33 Johnson St · Salem, NJ 08079

$259,000

4 bd · 1.5 ba · 1,898 sqft · SingleFamily public records · 112 Days on market

Built 1935 6,499 sqft lot Est $233k · 11% over

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Why this score? — see what drove the D- 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 +12.2/30.0
• Appreciation +4.8/10.0
• 1% rule +4.2/10.0
• DSCR +3.6/10.0
• Livability +3.1/5.0
• ARV discount +2.6/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks

Come check out this gorgeous property in Salem, NJ. The property offer a big spacious living room, dining room and updated kitchen. As you head upstairs 3 generous sized bedrooms and renovated bathroom. A nice deck in the back of the property, and big backyard, as well as a 2 door garage with plenty of parking space. Schedule your appointment today, easy to show.

Key facts

• 6,499 sq ft lot
• 4 garage spots
• Built 1935

Property features AI

Finance

• Other: Fee simple ownership

Exterior

• Parking: Rear-entry attached garage with 4 spaces; Driveway
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Detached property; Vinyl siding exterior; Brick/mortar foundation
• Construction: Vinyl siding construction; Brick/mortar foundation
• Exterior features: 50 x 130 lot; No tidal water

Interior

• Bedrooms: Four bedrooms on the upper level
• Bathrooms: One full bathroom on upper level; One half bathroom on main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (natural gas); Natural gas hot water
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $259k.

Deal economics

• At list price, monthly cash flow is $-54 ($-648/yr) — negative.
• To cash-flow at today's rent, offer at most $249k (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $237k (8.5% below list).
• Recommended offer: $236k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 8.4% in Salem — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: schools D, amenities F, commute 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.
• Market conditions: 100 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).
• At $2,370/mo this rent would consume 52% of the median local household income ($55k/yr) (locally 663% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $806 of equity ($2k loan paydown + $-985 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.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y 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 $185k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1935 — 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 $235,690 (9.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.92% ✗
• Cap rate: 6.04%
• Cash-on-cash: -0.89%
• DSCR: 0.96
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $233,454
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
334 Craven Ave	0.12mi	4/1.5	1,843 (-3%)	2mo	$245,000	$133	88
187 7th St	0.25mi	4/2.0	1,929 (+2%)	3mo	$67,000	$35	81
175 9th St	0.11mi	3/1.0 (-1)	1,776 (-6%)	3mo	$195,000	$110	75
6 Walnut St	0.30mi	4/2.0	1,764 (-7%)	2mo	$70,000	$40	71
216 N Union St	0.17mi	4/2.0	1,798 (-5%)	16mo	$265,000	$147	68
200 N Union St	0.14mi	3/2.0 (-1)	1,686 (-11%)	2mo	$207,500	$123	66
69 Walnut St	0.42mi	3/1.5 (-1)	1,942 (+2%)	12mo	$239,000	$123	61
26 Olive St	0.31mi	4/1.0	2,164 (+14%)	3mo	$200,000	$92	58
321 Fenwick Ave	0.08mi	3/1.0 (-1)	1,622 (-14%)	10mo	$196,100	$121	57
340 Morrison Ave	0.13mi	3/1.5 (-1)	1,648 (-13%)	16mo	$215,000	$130	54
224 Quaker Rd	0.38mi	3/2.0 (-1)	1,686 (-11%)	14mo	$450,000	$267	45
14 Hillcrest Ave	0.68mi	4/1.0	1,649 (-13%)	6mo	$196,000	$119	39

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: -4.7%
• Equity multiple: 0.79×
• Total profit: $-15,491
• Equity at exit: $70,319

10-year hold

• IRR: 1.5%
• Equity multiple: 1.16×
• Total profit: $11,444
• Equity at exit: $80,720

Cash invested: $72,520 (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: 100
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,370 medium
• Mortgage (P&I): −$1,358
• Tax from tax record: −$460 /mo · $5,522/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$498
• Net cashflow: $-54

Break-even live

Break-even rent $2,438

Max offer price $249,456

Occupancy floor 97%

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
270-272 Grant St Salem, NJ	4.0	1.0	1644	$2,100	$1.28	5d	1	0.18mi
332 E Broadway Salem, NJ	3.0	2.0	1844	$1,980	$1.07	43d	1	0.21mi

Listing history 17 events

1. 2026-06-04
   status $259,000 Pending 112 DOM
2. 2026-05-18
   historical Active Under Contract
3. 2026-05-13
   status Active
4. 2026-05-11
   historical
5. 2026-03-25
   status Active
6. 2026-03-19
   status Pending
7. 2026-03-12
   historical Active Under Contract
8. 2026-02-11
   price $259,000
9. 2026-01-11
   price $268,000
10. 2026-01-11
    status Active
11. 2025-12-01
    status Pending
12. 2025-11-18
    listed Active Under Contract
13. 2025-11-18
    listed $265,000
14. 2025-09-24
    soldstatus $185,000
15. 2016-07-13
    historical
16. 2016-01-26
    listed $50,000
17. 1983-10-31
    soldstatus $57,000

ⓘ 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: $5,522 · $460/mo
• Projected year-2 tax: $5,986 · $499/mo
• Expected delta: +$464/yr (+$39/mo · 8.4%)

ⓘ 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) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥103°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: $28,440
• − Mortgage interest: −$14,508
• − Property taxes: −$5,522
• − Insurance: −$1,295
• − Repairs & maintenance: −$2,275
• − Management: −$2,275
• − Depreciation: −$7,535
• Taxable loss: −$4,970
• Est. tax savings @ 24.0%: +$1,193
• After-tax cash flow: $545/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

+354.4% since first listed

16 events — show timeline

• 2026-05-18 Contingent — BRIGHT MLS
• 2026-05-13 Relisted — BRIGHT MLS
• 2026-05-11 Listing Removed — BRIGHT MLS
• 2026-03-25 Relisted — BRIGHT MLS
• 2026-03-19 Pending — BRIGHT MLS
• 2026-03-12 Contingent — BRIGHT MLS
• 2026-02-11 Price Changed $259,000 BRIGHT MLS
• 2026-01-11 Price Changed $268,000 BRIGHT MLS
• 2026-01-11 Relisted — BRIGHT MLS
• 2025-12-01 Pending — BRIGHT MLS
• 2025-11-18 Listed — BRIGHT MLS
• 2025-11-18 Listed $265,000 BRIGHT MLS
• 2025-09-24 Sold (Public Records) $185,000 Public Records
• 2016-07-13 Listing Removed — BRIGHT MLS
• 2016-01-26 Listed $50,000 BRIGHT MLS
• 1983-10-31 Sold (Public Records) $57,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $5,522 · +4.9% YoY. Source: county tax records.