297 Keasbey St · Salem, NJ 08079

$129,900

4 bd · 2.0 ba · 1,382 sqft · SingleFamily public records · 113 Days on market

Built 1952 7,501 sqft lot Est $196k · 34% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +4.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks

Investor Special! Fixer-upper single-family home on a rare double lot (60x125) with R-2 zoning. Huge value-add potential for rehab, expansion, or redevelopment. Ideal opportunity for investors or developers seeking strong upside and solid returns. Key location access to major markets like Philadelphia, New York City, Baltimore, and DC, supported by key highways (NJ Turnpike, I-295, US-40), making it attractive for both residential demand and business growth. Sold strictly as-is. Buyer is responsible for all city inspections and certifications. Buyer to perform their own due diligence. Bring your vision and unlock the potential!

Key facts

• Value-add potential
• Double lot
• Major markets

Tags

• DOUBLE LOT
• R-2 ZONING
• VALUE-ADD POTENTIAL
• KEY LOCATION ACCESS
• MAJOR MARKETS

Property features AI

Finance

• Other: Near shopping, train, and public transit

Exterior

• Parking: Open parking; Parking width for 1 car
• Utilities: Public water; Public sewer; Natural gas; Gas water heater; See remarks for additional utilities
• Home design: Detached property; Three or more levels; Asphalt roof
• Construction: See remarks for additional construction details
• Exterior features: Enclosed porch(es)

Interior

• Kitchen: Separate dining area
• Bedrooms: Three bedrooms; One bedroom
• Flooring: Vinyl/linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Window air conditioning units
• Interior features: Living room; Formal dining room; Kitchen; Full bath; Recreation room; Utility room; 10 total rooms
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $718 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 8.4% in Salem — 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 61/100 on livability (#462 in NJ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B; Watch: schools D, amenities F, commute F.
• Salem City School District (town): math 6% / reading 24% proficiency, ranked #464 of 472 in NJ (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 100 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).
• At $2,181/mo this rent would consume 48% of the median local household income ($55k/yr) (locally 663% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $404 of equity ($898 loan paydown + $-494 appreciation (-0.4% local appreciation)).
• Salem County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.4% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $130k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major 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 $118,209 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 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 1952 — 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 D-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. 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.
7. 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.
8. 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: 1.68% ✓
• Cap rate: 12.92%
• Cash-on-cash: 23.68%
• DSCR: 2.05
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $196,244
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
363 Grant St	0.27mi	3/2.5 (-1)	1,424 (+3%)	0mo	$250,000	$176	75
318 Fenwick Ave	0.22mi	3/1.0 (-1)	1,344 (-3%)	3mo	$191,250	$142	74
352 Allen Ave	0.15mi	3/1.5 (-1)	1,460 (+6%)	6mo	$225,000	$154	71
170 Johnson St	0.26mi	3/1.0 (-1)	1,417 (+2%)	9mo	$180,000	$127	67
272 E Broadway	0.38mi	3/2.0 (-1)	1,500 (+8%)	1mo	$65,000	$43	62
164 N Union St	0.20mi	3/1.5 (-1)	1,516 (+10%)	9mo	$199,000	$131	60
14 Yorke St	0.27mi	3/1.5 (-1)	1,197 (-13%)	1mo	$161,000	$135	57
304 New Market St	0.61mi	3/1.0 (-1)	1,310 (-5%)	4mo	$186,000	$142	51
207 9th St	0.38mi	3/1.5 (-1)	1,562 (+13%)	8mo	$230,000	$147	47
264 E Broadway	0.40mi	3/1.5 (-1)	1,584 (+15%)	5mo	$150,000	$95	46
200 Smith St	0.53mi	3/1.5 (-1)	1,212 (-12%)	10mo	$140,000	$116	40
115 Chestnut St	0.74mi	3/3.5 (-1)	1,282 (-7%)	8mo	$185,000	$144	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.38% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.0%
• Equity multiple: 2.09×
• Total profit: $39,716
• Equity at exit: $35,268

10-year hold

• IRR: 27.5%
• Equity multiple: 3.98×
• Total profit: $108,343
• Equity at exit: $40,485

Cash invested: $36,372 (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 08079

• Home prices YoY: -0.1%
• Active inventory: 100
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,181 high
• Mortgage (P&I): −$681
• Tax from tax record: −$270 /mo · $3,236/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $718

