22 Dunham St · Trenton, NJ 08618

$174,900

2 bd · 1.0 ba · 996 sqft · Townhouse public records · 8 Days on market

Built 1910 971 sqft lot Est $148k · 18% over

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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 +21.6/30.0
• DSCR +6.9/10.0
• 1% rule +5.3/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Looking for a starter home, investment, or down sizing, look no further. Check out this lovely two-bedroom, one-bathroom home that has been beautifully updated. The modern kitchen features shiny stainless steel appliances, and the open layout allows plenty of natural light to brighten the living areas. Don't miss your opportunity to own this home!

Key facts

• Built 1910
• Listed 8 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Interior townhouse/rowhouse; Fee simple ownership
• Construction: Brick construction; Asphalt roofing; Brick/mortar foundation; Above grade and below grade structures; Built year recorded by assessor
• Exterior features: Lot dimensions approximately 13.90 x 70.00; No tidal water

Interior

• Bedrooms: Two bedrooms on the first upper level
• Bathrooms: One full bathroom
• Heating & cooling: Hot water baseboard heating; Natural gas heating and hot water
• Interior features: Unfinished basement; Living area recorded by assessor
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $175k.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 8.1% vs local median 6.3% in Trenton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 76/100 on livability (#133 in NJ, #3,533 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools F, crime F, employment F.
• Trenton Public School District (urban): math 2% / reading 16% proficiency, ranked #471 of 472 in NJ (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.6%/yr); 144 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 2,256 units permitted in Mercer County in 2024 (1,303 in 5+ unit buildings).
• This rent runs 43% of the median local income ($50k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Mercer County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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 $26k; list at $175k implies a 573% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $174,900

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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?
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: 1.03% ✓
• Cap rate: 8.12%
• Cash-on-cash: 6.53%
• DSCR: 1.29
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $148,404
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
229 New Trent	0.44mi	2/1.0	990 (-1%)	11mo	$200,000	$202	70
135 Fountain Ave	0.21mi	3/1.5 (+1)	1,086 (+9%)	2mo	$195,000	$180	66
88 Bellevue Ave	0.19mi	3/1.0 (+1)	1,068 (+7%)	10mo	$159,000	$149	66
89 Pashley Ave	0.11mi	2/1.0	888 (-11%)	16mo	$122,000	$137	63
58 Hayes Ave	0.55mi	3/1.0 (+1)	976 (-2%)	4mo	$100,000	$102	63
51 Vine St	0.75mi	2/1.0	978 (-2%)	7mo	$105,000	$107	56
31 Middle Rose St	0.39mi	3/1.0 (+1)	1,040 (+4%)	20mo	$100,000	$96	53
81 Sweets Ave	0.20mi	3/1.0 (+1)	1,120 (+12%)	15mo	$81,000	$72	52
128 Exton Ave	0.50mi	3/1.0 (+1)	1,108 (+11%)	3mo	$189,900	$171	51
33 Kirkbride Ave	0.74mi	2/1.0	972 (-2%)	17mo	$144,750	$149	47
162 Brunswick Ave	0.40mi	3/1.5 (+1)	1,131 (+14%)	16mo	$220,000	$195	39
167 Kirkbride Ave	0.72mi	2/1.0	846 (-15%)	11mo	$155,000	$183	32

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 · 2.6% rent growth · sell at horizon

5-year hold

• IRR: -6.7%
• Equity multiple: 0.75×
• Total profit: $-12,100
• Equity at exit: $26,078

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $8,353
• Equity at exit: $15,122

Cash invested: $48,972 (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 08618

• Rents YoY: 2.6%
• Active inventory: 144
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,800 high
• Mortgage (P&I): −$917
• Tax from tax record: −$165 /mo · $1,985/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $266

Break-even live

Break-even rent $1,463

Max offer price $174,900

Occupancy floor 80%

Sensitivity live

Price	-10% $365	-5% $316	+0% $266	+5% $217	+10% $167
Rent	-10% $124	-5% $195	+0% $266	+5% $338	+10% $409
Rate	-1.0pp $354	-0.5pp $311	base $266	+0.5pp $221	+1.0pp $175

