441 S Main St · Phillipsburg, NJ 08865-3030

$370,000

5 bd · 3.5 ba · — sqft · MultiFamily · 21 Days on market

Built 1930 Good condition 4,356 sqft lot

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +6.1/30.0
• Appreciation +5.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Schools +2.3/10.0
• 1% rule +1.4/10.0
• DSCR +0.4/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Great investment opportunity with multiple income-producing possibilities. Unit 1 is a spacious single-family residence featuring a private front entrance, 4 large bedrooms, second-floor laundry, walk-up attic, large living room, formal dining room, spacious kitchen, and 2 full bathrooms. Recent updates include brand new carpet, fresh paint, new wall ovens, and refreshed bathrooms. A large basement provides plenty of storage space, with bilco door access as well as interior stairs in the unit. Unit 2 is a commercial space currently set up as a hair salon or barber shop with a recently renovated half bathroom and laundry hookups. The space offers flexibility for a variety of business uses in

Key facts

• Large basement
• Walk-up attic
• Laundry hookups

Tags

• PRIVATE FRONT ENTRANCE
• WALK-UP ATTIC
• LARGE BASEMENT
• LAUNDRY HOOKUPS
• GRASSY FENCED IN BACKYARD

Property features AI

Finance

• Financial info: Property configured as a 3-unit building; Unit rents: Unit 3 listed at $800; Units 1 and 2 listed as $0; Owner pays heat and water for each unit; tenants pay electric

Exterior

• Parking: 3 total parking spaces; Detached 2-car garage; Exclusive driveway and on-street parking
• Utilities: Public water; Public sewer; Electric service available; Natural gas; Cable TV available; Garbage service (extra charge)
• Home design: Triplex; Renovated in 2025; Tan/gray exterior color; Asphalt shingle roof; Aluminum siding with stone accents
• Construction: Approximate year built; Aluminum siding and stone exterior; Asphalt shingle roof; Full unfinished basement
• Exterior features: Metal fence; Patio; Sidewalk; Level lot

Interior

• Kitchen: Unit 1: Dishwasher, Refrigerator; Unit 3: Refrigerator
• Bedrooms: Unit 1: 4 bedrooms; Unit 3: 1 bedroom
• Flooring: Carpeting; Vinyl/linoleum
• Bathrooms: 3 full bathrooms; 1 half bathroom; Unit 1: 2 bathrooms; Unit 2: 1 bathroom; Unit 3: 1 bathroom
• Heating & cooling: Single heating unit (natural gas); Ceiling fan; Wall A/C unit(s)
• Interior features: Blinds; Carbon monoxide detector; Fire extinguisher; Smoke detector; Carpeting; Vinyl/linoleum flooring; Gas water heater; Full unfinished basement with Bilco-style door
• Laundry & utility: Unit 1: Washer and Dryer

What this means for you Summary

Snapshot

• This is a 5-bed/3.5-bath multifamily listed at $370k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-696 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $269k (27.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (36.3% below list).
• Recommended offer: $236k (36.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#135 in NJ, #3,552 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: schools C-, commute F.
• Phillipsburg School District (suburban): math 17% / reading 37% proficiency, ranked #381 of 472 in NJ (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 1 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 $14k of equity ($3k loan paydown + $11k 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 ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($364k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,516 (36.3% 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. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 0.64% ✗
• Cap rate: 4.03%
• Cash-on-cash: -8.07%
• DSCR: 0.64
• GRM: 13.1

CMA / ARV

No comps found within radius.

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31 Glen Ave	0.55mi	5/3.0	—	14mo	$435,000	—	48

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: 0.0%
• Equity multiple: 1.00×
• Total profit: $253
• Equity at exit: $166,368

10-year hold

• IRR: 4.0%
• Equity multiple: 1.61×
• Total profit: $63,168
• Equity at exit: $256,393

Cash invested: $103,600 (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 08865-3030

• Active inventory: 1
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $2,355 high
• Mortgage (P&I): −$1,940
• Tax est. 1.5%: −$462 /mo · $5,550/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $-696

