369 E Broadway · Salem, NJ 08079

$89,000

3 bd · 1.5 ba · 1,128 sqft · SingleFamily public records · 167 Days on market

Built 1846 3,045 sqft lot Est $167k · 47% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +4.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks MLS

Half Double W/ Screened Front Porch And Rear Yard, 3 Bedroom, Rear Lot Also Included With This Property (30x50) W/ Linden St. Access Off Property. Being Sold "As Is" No Certs From Seller.

Key facts

• Strong foundation
• Built 1846
• Listed 167 days

Tags

• SEMI-FINISHED RESIDENCE
• STRONG FOUNDATION
• WALKING DISTANCE TO MCDONALDS

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Semi-detached property; Fee simple ownership; 29 x 105 lot dimensions; Above-grade finished living area per assessor
• Construction: Brick/mortar foundation; Other structures above and below grade; Year built source: assessor
• Exterior features: Not in a federal flood zone; Municipal trash service

Interior

• Bedrooms: Three bedrooms on the first upper level
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air heating; Oil-fired heating; Natural gas hot water
• Interior features: Daylight, full basement; Multiple access exits (2+)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $89k.

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 $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.6% vs local median 8.1% in Salem — 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 61/100 on livability (#462 in NJ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B; Watch: amenities F, commute F, employment F.
• Salem City School District (town): math 6% / reading 24% proficiency, ranked #464 of 472 in NJ (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: John Fenwick Academy (411 students, 77% FRL); Salem Middle School (math 2% / reading 21%, grade F, #423 of 431 statewide, top 98%, 487 students, 79% FRL); Salem High School (math 17% / reading 37%, grade F, #312 of 399 statewide, top 79%, 420 students, 52% FRL) — zoned schools average 69% FRL vs 85% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 102 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $277 of equity ($615 loan paydown + $-338 appreciation (-0.4% local appreciation)).
• Salem County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.4% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 167 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 27y ago; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1846 — expect roof / HVAC / electrical / plumbing capex.
• 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 $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 167 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1846 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.86% ✓
• Cap rate: 14.55%
• Cash-on-cash: 29.49%
• DSCR: 2.31
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $166,944
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Yorke St	0.18mi	3/1.5	1,197 (+6%)	1mo	$161,000	$135	80
22 Davis Ave	0.16mi	3/1.0	1,158 (+3%)	7mo	$185,000	$160	80
208 9th St	0.32mi	3/1.0	1,149 (+2%)	1mo	$224,000	$195	79
27 Davis Ave	0.17mi	3/1.0	1,008 (-11%)	5mo	$189,000	$188	68
318 Keasbey St	0.18mi	3/1.0	1,036 (-8%)	14mo	$200,000	$193	64
200 Smith St	0.33mi	3/1.5	1,212 (+7%)	10mo	$140,000	$116	64
28 Chestnut St	0.55mi	3/1.0	1,152 (+2%)	10mo	$118,000	$102	61
29 Ward St	0.74mi	3/2.0	1,112 (-1%)	16mo	$165,000	$148	47
308 Keasbey St	0.22mi	2/2.5 (-1)	1,274 (+13%)	21mo	$179,900	$141	42
115 Chestnut St	0.55mi	3/3.5	1,282 (+14%)	8mo	$185,000	$144	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.38% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.3%
• Equity multiple: 2.40×
• Total profit: $34,899
• Equity at exit: $24,164

10-year hold

• IRR: 33.4%
• Equity multiple: 4.65×
• Total profit: $90,837
• Equity at exit: $27,738

Cash invested: $24,920 (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 08079

• Home prices YoY: -0.1%
• Active inventory: 102
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,652 high
• Mortgage (P&I): −$467
• Tax from tax record: −$189 /mo · $2,269/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $612

Break-even live

Break-even rent $877

Max offer price $89,000

Occupancy floor 58%

Sensitivity live

Price	-10% $663	-5% $638	+0% $612	+5% $587	+10% $562
Rent	-10% $482	-5% $547	+0% $612	+5% $678	+10% $743
Rate	-1.0pp $657	-0.5pp $635	base $612	+0.5pp $589	+1.0pp $566

