24 Leighton Ave · Red Bank, NJ 07701

$399,000

3 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 8 Days on market

Built 1915 9,147 sqft lot Est $596k · 33% under

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Why this score? — see what drove the C 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 +18.4/30.0
• ARV discount +15.0/15.0
• DSCR +5.8/10.0
• 1% rule +4.9/10.0
• Schools +4.4/10.0
• Rent growth +4.1/5.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Calling All Investors!! This is a Diamond and The Rough, So Much Potential. .. 3 Bedrooms 1 Full Bath, Living Room, Dining Room, Kitchen and Basement. Bring this 1915 Farm House back to its original glory. You will fall in love with the wrap around porch and expansive yard. THE HOME IS BEING SOLD AS IS- BUYER RESPONSIBLE for C of O and Fire Certification Underground Oil Tank in driveway Trailer and Shed in yard As Is Where Is

Key facts

• Wrap around porch
• Shed in yard
• Expansive yard

Tags

• WRAP AROUND PORCH
• EXPANSIVE YARD
• SHED IN YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $399k.

Deal economics

• At list price, monthly cash flow is $371 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $395k (1.1% below list).
• Recommended offer: $395k (1.1% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 2.3% in Red Bank — 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 82/100 on livability (#45 in NJ, #1,151 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Red Bank Regional School District (suburban): math 34% / reading 49% proficiency, ranked #143 of 472 in NJ (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.5%/yr); 137 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 2,840 units permitted in Monmouth County in 2024 (484 in 5+ unit buildings).
• This rent runs 42% of the median local income ($112k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Monmouth County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $394,588 (1.1% below list)

Questions for the listing agent

1. Built in 1915 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 0.99% ✗
• Cap rate: 7.41%
• Cash-on-cash: 3.98%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $596,232
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
64 Locust Ave	0.12mi	2/1.0 (-1)	1,104 (+1%)	13mo	$915,000	$829	77
40 Foster St	0.41mi	3/1.5	1,200 (+10%)	2mo	$860,000	$717	61
195 Drs James Parker Blvd	0.35mi	2/1.0 (-1)	1,032 (-6%)	12mo	$325,000	$315	60
916 Park Pl	0.47mi	3/1.0	1,144 (+5%)	13mo	$705,000	$616	59
93 W Westside Ave	0.53mi	2/2.0 (-1)	1,089 (-0%)	12mo	$670,000	$615	56
76 W Sunset Ave	0.41mi	2/1.0 (-1)	1,173 (+7%)	18mo	$445,000	$379	48
84 W Sunset Ave	0.43mi	2/1.5 (-1)	1,242 (+14%)	3mo	$527,350	$425	48
49 W Sunset Ave	0.45mi	2/2.0 (-1)	976 (-11%)	5mo	$463,000	$474	48
15 Pica Pl	0.74mi	3/2.0	1,173 (+7%)	2mo	$640,000	$546	47
279 S Bridge Ave	0.45mi	3/1.0	944 (-14%)	12mo	$425,000	$450	46
90 Campbell St	0.60mi	3/2.0	1,192 (+9%)	13mo	$787,700	$661	42
161 Newman Springs Rd	0.65mi	2/1.0 (-1)	1,243 (+14%)	14mo	$500,000	$402	30

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 · 6.45% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.76×
• Total profit: $-26,818
• Equity at exit: $59,492

10-year hold

• IRR: 7.2%
• Equity multiple: 1.62×
• Total profit: $69,698
• Equity at exit: $34,498

Cash invested: $111,720 (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 07701

• Rents YoY: 6.5%
• Active inventory: 137
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $3,946 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$488 /mo · $5,854/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$829
• Net cashflow: $371

Break-even live

Break-even rent $3,477

Max offer price $399,000

Occupancy floor 86%

Sensitivity live

Price	-10% $597	-5% $484	+0% $371	+5% $258	+10% $145
Rent	-10% $59	-5% $215	+0% $371	+5% $527	+10% $682
Rate	-1.0pp $572	-0.5pp $472	base $371	+0.5pp $267	+1.0pp $162

