15 E Griffith St · Penns Grove, NJ 08069

$245,000

4 bd · 1.5 ba · 1,450 sqft · SingleFamily public records · 107 Days on market

Built 1940 5,820 sqft lot $169/sqft · at area comps Est $241k · 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 +17.8/30.0
• ARV discount +6.8/15.0
• DSCR +5.6/10.0
• 1% rule +5.2/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well-maintained 4-bedroom, 1.5-bathroom home offering a functional layout and comfortable living spaces. The main level features a bright living area, an inviting dining space, and a thoughtfully designed kitchen with ample cabinetry and counter space. Four generously sized bedrooms provide flexibility for family, guests, or a home office, while the full bathroom and convenient half bath add everyday practicality. Additional highlights include abundant natural light, ample storage throughout, and a layout well suited for both daily living and entertaining. Whether relaxing indoors or enjoying time outdoors, this home offers a solid foundation to make your own. Conveniently located near local amenities, schools, and major routes, this property presents a great opportunity for homeowners or investors alike. Offering Seller Financing!

Key facts

• 5,820 sq ft lot
• Built 1940
• Listed 107 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $200 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $223k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 6.0% in Penns Grove — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 57/100 on livability (#519 in NJ) — a working-class tenant base; expect higher turnover. Strengths: cost of living A, housing A-; Watch: crime F, amenities F, commute F.
• Penns Grove-Carneys Point Regional School District (suburban): math 6% / reading 21% proficiency, ranked #462 of 472 in NJ (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Field Street School (math 8% / reading 12%, grade F, #1,235 of 1,303 statewide, top 96%, 501 students, 72% FRL); Penns Grove Middle School (math 6% / reading 24%, grade F, #415 of 431 statewide, top 97%, 492 students, 73% FRL); Penns Grove High School (math 4% / reading 32%, grade F, #367 of 399 statewide, top 92%, 576 students, 60% FRL) — zoned schools at 68% FRL track the district average.
• Market conditions: 105 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).
• This rent runs 42% of the median local income ($72k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Salem County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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 $14k; list at $245k implies a 1715% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; 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 $222,950 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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: 1.02% ✓
• Cap rate: 7.27%
• Cash-on-cash: 3.50%
• DSCR: 1.16
• GRM: 8.2

CMA / ARV

• ARV (median comp): $241,305
• List price: $245,000
• Delta: 1.53%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35 Railroad Ave	0.30mi	4/1.5	1,496 (+3%)	7mo	$240,000	$160	75
31 Elvin Ave	0.12mi	3/1.0 (-1)	1,555 (+7%)	7mo	$260,000	$167	70
106 W Harmony St	0.34mi	4/2.0	1,413 (-3%)	10mo	$87,500	$62	69
111 Grove St	0.50mi	4/2.0	1,409 (-3%)	3mo	$279,900	$199	68
89 Delaware Ave	0.52mi	4/2.0	1,440 (-1%)	8mo	$280,000	$194	66
14 E Union St	0.15mi	3/2.0 (-1)	1,599 (+10%)	8mo	$331,000	$207	63
68 E Harmony St	0.17mi	3/2.0 (-1)	1,237 (-15%)	0mo	$340,000	$275	60
99 N Virginia Ave	0.28mi	3/1.0 (-1)	1,292 (-11%)	3mo	$99,000	$77	59
51 Washington Ave	0.57mi	3/1.0 (-1)	1,525 (+5%)	1mo	$350,000	$230	57
85 State St	0.41mi	5/2.0 (+1)	1,576 (+9%)	6mo	$220,500	$140	54
207 E Main St	0.53mi	3/2.0 (-1)	1,519 (+5%)	11mo	$285,000	$188	51
15-1/2 N Miller Ave	0.67mi	3/1.0 (-1)	1,600 (+10%)	3mo	$225,500	$141	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -10.8%
• Equity multiple: 0.61×
• Total profit: $-26,854
• Equity at exit: $36,530

10-year hold

• IRR: -1.4%
• Equity multiple: 0.90×
• Total profit: $-6,593
• Equity at exit: $21,183

Cash invested: $68,600 (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 08069

• Home prices YoY: -18.8%
• Active inventory: 105
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,504 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$391 /mo · $4,694/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$526
• Net cashflow: $200

Break-even live

Break-even rent $2,251

Max offer price $245,000

Occupancy floor 87%

Sensitivity live

Price	-10% $339	-5% $270	+0% $200	+5% $131	+10% $62
Rent	-10% $2	-5% $101	+0% $200	+5% $299	+10% $398
Rate	-1.0pp $324	-0.5pp $263	base $200	+0.5pp $137	+1.0pp $72

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
79 Delaware Ave Penns Grove, NJ	3.0	1.0	1300	$1,900	$1.46	0d	1	0.51mi
258 Birch St Penns Grove, NJ	3.0	1.0	1114	$2,100	$1.89	12d	1	1.34mi

Listing history 14 events

1. 2026-05-08
   status Pending 859-char remark

   Show marketing remark (859 chars)

   Welcome to this well-maintained 4-bedroom, 1.5-bathroom home offering a functional layout and comfortable living spaces. The main level features a bright living area, an inviting dining space, and a thoughtfully designed kitchen with ample cabinetry and counter space. Four generously sized bedrooms provide flexibility for family, guests, or a home office, while the full bathroom and convenient half bath add everyday practicality. Additional highlights include abundant natural light, ample storage throughout, and a layout well suited for both daily living and entertaining. Whether relaxing indoors or enjoying time outdoors, this home offers a solid foundation to make your own. Conveniently located near local amenities, schools, and major routes, this property presents a great opportunity for homeowners or investors alike. Offering Seller Financing!

