235 Sinnickson St · Salem, NJ 08079

$95,000

2 bd · 1.0 ba · 1,156 sqft · Townhouse public records · 38 Days on market

Built 1890 2,178 sqft lot Est $104k · 9% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +11.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +4.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks

Welcome to 235 Sinnickson St, a well-maintained residential property located in the heart of Salem. This home offers a practical and inviting layout with spacious living areas, making it a great fit for homeowners or investors seeking steady rental income. Recently renovated. Currently tenant occupied at $1,450 per month, the property provides immediate cash flow and strong investment appeal. Additional features include basement storage space and convenient access to local shopping, restaurants, schools, and major commuting routes. Whether you're looking to expand your portfolio or secure a property with long-term upside, this Salem home offers comfort, convenience, and value.

Key facts

• Built 1890
• Listed 37 days

Property features AI

Finance

• Other: Ownership: Fee simple

Exterior

• Parking: On-street parking
• Utilities: Public water; Sewer: permit applied for
• Home design: Semi-detached; Brick construction; Block foundation; Above-grade and below-grade structures
• Construction: Brick exterior; Block foundation; Estimated year built
• Exterior features: No tidal water

Interior

• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level; 1 full bathroom total
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric); Natural gas hot water
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $95k.

Deal economics

• At list price, monthly cash flow is $381 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 8.4% in Salem — 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 61/100 on livability (#462 in NJ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B; Watch: schools D, amenities F, commute F.
• Salem City School District (town): math 6% / reading 24% proficiency, ranked #464 of 472 in NJ (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 100 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $296 of equity ($657 loan paydown + $-361 appreciation (-0.4% local appreciation)).
• Salem County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.4% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $58k; list at $95k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 27% 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 $92,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.51% ✓
• Cap rate: 11.11%
• Cash-on-cash: 17.19%
• DSCR: 1.76
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $104,040
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
286 Morrison Ave	0.33mi	2/1.0	1,176 (+2%)	1mo	$35,000	$30	81
284 Morrison Ave	0.32mi	3/1.0 (+1)	1,176 (+2%)	1mo	$155,000	$132	76
311 E Broadway	0.16mi	2/1.0	1,168 (+1%)	24mo	$83,000	$71	71
14 Church St	0.15mi	3/2.0 (+1)	1,080 (-7%)	23mo	$149,900	$139	54
118 8th St	0.45mi	3/2.0 (+1)	1,200 (+4%)	14mo	$150,000	$125	52
77 Walnut St	0.12mi	3/1.0 (+1)	1,316 (+14%)	22mo	$102,000	$78	49
6 Belden St	0.23mi	3/1.0 (+1)	1,328 (+15%)	23mo	$120,000	$90	41
98 Thompson St	0.50mi	3/1.0 (+1)	1,318 (+14%)	9mo	$80,000	$61	40
96 Thompson St	0.50mi	3/1.0 (+1)	1,318 (+14%)	9mo	$80,000	$61	40
31 Eighth St	0.65mi	3/2.0 (+1)	1,303 (+13%)	0mo	$180,000	$138	39
27 7th St	0.44mi	3/2.0 (+1)	1,272 (+10%)	21mo	$205,000	$161	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.38% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.9%
• Equity multiple: 1.75×
• Total profit: $19,888
• Equity at exit: $25,793

10-year hold

• IRR: 20.9%
• Equity multiple: 3.24×
• Total profit: $59,490
• Equity at exit: $29,608

Cash invested: $26,600 (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 08079

• Home prices YoY: -0.1%
• Active inventory: 100
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,434 high
• Mortgage (P&I): −$498
• Tax from tax record: −$214 /mo · $2,571/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $381

Break-even live

Break-even rent $952

Max offer price $95,000

Occupancy floor 68%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
218 Sinnickson St Salem, NJ	2.0	1.0	1008	$1,500	$1.49	1d	1	0.05mi
56 Olive St Salem, NJ	2.0	1.0	700	$1,200	$1.71	1d	1	0.10mi
85 Union St Salem, NJ	1.0	1.0	700	$1,050	$1.50	1d	1	0.13mi
26 Walnut St Unit A Salem, NJ	2.0	1.0	1000	$1,225	$1.23	1d	1	0.17mi
1 9th St Salem, NJ	2.0	1.0	900	$1,450	$1.61	1d	1	0.25mi
380 E Broadway Salem, NJ	2.0	1.0	1300	$1,350	$1.04	1d	1	0.33mi
242 Grant St Unit 1ST FLOOR Salem, NJ	2.0	1.0	925	$1,675	$1.81	1d	1	0.44mi
115 W Broadway Unit 3 Salem, NJ	1.0	1.0	1000	$1,250	$1.25	1d	1	0.45mi
124 Yorke St Unit 37 Salem, NJ	2.0	1.0	1220	$1,350	$1.11	2d	1	0.65mi
124 Yorke St Unit 2BR Salem, NJ	2.0	1.0	750	$1,400	$1.87	10d	1	0.65mi
37 Eighth St Salem, NJ	3.0	1.0	1092	$1,850	$1.69	1d	1	0.66mi
23 7th St Unit B Salem, NJ	3.0	1.0	1000	$1,450	$1.45	3d	1	0.69mi

