2350 State Route 10 #22 · Morris Plains, NJ 07950-1215

$2,400

2 bd · 1.0 ba · 1,100 sqft · Condo · 1 Days on market

Built 1930 $280/mo HOA · 10% of rent

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Appreciation +5.0/10.0
• Schools +5.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to this beautiful 2-bedroom, 1-bath condominium located in the heart of Morris Plains. Nestled within the desirable Cedarbrook Condominiums community, this home offers the perfect blend of comfort, convenience, and tranquility. Featuring a bright and spacious layout, this well-maintained apartment boasts a modern kitchen with a dishwasher, updated finishes, and an inviting living area perfect for relaxing or entertaining. Step out onto your private balcony and enjoy peaceful wooded views while experiencing the serenity of this quiet neighborhood setting. Ideally located near shopping, dining, major highways, and public transportation, this home provides easy access to everything Mor

Key facts

• Easy access
• Private balcony
• Wooded views

Tags

• MODERN KITCHEN
• PRIVATE BALCONY
• WOODED VIEWS
• QUIET NEIGHBORHOOD
• EASY ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $2k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $2k).
• Cap rate 962.8% vs local median 2.9% in Morris Plains — 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 69/100 on livability (#288 in NJ) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Parsippany-Troy Hills Township School District (suburban): math 47% / reading 61% proficiency, ranked #94 of 472 in NJ (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 7 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 2,357 units permitted in Morris County in 2024 (1,496 in 5+ unit buildings).

Forward outlook

• In year one you build about $89 of equity ($17 loan paydown + $72 appreciation (3.0% local appreciation)).
• Morris County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $672 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $278k (99%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,400

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 116.54% ✓
• Cap rate: 962.81%
• Cash-on-cash: 3416.15%
• DSCR: 153.00
• GRM: 0.1

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: —
• Equity multiple: 183.06×
• Total profit: $122,346
• Equity at exit: $1,079

10-year hold

• IRR: —
• Equity multiple: 395.46×
• Total profit: $265,077
• Equity at exit: $1,663

Cash invested: $672 (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 07950-1215

• Active inventory: 7
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $2,797 high
• Mortgage (P&I): −$13
• Tax est. 1.5%: −$3 /mo · $36/yr
• Insurance: −$1
• HOA: −$280
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $1,913

Break-even live

Break-even rent $375

Max offer price $2,400

Occupancy floor 27%

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: $600
• Closing costs: $72
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2350 State Route 10 Unit E31 Morris Plains, NJ	2.0	1.0	822	$2,400	$2.92	24d	1	0.14mi
2467 New Jersey 10 Unit 224B Morris Plains, NJ	1.0	1.5	800	$2,050	$2.56	44d	1	0.31mi
2110 Gates Ct Morris Plains, NJ	1.0–2.0	1.0–2.0	1050	$3,225	$3.07	1d	3	0.65mi
250 Johnson Rd Morris Plains, NJ	1.0–2.0	1.5–2.0	1101	$4,137	$3.76	1d	10	1.23mi
3 Campus Dr Parsippany, NJ	2.0	1.0–3.0	1040	$4,015	$3.86	1d	1	1.25mi
1209 Littleton Rd Unit C Morris Plains, NJ	2.0	1.5	1020	$3,000	$2.94	3d	1	1.26mi
169 Johnson Rd Morris Plains, NJ	1.0–2.0	1.0–2.0	1001	$4,310	$4.30	1d	17	1.35mi

HOA detail condo

• Monthly dues: $280 · $3,360/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-15
   remarks 699-char remark
2. 2026-06-15
   listed $2,400 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $33,564
• − Mortgage interest: −$134
• − Property taxes: −$36
• − Insurance: −$12
• − Repairs & maintenance: −$2,685
• − Management: −$2,685
• − HOA: −$3,360
• − Depreciation: −$70
• Taxable income: $24,582
• Est. tax owed @ 24.0%: −$5,900
• After-tax cash flow: $17,057/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: Parsippany-Troy Hills Township School District
• NCES district ID: 3412480
• Math proficiency: 47% ▼ -18.00%
• Reading proficiency: 61% ▼ -11.00%
• Median HH income: $88,047
• Composite: 49.68/100
• National rank: #1969
• State rank: #94 of 472 in NJ

Livability — Morris Plains

• Score: 69/100
• State rank: #288
• US rank: #8571

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

No demographic data for this ZIP.

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

+54.3% since first listed

9 events — show timeline

• 2024-12-13 Sold (MLS) $270,000 GSMLS
• 2024-11-18 Contingent — GSMLS
• 2024-09-20 Listed $280,000 GSMLS
• 2024-03-26 Sold (MLS) $275,000 GSMLS
• 2024-02-23 Pending — GSMLS
• 2024-02-07 Listed $235,000 GSMLS
• 2021-07-01 Sold (MLS) $175,000 GSMLS
• 2021-05-22 Delisted — GSMLS
• 2021-05-07 Listed $175,000 GSMLS