Break-even live

Break-even rent $1,272

Max offer price $129,900

Occupancy floor 62%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
332 E Broadway Salem, NJ	3.0	2.0	1844	$1,980	$1.07	44d	1	0.22mi
270-272 Grant St Salem, NJ	4.0	1.0	1644	$2,100	$1.28	5d	1	0.49mi
37 Eighth St Salem, NJ	3.0	1.0	1092	$1,850	$1.69	1d	1	0.66mi
23 7th St Unit B Salem, NJ	3.0	1.0	1000	$1,450	$1.45	4d	1	0.73mi
695 Salem Quinton Rd Salem, NJ	4.0	1.0	1356	$2,400	$1.77	44d	1	1.33mi

Listing history 24 events

1. 2026-06-18
   days on market $129,900 Active 113 DOM
2. 2026-06-17
   days on market $129,900 Active 112 DOM
3. 2026-06-16
   days on market $129,900 Active 111 DOM
4. 2026-06-15
   days on market $129,900 Active 110 DOM
5. 2026-06-13
   days on market $129,900 Active 108 DOM
6. 2026-06-13
   days on market $129,900 Active 107 DOM
7. 2026-06-09
   days on market $129,900 Active 104 DOM
8. 2026-06-08
   days on market $129,900 Active 103 DOM
9. 2026-06-07
   days on market $129,900 Active 102 DOM
10. 2026-06-04
    days on market $129,900 Active 99 DOM
11. 2026-06-03
    days on market $129,900 Active 98 DOM
12. 2026-06-02
    days on market $129,900 Active 97 DOM
13. 2026-06-01
    days on market $129,900 Active 96 DOM
14. 2026-05-31
    days on market $129,900 Active 95 DOM
15. 2026-04-09
    historical
16. 2026-03-04
    price $129,900
17. 2026-03-04
    price $129,900
18. 2026-02-26
    price $139,900
19. 2026-02-25
    listed $139,900 Active
20. 2026-02-25
    listed $139,900 Active
21. 2026-02-09
    listed $149,900 Active
22. 2006-01-31
    soldstatus $85,000
23. 2003-01-13
    historical
24. 2002-06-13
    listed $57,500

ⓘ 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: $3,236 · $270/mo
• Projected year-2 tax: $3,236 · $270/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 52% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 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 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,169
• − Mortgage interest: −$7,276
• − Property taxes: −$3,236
• − Insurance: −$650
• − Repairs & maintenance: −$2,094
• − Management: −$2,094
• − Depreciation: −$3,779
• Taxable income: $7,042
• Est. tax owed @ 24.0%: −$1,690
• After-tax cash flow: $6,924/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: Salem City School District
• NCES district ID: 3414550
• Math proficiency: 6% ▼ -1.00%
• Reading proficiency: 24% ▲ 2.00%
• Median HH income: $27,118
• Composite: 11.51/100
• National rank: #9702
• State rank: #464 of 472 in NJ

Livability — Salem

• Score: 61/100
• State rank: #462
• US rank: #17533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, NJ
• County: Salem County · 24,175 people
• City population: 10,762
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 10,762
• Household income: $54,641
• Rent vs Own: 42.5% rent · 57.5% own
• Severe rent burden: 663.0

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 0.55)
• Race & ethnicity: White 59% Black 31% Hispanic / Latino 6% Two or more races 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 4% 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: ▼ -0.38%
• Current HPI: 258.0047
• 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

+125.9% since first listed

10 events — show timeline

• 2026-04-09 Listing Removed — BRIGHT MLS
• 2026-03-04 Price Changed $129,900 BRIGHT MLS
• 2026-03-04 Price Changed $129,900 NJMLS
• 2026-02-26 Price Changed $139,900 BRIGHT MLS
• 2026-02-25 Listed $139,900 NJMLS
• 2026-02-25 Listed $139,900 CJMLS
• 2026-02-09 Listed $149,900 BRIGHT MLS
• 2006-01-31 Sold (Public Records) $85,000 Public Records
• 2003-01-13 Listing Removed — BRIGHT MLS
• 2002-06-13 Listed $57,500 BRIGHT MLS

Property tax history

-0.2%/yr

Latest (2025): $3,236 · +4.9% YoY. Source: county tax records.