45 Franklin St · Trenton, NJ 08611

$185,000

3 bd · 1.0 ba · 1,164 sqft · Townhouse public records · 15 Days on market

Built 1892 1,176 sqft lot Est $230k · 20% 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 +25.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.6/10.0
• 1% rule +6.7/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

3 Bedroom home with one full bath. Dining area. Fenced-in backyard. Covered Porch. Tenant living there currently, would like to stay. M-M lease. Semifinished attic. Selling in as-is condition, buyer responsible for CO (Certificate of Occupancy), any city and/or mortgage requirements.

Key facts

• Covered porch
• Semifinished attic
• Fenced-in backyard

Tags

• FENCED-IN BACKYARD
• COVERED PORCH
• SEMIFINISHED ATTIC

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: End of row townhouse; Fee simple ownership
• Construction: Vinyl siding; Block foundation; Above- and below-grade structures
• Exterior features: Lot dimensions approximately 12 x 98; No tidal water

Interior

• Bedrooms: Three bedrooms on the upper level
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard hot water heating; Cooling: Other (powered by natural gas); Hot water heated by natural gas
• Interior features: Attic; Tub with shower; Dining area; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $185k.

Deal economics

• At list price, monthly cash flow is $445 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $182k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% 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: Rents rising fast (+4.7%/yr); 84 active listings in the ZIP; 38 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).
• At $2,172/mo this rent would consume 46% of the median local household income ($57k/yr) (locally 2147% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 + 4.7% rent growth), your $52k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $68k; list at $185k implies a 172% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1892 — 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 $182,225 (1.5% below list)

Questions for the listing agent

1. Built in 1892 — 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 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: 1.17% ✓
• Cap rate: 9.18%
• Cash-on-cash: 10.31%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $230,472
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
503 Tyler St	0.16mi	4/1.0 (+1)	1,172 (+1%)	2mo	$235,000	$201	84
175 Anderson St	0.25mi	4/1.0 (+1)	1,136 (-2%)	1mo	$225,000	$198	78
508 Monmouth St	0.36mi	3/1.0	1,192 (+2%)	3mo	$160,000	$134	77
41 Hollywood Ave	0.44mi	3/1.0	1,180 (+1%)	2mo	$196,000	$166	76
25 Mckinley Ave	0.21mi	4/1.5 (+1)	1,274 (+10%)	0mo	$300,000	$235	67
239 Tioga St	0.41mi	3/1.0	1,040 (-11%)	2mo	$160,000	$154	62
541 Emmett Ave	0.62mi	4/1.5 (+1)	1,204 (+3%)	1mo	$275,000	$228	57
814 Chestnut Ave	0.48mi	3/1.5	1,292 (+11%)	0mo	$265,000	$205	57
345 Genesee St	0.66mi	3/1.0	1,080 (-7%)	1mo	$110,000	$102	56
921--923 Lyndale Ave	0.45mi	2/1.0 (-1)	1,022 (-12%)	2mo	$251,000	$246	52
1210 Chestnut Ave	0.66mi	3/1.0	1,047 (-10%)	1mo	$170,000	$162	52
327 Woodland St	0.70mi	3/1.0	1,007 (-14%)	3mo	$182,000	$181	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 · 4.71% rent growth · sell at horizon

5-year hold

• IRR: 1.1%
• Equity multiple: 1.04×
• Total profit: $2,187
• Equity at exit: $27,584

10-year hold

• IRR: 12.4%
• Equity multiple: 2.06×
• Total profit: $54,656
• Equity at exit: $15,995

Cash invested: $51,800 (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 08611

• Rents YoY: 4.7%
• Active inventory: 84
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,172 high
• Mortgage (P&I): −$970
• Tax from tax record: −$224 /mo · $2,686/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $445

