18 Church St

High Bridge, NJ 08829-1506

$525,000C

6 bd · 2.0 ba · 2,400 sqft · Built 1870 · MultiFamily · Under Contract · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,350/mo
• Mortgage (P&I): −$2,753
• Tax + insurance: −$875
• HOA: −$0
• Vac / Maint / Mgmt: −$1,124
• Net cashflow: $598/mo
• Annual: $7,180/yr
• Cap rate: 7.66%
• Cash-on-cash: 4.88%
• DSCR: 1.22
• 1% rule: 1.02%
• Cash to close: $147,000

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $525k. Condition is rated good.
• At list price, monthly cash flow is $598 ($7k/yr) — positive. Per door: $299/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $525k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $19k of equity ($4k loan paydown + $16k appreciation (3.0% local appreciation)).
• Location reads 74/100 on livability (#178 in NJ, #4,717 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety D, amenities F, commute F.
• North Hunterdon-Voorhees Regional High School District (suburban): math 37% / reading 63% proficiency, ranked #103 of 472 in NJ (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 389 units permitted in Hunterdon County in 2024 (180 in 5+ unit buildings).
• Hunterdon County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 8y 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 $235k; list at $525k implies a 123% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $147k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wind risk, 23% 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.