148 Fountain Ave · Trenton, NJ 08618

$359,900

5 bd · 3.0 ba · 2,468 sqft · MultiFamily public records · 13 Days on market

Built 2008 3,158 sqft lot Est $316k · 14% over

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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 +21.9/30.0
• DSCR +7.0/10.0
• 1% rule +6.8/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• ARV discount +1.2/15.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

FINAL & BEST BY WEDNESDAY 2/15 AT NOON. Buyer is responsible for any and all certifications as may be required by lender and municipality as needed. Seller and listing agent make no representation regarding any information contained within or regarding the property. Buyer is responsible for verifying the accuracy of any and all information provided in the mls including but not limited to, room sizes, property amenities, property condition, functionality of any systems, etc

Key facts

• 3,158 sq ft lot
• Built 2008
• Listed 13 days

Property features AI

Finance

• Financial info: Total actual rent reported: $48,600

Exterior

• Parking: Off-street parking via asphalt driveway
• Utilities: Public water; Public sewer; Electric cooling; Natural gas for heating and hot water
• Home design: End of row townhouse; Fee simple ownership; Effective year of major renovation 2023
• Construction: Frame construction; Slab foundation; Estimated year built (effective/updated 2023)
• Exterior features: Asphalt driveway; Off-street parking; Above-grade and below-grade structures noted

Interior

• Kitchen: Microwave; Refrigerator; Stove; Kitchen with table space and breakfast area
• Bedrooms: One two-bedroom unit and one three-bedroom unit (two units total; both currently leased)
• Flooring: Luxury vinyl plank
• Bathrooms: Master bath(s); Tub with shower
• Heating & cooling: Forced air heating; Natural gas heating and hot water; Central air conditioning (electric)
• Interior features: Breakfast area; Combination kitchen and dining area; Separate dining area; Family room off the kitchen; Traditional floor plan; Kitchen with table space; Master bath(s); Recessed lighting; Tub with shower
• Laundry & utility: No basement

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $569 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $360k).
• Cap rate 8.2% vs local median 6.3% in Trenton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 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 (+2.6%/yr); 144 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 2,256 units permitted in Mercer County in 2024 (1,303 in 5+ unit buildings).
• At $4,231/mo this rent would consume 101% of the median local household income ($50k/yr) (locally 2116% 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 $2k of loan paydown is wiped out by about $11k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y 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 $175k; list at $360k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $359,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.18% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.77%
• DSCR: 1.30
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $315,904
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
514-516 Martin Luther King Blvd	0.20mi	4/— (-1)	2,481 (+0%)	13mo	$70,000	$28	74
613 Martin Luther King Jr Blvd	0.17mi	4/3.0 (-1)	2,264 (-8%)	19mo	$225,000	$99	57
83 E Paul Ave	0.63mi	6/3.0 (+1)	2,330 (-6%)	7mo	$305,000	$131	50
547 Perry St	0.68mi	5/5.0	2,652 (+8%)	2mo	$340,000	$128	46
119 N Stockton St	0.59mi	6/2.0 (+1)	2,192 (-11%)	1mo	$320,000	$146	44
468 Rutherford Ave	0.55mi	6/2.0 (+1)	2,219 (-10%)	6mo	$285,000	$128	44
88 Spring St	0.49mi	4/1.0 (-1)	2,613 (+6%)	23mo	$225,000	$86	35

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 · 2.6% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.77×
• Total profit: $-23,540
• Equity at exit: $53,662

10-year hold

• IRR: 2.8%
• Equity multiple: 1.20×
• Total profit: $20,231
• Equity at exit: $31,118

Cash invested: $100,772 (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 08618

• Rents YoY: 2.6%
• Active inventory: 144
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $4,231 high
• Mortgage (P&I): −$1,887
• Tax from tax record: −$736 /mo · $8,835/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$889
• Net cashflow: $569

Break-even live

Break-even rent $3,511

Max offer price $359,900

Occupancy floor 82%

Sensitivity live

Price	-10% $773	-5% $671	+0% $569	+5% $467	+10% $365
Rent	-10% $235	-5% $402	+0% $569	+5% $736	+10% $903
Rate	-1.0pp $750	-0.5pp $660	base $569	+0.5pp $476	+1.0pp $381

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$2,206
1× unit	2	1	$2,025
Total (2 units)			$4,231

