368 Thomas St · Phillipsburg, NJ 08865

$100,000

3 bd · 1.0 ba · 1,232 sqft · SingleFamily public records · 161 Days on market

Built 1900 1,917 sqft lot Est $159k · 37% under ↓ 20% since listing

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity is knocking! Spacious 3 Bed 1 Bath 1/2 Duplex in thriving Phillipsburg is bursting with possibilities, just in need of your personal touch! A great layout in a prime commuter location, this is an excellent fixer-upper to invest in, rent out, or make your very own. Charming covered rocking chair front porch welcomes you in to find a sizable living room and seperate formal dining room, along with an eat-in-kitchen with access to a versatile mud room. Upstairs, find 3 bedrooms and the main full bath. The primary bedroom has its own access to the walk-up attic. Full basement offers ample storage, laundry and utilities. Quaint outdoor area with patio and yard space, along with on-site parking for 2. Conveniently located just steps to the public transit bus line, schools, parks, shopping, dining and more. With your TLC, this could be the hidden gem you've been searching for! Come and see TODAY!

Key facts

• Eat-in-kitchen
• Quaint outdoor area
• On-site parking

Tags

• EAT-IN-KITCHEN
• WALK-UP ATTIC
• FULL BASEMENT
• QUAINT OUTDOOR AREA
• ON-SITE PARKING
• PRIME COMMUTER LOCATION

Property features AI

Finance

• Other: Near shopping; Level lot; Near public transit
• HOA & community: Curbs and sidewalks in the community

Exterior

• Parking: Open parking; Parking area fits two cars side-by-side; Crushed stone parking; Additional parking available
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: 1/2 duplex; Two levels; Not attached to another property
• Construction: Asphalt roof
• Exterior features: Open porch(es); Porch and patio; Patio; Door(s) with storm/screen; Screen/storm windows; Sidewalk; Yard; Fencing/wall; Curbs

Interior

• Kitchen: Gas range/oven
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Eat-in kitchen with separate dining area; Formal dining room; Living room; Attic; Additional 'other' room(s)
• Laundry & utility: Laundry facilities in full basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $875 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.8% vs local median 4.9% in Phillipsburg — 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 76/100 on livability (#135 in NJ, #3,552 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: schools C-, commute F.
• Phillipsburg School District (suburban): math 17% / reading 37% proficiency, ranked #381 of 472 in NJ (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.4%/yr); 24 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 630 units permitted in Warren County in 2024 (315 in 5+ unit buildings).
• This rent runs 33% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Warren County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $88,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.21% ✓
• Cap rate: 16.80%
• Cash-on-cash: 37.52%
• DSCR: 2.67
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $158,928
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
988 Bieher	0.56mi	3/1.0	1,320 (+7%)	13mo	$165,000	$125	51
350 Firth St	0.66mi	2/1.0 (-1)	1,162 (-6%)	24mo	$150,000	$129	35

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

Projected returns pro-forma

-3.0% appreciation · 4.41% rent growth · sell at horizon

5-year hold

• IRR: 35.3%
• Equity multiple: 2.53×
• Total profit: $42,868
• Equity at exit: $14,910

10-year hold

• IRR: 42.9%
• Equity multiple: 5.40×
• Total profit: $123,118
• Equity at exit: $8,646

Cash invested: $28,000 (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 08865

• Rents YoY: 4.4%
• Active inventory: 24
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $2,209 high
• Mortgage (P&I): −$524
• Tax from tax record: −$303 /mo · $3,642/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $875

Break-even live

Break-even rent $1,101

Max offer price $100,000

Occupancy floor 55%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
355 Thomas St Phillipsburg, NJ	3.0	1.5	1400	$2,250	$1.61	11d	1	0.07mi
689 Sayre Ave Phillipsburg, NJ	4.0	1.5	1376	$2,200	$1.60	2d	1	0.13mi
461 Heckman St Phillipsburg, NJ	1.0–2.0	1.0	690	$2,095	$3.03	1d	7	0.70mi
270 Bates St Phillipsburg, NJ	2.0	1.0	1368	$2,100	$1.54	23d	1	0.82mi
1 Sitgreaves St Unit 3B Phillipsburg, NJ	2.0	1.0	900	$1,600	$1.78	2d	1	0.97mi
1 Sitgreaves St Unit 3B Phillipsburg, NJ	2.0	1.0	900	$1,650	$1.83	23d	1	0.97mi
221 Aspen Ln Phillipsburg, NJ	2.0	2.0	1297	$2,444	$1.88	2d	1	0.98mi
334 Aspen Ln Phillipsburg, NJ	2.0	2.0	1131	$2,256	$1.99	2d	1	1.00mi
210 Washington St Phillipsburg, NJ	4.0	1.5	1000	$2,300	$2.30	2d	1	1.11mi
226 Vista Dr Easton, PA	3.0	1.5	1358	$2,195	$1.62	2d	1	1.24mi
152 S Main St Phillipsburg, NJ	2.0	1.0	900	$1,650	$1.83	23d	1	1.26mi
75 S Main St Phillipsburg, NJ	1.0–2.0	1.0–2.0	847	$2,239	$2.64	2d	4	1.37mi
1001 Monte View Dr Alpha, NJ	1.0–2.0	1.0–2.0	989	$2,375	$2.40	1d	4	1.39mi
43-45 S Main St Unit 3 Phillipsburg, NJ	3.0	2.0	1200	$2,200	$1.83	23d	1	1.40mi