Break-even live

Break-even rent $1,609

Max offer price $185,000

Occupancy floor 75%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
635 Chambers St Trenton, NJ	4.0	2.0	1312	$2,500	$1.91	13d	1	0.03mi
121 Columbus Ave Trenton, NJ	3.0	1.0	1050	$1,900	$1.81	21d	1	0.18mi
720 Monmouth St Unit 204 Trenton, NJ	2.0	1.0	1011	$1,750	$1.73	21d	1	0.18mi
176 Division St Apt 106 Trenton, NJ	2.0	1.0	975	$1,700	$1.74	21d	1	0.27mi
105 Walnut Ave Unit 1 Trenton, NJ	2.0	1.0	1200	$2,000	$1.67	21d	1	0.44mi
234 Walnut Ave Trenton, NJ	4.0	1.0	1480	$2,200	$1.49	21d	1	0.47mi
339 Tioga St #339 Trenton, NJ	2.0	1.0	864	$1,850	$2.14	21d	1	0.48mi
417 Walnut Ave Trenton, NJ	3.0	1.0	992	$2,050	$2.07	21d	1	0.56mi
705 Anderson St Trenton, NJ	3.0	1.0	1132	$1,800	$1.59	13d	1	0.56mi
71 Clark St Trenton, NJ	1.0–2.0	1.0–2.0	975	$2,350	$2.41	13d	4	0.66mi
203 Genesee St Unit 2 Trenton, NJ	2.0	1.0	1452	$1,700	$1.17	21d	1	0.69mi
1103 Division St Trenton, NJ	4.0	1.0	1296	$2,000	$1.54	21d	1	0.73mi
428 Cleveland Ave Trenton, NJ	4.0	2.0	1400	$2,500	$1.79	21d	1	0.73mi
1163 E State St Unit 9 Trenton, NJ	2.0	1.0	775	$1,770	$2.28	21d	1	0.74mi
1165 E State St Trenton, NJ	3.0	1.0	900	$1,749	$1.94	13d	1	0.74mi
42 Grant St Trenton, NJ	4.0	1.0	1000	$2,000	$2.00	13d	1	0.82mi
837 Genesee St Trenton, NJ	2.0	1.0	850	$1,700	$2.00	21d	1	0.83mi
219 Woodlawn Ave Trenton, NJ	3.0	1.0	1456	$2,355	$1.62	13d	1	0.87mi
225 Home Ave Trenton, NJ	2.0	1.0	800	$1,750	$2.19	21d	1	0.88mi
1049 Genesee St Trenton, NJ	3.0	1.0	1270	$2,300	$1.81	21d	1	0.94mi
313 Home Ave Trenton, NJ	3.0	1.0	1112	$2,100	$1.89	13d	1	0.95mi
1132 Genesee St Unit 1132 Trenton, NJ	3.0	1.0	1198	$2,500	$2.09	21d	1	0.97mi
340 Connecticut Ave Unit 1 Hamilton Township, NJ	2.0	1.0	1000	$2,500	$2.50	13d	1	1.00mi
340 Connecticut Ave Unit 2 Hamilton Township, NJ	3.0	1.0	1400	$2,850	$2.04	13d	1	1.00mi
216 E State St Trenton, NJ	1.0–2.0	1.0	811	$1,895	$2.34	13d	2	1.01mi
233 Virginia Ave Trenton, NJ	3.0	1.0	1302	$2,500	$1.92	12d	1	1.04mi
202 E Hanover St Unit 5G Trenton, NJ	2.0	1.0	750	$1,200	$1.60	21d	1	1.08mi
125 Olive St Trenton, NJ	2.0–3.0	1.0–1.5	896	$1,392	$1.55	21d	1	1.09mi
1078 Lalor St Unit 2 Trenton, NJ	2.0	1.0	1488	$1,785	$1.20	21d	1	1.10mi
1078 Lalor St Unit 1 Trenton, NJ	2.0	1.0	1488	$1,895	$1.27	21d	1	1.10mi
244 Jersey St Trenton, NJ	3.0	1.5	1368	$2,300	$1.68	13d	1	1.11mi
547 Centre St Trenton, NJ	3.0	1.0	1060	$1,850	$1.75	21d	1	1.15mi
134 Old Rose St Trenton, NJ	4.0	2.0	1212	$2,300	$1.90	21d	1	1.20mi
8 Joan Ter Trenton, NJ	3.0	2.0	1397	$3,250	$2.33	21d	1	1.33mi
77 Race St Trenton, NJ	2.0	1.0	950	$1,700	$1.79	21d	1	1.36mi
210 Kuser Rd Trenton, NJ	3.0	1.5	1360	$2,700	$1.99	21d	1	1.41mi
315 Wert Ave Trenton, NJ	2.0	1.0	685	$2,270	$3.31	12d	9	1.43mi
21 Adella Ave Trenton, NJ	3.0	1.0	1280	$2,000	$1.56	13d	1	1.50mi

Listing history 10 events

1. 2026-06-18
   days on market $185,000 Active 15 DOM
2. 2026-06-17
   days on market $185,000 Active 14 DOM
3. 2026-06-16
   days on market $185,000 Active 13 DOM
4. 2026-06-15
   days on market $185,000 Active 12 DOM
5. 2026-06-14
   days on market $185,000 Active 10 DOM
6. 2026-06-10
   days on market $185,000 Active 7 DOM
7. 2026-06-09
   days on market $185,000 Active 6 DOM
8. 2026-06-08
   days on market $185,000 Active 5 DOM
9. 2026-06-07
   remarks 284-char remark
10. 2026-06-07
    listed $185,000 Active 4 DOM

ⓘ 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: $2,686 · $224/mo
• Projected year-2 tax: $3,646 · $304/mo
• Expected delta: +$960/yr (+$80/mo · 35.8%)

ⓘ 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 (unshaded) · 0% 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: $26,065
• − Mortgage interest: −$10,363
• − Property taxes: −$2,686
• − Insurance: −$925
• − Repairs & maintenance: −$2,085
• − Management: −$2,085
• − Depreciation: −$5,382
• Taxable income: $2,539
• Est. tax owed @ 24.0%: −$609
• After-tax cash flow: $4,729/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): 31,995
• Household income: $56,788
• Rent vs Own: 61.0% rent · 39.0% own
• Severe rent burden: 2147.0

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 0.56)
• Race & ethnicity: Hispanic / Latino 62% Black 20% Two or more races 18% White 14% Native American 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 12% Dominican 8%
• Common ancestry: Romanian 2% Swiss 1% Hispanic 1%
• Foreign-born: 37% · Canada, Jamaica, Guatemala
• Languages at home: 41% English-only · Spanish 57% French/Haitian/Cajun 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: ▼ -267.62%
• Current HPI: 276.5427
• Rent YoY: ▲ 4.71%
• 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

+172.1% since first listed

2 events — show timeline

• 2026-06-03 Listed $185,000 BRIGHT MLS
• 1993-08-09 Sold (Public Records) $68,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $2,686 · +1.5% YoY. Source: county tax records.