48 W Lafayette St · Trenton, NJ 08608

$325,000

2 bd · 2.0 ba · 1,870 sqft · MultiFamily · 35 Days on market

Built 1862 Est $267k · 22% over

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Why this score? — see what drove the C+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Come see this well maintained multi use semi detached property in the historic area of downtown Trenton; just blocks away from the Statehouse, State Offices and Courthouse. The first floor has a Hair Salon with front waiting room with recessed lighting, decorative fireplace mantle and vinyl flooring. The second room features a spacious main area with recessed lighting, vinyl flooring and two windows. There is a third room which can be used as an office or storage area and has recessed lighting and vinyl flooring. The third room has a back entrance which leads to a patio area and two vehicle parking access. There is a half bath on the main level. The first level is currently being used as a Hair Salon but could easily be converted into legal offices, retail or office space. The second level has a separate side entrance leading to a beautiful one bedroom apartment. The Livingroom has carpeting and a decorative mantle. There is a full bathroom with tub/shower, toilet, sink and tile floors. There is a separate dining room with columns and hardwood floors. .. great for intimate gatherings! The galley kitchen has ceramic tile flooring, wood cabinets and sink. There is a cozy bedroom with wall to wall carpeting. The third level is finished and can be used for bedroom or office area. Three separate electric meter. The re's a full basement with washer and dryer. Great opportunity for an investor, business office or live upstairs and have a business on the first level. Possible use: street retail, legal or office professional. . Across from the Patriots Theater, Many fine restaurants, shopping, museums and the close to the Delaware River and many quaint river towns like Lambertville and New Hope. Fast access to Route 29, Route 1 and Route 95.

Key facts

• Vinyl flooring
• Historic area
• Recessed lighting

Tags

• HISTORIC AREA
• RECESSED LIGHTING
• DECORATIVE FIREPLACE MANTLE
• VINYL FLOORING
• SEPARATE SIDE ENTRANCE
• ONE BEDROOM APARTMENT

Property features AI

Exterior

• Home design: Built in 1862; Single property with 1,870 living area
• Construction: Original construction date: 1862
• Exterior features: Located in the Downtown subdivision

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 6.3% in Trenton — 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 (#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: 4 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,256 units permitted in Mercer County in 2024 (1,303 in 5+ unit buildings).
• At $4,859/mo this rent would consume 95% of the median local household income ($61k/yr) (locally 107% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $12k of equity ($2k loan paydown + $10k appreciation (3.0% local appreciation)).
• Mercer County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $91k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y 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 $275k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1862 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $315,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1862 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 1.50% ✓
• Cap rate: 12.17%
• Cash-on-cash: 21.00%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $267,410
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
414 Martin Luther King Blvd	0.53mi	3/3.0 (+1)	1,747 (-7%)	4mo	$250,000	$143	52

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.3%
• Equity multiple: 2.55×
• Total profit: $140,658
• Equity at exit: $146,134

10-year hold

• IRR: 27.9%
• Equity multiple: 4.94×
• Total profit: $358,726
• Equity at exit: $225,210

Cash invested: $91,000 (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 08608

• Active inventory: 4
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $4,859 high
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,875/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,020
• Net cashflow: $1,593

Break-even live

Break-even rent $2,843

Max offer price $325,000

Occupancy floor 62%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	2	$4,860
Total (3 units)			$4,859