Break-even live

Break-even rent $3,237

Max offer price $269,228

Occupancy floor —

Sensitivity live

Price	-10% $-441	-5% $-569	+0% $-696	+5% $-824	+10% $-952
Rent	-10% $-882	-5% $-789	+0% $-696	+5% $-603	+10% $-510
Rate	-1.0pp $-510	-0.5pp $-602	base $-696	+0.5pp $-792	+1.0pp $-890

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: $92,500
• Closing costs: $11,100
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
403 S Main St Unit 201 Phillipsburg, NJ	4.0	1.0	—	$2,095	—	25d	1	0.09mi
210 Washington St Phillipsburg, NJ	4.0	1.5	1000	$2,300	$2.30	4d	1	0.43mi
689 Sayre Ave Phillipsburg, NJ	4.0	1.5	1376	$2,200	$1.60	4d	1	0.62mi
786 S Main St Unit 2 Phillipsburg, NJ	5.0	2.0	—	$2,700	—	45d	1	0.70mi
61 Rose St Phillipsburg, NJ	4.0	1.0	2000	$2,500	$1.25	4d	1	0.95mi
103 Highlands Cir Easton, PA	4.0	2.5	1955	$3,400	$1.74	4d	1	0.98mi
221 E Burke St Easton, PA	5.0	3.5	3367	$4,250	$1.26	4d	1	1.49mi

Listing history 17 events

1. 2026-06-18
   days on market $370,000 Active 21 DOM
2. 2026-06-17
   days on market $370,000 Active 20 DOM
3. 2026-06-16
   days on market $370,000 Active 19 DOM
4. 2026-06-15
   days on market $370,000 Active 18 DOM
5. 2026-06-14
   days on market $370,000 Active 16 DOM
6. 2026-06-13
   days on market $370,000 Active 15 DOM
7. 2026-06-10
   days on market $370,000 Active 13 DOM
8. 2026-06-09
   days on market $370,000 Active 12 DOM
9. 2026-06-08
   days on market $370,000 Active 11 DOM
10. 2026-06-07
    days on market $370,000 Active 10 DOM
11. 2026-06-05
    days on market $370,000 Active 7 DOM
12. 2026-06-03
    days on market $370,000 Active 6 DOM
13. 2026-06-02
    days on market $370,000 Active 5 DOM
14. 2026-06-01
    days on market $370,000 Active 4 DOM
15. 2026-05-31
    days on market $370,000 Active 3 DOM
16. 2026-05-31
    days on market $370,000 Active 2 DOM
17. 2026-05-28
    listed $370,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $28,262
• − Mortgage interest: −$20,726
• − Property taxes: −$5,550
• − Insurance: −$1,850
• − Repairs & maintenance: −$2,261
• − Management: −$2,261
• − Depreciation: −$10,764
• Taxable loss: −$15,149
• Est. tax savings @ 24.0%: +$3,636
• After-tax cash flow: $-4,721/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with recent updates, making it a solid investment opportunity with potential for further value enhancement through cosmetic upgrades.

Value-add opportunities

• Both Painting exterior — Fresh paint enhances curb appeal and value
• Both Landscaping — Neatly maintained yard enhances curb appeal and value
• Resale Kitchen appliances — Modern appliances improve appeal for potential buyers
• Resale Bathroom fixtures — Fresh updates make bathrooms more appealing

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior — Fresh paint enhances curb appeal and value ↑
• Both Landscaping — Neatly maintained yard enhances curb appeal and value ↑
• Resale Kitchen appliances — Modern appliances improve appeal for potential buyers ↑
• Resale Bathroom fixtures — Fresh updates make bathrooms more appealing ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Phillipsburg School District
• NCES district ID: 3412960
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 37% ▼ -9.00%
• Median HH income: $45,364
• Composite: 23.2/100
• National rank: #7943
• State rank: #381 of 472 in NJ

Livability — Phillipsburg

• Score: 76/100
• State rank: #135
• US rank: #3552

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Phillipsburg, NJ

Population outlook (Warren County) Hauer SSP2

• Today (2025): 105,498 people
• By 2030: 103,974 · -1.4%
• By 2040: 99,748 · -5.5%
• By 2050: 94,535 · -10.4%
• By 2075: 87,220 · -17.3%
• By 2100: 80,421 · -23.8%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

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

1 event — show timeline

• 2026-05-28 Listed $370,000 GSMLS