131 Hoffman Ave · Trenton, NJ 08618

$185,000

3 bd · 2.0 ba · 1,504 sqft · SingleFamily public records · 13 Days on market

Built 1912 2,000 sqft lot Est $332k · 44% 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 +28.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.9/10.0
• 1% rule +8.0/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Fully rented, cash-flowing investment property — buy and hold from day one. 1,504 sq ft of solid 1912 construction across three floors with a full unfinished basement. Original hardwood floors, two full baths, and updated kitchen. Strong tenant history in an established Trenton neighborhood minutes from I-295, Route 1, and Trenton Transit Center. Sold strictly AS-IS; seller makes no repairs or credits. Buyer is responsible for City of Trenton Certificate of Occupancy. 24-hour notice required — do not disturb occupants.

Key facts

• 2,000 sq ft lot
• 3 parking spots
• Built 1912

Property features AI

Finance

• Financial info: Owned as fee simple; Total actual rent reported: $12,000

Exterior

• Parking: Driveway parking (3 spaces) — total of 3 garage/parking spaces
• Utilities: Public water; Public sewer; Electric for cooling; Natural gas for heating and hot water
• Home design: Detached property; Finished above-grade area per assessor
• Construction: Brick exterior; Block foundation
• Exterior features: Brick construction; Lot dimensions approximately 20 x 100; Not in a federal flood zone; Pets allowed with no restrictions; Above-grade and below-grade structures noted

Interior

• Bedrooms: 3 bedrooms on the upper level
• Bathrooms: 2 full bathrooms (1 on main level, 1 on upper level)
• Heating & cooling: Wall unit heating; Baseboard hot water heating; Window air conditioning units; Natural gas heating and hot water
• Interior features: 7 total rooms; Unfinished basement

🏷️ Possibly a rental listed for sale. The $185,000 price doesn't fit this home's estimated sale value (~$332,384) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $575 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Cap rate 10.0% 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 (+2.6%/yr); 144 active listings in the ZIP; 22 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 $2,398/mo this rent would consume 57% of the median local household income ($50k/yr) (locally 2116% 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 + 2.6% rent growth), your $52k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $12k; list at $185k implies a 1509% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — 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 $185,000

Questions for the listing agent

1. Built in 1912 — 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: 1.30% ✓
• Cap rate: 10.03%
• Cash-on-cash: 13.33%
• DSCR: 1.59
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $332,384
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
840 Parkside Ave	0.26mi	3/2.5	1,500 (-0%)	2mo	$400,000	$267	84
111 Huff Ave	0.32mi	4/2.0 (+1)	1,592 (+6%)	1mo	$335,000	$210	69
2 Mccarthy	0.51mi	3/2.0	1,584 (+5%)	1mo	$375,000	$237	67
23 Cadwalader Ter	0.43mi	3/2.0	1,344 (-11%)	5mo	$325,000	$242	58
134 Oliver Ave	0.30mi	3/1.0	1,318 (-12%)	4mo	$310,000	$235	58
257 Homecrest Ave	0.62mi	3/2.0	1,609 (+7%)	2mo	$355,000	$221	58
54 Kelsey Ave	0.58mi	4/1.0 (+1)	1,581 (+5%)	4mo	$166,500	$105	52
323 Concord Ave	0.70mi	4/2.0 (+1)	1,593 (+6%)	3mo	$258,100	$162	50
27--29-31 Kelsey	0.53mi	4/1.0 (+1)	1,365 (-9%)	4mo	$150,000	$110	47
491 Pennington Ave	0.52mi	4/1.5 (+1)	1,694 (+13%)	3mo	$289,000	$171	46
31 N Lenape Ave	0.64mi	3/1.0	1,364 (-9%)	7mo	$301,050	$221	45
260 Weber Ave	0.71mi	2/1.0 (-1)	1,615 (+7%)	6mo	$385,000	$238	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 · 2.6% rent growth · sell at horizon

5-year hold

• IRR: 2.9%
• Equity multiple: 1.11×
• Total profit: $5,775
• Equity at exit: $27,584

10-year hold

• IRR: 12.1%
• Equity multiple: 1.94×
• Total profit: $48,560
• 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 08618

• Rents YoY: 2.6%
• Active inventory: 144
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,398 high
• Mortgage (P&I): −$970
• Tax from tax record: −$272 /mo · $3,263/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $575

