24 Elm St · Salem, NJ 08079

$75,000

3 bd · 1.0 ba · 1,044 sqft · SingleFamily public records · 43 Days on market

Built 1938 3,598 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Welcome to 24 Elm street! As you enter you will find an open canvas to express your creativity! With 3 bedrooms, 1 bathroom and a large living room and dining room the possibilities are endless! Make this your home or first rental property! The roof is newer and the the siding is intact and boasting white after you power-wash it! Call to schedule an appointment today!

Key facts

• Close to dining
• Traditional layout
• Close to shopping

Tags

• TRADITIONAL LAYOUT
• COMFORTABLE LIVING SPACE
• QUIET RESIDENTIAL STREET
• CLOSE TO LOCAL SCHOOLS
• CLOSE TO SHOPPING
• CLOSE TO DINING

Property features AI

Finance

• Other: Finished above-grade area reported (assessor source)
• Financial info: Fee simple ownership

Exterior

• Utilities: Public water; Public sewer; Electric hot water; Oil heating
• Home design: Detached structure; Single-level living (all main-level bedrooms and bathroom)
• Construction: Frame construction; Other foundation; Above-grade finished living space
• Exterior features: Front yard, rear yard and side yards; Porch(es)

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Oil heating; Other cooling
• Interior features: Main-floor laundry; No basement
• Laundry & utility: Main-floor laundry; Electric hot water

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $581 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.6% 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: amenities F, commute F, employment 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.
• Zoned schools: John Fenwick Academy (411 students, 77% FRL).
• Market conditions: 100 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $234 of equity ($519 loan paydown + $-285 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 $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 23y 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 $65k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1938 — 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 $72,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 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 1938 — 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: 2.09% ✓
• Cap rate: 15.60%
• Cash-on-cash: 33.23%
• DSCR: 2.48
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $167,040
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
27 Davis Ave	0.12mi	3/1.0	1,008 (-3%)	5mo	$189,000	$188	85
318 Keasbey St	0.24mi	3/1.0	1,036 (-1%)	14mo	$200,000	$193	76
22 Davis Ave	0.12mi	3/1.0	1,158 (+11%)	7mo	$185,000	$160	70
208 9th St	0.35mi	3/1.0	1,149 (+10%)	1mo	$224,000	$195	66
14 Yorke St	0.18mi	3/1.5	1,197 (+15%)	1mo	$161,000	$135	64
91 Yorke St	0.33mi	2/1.0 (-1)	920 (-12%)	10mo	$110,000	$120	52
28 Chestnut St	0.53mi	3/1.0	1,152 (+10%)	9mo	$118,000	$102	50
103 Hubble Ave	0.65mi	2/1.0 (-1)	920 (-12%)	7mo	$138,000	$150	39

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: 33.3%
• Equity multiple: 2.60×
• Total profit: $33,620
• Equity at exit: $20,363

10-year hold

• IRR: 37.2%
• Equity multiple: 5.08×
• Total profit: $85,771
• Equity at exit: $23,375

Cash invested: $21,000 (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 08079

• Home prices YoY: -0.1%
• Active inventory: 100
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,569 high
• Mortgage (P&I): −$393
• Tax from tax record: −$234 /mo · $2,804/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $581

Break-even live

Break-even rent $833

Max offer price $75,000

Occupancy floor 58%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
380 E Broadway Salem, NJ	2.0	1.0	1300	$1,350	$1.04	1d	1	0.13mi
56 Olive St Salem, NJ	2.0	1.0	700	$1,200	$1.71	1d	1	0.14mi
218 Sinnickson St Salem, NJ	2.0	1.0	1008	$1,500	$1.49	1d	1	0.25mi
1 9th St Salem, NJ	2.0	1.0	900	$1,450	$1.61	1d	1	0.34mi
26 Walnut St Unit A Salem, NJ	2.0	1.0	1000	$1,225	$1.23	1d	1	0.36mi
124 Yorke St Unit 37 Salem, NJ	2.0	1.0	1220	$1,350	$1.11	2d	1	0.51mi
124 Yorke St Unit 2BR Salem, NJ	2.0	1.0	750	$1,400	$1.87	10d	1	0.51mi
242 Grant St Unit 1ST FLOOR Salem, NJ	2.0	1.0	925	$1,675	$1.81	1d	1	0.54mi
37 Eighth St Salem, NJ	3.0	1.0	1092	$1,850	$1.69	1d	1	0.73mi
23 7th St Unit B Salem, NJ	3.0	1.0	1000	$1,450	$1.45	3d	1	0.78mi