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8 Belvidere St Trenton, NJ	2.0	1.0	1260	$1,900	$1.51	21d	1	0.41mi
21 Bellevue Ave Trenton, NJ	3.0	2.0	1740	$2,400	$1.38	43d	1	0.43mi
117 Park Ave Morrisville, PA	3.0	2.0	1396	$3,200	$2.29	12d	1	0.49mi
255 Mercer St Unit 3 Trenton, NJ	1.0	1.0	2242	$1,675	$0.75	13d	1	0.53mi
307 Spring St Unit 2 Trenton, NJ	2.0	1.0	1677	$1,750	$1.04	21d	1	0.64mi
307 Spring St Unit 1 Trenton, NJ	2.0	1.0	1677	$2,000	$1.19	21d	1	0.64mi
307 Spring St Unit 3 Trenton, NJ	2.0	1.0	1677	$1,800	$1.07	21d	1	0.64mi
34 E Hendrickson Ave Morrisville, PA	3.0	1.0	1360	$2,650	$1.95	43d	1	0.71mi
34 Southard St #2 Trenton, NJ	2.0	2.0	1808	$2,150	$1.19	21d	1	0.73mi
130 N Pennsylvania Ave Morrisville, PA	1.0	1.0	1707	$1,500	$0.88	21d	1	0.75mi
250 Washington St Morrisville, PA	2.0	1.0	2371	$1,750	$0.74	44d	1	0.86mi
130 Harper Ave Morrisville, PA	3.0	2.5	1276	$3,500	$2.74	12d	1	0.89mi
24 New Trent St Trenton, NJ	3.0	2.0	1336	$2,350	$1.76	13d	1	1.02mi
600 Artisan St Unit 126 Trenton, NJ	3.0	2.0	1392	$2,650	$1.90	20d	1	1.03mi
600 Artisan St Trenton, NJ	3.0	2.0	1392	$2,650	$1.90	12d	3	1.03mi
203 Genesee St Unit 2 Trenton, NJ	2.0	1.0	1452	$1,700	$1.17	21d	1	1.15mi
20 N Overbrook Ave Unit B Trenton, NJ	3.0	1.0	1518	$2,300	$1.52	12d	1	1.21mi
432 W Bridge St Morrisville, PA	2.0	1.0	1853	$2,000	$1.08	43d	1	1.24mi
157 Robertson Ave Morrisville, PA	1.0	1.0	1553	$1,550	$1.00	43d	1	1.40mi
1023 Chestnut Ave Unit B Trenton, NJ	2.0	1.0	2070	$1,700	$0.82	13d	1	1.42mi
5 Rafting Way Trenton, NJ	3.0	2.5	1908	$2,550	$1.34	43d	1	1.48mi

Listing history 28 events

1. 2026-06-18
   days on market $325,000 Active 35 DOM
2. 2026-06-17
   days on market $325,000 Active 34 DOM
3. 2026-06-16
   days on market $325,000 Active 33 DOM
4. 2026-06-15
   days on market $325,000 Active 32 DOM
5. 2026-06-14
   days on market $325,000 Active 30 DOM
6. 2026-06-10
   days on market $325,000 Active 27 DOM
7. 2026-06-09
   days on market $325,000 Active 26 DOM
8. 2026-06-08
   days on market $325,000 Active 25 DOM
9. 2026-06-07
   days on market $325,000 Active 24 DOM
10. 2026-06-03
    days on market $325,000 Active 20 DOM
11. 2026-06-02
    days on market $325,000 Active 19 DOM
12. 2026-06-01
    days on market $325,000 Active 18 DOM
13. 2026-05-31
    days on market $325,000 Active 17 DOM
14. 2026-05-30
    days on market $325,000 Active 16 DOM
15. 2026-05-14
    listed $325,000 Active
16. 2022-09-08
    soldstatus $275,000 Closed 1766-char remark

    Show marketing remark (1766 chars)