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12 Belvidere St Trenton, NJ	1.0	1.0	1068	$1,600	$1.50	21d	1	0.29mi
27 Passaic St Trenton, NJ	2.0	1.0	900	$1,700	$1.89	21d	1	0.39mi
307 Spring St Unit 3 Trenton, NJ	2.0	1.0	559	$1,800	$3.22	14d	1	0.40mi
307 Spring St Unit 2 Trenton, NJ	2.0	1.0	689	$1,750	$2.54	14d	1	0.40mi
186 Passaic St Trenton, NJ	3.0	2.0	1064	$2,400	$2.26	5d	1	0.41mi
329 W State St Trenton, NJ	1.0	1.0	650	$1,500	$2.31	21d	1	0.52mi
125 Olive St Trenton, NJ	2.0–3.0	1.0–1.5	896	$1,220	$1.36	21d	1	0.62mi
202 E Hanover St Unit 5G Trenton, NJ	2.0	1.0	750	$1,200	$1.60	21d	1	0.67mi
77 Race St Trenton, NJ	2.0	1.0	950	$1,700	$1.79	21d	1	0.71mi
1100 Prospect St Unit 1 Ewing Township, NJ	3.0	1.0	1100	$2,000	$1.82	21d	1	0.71mi
150 E State St Trenton, NJ	1.0	1.0	627	$1,750	$2.79	21d	1	0.72mi
216 E State St Trenton, NJ	1.0–2.0	1.0	811	$1,895	$2.34	14d	2	0.74mi
732 W State St Fl back Trenton, NJ	1.0	1.0	600	$1,150	$1.92	21d	1	0.83mi
1001 Pennington Rd Unit 1-2B Ewing Township, NJ	2.0	1.0	700	$1,200	$1.71	21d	1	0.91mi
27 E Palmer St Unit 6 Morrisville, PA	2.0	1.0	1100	$2,100	$1.91	14d	1	1.22mi
27 E Palmer St Unit 5 Morrisville, PA	2.0	1.0	750	$1,750	$2.33	14d	1	1.22mi
901 Brunswick Ave #7 Trenton, NJ	3.0	1.0	940	$2,800	$2.98	14d	1	1.26mi
71 Clark St Trenton, NJ	1.0–2.0	1.0–2.0	975	$2,350	$2.41	14d	4	1.42mi
720 Monmouth St Unit 111 Trenton, NJ	1.0	1.0	1102	$1,500	$1.36	21d	1	1.50mi
720 Monmouth St Unit 103 Trenton, NJ	1.0	1.0	832	$1,450	$1.74	21d	1	1.50mi

Listing history 9 events

1. 2026-06-10
   status $174,900 Pending 8 DOM
2. 2026-05-17
   historical Active Under Contract
3. 2026-05-09
   listed $174,900 Active
4. 2026-05-03
   historical $2,150
5. 2026-05-03
   historical $174,900
6. 2026-02-02
   listed $2,150
7. 2025-01-24
   historical $2,150
8. 2025-01-12
   listed $2,150
9. 2004-04-17
   soldstatus $26,000

ⓘ 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: $1,985 · $165/mo
• Projected year-2 tax: $3,170 · $264/mo
• Expected delta: +$1,185/yr (+$99/mo · 59.7%)

ⓘ 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 6/10 Major 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,598
• − Mortgage interest: −$9,797
• − Property taxes: −$1,985
• − Insurance: −$874
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$5,088
• Taxable income: $398
• Est. tax owed @ 24.0%: −$96
• After-tax cash flow: $3,101/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: Trenton Public School District
• NCES district ID: 3416290
• Math proficiency: 2% ▼ -8.00%
• Reading proficiency: 16% ▼ -4.00%
• Median HH income: $35,078
• Composite: 7.31/100
• National rank: #9956
• State rank: #471 of 472 in NJ

Livability — Trenton

• Score: 76/100
• State rank: #133
• US rank: #3533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Trenton, NJ
• County: Mercer County · 327,655 people
• City population: 177,819
• Metro: Trenton-Princeton, NJ
• Population (ZIP): 35,634
• Household income: $50,390
• Rent vs Own: 54.2% rent · 45.8% own
• Severe rent burden: 2116.0

Population outlook (Mercer County) Hauer SSP2

• Today (2025): 381,395 people
• By 2030: 384,640 · +0.9%
• By 2040: 391,431 · +2.6%
• By 2050: 397,845 · +4.3%
• By 2075: 417,281 · +9.4%
• By 2100: 420,327 · +10.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 59% White 19% Hispanic / Latino 16% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 6% Dominican 3%
• Common ancestry: Romanian 2% Hispanic 1% Scotch-Irish 1%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 10% Other Indo-European 3% Arabic 1%

Political lean MEDSL · Mercer

• 2024 margin: Solid D (+33.9) · D 65.9% · R 32.0% · Other 2.1%
• 2008→2024 swing: -2.2pp toward R · 2008: 36.1pp · 2024: 33.9pp
• All cycles: 2024: D+33.9 2020: D+40.0 2016: D+36.2 2012: D+36.8 2008: D+36.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -309.54%
• Current HPI: 288.6841
• Rent YoY: ▲ 2.60%
• Metro: Trenton-Princeton, 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

+572.7% since first listed

8 events — show timeline

• 2026-05-17 Contingent — BRIGHT MLS
• 2026-05-09 Listed $174,900 BRIGHT MLS
• 2026-05-03 Rental Removed $2,150 BRIGHTMLS
• 2026-05-03 Coming Soon $174,900 BRIGHT MLS
• 2026-02-02 Listed for Rent $2,150 BRIGHTMLS
• 2025-01-24 Rental Removed $2,150 BRIGHTMLS
• 2025-01-12 Listed for Rent $2,150 BRIGHTMLS
• 2004-04-17 Sold (Public Records) $26,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $1,985 · +1.5% YoY. Source: county tax records.