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
380 E Broadway Salem, NJ	2.0	1.0	1300	$1,350	$1.04	0d	1	0.11mi
56 Olive St Salem, NJ	2.0	1.0	700	$1,200	$1.71	0d	1	0.20mi
218 Sinnickson St Salem, NJ	2.0	1.0	1008	$1,500	$1.49	0d	1	0.26mi
1 9th St Salem, NJ	2.0	1.0	900	$1,450	$1.61	0d	1	0.28mi
26 Walnut St Unit A Salem, NJ	2.0	1.0	1000	$1,225	$1.23	0d	1	0.34mi
124 Yorke St Unit 2BR Salem, NJ	2.0	1.0	750	$1,400	$1.87	12d	1	0.58mi
124 Yorke St Unit 37 Salem, NJ	2.0	1.0	1220	$1,350	$1.11	4d	1	0.58mi
37 Eighth St Salem, NJ	3.0	1.0	1092	$1,850	$1.69	0d	1	0.66mi
23 7th St Unit B Salem, NJ	3.0	1.0	1000	$1,450	$1.45	5d	1	0.71mi

Listing history 42 events

1. 2026-06-21
   days on market $89,000 Active 167 DOM
2. 2026-06-18
   days on market $89,000 Active 164 DOM
3. 2026-06-17
   days on market $89,000 Active 163 DOM
4. 2026-06-16
   days on market $89,000 Active 162 DOM
5. 2026-06-15
   days on market $89,000 Active 161 DOM
6. 2026-06-13
   days on market $89,000 Active 159 DOM
7. 2026-06-13
   days on market $89,000 Active 158 DOM
8. 2026-06-09
   days on market $89,000 Active 155 DOM
9. 2026-06-08
   days on market $89,000 Active 154 DOM
10. 2026-06-07
    days on market $89,000 Active 153 DOM
11. 2026-06-04
    days on market $89,000 Active 150 DOM
12. 2026-06-03
    days on market $89,000 Active 149 DOM
13. 2026-06-02
    days on market $89,000 Active 148 DOM
14. 2026-06-01
    days on market $89,000 Active 147 DOM
15. 2026-05-31
    days on market $89,000 Active 146 DOM
16. 2026-05-18
    price $89,000
17. 2026-05-18
    status Active
18. 2026-05-15
    price $109,000
19. 2026-05-15
    historical Active Under Contract
20. 2026-05-14
    price $89,000
21. 2026-05-14
    status Active
22. 2026-04-24
    status Pending
23. 2026-04-21
    historical Active Under Contract
24. 2026-04-11
    price $109,000
25. 2026-03-07
    price $140,000
26. 2026-01-22
    price $160,000
27. 2026-01-21
    status Active
28. 2026-01-13
    historical
29. 2025-12-01
    listed $95,000 Active
30. 2022-02-18
    soldstatus $65,000
31. 2021-12-30
    soldstatus $55,000
32. 2004-07-29
    soldstatus $15,000 198-char remark

    Show marketing remark (198 chars)

    Half Double W/ Screened Front Porch And Rear Yard, 3 Bedroom, Rear Lot Also Included With This Property (30x50) W/ Linden St. Access Off Property. Being Sold "As Is" No Certs From Seller.

33. 2004-07-29
    soldstatus $15,000

    Show marketing remark (198 chars)

    Half Double W/ Screened Front Porch And Rear Yard, 3 Bedroom, Rear Lot Also Included With This Property (30x50) W/ Linden St. Access Off Property. Being Sold "As Is" No Certs From Seller.

34. 2004-06-17
    historical 198-char remark

    Show marketing remark (198 chars)

    Half Double W/ Screened Front Porch And Rear Yard, 3 Bedroom, Rear Lot Also Included With This Property (30x50) W/ Linden St. Access Off Property. Being Sold "As Is" No Certs From Seller.

35. 2004-03-31
    listed $15,000 198-char remark

    Show marketing remark (198 chars)

    Half Double W/ Screened Front Porch And Rear Yard, 3 Bedroom, Rear Lot Also Included With This Property (30x50) W/ Linden St. Access Off Property. Being Sold "As Is" No Certs From Seller.

