30 High St

Blairstown, NJ 07825

$299,999C

5 bd · 2.0 ba · — sqft · Built 1890 · MultiFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,439/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$0
• Vac / Maint / Mgmt: −$722
• Net cashflow: $644/mo
• Annual: $7,723/yr
• Cap rate: 8.87%
• Cash-on-cash: 9.19%
• DSCR: 1.41
• 1% rule: 1.15%
• Cash to close: $84,000

Investor read

• This is a 5-bed/2.0-bath multifamily listed at $300k.
• At list price, monthly cash flow is $644 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• It's been on market 44 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#490 in NJ) — a working-class tenant base; expect higher turnover. Strengths: health & safety A+, crime A; Watch: schools C-, cost of living C-, amenities D.
• North Warren Regional School District (rural): math 28% / reading 56% proficiency, ranked #193 of 472 in NJ (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 6% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 630 units permitted in Warren County in 2024 (315 in 5+ unit buildings).
• Warren County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 6y 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 $65k; list at $300k implies a 362% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1890 — 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.
• 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.