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
73 Bellevue Ave Trenton, NJ	4.0	2.0	1950	$2,400	$1.23	14d	1	0.38mi
649 W State St Trenton, NJ	5.0	2.0	1870	$2,900	$1.55	13d	1	0.99mi
73 Oak Ln #2 Trenton, NJ	4.0	1.0	1886	$2,300	$1.22	14d	1	1.10mi
936 Carteret Ave Trenton, NJ	4.0	2.0	2382	$2,500	$1.05	13d	1	1.24mi
927 Carteret Ave Trenton, NJ	5.0	1.5	2275	$2,500	$1.10	21d	1	1.24mi
92 Pennwood Dr Ewing, NJ	4.0	3.0	1702	$3,850	$2.26	14d	1	1.46mi

Listing history 10 events

1. 2026-05-21
   status Pending
2. 2026-05-09
   listed $359,900 Active
3. 2026-05-09
   historical $359,900
4. 2026-05-08
   historical
5. 2026-05-08
   historical
6. 2023-07-26
   historical
7. 2023-07-11
   listed
8. 2023-04-26
   soldstatus $175,000 Closed 483-char remark

   Show marketing remark (483 chars)

   FINAL & BEST BY WEDNESDAY 2/15 AT NOON. Buyer is responsible for any and all certifications as may be required by lender and municipality as needed. Seller and listing agent make no representation regarding any information contained within or regarding the property. Buyer is responsible for verifying the accuracy of any and all information provided in the mls including but not limited to, room sizes, property amenities, property condition, functionality of any systems, etc

9. 2023-02-23
   status Pending 483-char remark

   Show marketing remark (483 chars)

   FINAL & BEST BY WEDNESDAY 2/15 AT NOON. Buyer is responsible for any and all certifications as may be required by lender and municipality as needed. Seller and listing agent make no representation regarding any information contained within or regarding the property. Buyer is responsible for verifying the accuracy of any and all information provided in the mls including but not limited to, room sizes, property amenities, property condition, functionality of any systems, etc

10. 2023-02-10
    listed $154,900 Active 483-char remark

    Show marketing remark (483 chars)

    FINAL & BEST BY WEDNESDAY 2/15 AT NOON. Buyer is responsible for any and all certifications as may be required by lender and municipality as needed. Seller and listing agent make no representation regarding any information contained within or regarding the property. Buyer is responsible for verifying the accuracy of any and all information provided in the mls including but not limited to, room sizes, property amenities, property condition, functionality of any systems, etc

ⓘ 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: $8,835 · $736/mo
• Projected year-2 tax: $8,898 · $742/mo
• Expected delta: +$63/yr (+$5/mo · 0.7%)

ⓘ 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: $50,772
• − Mortgage interest: −$20,160
• − Property taxes: −$8,835
• − Insurance: −$1,800
• − Repairs & maintenance: −$4,062
• − Management: −$4,062
• − Depreciation: −$10,470
• Taxable income: $1,384
• Est. tax owed @ 24.0%: −$332
• After-tax cash flow: $6,495/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): 35,634
• Household income: $50,390
• Rent vs Own: 54.2% rent · 45.8% own
• Severe rent burden: 2116.0

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 0.59)
• Race & ethnicity: Black 59% White 19% Hispanic / Latino 16% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 6% Dominican 3%
• Common ancestry: Romanian 2% Hispanic 1% Scotch-Irish 1%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 10% Other Indo-European 3% Arabic 1%

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: ▼ -309.54%
• Current HPI: 288.6841
• Rent YoY: ▲ 2.60%
• 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

+132.3% since first listed

10 events — show timeline

• 2026-05-21 Pending — BRIGHT MLS
• 2026-05-09 Listed $359,900 BRIGHT MLS
• 2026-05-09 Coming Soon $359,900 BRIGHT MLS
• 2026-05-08 Coming Soon — BRIGHT MLS
• 2026-05-08 Listing Removed — BRIGHT MLS
• 2023-07-26 Rental Removed — BRIGHTMLS
• 2023-07-11 Listed for Rent — BRIGHTMLS
• 2023-04-26 Sold (MLS) $175,000 BRIGHT MLS
• 2023-02-23 Pending — BRIGHT MLS
• 2023-02-10 Listed $154,900 BRIGHT MLS

Property tax history

+21.5%/yr

Latest (2025): $8,835 · +1.5% YoY. Source: county tax records.