    Come see this well maintained multi use semi detached property in the historic area of downtown Trenton; just blocks away from the Statehouse, State Offices and Courthouse. The first floor has a Hair Salon with front waiting room with recessed lighting, decorative fireplace mantle and vinyl flooring. The second room features a spacious main area with recessed lighting, vinyl flooring and two windows. There is a third room which can be used as an office or storage area and has recessed lighting and vinyl flooring. The third room has a back entrance which leads to a patio area and two vehicle parking access. There is a half bath on the main level. The first level is currently being used as a Hair Salon but could easily be converted into legal offices, retail or office space. The second level has a separate side entrance leading to a beautiful one bedroom apartment. The Livingroom has carpeting and a decorative mantle. There is a full bathroom with tub/shower, toilet, sink and tile floors. There is a separate dining room with columns and hardwood floors. .. great for intimate gatherings! The galley kitchen has ceramic tile flooring, wood cabinets and sink. There is a cozy bedroom with wall to wall carpeting. The third level is finished and can be used for bedroom or office area. Three separate electric meter. The re's a full basement with washer and dryer. Great opportunity for an investor, business office or live upstairs and have a business on the first level. Possible use: street retail, legal or office professional. . Across from the Patriots Theater, Many fine restaurants, shopping, museums and the close to the Delaware River and many quaint river towns like Lambertville and New Hope. Fast access to Route 29, Route 1 and Route 95.

17. 2022-08-13
    status Pending 1766-char remark

    Show marketing remark (1766 chars)

    Come see this well maintained multi use semi detached property in the historic area of downtown Trenton; just blocks away from the Statehouse, State Offices and Courthouse. The first floor has a Hair Salon with front waiting room with recessed lighting, decorative fireplace mantle and vinyl flooring. The second room features a spacious main area with recessed lighting, vinyl flooring and two windows. There is a third room which can be used as an office or storage area and has recessed lighting and vinyl flooring. The third room has a back entrance which leads to a patio area and two vehicle parking access. There is a half bath on the main level. The first level is currently being used as a Hair Salon but could easily be converted into legal offices, retail or office space. The second level has a separate side entrance leading to a beautiful one bedroom apartment. The Livingroom has carpeting and a decorative mantle. There is a full bathroom with tub/shower, toilet, sink and tile floors. There is a separate dining room with columns and hardwood floors. .. great for intimate gatherings! The galley kitchen has ceramic tile flooring, wood cabinets and sink. There is a cozy bedroom with wall to wall carpeting. The third level is finished and can be used for bedroom or office area. Three separate electric meter. The re's a full basement with washer and dryer. Great opportunity for an investor, business office or live upstairs and have a business on the first level. Possible use: street retail, legal or office professional. . Across from the Patriots Theater, Many fine restaurants, shopping, museums and the close to the Delaware River and many quaint river towns like Lambertville and New Hope. Fast access to Route 29, Route 1 and Route 95.

18. 2022-06-09
    price $279,900 1766-char remark

    Show marketing remark (1766 chars)

    Come see this well maintained multi use semi detached property in the historic area of downtown Trenton; just blocks away from the Statehouse, State Offices and Courthouse. The first floor has a Hair Salon with front waiting room with recessed lighting, decorative fireplace mantle and vinyl flooring. The second room features a spacious main area with recessed lighting, vinyl flooring and two windows. There is a third room which can be used as an office or storage area and has recessed lighting and vinyl flooring. The third room has a back entrance which leads to a patio area and two vehicle parking access. There is a half bath on the main level. The first level is currently being used as a Hair Salon but could easily be converted into legal offices, retail or office space. The second level has a separate side entrance leading to a beautiful one bedroom apartment. The Livingroom has carpeting and a decorative mantle. There is a full bathroom with tub/shower, toilet, sink and tile floors. There is a separate dining room with columns and hardwood floors. .. great for intimate gatherings! The galley kitchen has ceramic tile flooring, wood cabinets and sink. There is a cozy bedroom with wall to wall carpeting. The third level is finished and can be used for bedroom or office area. Three separate electric meter. The re's a full basement with washer and dryer. Great opportunity for an investor, business office or live upstairs and have a business on the first level. Possible use: street retail, legal or office professional. . Across from the Patriots Theater, Many fine restaurants, shopping, museums and the close to the Delaware River and many quaint river towns like Lambertville and New Hope. Fast access to Route 29, Route 1 and Route 95.