Listing history 33 events

1. 2026-06-18
   days on market $95,000 Active 38 DOM
2. 2026-06-17
   days on market $95,000 Active 37 DOM
3. 2026-06-16
   days on market $95,000 Active 36 DOM
4. 2026-06-16
   remarks 685-char remark
5. 2026-06-16
   price $95,000 Active 35 DOM
6. 2026-06-15
   days on market $100,000 Active 35 DOM
7. 2026-06-13
   days on market $100,000 Active 33 DOM
8. 2026-06-13
   days on market $100,000 Active 32 DOM
9. 2026-06-09
   days on market $100,000 Active 29 DOM
10. 2026-06-08
    days on market $100,000 Active 28 DOM
11. 2026-06-07
    days on market $100,000 Active 27 DOM
12. 2026-06-04
    days on market $100,000 Active 24 DOM
13. 2026-06-03
    days on market $100,000 Active 23 DOM
14. 2026-06-02
    days on market $100,000 Active 22 DOM
15. 2026-06-01
    days on market $100,000 Active 21 DOM
16. 2026-05-31
    days on market $100,000 Active 20 DOM
17. 2026-05-11
    listed $100,000 Active
18. 2026-05-11
    historical $100,000
19. 2026-05-11
    historical
20. 2026-05-11
    historical
21. 2026-04-25
    historical
22. 2026-04-24
    listed $200,000 Active
23. 2025-11-15
    historical $1,450
24. 2025-10-21
    listed $1,450
25. 2023-04-13
    soldstatus $57,500
26. 2023-03-20
    soldstatus $57,500 Closed
27. 2023-02-22
    status Pending
28. 2023-02-18
    historical Active Under Contract
29. 2023-01-30
    listed $59,900 Active
30. 2023-01-28
    historical $59,900
31. 2004-06-07
    soldstatus $45,000
32. 2003-12-04
    listed $12,500
33. 2003-12-04
    historical

ⓘ 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: $2,571 · $214/mo
• Projected year-2 tax: $2,571 · $214/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,212
• − Mortgage interest: −$5,321
• − Property taxes: −$2,571
• − Insurance: −$475
• − Repairs & maintenance: −$1,377
• − Management: −$1,377
• − Depreciation: −$2,764
• Taxable income: $3,327
• Est. tax owed @ 24.0%: −$798
• After-tax cash flow: $3,775/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: Salem City School District
• NCES district ID: 3414550
• Math proficiency: 6% ▼ -1.00%
• Reading proficiency: 24% ▲ 2.00%
• Median HH income: $27,118
• Composite: 11.51/100
• National rank: #9702
• State rank: #464 of 472 in NJ

Livability — Salem

• Score: 61/100
• State rank: #462
• US rank: #17533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, NJ
• County: Salem County · 24,175 people
• City population: 10,762
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 10,762
• Household income: $54,641
• Rent vs Own: 42.5% rent · 57.5% own
• Severe rent burden: 663.0

Population outlook (Salem County) Hauer SSP2

• Today (2025): 59,905 people
• By 2030: 57,351 · -4.3%
• By 2040: 51,837 · -13.5%
• By 2050: 46,356 · -22.6%
• By 2075: 36,452 · -39.2%
• By 2100: 28,907 · -51.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 59% Black 31% Hispanic / Latino 6% Two or more races 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 4% Tagalog/Filipino 1%

Political lean MEDSL · Salem

• 2024 margin: R (+19.2) · D 39.6% · R 58.8% · Other 1.6%
• 2008→2024 swing: -23.1pp toward R · 2008: 3.9pp · 2024: -19.2pp
• All cycles: 2024: R+19.2 2020: R+12.8 2016: R+15.4 2012: D+0.8 2008: D+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.38%
• Current HPI: 258.0047
• Rent YoY: —
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• 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

+700.0% since first listed

17 events — show timeline

• 2026-05-11 Listed $100,000 BRIGHT MLS
• 2026-05-11 Coming Soon $100,000 BRIGHT MLS
• 2026-05-11 Coming Soon — BRIGHT MLS
• 2026-05-11 Listing Removed — BRIGHT MLS
• 2026-04-25 Listing Removed — BRIGHT MLS
• 2026-04-24 Listed $200,000 BRIGHT MLS
• 2025-11-15 Rental Removed $1,450 APPFOLIO
• 2025-10-21 Listed for Rent $1,450 APPFOLIO
• 2023-04-13 Sold (Public Records) $57,500 Public Records
• 2023-03-20 Sold (MLS) $57,500 BRIGHT MLS
• 2023-02-22 Pending — BRIGHT MLS
• 2023-02-18 Contingent — BRIGHT MLS
• 2023-01-30 Listed $59,900 BRIGHT MLS
• 2023-01-28 Coming Soon $59,900 BRIGHT MLS
• 2004-06-07 Sold (Public Records) $45,000 Public Records
• 2003-12-04 Listing Removed — BRIGHT MLS
• 2003-12-04 Listed $12,500 BRIGHT MLS

Property tax history

+0.5%/yr

Latest (2025): $2,571 · +4.9% YoY. Source: county tax records.