54 Blackberry Ln · Morristown, NJ 07960-6404

$1,369,000

6 bd · 4.5 ba · 4,534 sqft · SingleFamily public records · 12 Days on market

Built 1954 1.26 ac lot Est $1211k · 13% over

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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
• Appreciation +5.0/10.0
• Livability +4.2/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.6/15.0

Listing remarks

Perfectly situated in one of Morris Twp's most desirable locations, this one-of-a-kind 6 bed 4.5 bath home offers the perfect blend of flexible living and breathtaking natural surroundings. Extensively renovated in '23 nearly every part of this home has been rebuilt or refreshed making it truly move-in ready. Offering convenient One-Floor-Living with a redesigned open-floor plan, the Kitchen has been relocated to be the heart of the main floor w/ a backdrop of windows overlooking the spectacular grounds and ideally positioned between the great room and family room for optimum flow. The center Island features seating and a custom maple top adding glowing warm wood tones. Designed for today's

Key facts

• Scullery
• Butlers pantry
• One floor living

Tags

• EXTENSIVELY RENOVATED
• ONE FLOOR LIVING
• REDESIGNED OPEN FLOOR PLAN
• BUTLERS PANTRY
• SCULLERY
• WALK OUT BASEMENT

Property features AI

Finance

• HOA & community: Pets allowed

Exterior

• Parking: Seven parking spaces total; Attached 2-car garage; Exclusive driveway with off-street parking and paver block
• Utilities: Public water; Public sewer; Electric and natural gas service available; Cable TV available
• Home design: Custom home; White exterior with vinyl siding; Renovated in 2023
• Construction: Asphalt shingle roof; Renovated construction (year indicated as renovated)
• Exterior features: Deck; Patio; Metal fence; Storage shed; Thermal windows and doors; Corner lot with pond on the property

Interior

• Kitchen: Center island; Eat-in kitchen; Pantry; Second kitchen; Appliances include microwave, electric range/oven, gas range/oven, refrigerator, wine refrigerator
• Bedrooms: Primary suite on the first floor with full bath and walk-in closet; Multiple bedrooms on first and second floors (bedrooms located on First and Second levels); In-law suite with bedroom, living room, dining room, kitchen and full bath
• Flooring: Tile; Vinyl/linoleum; Wood
• Bathrooms: Four full bathrooms; One half bathroom; Primary bath with stall shower
• Heating & cooling: Multi-zone heating and cooling; Three heating units including heat pump and auxiliary electric heat; Natural gas fuel; Three cooling units including heat pumps and window A/Cs
• Interior features: Carbon monoxide detector; Fire alarm system; Fire extinguisher; Shades; Track lighting; Walk-in closets; Three fireplaces (gas, wood; see remarks)
• Laundry & utility: Washer and dryer (including stackable washer/dryer); Sump pump; Gas water heater; Utility/storage rooms in the basement

What this means for you Summary

Snapshot

• This is a 6-bed/4.5-bath single-family listed at $1.37M.

Deal economics

• At list price, monthly cash flow is $8k ($102k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.37M).
• Cap rate 13.7% vs local median 1.4% in Morristown — 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 83/100 on livability (#38 in NJ, #927 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Morris School District (suburban): math 23% / reading 52% proficiency, ranked #214 of 472 in NJ (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Morristown High School (math 23% / reading 58%, grade F, #184 of 399 statewide, top 46%, 1,868 students, 25% FRL) — zoned schools at 25% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,357 units permitted in Morris County in 2024 (1,496 in 5+ unit buildings).

Forward outlook

• In year one you build about $51k of equity ($9k loan paydown + $41k appreciation (3.0% local appreciation)).
• Morris County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $383k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$82k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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 $740k; list at $1.37M implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $1,369,000

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 1.64% ✓
• Cap rate: 13.72%
• Cash-on-cash: 26.52%
• DSCR: 2.18
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $1,210,578
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12 Victoria Ln	0.70mi	5/4.0 (-1)	4,500 (-1%)	20mo	$1,200,000	$267	42

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: 32.5%
• Equity multiple: 2.84×
• Total profit: $704,661
• Equity at exit: $615,562

10-year hold

• IRR: 32.8%
• Equity multiple: 5.57×
• Total profit: $1,752,983
• Equity at exit: $948,654

Cash invested: $383,320 (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 07960-6404

• Active inventory: 1
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $22,500 medium
• Mortgage (P&I): −$7,179
• Tax from tax record: −$1,555 /mo · $18,657/yr
• Insurance: −$570
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,725
• Net cashflow: $8,471

Break-even live

Break-even rent $11,778

Max offer price $1,369,000

Occupancy floor 57%

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: $342,250
• Closing costs: $41,070
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
350 South St Unit 2 Morristown, NJ	5.0	3.5	5000	$22,500	$4.50	24d	1	0.75mi

Listing history 12 events

1. 2026-06-02
   statusdays on market $1,369,000 Under Contract 12 DOM
2. 2026-06-01
   days on market $1,369,000 Active 11 DOM
3. 2026-05-31
   days on market $1,369,000 Active 10 DOM
4. 2026-05-21
   listed $1,369,000 Active
5. 2022-12-09
   soldstatus $740,000
6. 2022-12-01
   soldstatus $740,000 Sold
7. 2022-10-12
   status Under Contract
8. 2022-09-25
   price $785,000
9. 2022-06-21
   price $799,999
10. 2022-04-25
    listed $825,000 Active
11. 1998-07-31
    soldstatus $430,000
12. 1987-11-05
    soldstatus $415,000

ⓘ 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: $18,657 · $1,555/mo
• Projected year-2 tax: $26,372 · $2,198/mo
• Expected delta: +$7,716/yr (+$643/mo · 41.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥100°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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $270,000
• − Mortgage interest: −$76,685
• − Property taxes: −$18,657
• − Insurance: −$6,845
• − Repairs & maintenance: −$21,600
• − Management: −$21,600
• − Depreciation: −$39,825
• Taxable income: $84,788
• Est. tax owed @ 24.0%: −$20,349
• After-tax cash flow: $81,299/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: Morris School District
• NCES district ID: 3410810
• Math proficiency: 23% ▼ -24.00%
• Reading proficiency: 52% ▼ -13.00%
• Median HH income: $96,609
• Composite: 36.76/100
• National rank: #4576
• State rank: #214 of 472 in NJ

Livability — Morristown

• Score: 83/100
• State rank: #38
• US rank: #927

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

No demographic data for this ZIP.

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

+229.9% since first listed

9 events — show timeline

• 2026-05-21 Listed $1,369,000 GSMLS
• 2022-12-09 Sold (Public Records) $740,000 Public Records
• 2022-12-01 Sold (MLS) $740,000 GSMLS
• 2022-10-12 Pending — GSMLS
• 2022-09-25 Price Changed $785,000 GSMLS
• 2022-06-21 Price Changed $799,999 GSMLS
• 2022-04-25 Listed $825,000 GSMLS
• 1998-07-31 Sold (Public Records) $430,000 Public Records
• 1987-11-05 Sold (Public Records) $415,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $18,657 · +31.6% YoY. Source: county tax records.