54 Overlook Dr · Independence, NJ 07840-4609

$350,000

2 bd · 1.5 ba · 1,484 sqft · Condo public records · 6 Days on market

Built 1989 $236/sqft · 26% below area Est $471k · 26% under $420/mo HOA · 15% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +5.4/30.0
• Appreciation +5.0/10.0
• Schools +4.1/10.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks

Welcome to the Hills of Independence! This well-maintained multi-floor townhouse offers the perfect blend of comfort and convenience. Featuring 5 total rooms, 2 spacious bedrooms, 1 full bath, and 1 powder room. This home provides approximately 1,484 sq ft of living space. The bright and inviting living room includes a cozy wood burning fireplace and sliding glass doors leading to a private deck perfect for relaxing or entertaining. The eat-in kitchen flows nicely into the main living areas. The nicely sized Dining Room is great for your extra guests. Additional highlights include a 2-car garage and ample storage. Enjoy all the community amenities including an in-ground swimming pool, tenni

Key facts

• $420 HOA
• 2 garage spots
• Community pool

Property features AI

Finance

• HOA & community: Monthly HOA fee of 420; HOA covers common area maintenance and snow removal; Pets allowed; Community living

Exterior

• Parking: 2 garage spaces (built-in garage); 2 additional parking spaces; On-street parking
• Utilities: Electric service available; Natural gas available; Public water; Public sewer
• Home design: End-unit townhouse; Multi-floor unit
• Construction: Stone and vinyl siding; Asphalt shingle roof; Building color: Stone/Blue; Approximate year built
• Exterior features: Deck; Association pool; Open lot

Interior

• Kitchen: Gas range/oven; Microwave; Dishwasher; Refrigerator; Eat-in layout
• Bedrooms: Bedroom 1 (Second level) — 23 x 12; Bedroom 2 (Second level) — 12 x 14; Total of 2 bedrooms
• Flooring: Carpeting; Vinyl/linoleum
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced hot air heating (natural gas); Central air conditioning
• Interior features: Carbon monoxide detector; Smoke detector; Wood-burning fireplace in the living room; 1 fireplace; Eat-in kitchen; Living/Dining combo
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $350k.

Deal economics

• At list price, monthly cash flow is $-755 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (38.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $276k (21.0% below list).
• Recommended offer: $217k (38.1% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Great Meadows Regional School District (rural): math 31% / reading 56% proficiency, ranked #183 of 472 in NJ (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Central Elementary School (math 27% / reading 37%, grade F, #661 of 1,303 statewide, top 54%, 296 students, 11% FRL); Great Meadows Regional Middle School (math 32% / reading 60%, grade D+, #138 of 431 statewide, top 33%, 346 students, 16% FRL) — zoned schools at 13% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 630 units permitted in Warren County in 2024 (315 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($2k loan paydown + $10k appreciation (3.0% local appreciation)).
• Warren County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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 $180k; list at $350k implies a 95% gain — meaningful room to come down on a strong offer.

Recommended offer $216,604 (38.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.79% ✗
• Cap rate: 3.70%
• Cash-on-cash: -9.25%
• DSCR: 0.59
• GRM: 10.6

CMA / ARV

• ARV (median comp): $471,411
• List price: $350,000
• Delta: -25.75%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -1.0%
• Equity multiple: 0.94×
• Total profit: $-5,571
• Equity at exit: $157,375

10-year hold

• IRR: 3.2%
• Equity multiple: 1.49×
• Total profit: $48,122
• Equity at exit: $242,534

Cash invested: $98,000 (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 07840-4609

• Active inventory: 1
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,763 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$537 /mo · $6,444/yr
• Insurance: −$146
• HOA: −$420
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $-755

Break-even live

Break-even rent $3,719

Max offer price $216,604

Occupancy floor —

Sensitivity live

Price	-10% $-557	-5% $-656	+0% $-755	+5% $-854	+10% $-953
Rent	-10% $-973	-5% $-864	+0% $-755	+5% $-646	+10% $-537
Rate	-1.0pp $-579	-0.5pp $-666	base $-755	+0.5pp $-846	+1.0pp $-938

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 Grand Ave Unit NA Hackettstown, NJ	3.0	1.0	1300	$2,500	$1.92	25d	1	0.75mi
237 Tow Path Dr Hackettstown, NJ	2.0	1.0	640	$2,180	$3.41	0d	5	0.85mi
842 Belmont Dr Hackettstown, NJ	1.0	1.0	1300	$2,300	$1.77	4d	1	1.02mi
2000 Woodmont Dr Hackettstown, NJ	1.0–2.0	1.0–2.0	1186	$3,800	$3.20	0d	1	1.03mi
112 Bilby Rd Hackettstown, NJ	1.0–2.0	1.0–2.0	1161	$3,088	$2.66	0d	13	1.28mi

HOA detail condo

• Monthly dues: $420 · $5,040/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-05-12
   status Under Contract 856-char remark
2. 2026-05-06
   listed $350,000 Active 856-char remark
3. 2026-04-30
   historical $350,000 856-char remark
4. 2019-07-17
   soldstatus $179,500
5. 2019-07-15
   soldstatus $179,500 Sold
6. 2019-06-14
   historical
7. 2019-05-13
   listed $179,000 Active
8. 2009-03-31
   soldstatus $228,500
9. 2009-03-27
   soldstatus $228,500
10. 2000-12-18
    soldstatus $150,000
11. 1994-05-02
    soldstatus $94,999

ⓘ 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: $6,444 · $537/mo
• Projected year-2 tax: $7,579 · $632/mo
• Expected delta: +$1,136/yr (+$95/mo · 17.6%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 21% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,162
• − Mortgage interest: −$19,605
• − Property taxes: −$6,444
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,653
• − Management: −$2,653
• − HOA: −$5,040
• − Depreciation: −$10,182
• Taxable loss: −$15,165
• Est. tax savings @ 24.0%: +$3,640
• After-tax cash flow: $-5,422/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: Great Meadows Regional School District
• NCES district ID: 3400008
• Math proficiency: 31% ▼ -30.00%
• Reading proficiency: 56% ▼ -12.00%
• Median HH income: $84,690
• Composite: 40.61/100
• National rank: #3692
• State rank: #183 of 472 in NJ

Livability — Independence

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

No demographic data for this ZIP.

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+268.4% since first listed

11 events — show timeline

• 2026-05-12 Pending — GSMLS
• 2026-05-06 Listed $350,000 GSMLS
• 2026-04-30 Coming Soon $350,000 GSMLS
• 2019-07-17 Sold (Public Records) $179,500 Public Records
• 2019-07-15 Sold (MLS) $179,500 GSMLS
• 2019-06-14 Delisted — GSMLS
• 2019-05-13 Listed $179,000 GSMLS
• 2009-03-31 Sold (Public Records) $228,500 Public Records
• 2009-03-27 Sold (MLS) $228,500 GSMLS
• 2000-12-18 Sold (Public Records) $150,000 Public Records
• 1994-05-02 Sold (Public Records) $94,999 Public Records

Property tax history

+1.6%/yr

Latest (2025): $6,444 · +3.3% YoY. Source: county tax records.