2. 2026-03-23
   price $245,000 859-char remark

   Show marketing remark (859 chars)

   Welcome to this well-maintained 4-bedroom, 1.5-bathroom home offering a functional layout and comfortable living spaces. The main level features a bright living area, an inviting dining space, and a thoughtfully designed kitchen with ample cabinetry and counter space. Four generously sized bedrooms provide flexibility for family, guests, or a home office, while the full bathroom and convenient half bath add everyday practicality. Additional highlights include abundant natural light, ample storage throughout, and a layout well suited for both daily living and entertaining. Whether relaxing indoors or enjoying time outdoors, this home offers a solid foundation to make your own. Conveniently located near local amenities, schools, and major routes, this property presents a great opportunity for homeowners or investors alike. Offering Seller Financing!

3. 2026-01-21
   listed $250,000 Active 859-char remark

   Show marketing remark (859 chars)

   Welcome to this well-maintained 4-bedroom, 1.5-bathroom home offering a functional layout and comfortable living spaces. The main level features a bright living area, an inviting dining space, and a thoughtfully designed kitchen with ample cabinetry and counter space. Four generously sized bedrooms provide flexibility for family, guests, or a home office, while the full bathroom and convenient half bath add everyday practicality. Additional highlights include abundant natural light, ample storage throughout, and a layout well suited for both daily living and entertaining. Whether relaxing indoors or enjoying time outdoors, this home offers a solid foundation to make your own. Conveniently located near local amenities, schools, and major routes, this property presents a great opportunity for homeowners or investors alike. Offering Seller Financing!

4. 2022-06-04
   historical
5. 2022-06-02
   listed $160,000 Active
6. 2018-01-25
   soldstatus $13,500 Sold
7. 2018-01-25
   soldstatus $13,500 Closed
8. 2017-12-19
   status Under Contract
9. 2017-10-12
   price $29,900
10. 2017-07-31
    price $35,000
11. 2017-06-28
    price $45,000
12. 2017-05-24
    listed $54,900 Active
13. 2017-05-23
    listed $29,900 Active
14. 1993-07-07
    soldstatus $30,000

ⓘ 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: $4,694 · $391/mo
• Projected year-2 tax: $5,397 · $450/mo
• Expected delta: +$703/yr (+$59/mo · 15.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 50% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,051
• − Mortgage interest: −$13,724
• − Property taxes: −$4,694
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,404
• − Management: −$2,404
• − Depreciation: −$7,127
• Taxable loss: −$1,527
• Est. tax savings @ 24.0%: +$367
• After-tax cash flow: $2,770/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: Penns Grove-Carneys Point Regional School District
• NCES district ID: 3412840
• Math proficiency: 6% ▼ -16.00%
• Reading proficiency: 21% ▼ -7.00%
• Median HH income: $44,930
• Composite: 11.98/100
• National rank: #9665
• State rank: #462 of 472 in NJ

Livability — Penns Grove

• Score: 57/100
• State rank: #519
• US rank: #22190

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Penns Grove, NJ
• County: Salem County · 24,175 people
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 13,413
• Household income: $71,942
• Rent vs Own: 46.1% rent · 53.9% own
• Severe rent burden: 696.0

Population outlook (Salem County) Hauer SSP2

• Today (2025): 59,905 people
• By 2030: 57,351 · -4.3%
• By 2040: 51,837 · -13.5%
• By 2050: 46,356 · -22.6%
• By 2075: 36,452 · -39.2%
• By 2100: 28,907 · -51.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 50% Hispanic / Latino 22% Black 22% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 14%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 85% English-only · Spanish 13% Tagalog/Filipino 1%

Political lean MEDSL · Salem

• 2024 margin: R (+19.2) · D 39.6% · R 58.8% · Other 1.6%
• 2008→2024 swing: -23.1pp toward R · 2008: 3.9pp · 2024: -19.2pp
• All cycles: 2024: R+19.2 2020: R+12.8 2016: R+15.4 2012: D+0.8 2008: D+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.07%
• Current HPI: 290.3853
• 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

+716.7% since first listed

14 events — show timeline

• 2026-05-08 Pending — BRIGHT MLS
• 2026-03-23 Price Changed $245,000 BRIGHT MLS
• 2026-01-21 Listed $250,000 BRIGHT MLS
• 2022-06-04 Listing Removed — BRIGHT MLS
• 2022-06-02 Listed $160,000 BRIGHT MLS
• 2018-01-25 Sold (MLS) $13,500 BRIGHT MLS
• 2018-01-25 Sold (MLS) $13,500 TREND
• 2017-12-19 Pending — TREND
• 2017-10-12 Price Changed $29,900 TREND
• 2017-07-31 Price Changed $35,000 TREND
• 2017-06-28 Price Changed $45,000 TREND
• 2017-05-24 Listed $54,900 TREND
• 2017-05-23 Listed $29,900 BRIGHT MLS
• 1993-07-07 Sold (Public Records) $30,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $4,694 · +1.9% YoY. Source: county tax records.