Listing history 36 events

1. 2026-06-18
   days on market $75,000 Active 43 DOM
2. 2026-06-17
   days on market $75,000 Active 42 DOM
3. 2026-06-16
   days on market $75,000 Active 41 DOM
4. 2026-06-15
   days on market $75,000 Active 40 DOM
5. 2026-06-13
   days on market $75,000 Active 38 DOM
6. 2026-06-13
   days on market $75,000 Active 37 DOM
7. 2026-06-09
   days on market $75,000 Active 34 DOM
8. 2026-06-08
   days on market $75,000 Active 33 DOM
9. 2026-06-07
   days on market $75,000 Active 32 DOM
10. 2026-06-04
    days on market $75,000 Active 29 DOM
11. 2026-06-03
    days on market $75,000 Active 28 DOM
12. 2026-06-02
    days on market $75,000 Active 27 DOM
13. 2026-06-01
    days on market $75,000 Active 26 DOM
14. 2026-05-31
    days on market $75,000 Active 25 DOM
15. 2026-05-06
    listed $75,000 Active
16. 2026-04-25
    historical
17. 2026-04-24
    listed $80,000 Active
18. 2026-02-22
    soldstatus $65,000 Closed 370-char remark

    Show marketing remark (370 chars)

    Welcome to 24 Elm street! As you enter you will find an open canvas to express your creativity! With 3 bedrooms, 1 bathroom and a large living room and dining room the possibilities are endless! Make this your home or first rental property! The roof is newer and the the siding is intact and boasting white after you power-wash it! Call to schedule an appointment today!

19. 2026-02-02
    historical Active Under Contract 370-char remark

    Show marketing remark (370 chars)

    Welcome to 24 Elm street! As you enter you will find an open canvas to express your creativity! With 3 bedrooms, 1 bathroom and a large living room and dining room the possibilities are endless! Make this your home or first rental property! The roof is newer and the the siding is intact and boasting white after you power-wash it! Call to schedule an appointment today!

20. 2025-12-12
    listed $78,000 Active 370-char remark

    Show marketing remark (370 chars)

    Welcome to 24 Elm street! As you enter you will find an open canvas to express your creativity! With 3 bedrooms, 1 bathroom and a large living room and dining room the possibilities are endless! Make this your home or first rental property! The roof is newer and the the siding is intact and boasting white after you power-wash it! Call to schedule an appointment today!

21. 2015-09-07
    soldstatus $8,000
22. 2015-09-07
    soldstatus $8,000 Sold
23. 2015-08-17
    status Under Contract
24. 2015-07-10
    historical
25. 2015-05-26
    listed $9,500 Active
26. 2015-05-26
    listed $9,500
27. 2014-07-30
    historical
28. 2014-01-30
    listed $39,900
29. 2010-10-22
    historical
30. 2010-08-18
    listed $69,800
31. 2007-09-14
    soldstatus $55,000
32. 2007-08-31
    historical
33. 2006-12-26
    listed $55,000
34. 2004-05-03
    soldstatus $45,200
35. 2004-03-18
    historical
36. 2003-07-07
    listed $46,900

ⓘ 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: $2,804 · $234/mo
• Projected year-2 tax: $2,804 · $234/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) · 69% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 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: $18,831
• − Mortgage interest: −$4,201
• − Property taxes: −$2,804
• − Insurance: −$375
• − Repairs & maintenance: −$1,506
• − Management: −$1,506
• − Depreciation: −$2,182
• Taxable income: $6,256
• Est. tax owed @ 24.0%: −$1,501
• After-tax cash flow: $5,476/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

+59.9% since first listed

22 events — show timeline

• 2026-05-06 Listed $75,000 BRIGHT MLS
• 2026-04-25 Listing Removed — BRIGHT MLS
• 2026-04-24 Listed $80,000 BRIGHT MLS
• 2026-02-22 Sold (MLS) $65,000 BRIGHT MLS
• 2026-02-02 Contingent — BRIGHT MLS
• 2025-12-12 Listed $78,000 BRIGHT MLS
• 2015-09-07 Sold (MLS) $8,000 TREND
• 2015-09-07 Sold (MLS) $8,000 BRIGHT MLS
• 2015-08-17 Pending — TREND
• 2015-07-10 Listing Removed — BRIGHT MLS
• 2015-05-26 Listed $9,500 TREND
• 2015-05-26 Listed $9,500 BRIGHT MLS
• 2014-07-30 Listing Removed — BRIGHT MLS
• 2014-01-30 Listed $39,900 BRIGHT MLS
• 2010-10-22 Listing Removed — BRIGHT MLS
• 2010-08-18 Listed $69,800 BRIGHT MLS
• 2007-09-14 Sold (MLS) $55,000 BRIGHT MLS
• 2007-08-31 Listing Removed — BRIGHT MLS
• 2006-12-26 Listed $55,000 BRIGHT MLS
• 2004-05-03 Sold (Public Records) $45,200 Public Records
• 2004-03-18 Listing Removed — BRIGHT MLS
• 2003-07-07 Listed $46,900 BRIGHT MLS

Property tax history

+1.5%/yr

Latest (2025): $2,804 · +4.9% YoY. Source: county tax records.