1 Lyons Pl · Morristown, NJ 07960-5092

$500,000

2 bd · 1.5 ba · 1,296 sqft · Condo public records · 32 Days on market

Built 1984

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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).

• Cash flow +11.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +4.2/5.0
• Schools +3.7/10.0
• 1% rule +3.2/10.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Charming corner unit half-duplex featuring 2 bedrooms and 1.1 bathrooms in an unbeatable Morristown location. This home offers an updated kitchen with modern appliances, fresh paint throughout, and generous natural light. Conveniently located to Whole Foods and minutes to vibrant downtown Morristown, restaurants, nightlife, the train station, and major highways. A perfect blend of comfort and convenience!

Key facts

• Modern appliances
• Corner unit
• Updated kitchen

Tags

• CORNER UNIT
• UPDATED KITCHEN
• MODERN APPLIANCES
• GENEROUS NATURAL LIGHT
• CONVENIENTLY LOCATED
• VIBRANT DOWNTOWN MORRISTOWN

Property features AI

Exterior

• Parking: One garage space in an attached garage; One additional parking space; Concrete driveway (1 car width)
• Utilities: All utilities underground; Natural gas available; Public water; Public sewer
• Home design: 1/2 duplex, multi-floor unit
• Construction: Approximate year built
• Exterior features: Patio; Storm windows; Brick and vinyl siding; Asphalt shingle roof; Corner lot

Interior

• Kitchen: 10 x 10 kitchen (see remarks); Dishwasher; Refrigerator
• Bedrooms: Two bedrooms on the second floor (approx. 17 x 13 and 15 x 12)
• Flooring: Carpeting; Laminate; Tile; Wood
• Bathrooms: One full bathroom; One half bathroom; Master bath with tub/shower
• Heating & cooling: Gas (natural) heating; Heating and cooling units present
• Interior features: Blinds; Carbon monoxide detector; Fire extinguisher; Smoke detector
• Laundry & utility: Washer; Dryer; Utility room; Laundry room (11 x 6)

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $500k.

Deal economics

• At list price, monthly cash flow is $-276 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $451k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $411k (17.9% below list).
• Recommended offer: $411k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 1.2% in Morristown — 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 83/100 on livability (#38 in NJ, #927 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Morris School District (suburban): math 23% / reading 52% proficiency, ranked #214 of 472 in NJ (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hillcrest School (314 students, 48% FRL); Frelinghuysen Middle School (math 18% / reading 53%, grade F, #243 of 431 statewide, top 57%, 1,069 students, 37% FRL); Morristown High School (math 23% / reading 58%, grade F, #184 of 399 statewide, top 46%, 1,868 students, 25% FRL).
• Market conditions: 1 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 $18k of equity ($3k loan paydown + $15k 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 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($485k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y 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 $343k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; moderate wind risk, 26% 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.

Recommended offer $410,745 (17.9% 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 32 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 0.82% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.80%
• DSCR: 0.92
• GRM: 10.1

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: 5.3%
• Equity multiple: 1.31×
• Total profit: $42,727
• Equity at exit: $224,822

10-year hold

• IRR: 8.4%
• Equity multiple: 2.26×
• Total profit: $176,998
• Equity at exit: $346,477

Cash invested: $140,000 (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 07960-5092

• Active inventory: 1
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $4,107 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$625 /mo · $7,494/yr
• Insurance: −$208
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$863
• Net cashflow: $-276

Break-even live

Break-even rent $4,457

Max offer price $451,161

Occupancy floor —

Sensitivity live

Price	-10% $7	-5% $-135	+0% $-276	+5% $-418	+10% $-560
Rent	-10% $-601	-5% $-439	+0% $-276	+5% $-114	+10% $48
Rate	-1.0pp $-25	-0.5pp $-149	base $-276	+0.5pp $-406	+1.0pp $-538

