62 W Pitman St · Penns Grove, NJ 08069

$140,000

3 bd · 1.5 ba · 1,972 sqft · SingleFamily public records · 38 Days on market

Built 1940 $71/sqft · 29% below area Est $198k · 29% 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
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks

INVESTMENT OPPORTUNITY - This property offers strong potential for investors looking to add to their portfolio, renovate and resell, or create long-term rental income. Property is currently tenant occupied, which are paying $1,575 per month, making this an attractive opportunity for cash flow-focused investors. Additionally, the detached 3-car garage at the rear of the property offers additional rental income potential for storage, parking, workshop space, or tenant use. Being sold strictly as-is, buyers are responsible for conducting their own due diligence, and the seller makes no representations or guarantees regarding condition, zoning, permitted use, or potential income.

Key facts

• 3 garage spots
• Built 1940
• Listed 37 days

Tags

• DETACHED 3-CAR GARAGE
• LONG-TERM RENTAL INCOME

Property features AI

Exterior

• Parking: Detached garage with three spaces; Driveway
• Utilities: Public water; Public sewer; Natural gas heating and hot water
• Home design: Detached property; Entry and orientation details not provided
• Construction: Brick exterior; Permanent foundation
• Exterior features: Brick construction; Above- and below-grade structures include garage(s)

Interior

• Bedrooms: Three bedrooms on the upper level
• Bathrooms: One full bathroom on the upper level; One half bathroom on the main level
• Heating & cooling: Radiator heating; Natural gas hot water
• Interior features: Unfinished basement; Living area as reported by assessor

🏷️ Possibly a rental listed for sale. The $140,000 price doesn't fit this home's estimated sale value (~$197,968) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $801 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 6.0% in Penns Grove — 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 57/100 on livability (#519 in NJ) — a working-class tenant base; expect higher turnover. Strengths: cost of living A, housing A-; Watch: schools F, crime F, amenities F.
• Penns Grove-Carneys Point Regional School District (suburban): math 6% / reading 21% proficiency, ranked #462 of 472 in NJ (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 101 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).
• This rent runs 42% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Salem County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k 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 ($136k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 19y 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 $54k; list at $140k implies a 159% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1940 — 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 $135,800 (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 1940 — 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 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.81% ✓
• Cap rate: 13.16%
• Cash-on-cash: 24.51%
• DSCR: 2.09
• GRM: 4.6

CMA / ARV

• ARV (median comp): $197,968
• List price: $140,000
• Delta: -29.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 Delaware Ave	0.28mi	3/2.0	1,927 (-2%)	2mo	$250,000	$130	79
136 Denny Ave	0.16mi	4/2.0 (+1)	1,968 (-0%)	8mo	$105,000	$53	79
35 Franklin St	0.10mi	3/2.5	1,792 (-9%)	6mo	$335,000	$187	71
1 Risner Ave	0.30mi	4/3.0 (+1)	1,880 (-5%)	10mo	$350,000	$186	59
14 Franklin St	0.16mi	4/2.5 (+1)	2,152 (+9%)	11mo	$280,000	$130	59
76 State St	0.43mi	4/2.5 (+1)	1,918 (-3%)	12mo	$199,000	$104	56
119 Field	0.59mi	3/2.5	1,906 (-3%)	12mo	$330,000	$173	53
163 State St	0.67mi	4/2.0 (+1)	2,016 (+2%)	9mo	$290,000	$144	51
26 Church St	0.61mi	3/2.0	1,836 (-7%)	12mo	$225,000	$123	48
105 State St	0.52mi	3/2.5	2,148 (+9%)	12mo	$230,500	$107	47
86 State St	0.47mi	4/2.5 (+1)	1,781 (-10%)	12mo	$190,000	$107	42
94 Walnut St	0.65mi	4/2.0 (+1)	1,835 (-7%)	14mo	$285,000	$155	39

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.9%
• Equity multiple: 1.73×
• Total profit: $28,497
• Equity at exit: $20,874

10-year hold

• IRR: 26.4%
• Equity multiple: 3.33×
• Total profit: $91,222
• Equity at exit: $12,105

Cash invested: $39,200 (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 08069

• Home prices YoY: -18.8%
• Active inventory: 101
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,531 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$406 /mo · $4,875/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$532
• Net cashflow: $801

Break-even live

Break-even rent $1,517

Max offer price $140,000

Occupancy floor 63%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
79 Delaware Ave Penns Grove, NJ	3.0	1.0	1300	$1,900	$1.46	1d	1	0.25mi
74 Delaware Ave Penns Grove, NJ	4.0	3.0	2000	$2,900	$1.45	43d	1	0.27mi