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 Chestnut St Red Bank, NJ	1.0–2.0	1.0–2.0	1063	$5,374	$5.05	0d	2	0.28mi
170 Monmouth St Red Bank, NJ	1.0–2.0	1.0–2.0	1063	$4,195	$3.94	0d	1	0.35mi
35 E Westside Ave Red Bank, NJ	3.0	1.5	1400	$3,650	$2.61	16d	1	0.55mi
96 Lake Shore Dr Red Bank, NJ	3.0	2.0	1382	$5,500	$3.98	3d	1	0.83mi
8 E Front St Unit 204 Red Bank, NJ	2.0	1.0	1400	$3,600	$2.57	0d	1	0.86mi
335 Broad St Red Bank, NJ	2.0	1.0	810	$2,750	$3.40	2d	1	0.90mi
5B Auburn Ct Red Bank, NJ	2.0	2.0	1142	$3,300	$2.89	25d	1	0.96mi
142 South St Red Bank, NJ	2.0	1.0	842	$2,750	$3.27	0d	2	0.98mi
96-98 Wallace St Red Bank, NJ	2.0	1.0	1500	$2,550	$1.70	5d	1	1.00mi
155 Manor Dr Red Bank, NJ	2.0	1.0	1168	$2,900	$2.48	11d	1	1.11mi
19 Manor Dr Red Bank, NJ	2.0	1.0	798	$2,600	$3.26	2d	1	1.12mi
183-213 Branch Ave Red Bank, NJ	1.0–2.0	1.0	657	$2,895	$4.41	0d	3	1.19mi
321 Spring St #9 Red Bank, NJ	2.0	2.5	1125	$3,600	$3.20	0d	1	1.32mi
12 Market St Red Bank, NJ	3.0	1.0	1180	$3,950	$3.35	2d	1	1.34mi

Listing history 2 events

1. 2026-04-07
   status Pending
2. 2026-03-30
   listed $399,000 Active

ⓘ 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: $5,854 · $488/mo
• Projected year-2 tax: $7,895 · $658/mo
• Expected delta: +$2,041/yr (+$170/mo · 34.9%)

ⓘ 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 7/10 Severe 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,351
• − Mortgage interest: −$22,350
• − Property taxes: −$5,854
• − Insurance: −$1,995
• − Repairs & maintenance: −$3,788
• − Management: −$3,788
• − Depreciation: −$11,607
• Taxable loss: −$2,032
• Est. tax savings @ 24.0%: +$488
• After-tax cash flow: $4,937/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: Red Bank Regional School District
• NCES district ID: 3413750
• Math proficiency: 34% ▼ -14.00%
• Reading proficiency: 49% ▼ -18.00%
• Median HH income: $141,699
• Composite: 44.45/100
• National rank: #2805
• State rank: #143 of 472 in NJ

Livability — Red Bank

• Score: 82/100
• State rank: #45
• US rank: #1151

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Red Bank, NJ
• County: Monmouth County · 505,557 people
• City population: 24,376
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 24,376
• Household income: $112,143
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 854.0

Population outlook (Monmouth County) Hauer SSP2

• Today (2025): 620,308 people
• By 2030: 612,309 · -1.3%
• By 2040: 587,297 · -5.3%
• By 2050: 551,342 · -11.1%
• By 2075: 472,934 · -23.8%
• By 2100: 381,534 · -38.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 18% Two or more races 8% Black 4% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 13% Puerto Rican 2%
• Common ancestry: Romanian 5% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 14% · Canada, Dominican Republic, China
• Languages at home: 81% English-only · Spanish 14% Other Indo-European 3%

Political lean MEDSL · Monmouth

• 2024 margin: R (+11.4) · D 43.4% · R 54.8% · Other 1.8%
• 2008→2024 swing: -7.7pp toward R · 2008: -3.7pp · 2024: -11.4pp
• All cycles: 2024: R+11.4 2020: R+2.8 2016: R+9.5 2012: R+5.5 2008: R+3.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -428.28%
• Current HPI: 350.124
• Rent YoY: ▲ 6.45%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• 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

2 events — show timeline

• 2026-04-07 Pending — MOMLS
• 2026-03-30 Listed $399,000 MOMLS

Property tax history

+2.1%/yr

Latest (2025): $5,854 · +8.5% YoY. Source: county tax records.