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30 Court St Morristown, NJ	2.0	2.0	1418	$5,672	$4.00	0d	5	0.25mi
22 Schuyler Pl Morristown, NJ	2.0	2.0	887	$4,025	$4.54	0d	1	0.31mi
30 Cattano Ave Morristown, NJ	2.0	1.0–2.0	706	$3,995	$5.66	0d	5	0.33mi
30 Cattano Ave Morristown, NJ	1.0–2.0	1.0–2.0	802	$4,284	$5.34	20d	8	0.33mi
44 Prospect St Morristown, NJ	1.0–2.0	1.0–2.0	856	$4,155	$4.85	0d	12	0.34mi
21 Mount Kemble Ave Morristown, NJ	2.0	1.0–2.0	800	$3,395	$4.24	0d	1	0.36mi
40 Market St Morristown, NJ	1.0–2.0	1.0–2.0	939	$4,782	$5.09	0d	8	0.41mi
85 Martin Luther King Ave Morristown, NJ	1.0–2.0	1.0–2.0	1242	$3,675	$2.96	0d	2	0.56mi
30 Elm St Morristown, NJ	1.0–2.0	1.0	875	$2,800	$3.20	26d	1	0.76mi
190 South St Morristown, NJ	2.0	2.0	1550	$3,800	$2.45	26d	1	0.85mi
181 South St Morristown, NJ	1.0–2.0	1.0	904	$3,295	$3.64	18d	3	0.86mi
181 South St Unit D5 Morristown, NJ	2.0	1.0	1200	$3,295	$2.75	18d	1	0.86mi
63 Hill St Morristown, NJ	1.0	1.0	1100	$2,575	$2.34	1d	2	1.05mi
70 Ridgedale Ave Morristown, NJ	2.0	2.0–3.0	1337	$4,700	$3.51	0d	1	1.07mi
19 Farmhouse Ln Morristown, NJ	1.0–3.0	1.0–1.5	1326	$2,962	$2.23	0d	4	1.28mi
23 Max Dr Morristown, NJ	1.0–3.0	1.0–2.0	1038	$3,212	$3.09	0d	8	1.35mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-05-11
   status Under Contract
2. 2026-05-10
   historical Under Contract Cont. to Show
3. 2026-04-29
   status Active
4. 2026-04-14
   status Under Contract
5. 2026-03-25
   listed $500,000 Active
6. 2017-10-31
   soldstatus $343,000 Sold
7. 2017-10-04
   historical
8. 2017-09-27
   status Active
9. 2017-09-19
   historical
10. 2017-08-15
    price $349,900
11. 2017-05-11
    status Active
12. 2017-05-11
    historical
13. 2017-02-24
    status Active
14. 2017-02-14
    historical
15. 2017-01-05
    listed $369,900 Active
16. 2003-04-01
    soldstatus $252,000
17. 2003-04-01
    soldstatus $252,000
18. 2001-03-06
    soldstatus $170,000
19. 1985-03-01
    soldstatus $115,000

ⓘ 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: $7,494 · $625/mo
• Projected year-2 tax: $9,972 · $831/mo
• Expected delta: +$2,478/yr (+$206/mo · 33.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $49,289
• − Mortgage interest: −$28,008
• − Property taxes: −$7,494
• − Insurance: −$3,298
• − Repairs & maintenance: −$3,943
• − Management: −$3,943
• − Depreciation: −$14,545
• Taxable loss: −$11,942
• Est. tax savings @ 24.0%: +$2,866
• After-tax cash flow: $-452/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: Morris School District
• NCES district ID: 3410810
• Math proficiency: 23% ▼ -24.00%
• Reading proficiency: 52% ▼ -13.00%
• Median HH income: $96,609
• Composite: 36.76/100
• National rank: #4576
• State rank: #214 of 472 in NJ

Livability — Morristown

• Score: 83/100
• State rank: #38
• US rank: #927

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morristown, 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

+334.8% since first listed

19 events — show timeline

• 2026-05-11 Pending — GSMLS
• 2026-05-10 Contingent — GSMLS
• 2026-04-29 Relisted — GSMLS
• 2026-04-14 Pending — GSMLS
• 2026-03-25 Listed $500,000 GSMLS
• 2017-10-31 Sold (MLS) $343,000 GSMLS
• 2017-10-04 Delisted — GSMLS
• 2017-09-27 Relisted — GSMLS
• 2017-09-19 Delisted — GSMLS
• 2017-08-15 Price Changed $349,900 GSMLS
• 2017-05-11 Relisted — GSMLS
• 2017-05-11 Delisted — GSMLS
• 2017-02-24 Relisted — GSMLS
• 2017-02-14 Delisted — GSMLS
• 2017-01-05 Listed $369,900 GSMLS
• 2003-04-01 Sold (Public Records) $252,000 Public Records
• 2003-04-01 Sold (Public Records) $252,000 Public Records
• 2001-03-06 Sold (Public Records) $170,000 Public Records
• 1985-03-01 Sold (Public Records) $115,000 Public Records

Property tax history

+0.8%/yr

Latest (2025): $7,494 · +11.7% YoY. Source: county tax records.