36. 2004-03-25
    soldstatus $27,000 124-char remark

    Show marketing remark (124 chars)

    Large half double with yard, sold As-Is. Offers insulated windows, newer heater, fenced yard and more. No certs from seller.

37. 2004-02-24
    historical 124-char remark

    Show marketing remark (124 chars)

    Large half double with yard, sold As-Is. Offers insulated windows, newer heater, fenced yard and more. No certs from seller.

38. 2003-11-04
    listed $29,900 124-char remark

    Show marketing remark (124 chars)

    Large half double with yard, sold As-Is. Offers insulated windows, newer heater, fenced yard and more. No certs from seller.

39. 2001-06-23
    historical
40. 2000-06-23
    listed $55,000
41. 2000-02-01
    historical
42. 1999-02-01
    listed $55,000

ⓘ 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: $2,269 · $189/mo
• Projected year-2 tax: $2,269 · $189/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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) · 42% chance over 30 yrs
• 🔥 Wildfire 2/10 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 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,828
• − Mortgage interest: −$4,985
• − Property taxes: −$2,269
• − Insurance: −$445
• − Repairs & maintenance: −$1,586
• − Management: −$1,586
• − Depreciation: −$2,589
• Taxable income: $6,367
• Est. tax owed @ 24.0%: −$1,528
• After-tax cash flow: $5,821/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: Salem City School District
• NCES district ID: 3414550
• Math proficiency: 6% ▼ -1.00%
• Reading proficiency: 24% ▲ 2.00%
• Median HH income: $27,118
• Composite: 11.51/100
• National rank: #9702
• State rank: #464 of 472 in NJ

Livability — Salem

• Score: 61/100
• State rank: #462
• US rank: #17533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, NJ
• County: Salem County · 24,175 people
• City population: 10,762
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 10,762
• Household income: $54,641
• Rent vs Own: 42.5% rent · 57.5% own
• Severe rent burden: 663.0

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 0.55)
• Race & ethnicity: White 59% Black 31% Hispanic / Latino 6% Two or more races 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 4% 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: ▼ -0.38%
• Current HPI: 258.0047
• 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

+61.8% since first listed

27 events — show timeline

• 2026-05-18 Price Changed $89,000 BRIGHT MLS
• 2026-05-18 Relisted — BRIGHT MLS
• 2026-05-15 Price Changed $109,000 BRIGHT MLS
• 2026-05-15 Contingent — BRIGHT MLS
• 2026-05-14 Price Changed $89,000 BRIGHT MLS
• 2026-05-14 Relisted — BRIGHT MLS
• 2026-04-24 Pending — BRIGHT MLS
• 2026-04-21 Contingent — BRIGHT MLS
• 2026-04-11 Price Changed $109,000 BRIGHT MLS
• 2026-03-07 Price Changed $140,000 BRIGHT MLS
• 2026-01-22 Price Changed $160,000 BRIGHT MLS
• 2026-01-21 Relisted — BRIGHT MLS
• 2026-01-13 Listing Removed — BRIGHT MLS
• 2025-12-01 Listed $95,000 BRIGHT MLS
• 2022-02-18 Sold (Public Records) $65,000 Public Records
• 2021-12-30 Sold (Public Records) $55,000 Public Records
• 2004-07-29 Sold (Public Records) $15,000 Public Records
• 2004-07-29 Sold (MLS) $15,000 BRIGHT MLS
• 2004-06-17 Listing Removed — BRIGHT MLS
• 2004-03-31 Listed $15,000 BRIGHT MLS
• 2004-03-25 Sold (MLS) $27,000 SJSRMLS
• 2004-02-24 Listing Removed — SJSRMLS
• 2003-11-04 Listed $29,900 SJSRMLS
• 2001-06-23 Listing Removed — BRIGHT MLS
• 2000-06-23 Listed $55,000 BRIGHT MLS
• 2000-02-01 Listing Removed — BRIGHT MLS
• 1999-02-01 Listed $55,000 BRIGHT MLS

Property tax history

+0.9%/yr

Latest (2025): $2,269 · +4.9% YoY. Source: county tax records.