19. 2022-05-14
    listed $299,900 Active 1766-char remark

    Show marketing remark (1766 chars)

    Come see this well maintained multi use semi detached property in the historic area of downtown Trenton; just blocks away from the Statehouse, State Offices and Courthouse. The first floor has a Hair Salon with front waiting room with recessed lighting, decorative fireplace mantle and vinyl flooring. The second room features a spacious main area with recessed lighting, vinyl flooring and two windows. There is a third room which can be used as an office or storage area and has recessed lighting and vinyl flooring. The third room has a back entrance which leads to a patio area and two vehicle parking access. There is a half bath on the main level. The first level is currently being used as a Hair Salon but could easily be converted into legal offices, retail or office space. The second level has a separate side entrance leading to a beautiful one bedroom apartment. The Livingroom has carpeting and a decorative mantle. There is a full bathroom with tub/shower, toilet, sink and tile floors. There is a separate dining room with columns and hardwood floors. .. great for intimate gatherings! The galley kitchen has ceramic tile flooring, wood cabinets and sink. There is a cozy bedroom with wall to wall carpeting. The third level is finished and can be used for bedroom or office area. Three separate electric meter. The re's a full basement with washer and dryer. Great opportunity for an investor, business office or live upstairs and have a business on the first level. Possible use: street retail, legal or office professional. . Across from the Patriots Theater, Many fine restaurants, shopping, museums and the close to the Delaware River and many quaint river towns like Lambertville and New Hope. Fast access to Route 29, Route 1 and Route 95.

20. 2010-07-27
    historical
21. 2010-05-18
    listed $229,000
22. 2003-08-03
    historical
23. 2003-06-25
    soldstatus $155,000
24. 2003-04-28
    historical
25. 2003-02-03
    listed $169,000
26. 2003-02-03
    listed $155,000
27. 2003-01-03
    historical
28. 2002-07-03
    listed $175,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $58,308
• − Mortgage interest: −$18,205
• − Property taxes: −$4,875
• − Insurance: −$1,625
• − Repairs & maintenance: −$4,665
• − Management: −$4,665
• − Depreciation: −$9,455
• Taxable income: $14,819
• Est. tax owed @ 24.0%: −$3,557
• After-tax cash flow: $15,555/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): 1,250
• Household income: $61,201
• Rent vs Own: 84.7% rent · 15.3% own
• Severe rent burden: 107.0

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 0.57)
• Race & ethnicity: Black 57% Hispanic / Latino 31% Two or more races 7% White 5% Native American 2%
• Hispanic origin (detail): Puerto Rican 3% Dominican 8%
• Common ancestry: Hispanic 12%
• Foreign-born: 27% · Canada, Jamaica
• Languages at home: 70% English-only · Spanish 24% Arabic 6%

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: —
• Current HPI: —
• Rent YoY: —
• 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

+85.7% since first listed

14 events — show timeline

• 2026-05-14 Listed $325,000 FSBO.com
• 2022-09-08 Sold (MLS) $275,000 BRIGHT MLS
• 2022-08-13 Pending — BRIGHT MLS
• 2022-06-09 Price Changed $279,900 BRIGHT MLS
• 2022-05-14 Listed $299,900 BRIGHT MLS
• 2010-07-27 Listing Removed — BRIGHT MLS
• 2010-05-18 Listed $229,000 BRIGHT MLS
• 2003-08-03 Listing Removed — BRIGHT MLS
• 2003-06-25 Sold (MLS) $155,000 BRIGHT MLS
• 2003-04-28 Listing Removed — BRIGHT MLS
• 2003-02-03 Listed $155,000 BRIGHT MLS
• 2003-02-03 Listed $169,000 BRIGHT MLS
• 2003-01-03 Listing Removed — BRIGHT MLS
• 2002-07-03 Listed $175,000 BRIGHT MLS