 2024: -2.8pp
• All cycles: 2024: R+2.8 2020: D+1.9 2016: R+0.4 2012: D+10.5 2008: D+12.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -79.33%
• Current HPI: 337.4363
• Rent YoY: —
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• 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

+60.1% since first listed

15 events — show timeline

• 2026-05-19 Price Changed $399,999 BRIGHT MLS
• 2026-04-29 Listed $415,000 BRIGHT MLS
• 2025-08-08 Listing Removed — BRIGHT MLS
• 2025-07-11 Price Changed $365,000 BRIGHT MLS
• 2025-06-10 Price Changed $375,000 BRIGHT MLS
• 2025-05-09 Listed $380,000 BRIGHT MLS
• 2025-05-07 Coming Soon — BRIGHT MLS
• 2025-04-29 Listing Removed — BRIGHT MLS
• 2025-03-14 Listed $398,000 BRIGHT MLS
• 2024-07-23 Sold (MLS) $230,000 BRIGHT MLS
• 2024-06-27 Pending — BRIGHT MLS
• 2024-05-14 Relisted — BRIGHT MLS
• 2024-05-10 Pending — BRIGHT MLS
• 2024-04-12 Listed $249,900 BRIGHT MLS
• 2024-04-01 Coming Soon $249,900 BRIGHT MLS