51 E Griffith St · Penns Grove, NJ 08069

$110,000

1 bd · 1.0 ba · 493 sqft · SingleFamily public records · 71 Days on market

Built 1960 9,361 sqft lot Est $139k · 21% under ↓ 33% since listing

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Investor special! This is a great opportunity to add a single-family rental to your portfolio with immediate income in place. The property is currently leased at $1,200 per month beginning March 1st, providing instant cash flow from day one. It was recently appraised at $140,000 on 2/1/26, offering added confidence in value. Whether you’re expanding your portfolio or purchasing your first investment property, this is a straightforward buy-and-hhold opportunity. Property is being sold strictly as-is, and the buyer will be responsible for any required certifications. Reach out today for more details.

Key facts

• 9,361 sq ft lot
• Built 1960
• Listed 71 days

Property features AI

Finance

• Other: Fee simple ownership

Exterior

• Parking: Driveway parking
• Utilities: Public water; Public sewer; Natural gas for heat and hot water
• Home design: Detached structure; Frame construction
• Construction: Frame construction; Permanent foundation; Above-grade and below-grade structures; Estimated year built
• Exterior features: Driveway

Interior

• Bedrooms: One bedroom on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Wall unit heating; Natural gas heating and hot water
• Interior features: Estimated living area

🏷️ Possibly a rental listed for sale. The $110,000 price doesn't fit this home's estimated sale value (~$138,533) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $413 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 6.0% in Penns Grove — 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 57/100 on livability (#519 in NJ) — a working-class tenant base; expect higher turnover. Strengths: cost of living A, housing A-; Watch: crime F, amenities F, commute F.
• Penns Grove-Carneys Point Regional School District (suburban): math 6% / reading 21% proficiency, ranked #462 of 472 in NJ (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Field Street School (math 8% / reading 12%, grade F, #1,235 of 1,303 statewide, top 96%, 501 students, 72% FRL); Penns Grove Middle School (math 6% / reading 24%, grade F, #415 of 431 statewide, top 97%, 492 students, 73% FRL); Penns Grove High School (math 4% / reading 32%, grade F, #367 of 399 statewide, top 92%, 576 students, 60% FRL) — zoned schools at 68% FRL track the district average.
• Market conditions: 105 active listings in the ZIP; 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Salem County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y 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 $55k; list at $110k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $103,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.38% ✓
• Cap rate: 10.79%
• Cash-on-cash: 16.08%
• DSCR: 1.72
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $138,533
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
89 Willis St	0.47mi	2/1.0 (+1)	557 (+13%)	14mo	$156,499	$281	40

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: 7.1%
• Equity multiple: 1.28×
• Total profit: $8,499
• Equity at exit: $16,401

10-year hold

• IRR: 16.4%
• Equity multiple: 2.34×
• Total profit: $41,410
• Equity at exit: $9,511

Cash invested: $30,800 (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 08069

• Home prices YoY: -18.8%
• Active inventory: 105
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,522 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$167 /mo · $2,000/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $413

Break-even live

Break-even rent $999

Max offer price $110,000

Occupancy floor 68%

Sensitivity live

Price	-10% $475	-5% $444	+0% $413	+5% $382	+10% $350
Rent	-10% $292	-5% $353	+0% $413	+5% $473	+10% $533
Rate	-1.0pp $468	-0.5pp $441	base $413	+0.5pp $384	+1.0pp $355

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-05-01
   status Pending
2. 2026-04-30
   historical Active Under Contract
3. 2026-02-18
   listed $110,000 Active
4. 2025-10-01
   soldstatus $55,000
5. 2025-08-29
   historical
6. 2025-07-11
   status Active
7. 2025-06-18
   status Pending
8. 2025-05-21
   price $74,999
9. 2025-04-16
   status Active
10. 2025-04-04
    historical Active Under Contract
11. 2025-03-10
    listed $79,999 Active
12. 2021-08-13
    soldstatus $29,000
13. 2021-02-04
    historical
14. 2021-01-31
    status Active
15. 2020-07-27
    historical
16. 2020-02-08
    listed $35,900 Active
17. 1997-09-16
    soldstatus $1
18. 1997-09-08
    soldstatus $163,000

ⓘ 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: $2,000 · $167/mo
• Projected year-2 tax: $2,369 · $197/mo
• Expected delta: +$370/yr (+$31/mo · 18.5%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥104°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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,258
• − Mortgage interest: −$6,162
• − Property taxes: −$2,000
• − Insurance: −$550
• − Repairs & maintenance: −$1,461
• − Management: −$1,461
• − Depreciation: −$3,200
• Taxable income: $3,425
• Est. tax owed @ 24.0%: −$822
• After-tax cash flow: $4,130/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: Penns Grove-Carneys Point Regional School District
• NCES district ID: 3412840
• Math proficiency: 6% ▼ -16.00%
• Reading proficiency: 21% ▼ -7.00%
• Median HH income: $44,930
• Composite: 11.98/100
• National rank: #9665
• State rank: #462 of 472 in NJ

Livability — Penns Grove

• Score: 57/100
• State rank: #519
• US rank: #22190

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Penns Grove, NJ
• County: Salem County · 24,175 people
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 13,413
• Household income: $71,942
• Rent vs Own: 46.1% rent · 53.9% own
• Severe rent burden: 696.0

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 0.65)
• Race & ethnicity: White 50% Hispanic / Latino 22% Black 22% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 14%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 85% English-only · Spanish 13% 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: ▼ -67.07%
• Current HPI: 290.3853
• 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

-32.5% since first listed

18 events — show timeline

• 2026-05-01 Pending — BRIGHT MLS
• 2026-04-30 Contingent — BRIGHT MLS
• 2026-02-18 Listed $110,000 BRIGHT MLS
• 2025-10-01 Sold (Public Records) $55,000 Public Records
• 2025-08-29 Listing Removed — BRIGHT MLS
• 2025-07-11 Relisted — BRIGHT MLS
• 2025-06-18 Pending — BRIGHT MLS
• 2025-05-21 Price Changed $74,999 BRIGHT MLS
• 2025-04-16 Relisted — BRIGHT MLS
• 2025-04-04 Contingent — BRIGHT MLS
• 2025-03-10 Listed $79,999 BRIGHT MLS
• 2021-08-13 Sold (Public Records) $29,000 Public Records
• 2021-02-04 Listing Removed — BRIGHT MLS
• 2021-01-31 Relisted — BRIGHT MLS
• 2020-07-27 Listing Removed — BRIGHT MLS
• 2020-02-08 Listed $35,900 BRIGHT MLS
• 1997-09-16 Sold (Public Records) $1 Public Records
• 1997-09-08 Sold (Public Records) $163,000 Public Records

Property tax history

+0.8%/yr

Latest (2025): $2,000 · +1.9% YoY. Source: county tax records.