159 Plane St · Boonton, NJ 07005-1719

$405,000

3 bd · 2.0 ba · 1,712 sqft · SingleFamily public records · 92 Days on market

Built 1910 3,049 sqft lot $237/sqft · 33% below area Est $531k · 24% under

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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).

• ARV discount +15.0/15.0
• Cash flow +7.1/30.0
• Appreciation +5.0/10.0
• Livability +4.0/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +1.3/10.0

Listing remarks MLS

Great opportunity for a Colonial home with big upside potential - small yard and little upkeep super close to stores and shopping. Located in B-1 zone adds even more possibility .Large rooms, 3 floors, and older charm with a little bit of work will make this a super future project. Owner is licensed realtor

Key facts

• Additional garage
• Colonial home
• B-1 zone

Tags

• COLONIAL HOME
• B-1 ZONE
• ADDITIONAL GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $405k.

Deal economics

• At list price, monthly cash flow is $-569 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $304k (24.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $294k (27.3% below list).
• Recommended offer: $294k (27.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 81/100 on livability (#58 in NJ, #1,511 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Boonton Town School District (suburban): math 20% / reading 50% proficiency, ranked #255 of 472 in NJ (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: School Street School (298 students, 31% FRL); John Hill School (math 21% / reading 52%, grade F, #226 of 431 statewide, top 55%, 530 students, 36% FRL); Boonton High School (math 20% / reading 47%, grade F, #251 of 399 statewide, top 64%, 662 students, 28% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,357 units permitted in Morris County in 2024 (1,496 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($3k loan paydown + $12k appreciation (3.0% local appreciation)).
• Morris County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago; this cycle's ask is 14627% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $115k; list at $405k implies a 252% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $294,398 (27.3% 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 92 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — 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 A-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?
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: 0.73% ✗
• Cap rate: 4.61%
• Cash-on-cash: -6.03%
• DSCR: 0.73
• GRM: 11.5

CMA / ARV

• ARV (median comp): $530,883
• List price: $405,000
• Delta: -23.71%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 1.9%
• Equity multiple: 1.11×
• Total profit: $12,624
• Equity at exit: $182,106

10-year hold

• IRR: 5.5%
• Equity multiple: 1.85×
• Total profit: $95,974
• Equity at exit: $280,646

Cash invested: $113,400 (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 07005-1719

• Active inventory: 1
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,944 medium
• Mortgage (P&I): −$2,124
• Tax from tax record: −$603 /mo · $7,231/yr
• Insurance: −$169
• HOA: −$0
• Vacancy / Maint / Mgmt: −$618
• Net cashflow: $-569

Break-even live

Break-even rent $3,665

Max offer price $304,407

Occupancy floor —

Sensitivity live

Price	-10% $-340	-5% $-455	+0% $-569	+5% $-684	+10% $-799
Rent	-10% $-802	-5% $-686	+0% $-569	+5% $-453	+10% $-337
Rate	-1.0pp $-365	-0.5pp $-466	base $-569	+0.5pp $-674	+1.0pp $-781

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: $101,250
• Closing costs: $12,150
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
911 Cedar St Boonton, NJ	3.0	1.0	1400	$2,700	$1.93	45d	1	0.30mi
151 Chestnut St Unit 1 Boonton, NJ	3.0	2.0	1972	$3,000	$1.52	12d	1	0.67mi
1 Avalon Way Boonton, NJ	3.0	1.0–2.0	1105	$4,070	$3.68	0d	1	0.77mi
118 Fulton St Boonton, NJ	2.0	1.0	1200	$2,400	$2.00	45d	1	1.10mi

Listing history 22 events

1. 2026-06-12
   statusdays on market $405,000 Under Contract 92 DOM
2. 2026-06-09
   days on market $405,000 Active 90 DOM
3. 2026-06-08
   days on market $405,000 Active 89 DOM
4. 2026-06-07
   days on market $405,000 Active 88 DOM
5. 2026-06-07
   days on market $405,000 Active 87 DOM
6. 2026-06-04
   days on market $405,000 Active 84 DOM
7. 2026-06-02
   days on market $405,000 Active 83 DOM
8. 2026-06-01
   days on market $405,000 Active 82 DOM
9. 2026-05-31
   days on market $405,000 Active 81 DOM
10. 2026-05-18
    historical $2,750
11. 2026-04-30
    price $405,000 310-char remark