Listing history 22 events

1. 2026-06-18
   days on market $100,000 Active 161 DOM
2. 2026-06-17
   days on market $100,000 Active 160 DOM
3. 2026-06-16
   days on market $100,000 Active 159 DOM
4. 2026-06-15
   days on market $100,000 Active 158 DOM
5. 2026-06-14
   days on market $100,000 Active 156 DOM
6. 2026-06-13
   days on market $100,000 Active 155 DOM
7. 2026-06-10
   days on market $100,000 Active 153 DOM
8. 2026-06-09
   days on market $100,000 Active 152 DOM
9. 2026-06-08
   pricedays on market $100,000 Active 151 DOM
10. 2026-06-07
    statusdays on market $120,000 Active 150 DOM
11. 2026-06-05
    statusdays on market $120,000 Under Contract - Attorney Review 147 DOM
12. 2026-06-03
    days on market $120,000 Active Under Contract 146 DOM
13. 2026-06-02
    days on market $120,000 Active Under Contract 145 DOM
14. 2026-06-01
    days on market $120,000 Active Under Contract 144 DOM
15. 2026-05-31
    days on market $120,000 Active Under Contract 143 DOM
16. 2026-05-31
    days on market $120,000 Active Under Contract 142 DOM
17. 2026-02-04
    status Under Contract 913-char remark

    Show marketing remark (913 chars)

    Opportunity is knocking! Spacious 3 Bed 1 Bath 1/2 Duplex in thriving Phillipsburg is bursting with possibilities, just in need of your personal touch! A great layout in a prime commuter location, this is an excellent fixer-upper to invest in, rent out, or make your very own. Charming covered rocking chair front porch welcomes you in to find a sizable living room and seperate formal dining room, along with an eat-in-kitchen with access to a versatile mud room. Upstairs, find 3 bedrooms and the main full bath. The primary bedroom has its own access to the walk-up attic. Full basement offers ample storage, laundry and utilities. Quaint outdoor area with patio and yard space, along with on-site parking for 2. Conveniently located just steps to the public transit bus line, schools, parks, shopping, dining and more. With your TLC, this could be the hidden gem you've been searching for! Come and see TODAY!

18. 2026-01-26
    historical Under Contract - Attorney Review
19. 2026-01-16
    price $120,000 913-char remark

    Show marketing remark (913 chars)

    Opportunity is knocking! Spacious 3 Bed 1 Bath 1/2 Duplex in thriving Phillipsburg is bursting with possibilities, just in need of your personal touch! A great layout in a prime commuter location, this is an excellent fixer-upper to invest in, rent out, or make your very own. Charming covered rocking chair front porch welcomes you in to find a sizable living room and seperate formal dining room, along with an eat-in-kitchen with access to a versatile mud room. Upstairs, find 3 bedrooms and the main full bath. The primary bedroom has its own access to the walk-up attic. Full basement offers ample storage, laundry and utilities. Quaint outdoor area with patio and yard space, along with on-site parking for 2. Conveniently located just steps to the public transit bus line, schools, parks, shopping, dining and more. With your TLC, this could be the hidden gem you've been searching for! Come and see TODAY!

20. 2026-01-16
    price $120,000

    Show marketing remark (913 chars)

    Opportunity is knocking! Spacious 3 Bed 1 Bath 1/2 Duplex in thriving Phillipsburg is bursting with possibilities, just in need of your personal touch! A great layout in a prime commuter location, this is an excellent fixer-upper to invest in, rent out, or make your very own. Charming covered rocking chair front porch welcomes you in to find a sizable living room and seperate formal dining room, along with an eat-in-kitchen with access to a versatile mud room. Upstairs, find 3 bedrooms and the main full bath. The primary bedroom has its own access to the walk-up attic. Full basement offers ample storage, laundry and utilities. Quaint outdoor area with patio and yard space, along with on-site parking for 2. Conveniently located just steps to the public transit bus line, schools, parks, shopping, dining and more. With your TLC, this could be the hidden gem you've been searching for! Come and see TODAY!

