66 N Olden Ave · Trenton, NJ 08609

$175,000

3 bd · 1.0 ba · 1,047 sqft · SingleFamily public records · 33 Days on market

Built 1980 1,336 sqft lot Est $284k · 38% 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 +29.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• 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

Key facts

• Built 1980
• Listed 33 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $612 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,256 units permitted in Mercer County in 2024 (1,303 in 5+ unit buildings).
• This rent runs 39% of the median local income ($68k/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 $1k of loan paydown is wiped out by about $5k 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 $49k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 27y ago; this cycle's ask has dropped $35k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $175k implies a 218% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $169,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 1.27% ✓
• Cap rate: 10.49%
• Cash-on-cash: 15.00%
• DSCR: 1.67
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $283,737
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
194 Atlantic Ave	0.41mi	4/2.0 (+1)	1,008 (-4%)	3mo	$390,000	$387	64
390 Connecticut Ave	0.63mi	3/1.0	1,044 (-0%)	9mo	$310,000	$297	63
448 Lynwood	0.73mi	3/1.0	1,024 (-2%)	7mo	$300,000	$293	56
320 Atlantic Ave	0.52mi	3/1.0	1,016 (-3%)	19mo	$310,000	$305	55
212 Tioga St	0.52mi	4/1.5 (+1)	1,127 (+8%)	2mo	$298,000	$264	54
218 Atlantic Ave	0.43mi	4/1.0 (+1)	1,008 (-4%)	20mo	$350,000	$347	52
249 Lynwood Ave	0.50mi	4/1.0 (+1)	1,108 (+6%)	15mo	$300,000	$271	50
22 Klagg Ave	0.54mi	2/1.0 (-1)	1,140 (+9%)	10mo	$150,000	$132	47
397 Connecticut Ave	0.62mi	2/1.0 (-1)	968 (-8%)	16mo	$212,000	$219	40
472-476 S Logan Ave	0.67mi	2/1.5 (-1)	1,024 (-2%)	22mo	$235,000	$229	40
59 Pierce Ave	0.75mi	2/1.0 (-1)	952 (-9%)	15mo	$225,000	$236	32

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: 5.6%
• Equity multiple: 1.22×
• Total profit: $10,636
• Equity at exit: $26,093

10-year hold

• IRR: 15.0%
• Equity multiple: 2.21×
• Total profit: $59,447
• Equity at exit: $15,131

Cash invested: $49,000 (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 08609

• Home prices YoY: -29.3%
• Active inventory: 33
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,219 high
• Mortgage (P&I): −$918
• Tax from tax record: −$150 /mo · $1,796/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $612