Listing history 43 events

1. 2026-06-18
   days on market $140,000 Active 38 DOM
2. 2026-06-17
   days on market $140,000 Active 37 DOM
3. 2026-06-16
   days on market $140,000 Active 36 DOM
4. 2026-06-15
   days on market $140,000 Active 35 DOM
5. 2026-06-13
   days on market $140,000 Active 33 DOM
6. 2026-06-09
   days on market $140,000 Active 29 DOM
7. 2026-06-08
   days on market $140,000 Active 28 DOM
8. 2026-06-07
   days on market $140,000 Active 27 DOM
9. 2026-06-04
   days on market $140,000 Active 24 DOM
10. 2026-06-03
    days on market $140,000 Active 23 DOM
11. 2026-06-02
    days on market $140,000 Active 22 DOM
12. 2026-06-01
    days on market $140,000 Active 21 DOM
13. 2026-05-31
    days on market $140,000 Active 20 DOM
14. 2026-05-11
    listed $150,000 Active 684-char remark
15. 2025-08-29
    historical
16. 2025-06-20
    price $154,999
17. 2025-05-21
    price $159,999
18. 2025-04-16
    price $164,999
19. 2025-03-10
    listed $169,999 Active
20. 2025-01-11
    historical
21. 2024-11-14
    price $185,000
22. 2024-10-15
    listed $215,000 Active
23. 2021-10-26
    soldstatus $54,000
24. 2021-10-18
    soldstatus $54,000 Closed
25. 2021-09-17
    status Pending
26. 2021-08-28
    listed $69,900 Active
27. 2019-11-30
    historical
28. 2019-09-28
    price $59,900
29. 2019-08-22
    price $61,900
30. 2019-07-29
    price $64,900
31. 2019-06-19
    price $66,900
32. 2019-05-13
    price $69,900
33. 2019-04-04
    listed $74,900 Active
34. 2008-09-11
    soldstatus $16,200
35. 2008-08-15
    historical
36. 2008-05-29
    listed $19,900
37. 2008-05-28
    historical
38. 2008-04-15
    listed $49,900
39. 2007-10-18
    historical
40. 2007-10-05
    historical
41. 2007-07-18
    listed $63,600
42. 2007-02-16
    listed $65,000
43. 1981-06-09
    soldstatus $28,000

ⓘ 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: $4,875 · $406/mo
• Projected year-2 tax: $4,875 · $406/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) · 54% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°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 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,373
• − Mortgage interest: −$7,842
• − Property taxes: −$4,875
• − Insurance: −$700
• − Repairs & maintenance: −$2,430
• − Management: −$2,430
• − Depreciation: −$4,073
• Taxable income: $8,023
• Est. tax owed @ 24.0%: −$1,926
• After-tax cash flow: $7,684/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: Penns Grove-Carneys Point Regional School District
• NCES district ID: 3412840
• Math proficiency: 6% ▼ -16.00%
• Reading proficiency: 21% ▼ -7.00%
• Median HH income: $44,930
• Composite: 11.98/100
• National rank: #9665
• State rank: #462 of 472 in NJ

Livability — Penns Grove

• Score: 57/100
• State rank: #519
• US rank: #22190

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Penns Grove, NJ
• County: Salem County · 24,175 people
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 13,413
• Household income: $71,942
• Rent vs Own: 46.1% rent · 53.9% own
• Severe rent burden: 696.0

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 0.65)
• Race & ethnicity: White 50% Hispanic / Latino 22% Black 22% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 14%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 85% English-only · Spanish 13% 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: ▼ -67.07%
• Current HPI: 290.3853
• 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

+400.0% since first listed

32 events — show timeline

• 2026-05-29 Price Changed $140,000 BRIGHT MLS
• 2026-05-19 Price Changed $145,000 BRIGHT MLS
• 2026-05-11 Listed $150,000 BRIGHT MLS
• 2025-08-29 Listing Removed — BRIGHT MLS
• 2025-06-20 Price Changed $154,999 BRIGHT MLS
• 2025-05-21 Price Changed $159,999 BRIGHT MLS
• 2025-04-16 Price Changed $164,999 BRIGHT MLS
• 2025-03-10 Listed $169,999 BRIGHT MLS
• 2025-01-11 Listing Removed — BRIGHT MLS
• 2024-11-14 Price Changed $185,000 BRIGHT MLS
• 2024-10-15 Listed $215,000 BRIGHT MLS
• 2021-10-26 Sold (Public Records) $54,000 Public Records
• 2021-10-18 Sold (MLS) $54,000 BRIGHT MLS
• 2021-09-17 Pending — BRIGHT MLS
• 2021-08-28 Listed $69,900 BRIGHT MLS
• 2019-11-30 Listing Removed — BRIGHT MLS
• 2019-09-28 Price Changed $59,900 BRIGHT MLS
• 2019-08-22 Price Changed $61,900 BRIGHT MLS
• 2019-07-29 Price Changed $64,900 BRIGHT MLS
• 2019-06-19 Price Changed $66,900 BRIGHT MLS
• 2019-05-13 Price Changed $69,900 BRIGHT MLS
• 2019-04-04 Listed $74,900 BRIGHT MLS
• 2008-09-11 Sold (MLS) $16,200 BRIGHT MLS
• 2008-08-15 Listing Removed — BRIGHT MLS
• 2008-05-29 Listed $19,900 BRIGHT MLS
• 2008-05-28 Listing Removed — BRIGHT MLS
• 2008-04-15 Listed $49,900 BRIGHT MLS
• 2007-10-18 Listing Removed — BRIGHT MLS
• 2007-10-05 Listing Removed — BRIGHT MLS
• 2007-07-18 Listed $63,600 BRIGHT MLS
• 2007-02-16 Listed $65,000 BRIGHT MLS
• 1981-06-09 Sold (Public Records) $28,000 Public Records

Property tax history

+9.4%/yr

Latest (2025): $4,875 · +1.9% YoY. Source: county tax records.