30 High St

Blairstown, NJ 07840

$299,999B-

4 bd · 2.0 ba · 2,564 sqft · Built 1890 · MultiFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,002/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$0
• Vac / Maint / Mgmt: −$1,050
• Net cashflow: $1,878/mo
• Annual: $22,540/yr
• Cap rate: 13.81%
• Cash-on-cash: 26.83%
• DSCR: 2.19
• 1% rule: 1.67%
• Cash to close: $84,000

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $300k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $939/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $300k).
• It's been on market 17 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#490 in NJ) — a working-class tenant base; expect higher turnover. Strengths: health & safety A+, crime A; Watch: cost of living C-, amenities D, commute F.
• North Warren Regional School District (rural): math 28% / reading 56% proficiency, ranked #193 of 472 in NJ (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 6% free/reduced lunch — higher-income household profile.
• Zoned schools: Blairstown Elementary School (math 17% / reading 40%, grade F, #774 of 1,303 statewide, top 60%, 430 students, 14% FRL); North Warren Regional School (math 28% / reading 56%, grade F, #169 of 399 statewide, top 44%, 620 students, 7% FRL) — zoned schools at 10% FRL track the district average.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; solid renter incomes; 630 units permitted in Warren County in 2024 (315 in 5+ unit buildings).
• Warren County population projected at -10% 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 $84k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $5,002/mo this rent would consume 57% of the median local household income ($106k/yr) (locally 1114% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Major: Bathroom cleaning and repairs — Dirty and cluttered, likely needs cleaning and possibly repairs.
• Major: Exterior painting — Siding appears weathered, paint chipping.
• Major: Landscaping and trimming — Overgrown and in need of trimming and maintenance.