Break-even live

Break-even rent $1,443

Max offer price $175,000

Occupancy floor 67%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1163 E State St Unit 9 Trenton, NJ	2.0	1.0	775	$1,770	$2.28	21d	1	0.12mi
1165 E State St Trenton, NJ	3.0	1.0	900	$1,749	$1.94	13d	1	0.12mi
417 Walnut Ave Trenton, NJ	3.0	1.0	992	$2,050	$2.07	21d	1	0.28mi
219 Woodlawn Ave Trenton, NJ	3.0	1.0	1456	$2,355	$1.62	13d	1	0.35mi
339 Tioga St #339 Trenton, NJ	2.0	1.0	864	$1,850	$2.14	21d	1	0.36mi
234 Walnut Ave Trenton, NJ	4.0	1.0	1480	$2,200	$1.49	21d	1	0.46mi
42 Grant St Trenton, NJ	4.0	1.0	1000	$2,000	$2.00	13d	1	0.57mi
340 Connecticut Ave Unit 1 Hamilton Township, NJ	2.0	1.0	1000	$2,500	$2.50	13d	1	0.60mi
340 Connecticut Ave Unit 2 Hamilton Township, NJ	3.0	1.0	1400	$2,850	$2.04	13d	1	0.60mi
428 Cleveland Ave Trenton, NJ	4.0	2.0	1400	$2,500	$1.79	21d	1	0.63mi
105 Walnut Ave Unit 1 Trenton, NJ	2.0	1.0	1200	$2,000	$1.67	21d	1	0.64mi
416 Klagg Ave Trenton, NJ	3.0	1.0	1034	$2,300	$2.22	21d	1	0.67mi
720 Monmouth St Unit 204 Trenton, NJ	2.0	1.0	1011	$1,750	$1.73	21d	1	0.79mi
121 Columbus Ave Trenton, NJ	3.0	1.0	1050	$1,900	$1.81	21d	1	0.80mi
21 Adella Ave Trenton, NJ	3.0	1.0	1280	$2,000	$1.56	13d	1	0.80mi
25 Adella Ave Trenton, NJ	3.0	1.0	1280	$2,050	$1.60	13d	1	0.80mi
8 Joan Ter Trenton, NJ	3.0	2.0	1397	$3,250	$2.33	21d	1	0.81mi
635 Chambers St Trenton, NJ	4.0	2.0	1312	$2,500	$1.91	13d	1	0.81mi
77 Race St Trenton, NJ	2.0	1.0	950	$1,700	$1.79	21d	1	0.91mi
901 Brunswick Ave #7 Trenton, NJ	3.0	1.0	940	$2,800	$2.98	13d	1	0.91mi
1040 Indiana Ave Trenton, NJ	3.0	1.0	1232	$2,950	$2.39	13d	1	0.96mi
331 Ellis Ave Trenton, NJ	3.0	1.0	1190	$2,275	$1.91	21d	1	0.97mi
1314 Princeton Ave Trenton, NJ	4.0	1.0	1092	$2,400	$2.20	13d	1	0.99mi
1474 Nottingham Way Hamilton Township, NJ	1.0–2.0	1.0	775	$2,195	$2.83	21d	1	1.01mi
134 Old Rose St Trenton, NJ	4.0	2.0	1212	$2,300	$1.90	21d	1	1.02mi
176 Division St Apt 106 Trenton, NJ	2.0	1.0	975	$1,700	$1.74	21d	1	1.10mi
125 Olive St Trenton, NJ	2.0–3.0	1.0–1.5	896	$1,392	$1.55	21d	1	1.13mi
216 E State St Trenton, NJ	1.0–2.0	1.0	811	$1,895	$2.34	13d	2	1.17mi
202 E Hanover St Unit 5G Trenton, NJ	2.0	1.0	750	$1,200	$1.60	21d	1	1.20mi
130 W Ingham Ave Trenton, NJ	4.0	1.0	1126	$2,000	$1.78	13d	1	1.23mi
71 Clark St Trenton, NJ	1.0–2.0	1.0–2.0	975	$2,350	$2.41	13d	4	1.30mi
24 New Trent St Trenton, NJ	3.0	2.0	1336	$2,350	$1.76	13d	1	1.33mi
210 Kuser Rd Trenton, NJ	3.0	1.5	1360	$2,700	$1.99	21d	1	1.35mi
705 Anderson St Trenton, NJ	3.0	1.0	1132	$1,800	$1.59	13d	1	1.39mi
203 Genesee St Unit 2 Trenton, NJ	2.0	1.0	1452	$1,700	$1.17	21d	1	1.47mi
8 Belvidere St Trenton, NJ	2.0	1.0	1260	$1,900	$1.51	21d	1	1.49mi

Listing history 10 events

1. 2025-01-11
   price $175,000
2. 2024-10-19
   status Pending
3. 2024-09-15
   listed $210,000 Active
4. 2017-04-19
   historical
5. 2016-12-02
   listed $14,900
6. 2005-01-13
   soldstatus $55,000
7. 2001-05-21
   soldstatus $44,500
8. 1999-12-30
   soldstatus $10,500
9. 1999-11-28
   historical
10. 1999-06-03
    listed $10,500

ⓘ 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: $1,796 · $150/mo
• Projected year-2 tax: $3,077 · $256/mo
• Expected delta: +$1,281/yr (+$107/mo · 71.3%)

ⓘ 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 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,623
• − Mortgage interest: −$9,803
• − Property taxes: −$1,796
• − Insurance: −$875
• − Repairs & maintenance: −$2,130
• − Management: −$2,130
• − Depreciation: −$5,091
• Taxable income: $4,799
• Est. tax owed @ 24.0%: −$1,152
• After-tax cash flow: $6,197/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

+1566.7% since first listed

10 events — show timeline

• 2025-01-11 Price Changed $175,000 BRIGHT MLS
• 2024-10-19 Pending — BRIGHT MLS
• 2024-09-15 Listed $210,000 BRIGHT MLS
• 2017-04-19 Listing Removed — BRIGHT MLS
• 2016-12-02 Listed $14,900 BRIGHT MLS
• 2005-01-13 Sold (Public Records) $55,000 Public Records
• 2001-05-21 Sold (Public Records) $44,500 Public Records
• 1999-12-30 Sold (MLS) $10,500 BRIGHT MLS
• 1999-11-28 Listing Removed — BRIGHT MLS
• 1999-06-03 Listed $10,500 BRIGHT MLS

Property tax history

+1.0%/yr

Latest (2025): $1,796 · +1.5% YoY. Source: county tax records.