Break-even live

Break-even rent $1,670

Max offer price $185,000

Occupancy floor 71%

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 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
73 Oak Ln #2 Trenton, NJ	4.0	1.0	1886	$2,300	$1.22	13d	1	0.29mi
600 Artisan St Unit 126 Trenton, NJ	3.0	2.0	1392	$2,650	$1.90	20d	1	0.33mi
600 Artisan St Trenton, NJ	3.0	2.0	1392	$2,650	$1.90	12d	3	0.33mi
20 N Overbrook Ave Unit B Trenton, NJ	3.0	1.0	1518	$2,300	$1.52	12d	1	0.41mi
319 Rutherford Ave Trenton, NJ	4.0	2.0	1100	$2,200	$2.00	21d	1	0.54mi
311 Spring St Trenton, NJ	3.0	1.0	1200	$2,200	$1.83	13d	1	0.68mi
307 Spring St Unit 1 Trenton, NJ	2.0	1.0	1677	$2,000	$1.19	21d	1	0.68mi
307 Spring St Unit 2 Trenton, NJ	2.0	1.0	1677	$1,750	$1.04	21d	1	0.68mi
307 Spring St Unit 3 Trenton, NJ	2.0	1.0	1677	$1,800	$1.07	21d	1	0.68mi
1100 Prospect St Unit 1 Ewing Township, NJ	3.0	1.0	1100	$2,000	$1.82	21d	1	0.71mi
186 Passaic St Trenton, NJ	3.0	2.0	1064	$2,400	$2.26	4d	1	0.73mi
311 Calhoun St Trenton, NJ	4.0	1.0	1516	$2,400	$1.58	43d	1	0.81mi
24 New Trent St Trenton, NJ	3.0	2.0	1336	$2,350	$1.76	13d	1	0.85mi
73 Bellevue Ave Trenton, NJ	4.0	2.0	1950	$2,400	$1.23	13d	1	0.87mi
130 W Ingham Ave Trenton, NJ	4.0	1.0	1126	$2,000	$1.78	13d	1	0.94mi
8 Belvidere St Trenton, NJ	2.0	1.0	1260	$1,900	$1.51	21d	1	0.94mi
21 Bellevue Ave Trenton, NJ	3.0	2.0	1740	$2,400	$1.38	43d	1	0.95mi
129 Clearfield Ave Trenton, NJ	4.0	1.5	1358	$3,000	$2.21	12d	1	1.10mi
92 Pennwood Dr Ewing, NJ	4.0	3.0	1702	$3,850	$2.26	13d	1	1.12mi
134 Old Rose St Trenton, NJ	4.0	2.0	1212	$2,300	$1.90	21d	1	1.21mi
34 E Hendrickson Ave Morrisville, PA	3.0	1.0	1360	$2,650	$1.95	43d	1	1.41mi
1314 Princeton Ave Trenton, NJ	4.0	1.0	1092	$2,400	$2.20	13d	1	1.43mi

Listing history 10 events

1. 2026-06-18
   days on market $185,000 Active 13 DOM
2. 2026-06-17
   days on market $185,000 Active 12 DOM
3. 2026-06-16
   days on market $185,000 Active 11 DOM
4. 2026-06-15
   days on market $185,000 Active 10 DOM
5. 2026-06-14
   days on market $185,000 Active 8 DOM
6. 2026-06-10
   days on market $185,000 Active 5 DOM
7. 2026-06-09
   days on market $185,000 Active 4 DOM
8. 2026-06-08
   days on market $185,000 Active 3 DOM
9. 2026-06-07
   remarks 524-char remark
10. 2026-06-07
    listed $185,000 Active 2 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: $3,263 · $272/mo
• Projected year-2 tax: $3,935 · $328/mo
• Expected delta: +$672/yr (+$56/mo · 20.6%)

ⓘ 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 6/10 Major 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: $28,779
• − Mortgage interest: −$10,363
• − Property taxes: −$3,263
• − Insurance: −$925
• − Repairs & maintenance: −$2,302
• − Management: −$2,302
• − Depreciation: −$5,382
• Taxable income: $4,242
• Est. tax owed @ 24.0%: −$1,018
• After-tax cash flow: $5,888/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): 35,634
• Household income: $50,390
• Rent vs Own: 54.2% rent · 45.8% own
• Severe rent burden: 2116.0

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 0.59)
• Race & ethnicity: Black 59% White 19% Hispanic / Latino 16% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 6% Dominican 3%
• Common ancestry: Romanian 2% Hispanic 1% Scotch-Irish 1%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 10% Other Indo-European 3% Arabic 1%

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: ▼ -309.54%
• Current HPI: 288.6841
• Rent YoY: ▲ 2.60%
• 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

+1508.7% since first listed

4 events — show timeline

• 2026-06-05 Listed $185,000 BRIGHT MLS
• 2026-06-05 Price Changed $185,000 BRIGHT MLS
• 2026-06-05 Coming Soon $1,850,000 BRIGHT MLS
• 1973-09-12 Sold (Public Records) $11,500 Public Records

Property tax history

+3.8%/yr

Latest (2025): $3,263 · +1.5% YoY. Source: county tax records.