346 Walnut Ave · Trenton, NJ 08609

$199,000

6 bd · None ba · 1,176 sqft · SingleFamily public records · 1 Days on market

Built 1920 3,123 sqft lot ↓ 55% since listing

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 346 Walnut Ave, a promising duplex offering strong projected returns in one of Trenton’s up-and-coming neighborhoods. While it is not currently cash flowing, this property has the potential to generate $3,400–$3,600 per month in rental income—making it a great opportunity for investors seeking a solid cash-on-cash return. With very low annual property taxes of just $2,048, holding costs are minimal, helping to maximize long-term profitability. Each unit features its own separate living space, providing flexibility and appeal to future tenants. Conveniently located near local shops, schools, and public transportation, this duplex is a smart addition to any growing portfolio.

Key facts

• Strong rental demand
• Full rehabilitation
• Two separate units

Tags

• DUPLEX OPPORTUNITY
• FULL REHABILITATION
• TWO SEPARATE UNITS
• STRONG RENTAL DEMAND
• EXCELLENT ACCESSIBILITY

Property features AI

Finance

• Financial info: Assessed improvement value recorded; Assessed land value recorded; Recent tax assessment and annual tax recorded

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Detached property; 2-story building; Ownership is fee simple
• Construction: Brick construction; Stone foundation; Above-grade and below-grade structures
• Exterior features: Lot dimensions approximately 25 x 125; No tidal water on property

Interior

• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Interior features: Detached structure with two total levels; Two separate residential units

What this means for you Summary

Snapshot

• This is a 6-bed/?-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $948 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Cap rate 12.0% vs local median 6.3% in Trenton — 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 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: schools F, 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.
• Market conditions: 33 active listings in the ZIP; 2,256 units permitted in Mercer County in 2024 (1,303 in 5+ unit buildings).
• At $2,845/mo this rent would consume 50% of the median local household income ($68k/yr) (locally 930% 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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 21y 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 $95k; list at $199k implies a 109% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $199,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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 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: 1.43% ✓
• Cap rate: 12.01%
• Cash-on-cash: 20.41%
• DSCR: 1.91
• GRM: 5.8

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: 12.7%
• Equity multiple: 1.50×
• Total profit: $28,116
• Equity at exit: $29,672

10-year hold

• IRR: 21.6%
• Equity multiple: 2.83×
• Total profit: $102,199
• Equity at exit: $17,206

Cash invested: $55,720 (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 08609

• Home prices YoY: -29.3%
• Active inventory: 33
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,845 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$173 /mo · $2,079/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$597
• Net cashflow: $948

Break-even live

Break-even rent $1,645

Max offer price $199,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,060	-5% $1,004	+0% $948	+5% $891	+10% $835
Rent	-10% $723	-5% $835	+0% $948	+5% $1,060	+10% $1,173
Rate	-1.0pp $1,048	-0.5pp $998	base $948	+0.5pp $896	+1.0pp $844

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-19
   remarks 687-char remark
2. 2026-06-19
   listed $199,000 Active 1 DOM

ⓘ 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: $2,079 · $173/mo
• Projected year-2 tax: $3,517 · $293/mo
• Expected delta: +$1,438/yr (+$120/mo · 69.2%)

ⓘ 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) · 24% 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: $34,140
• − Mortgage interest: −$11,147
• − Property taxes: −$2,079
• − Insurance: −$995
• − Repairs & maintenance: −$2,731
• − Management: −$2,731
• − Depreciation: −$5,789
• Taxable income: $8,667
• Est. tax owed @ 24.0%: −$2,080
• After-tax cash flow: $9,293/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): 15,938
• Household income: $68,238
• Rent vs Own: 70.2% rent · 29.8% own
• Severe rent burden: 930.0

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 0.61)
• Race & ethnicity: Hispanic / Latino 45% Black 43% Two or more races 12% White 8% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 9% Dominican 11%
• Common ancestry: Hispanic 5% Swiss 2% Estonian 1%
• Foreign-born: 32% · Canada, Guatemala, China
• Languages at home: 51% English-only · Spanish 41% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -114.12%
• Current HPI: 275.8566
• Rent YoY: —
• 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

-54.8% since first listed

25 events — show timeline

• 2026-06-18 Listed $199,000 BRIGHT MLS
• 2026-05-08 Listing Removed — BRIGHT MLS
• 2026-05-03 Price Changed $195,000 BRIGHT MLS
• 2026-03-04 Listed $214,000 BRIGHT MLS
• 2026-02-20 Sold (Public Records) $95,000 Public Records
• 2026-02-20 Sold (Public Records) $95,000 Public Records
• 2026-02-17 Sold (MLS) $95,000 BRIGHT MLS
• 2025-12-08 Pending — BRIGHT MLS
• 2025-12-08 Listing Removed — BRIGHT MLS
• 2025-12-01 Contingent — BRIGHT MLS
• 2025-11-16 Price Changed $110,000 BRIGHT MLS
• 2025-10-08 Listed $119,900 BRIGHT MLS
• 2008-03-20 Listing Removed — BRIGHT MLS
• 2007-09-21 Listed $100,000 BRIGHT MLS
• 2007-07-24 Listing Removed — BRIGHT MLS
• 2007-01-25 Listed $100,000 BRIGHT MLS
• 2007-01-13 Listing Removed — BRIGHT MLS
• 2006-10-19 Listed $74,900 BRIGHT MLS
• 2005-06-27 Sold (Public Records) $29,000 Public Records
• 2005-05-27 Sold (MLS) $29,000 BRIGHT MLS
• 2005-05-10 Sold (Public Records) $29,000 Public Records
• 2005-03-29 Listing Removed — BRIGHT MLS
• 2005-02-23 Listed $29,000 BRIGHT MLS
• 2002-11-04 Sold (Public Records) $440,500 Public Records
• 2002-11-04 Sold (Public Records) $440,500 Public Records

Property tax history

-0.1%/yr

Latest (2025): $2,079 · +1.5% YoY. Source: county tax records.