2-8 Harrison St · Sussex, NJ 07461

$204,900

8 bd · 6.0 ba · 1,488 sqft · SingleFamily public records · 25 Days on market

Built 1920 4,791 sqft lot

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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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Commercial Mixed-Use Opportunity Positioned in a commercially zoned mixed-use area, this property offers excellent potential for investors or owner-occupants. The main building features a ground-level office space, ideal for business use, with a second-floor apartment above offering 2 bedrooms, a kitchen, living room, and full bath. Additional highlights include a detached garage with valuable storage space on the second level, providing flexibility for business, inventory, or personal use. The property presents a great value-add opportunity and is ready for your vision. With some updates and improvements, this space can truly shine and maximize its mixed-use potential. Ideal for cash buyer

Key facts

• Detached garage
• 4,791 sq ft lot
• 2 garage spots

Tags

• MIXED-USE OPPORTUNITY
• GROUND-LEVEL OFFICE SPACE
• SECOND-FLOOR APARTMENT
• DETACHED GARAGE
• VALUABLE STORAGE SPACE

Property features AI

Finance

• Other: Assessment total recorded as $152,800; Tax information available (tax amounts and years recorded)
• Financial info: Property contains 2 units; Reported gross operating income: 9999; Reported net operating income: 9999; Reported total operating expenses: 9999; Unit 1 and Unit 2 listed rents and security deposits noted (values shown as 9999 and $9,999 respectively)

Exterior

• Parking: 6 off-street parking spaces; Detached 2-car garage
• Utilities: Electric service available; Natural gas service available; Public water; Public sewer
• Home design: Two-story unit style
• Construction: Approximate year built
• Exterior features: Vinyl siding; Asphalt shingle roof; Blacktop driveway

Interior

• Kitchen: Unit 2 includes a kitchen (see remarks for appliances/equipment); Unit 1 appliances/equipment noted as 'See Remarks'
• Bedrooms: Unit 2 has 2 bedrooms
• Bathrooms: 1 full bathroom and 1 half bathroom (total); Unit 1 has 1 bathroom; Unit 2 has 1 bathroom
• Heating & cooling: No heat (heating fuel: natural gas)
• Interior features: 7 total rooms; No built-in heating (heating fuel available: natural gas)
• Laundry & utility: Unit tenants pay for electric and gas

What this means for you Summary

Snapshot

• This is a 8-bed/6.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $735 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $205k).
• Recommended offer: $202k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#407 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: employment C-, schools D+, cost of living D.
• Sussex-Wantage Regional School District (rural): math 19% / reading 45% proficiency, ranked #304 of 472 in NJ (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 36 active listings in the ZIP; 184 units permitted in Sussex County in 2024 (18 in 5+ unit buildings).

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.
• Sussex County population projected at -25% 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 $57k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($202k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $201,826 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.45% ✓
• Cap rate: 10.60%
• Cash-on-cash: 15.37%
• DSCR: 1.68
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 6.2%
• Equity multiple: 1.24×
• Total profit: $13,778
• Equity at exit: $30,551

10-year hold

• IRR: 15.6%
• Equity multiple: 2.27×
• Total profit: $72,967
• Equity at exit: $17,716

Cash invested: $57,372 (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 07461

• Home prices YoY: -23.9%
• Active inventory: 36
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,981 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$460 /mo · $5,524/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$626
• Net cashflow: $735

Break-even live

Break-even rent $2,051

Max offer price $204,900

Occupancy floor 70%

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: $51,225
• Closing costs: $6,147
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-08
   status $204,900 Under Contract 25 DOM
2. 2026-06-08
   days on market $204,900 Active 25 DOM
3. 2026-06-07
   days on market $204,900 Active 24 DOM
4. 2026-06-04
   days on market $204,900 Active 21 DOM
5. 2026-06-03
   days on market $204,900 Active 20 DOM
6. 2026-06-02
   days on market $204,900 Active 19 DOM
7. 2026-06-01
   days on market $204,900 Active 18 DOM
8. 2026-05-31
   days on market $204,900 Active 17 DOM
9. 2026-05-13
   listed $204,900 Active
10. 2007-06-18
    soldstatus $207,500
11. 2003-11-26
    soldstatus $130,000
12. 1985-02-01
    soldstatus $45,000

ⓘ 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: $5,524 · $460/mo
• Projected year-2 tax: $5,524 · $460/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,775
• − Mortgage interest: −$11,478
• − Property taxes: −$5,524
• − Insurance: −$1,024
• − Repairs & maintenance: −$2,862
• − Management: −$2,862
• − Depreciation: −$5,961
• Taxable income: $6,064
• Est. tax owed @ 24.0%: −$1,455
• After-tax cash flow: $7,364/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: Sussex-Wantage Regional School District
• NCES district ID: 3415960
• Math proficiency: 19% ▼ -25.00%
• Reading proficiency: 45% ▼ -10.00%
• Median HH income: $75,187
• Composite: 30.16/100
• National rank: #6323
• State rank: #304 of 472 in NJ

Livability — Sussex

• Score: 64/100
• State rank: #407
• US rank: #14224

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sussex, NJ
• Population (ZIP): 18,575

Population outlook (Sussex County) Hauer SSP2

• Today (2025): 133,413 people
• By 2030: 127,324 · -4.6%
• By 2040: 113,987 · -14.6%
• By 2050: 100,391 · -24.8%
• By 2075: 78,063 · -41.5%
• By 2100: 62,346 · -53.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 9% Two or more races 7% Black 3%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 9% Iranian 5% Scotch-Irish 2%
• Foreign-born: 5% · Canada
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Sussex

• 2024 margin: Strong R (+24.9) · D 36.6% · R 61.6% · Other 1.8%
• 2008→2024 swing: -4.2pp toward R · 2008: -20.7pp · 2024: -24.9pp
• All cycles: 2024: R+24.9 2020: R+19.5 2016: R+30.3 2012: R+22.4 2008: R+20.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.50%
• Current HPI: 272.5674
• Rent YoY: —
• Metro: —
• 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

+355.3% since first listed

4 events — show timeline

• 2026-05-13 Listed $204,900 GSMLS
• 2007-06-18 Sold (Public Records) $207,500 Public Records
• 2003-11-26 Sold (Public Records) $130,000 Public Records
• 1985-02-01 Sold (Public Records) $45,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $5,524 · +3.4% YoY. Source: county tax records.