    Show marketing remark (310 chars)

    Great opportunity for a Colonial home with big upside potential - small yard and little upkeep super close to stores and shopping. Located in B-1 zone adds even more possibility .Large rooms, 3 floors, and older charm with a little bit of work will make this a super future project. Owner is licensed realtor

12. 2026-04-30
    status Active 310-char remark

    Show marketing remark (310 chars)

    Great opportunity for a Colonial home with big upside potential - small yard and little upkeep super close to stores and shopping. Located in B-1 zone adds even more possibility .Large rooms, 3 floors, and older charm with a little bit of work will make this a super future project. Owner is licensed realtor

13. 2026-03-31
    listed $2,750
14. 2026-03-21
    historical 310-char remark

    Show marketing remark (310 chars)

    Great opportunity for a Colonial home with big upside potential - small yard and little upkeep super close to stores and shopping. Located in B-1 zone adds even more possibility .Large rooms, 3 floors, and older charm with a little bit of work will make this a super future project. Owner is licensed realtor

15. 2026-01-29
    listed $400,000 Active 310-char remark

    Show marketing remark (310 chars)

    Great opportunity for a Colonial home with big upside potential - small yard and little upkeep super close to stores and shopping. Located in B-1 zone adds even more possibility .Large rooms, 3 floors, and older charm with a little bit of work will make this a super future project. Owner is licensed realtor

16. 2016-12-15
    soldstatus $115,000
17. 2016-12-02
    soldstatus $130,000 Sold
18. 2016-10-27
    historical
19. 2016-09-30
    price $129,900
20. 2016-08-08
    status Active
21. 2016-08-08
    historical
22. 2016-08-02
    listed $164,900 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: $7,231 · $603/mo
• Projected year-2 tax: $8,658 · $721/mo
• Expected delta: +$1,427/yr (+$119/mo · 19.7%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,328
• − Mortgage interest: −$22,686
• − Property taxes: −$7,231
• − Insurance: −$2,025
• − Repairs & maintenance: −$2,826
• − Management: −$2,826
• − Depreciation: −$11,782
• Taxable loss: −$14,049
• Est. tax savings @ 24.0%: +$3,372
• After-tax cash flow: $-3,462/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: Boonton Town School District
• NCES district ID: 3401950
• Math proficiency: 20% ▼ -34.00%
• Reading proficiency: 50% ▼ -12.00%
• Median HH income: $83,957
• Composite: 33.47/100
• National rank: #5453
• State rank: #255 of 472 in NJ

Livability — Boonton

• Score: 81/100
• State rank: #58
• US rank: #1511

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boonton, NJ

Population outlook (Morris County) Hauer SSP2

• Today (2025): 516,747 people
• By 2030: 524,603 · +1.5%
• By 2040: 539,582 · +4.4%
• By 2050: 548,986 · +6.2%
• By 2075: 571,326 · +10.6%
• By 2100: 561,122 · +8.6%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-98.3% since first listed

13 events — show timeline

• 2026-05-18 Rental Removed $2,750 GSMLS
• 2026-04-30 Price Changed $405,000 GSMLS
• 2026-04-30 Relisted — GSMLS
• 2026-03-31 Listed for Rent $2,750 GSMLS
• 2026-03-21 Delisted — GSMLS
• 2026-01-29 Listed $400,000 GSMLS
• 2016-12-15 Sold (Public Records) $115,000 Public Records
• 2016-12-02 Sold (MLS) $130,000 GSMLS
• 2016-10-27 Delisted — GSMLS
• 2016-09-30 Price Changed $129,900 GSMLS
• 2016-08-08 Relisted — GSMLS
• 2016-08-08 Delisted — GSMLS
• 2016-08-02 Listed $164,900 GSMLS

Property tax history

+2.2%/yr

Latest (2025): $7,231 · +2.9% YoY. Source: county tax records.