21. 2026-01-08
    listed $150,000 Active 913-char remark

    Show marketing remark (913 chars)

    Opportunity is knocking! Spacious 3 Bed 1 Bath 1/2 Duplex in thriving Phillipsburg is bursting with possibilities, just in need of your personal touch! A great layout in a prime commuter location, this is an excellent fixer-upper to invest in, rent out, or make your very own. Charming covered rocking chair front porch welcomes you in to find a sizable living room and seperate formal dining room, along with an eat-in-kitchen with access to a versatile mud room. Upstairs, find 3 bedrooms and the main full bath. The primary bedroom has its own access to the walk-up attic. Full basement offers ample storage, laundry and utilities. Quaint outdoor area with patio and yard space, along with on-site parking for 2. Conveniently located just steps to the public transit bus line, schools, parks, shopping, dining and more. With your TLC, this could be the hidden gem you've been searching for! Come and see TODAY!

22. 2026-01-08
    listed $150,000 Active

    Show marketing remark (913 chars)

    Opportunity is knocking! Spacious 3 Bed 1 Bath 1/2 Duplex in thriving Phillipsburg is bursting with possibilities, just in need of your personal touch! A great layout in a prime commuter location, this is an excellent fixer-upper to invest in, rent out, or make your very own. Charming covered rocking chair front porch welcomes you in to find a sizable living room and seperate formal dining room, along with an eat-in-kitchen with access to a versatile mud room. Upstairs, find 3 bedrooms and the main full bath. The primary bedroom has its own access to the walk-up attic. Full basement offers ample storage, laundry and utilities. Quaint outdoor area with patio and yard space, along with on-site parking for 2. Conveniently located just steps to the public transit bus line, schools, parks, shopping, dining and more. With your TLC, this could be the hidden gem you've been searching for! Come and see TODAY!

ⓘ 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: $3,642 · $303/mo
• Projected year-2 tax: $3,642 · $303/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,505
• − Mortgage interest: −$5,602
• − Property taxes: −$3,642
• − Insurance: −$500
• − Repairs & maintenance: −$2,120
• − Management: −$2,120
• − Depreciation: −$2,909
• Taxable income: $9,612
• Est. tax owed @ 24.0%: −$2,307
• After-tax cash flow: $8,197/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: Phillipsburg School District
• NCES district ID: 3412960
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 37% ▼ -9.00%
• Median HH income: $45,364
• Composite: 23.2/100
• National rank: #7943
• State rank: #381 of 472 in NJ

Livability — Phillipsburg

• Score: 76/100
• State rank: #135
• US rank: #3552

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Phillipsburg, NJ
• County: Warren County · 63,532 people
• City population: 31,427
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• Population (ZIP): 31,427
• Household income: $79,949
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 1284.0

Population outlook (Warren County) Hauer SSP2

• Today (2025): 105,498 people
• By 2030: 103,974 · -1.4%
• By 2040: 99,748 · -5.5%
• By 2050: 94,535 · -10.4%
• By 2075: 87,220 · -17.3%
• By 2100: 80,421 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 13% Black 10% Two or more races 9% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5%
• Common ancestry: Romanian 5% Iranian 2% Slovak 2%
• Foreign-born: 10% · Canada, Jamaica, China
• Languages at home: 86% English-only · Spanish 7% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Warren

• 2024 margin: Strong R (+20.7) · D 38.8% · R 59.5% · Other 1.8%
• 2008→2024 swing: -6.7pp toward R · 2008: -14.0pp · 2024: -20.7pp
• All cycles: 2024: R+20.7 2020: R+16.2 2016: R+25.6 2012: R+15.8 2008: R+14.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -240.76%
• Current HPI: 238.2423
• Rent YoY: ▲ 4.41%
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• 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

-20.0% since first listed

6 events — show timeline

• 2026-02-04 Pending — GSMLS
• 2026-01-26 Contingent — CJMLS
• 2026-01-16 Price Changed $120,000 GSMLS
• 2026-01-16 Price Changed $120,000 CJMLS
• 2026-01-08 Listed $150,000 CJMLS
• 2026-01-08 Listed $150,000 GSMLS

Property tax history

+1.3%/yr

Latest (2025): $3,642 · +2.9% YoY. Source: county tax records.