344 Keasbey St · Salem, NJ 08079

$145,000

5 bd · None ba · 2,055 sqft · SingleFamily public records · 38 Days on market

Built 1930 5,510 sqft lot Est $189k · 23% 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 MLS

2 - 2Br Ranchers W/ Separate Entrances And Adjoining Door, Zoned As Single Family Home. 2 Full Baths, 2Nd Kitchen Listed As Laundry Room, Property Being Sold As-Is. Handyman Special. DRASTICALLY REDUCED!!!

Key facts

• 5,510 sq ft lot
• 2 parking spots
• Built 1930

Property features AI

Finance

• Financial info: Ownership is Fee Simple; Property has a month-to-month existing lease

Exterior

• Parking: Driveway parking; Driveway fits 2 vehicles; Total of 2 garage/parking spaces
• Utilities: Public water; Public sewer; Hot water: Other
• Home design: Detached structure; Single-family / one unit
• Construction: Permanent foundation
• Exterior features: Front porch(es); Detached shed; Lot dimensions approximately 58 x 95

Interior

• Bedrooms: One 3-bedroom unit; One 2-bedroom unit
• Flooring: Vinyl
• Heating & cooling: Forced air heating; Window unit cooling
• Interior features: Vinyl flooring; No basement; 9 total rooms

What this means for you Summary

Snapshot

• This is a 5-bed/?-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $659 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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; 1 comparable units currently listed for rent nearby; 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).
• At $2,297/mo this rent would consume 50% 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 $451 of equity ($1k loan paydown + $-551 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 $41k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y 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 $36k; list at $145k implies a 303% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1930 — 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 $140,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.58% ✓
• Cap rate: 11.75%
• Cash-on-cash: 19.48%
• DSCR: 1.87
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $189,060
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
337 Craven Ave	0.22mi	5/2.0	2,205 (+7%)	9mo	$306,000	$139	70
26 Olive St	0.32mi	4/1.0 (-1)	2,164 (+5%)	3mo	$200,000	$92	69
334 Craven Ave	0.23mi	4/1.5 (-1)	1,843 (-10%)	2mo	$245,000	$133	65
320 Fenwick Ave	0.31mi	4/2.0 (-1)	1,958 (-5%)	18mo	$190,000	$97	58
187 7th St	0.57mi	4/2.0 (-1)	1,929 (-6%)	3mo	$67,000	$35	56
93 7th St	0.69mi	6/2.5 (+1)	2,042 (-1%)	8mo	$183,000	$90	55
349 E Broadway	0.22mi	5/2.0	2,348 (+14%)	16mo	$65,000	$28	53
216 N Union St	0.19mi	4/2.0 (-1)	1,798 (-12%)	16mo	$265,000	$147	52
6 Walnut St	0.55mi	4/2.0 (-1)	1,764 (-14%)	2mo	$70,000	$40	44
35 Walnut St	0.55mi	4/1.5 (-1)	2,278 (+11%)	9mo	$180,000	$79	44
56 New Market St	0.59mi	4/1.5 (-1)	2,240 (+9%)	15mo	$50,000	$22	40
61 Eighth St	0.71mi	4/2.5 (-1)	2,344 (+14%)	11mo	$230,000	$98	29

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: 18.4%
• Equity multiple: 1.87×
• Total profit: $35,283
• Equity at exit: $39,368

10-year hold

• IRR: 23.2%
• Equity multiple: 3.50×
• Total profit: $101,455
• Equity at exit: $45,191

Cash invested: $40,600 (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 08079

• Home prices YoY: -0.1%
• Active inventory: 100
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,297 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$335 /mo · $4,021/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $659

Break-even live

Break-even rent $1,463

Max offer price $145,000

Occupancy floor 66%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
270-272 Grant St Salem, NJ	4.0	1.0	1644	$2,100	$1.28	5d	1	0.54mi

Listing history 21 events

1. 2026-06-18
   days on market $145,000 Active 38 DOM
2. 2026-06-17
   days on market $145,000 Active 37 DOM
3. 2026-06-16
   days on market $145,000 Active 36 DOM
4. 2026-06-15
   days on market $145,000 Active 35 DOM
5. 2026-06-13
   days on market $145,000 Active 33 DOM
6. 2026-06-13
   days on market $145,000 Active 32 DOM
7. 2026-06-09
   days on market $145,000 Active 29 DOM
8. 2026-06-08
   days on market $145,000 Active 28 DOM
9. 2026-06-07
   days on market $145,000 Active 27 DOM
10. 2026-06-04
    days on market $145,000 Active 24 DOM
11. 2026-06-03
    days on market $145,000 Active 23 DOM
12. 2026-06-02
    days on market $145,000 Active 22 DOM
13. 2026-06-01
    days on market $145,000 Active 21 DOM
14. 2026-05-31
    days on market $145,000 Active 20 DOM
15. 2026-05-19
    price $145,000
16. 2026-05-11
    listed $150,000 Active
17. 2016-03-24
    soldstatus $36,000
18. 2010-01-14
    soldstatus $60,000
19. 2002-02-28
    soldstatus $21,000 205-char remark

    Show marketing remark (205 chars)

    2 - 2Br Ranchers W/ Separate Entrances And Adjoining Door, Zoned As Single Family Home. 2 Full Baths, 2Nd Kitchen Listed As Laundry Room, Property Being Sold As-Is. Handyman Special. DRASTICALLY REDUCED!!!

20. 2002-02-18
    historical 205-char remark

    Show marketing remark (205 chars)

    2 - 2Br Ranchers W/ Separate Entrances And Adjoining Door, Zoned As Single Family Home. 2 Full Baths, 2Nd Kitchen Listed As Laundry Room, Property Being Sold As-Is. Handyman Special. DRASTICALLY REDUCED!!!

21. 2001-05-29
    listed $21,000 205-char remark

    Show marketing remark (205 chars)

    2 - 2Br Ranchers W/ Separate Entrances And Adjoining Door, Zoned As Single Family Home. 2 Full Baths, 2Nd Kitchen Listed As Laundry Room, Property Being Sold As-Is. Handyman Special. DRASTICALLY REDUCED!!!

ⓘ 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: $4,021 · $335/mo
• Projected year-2 tax: $4,021 · $335/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 (unshaded) · 51% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 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: $27,566
• − Mortgage interest: −$8,122
• − Property taxes: −$4,021
• − Insurance: −$725
• − Repairs & maintenance: −$2,205
• − Management: −$2,205
• − Depreciation: −$4,218
• Taxable income: $6,070
• Est. tax owed @ 24.0%: −$1,457
• After-tax cash flow: $6,450/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

+590.5% since first listed

7 events — show timeline

• 2026-05-19 Price Changed $145,000 BRIGHT MLS
• 2026-05-11 Listed $150,000 BRIGHT MLS
• 2016-03-24 Sold (Public Records) $36,000 Public Records
• 2010-01-14 Sold (Public Records) $60,000 Public Records
• 2002-02-28 Sold (MLS) $21,000 BRIGHT MLS
• 2002-02-18 Listing Removed — BRIGHT MLS
• 2001-05-29 Listed $21,000 BRIGHT MLS

Property tax history

+7.8%/yr

Latest (2025): $4,021 · +4.9% YoY. Source: county tax records.