159-161 Grant St · Salem, NJ 08079

$140,000

6 bd · 0.0 ba · 1,420 sqft · SingleFamily public records · 41 Days on market

Built 1920 3,999 sqft lot Est $155k · 10% under ↓ 47% 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 +11.8/15.0
• 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 MLS

Investment opportunity with this duplex featuring 3 bedroom and 1 bath on each side. Property is being sold "as is".

Key facts

• Septic improvements
• Multi-family duplex
• Full basement

Tags

• MULTI-FAMILY DUPLEX
• 2 SEPARATE UNITS
• FULL BASEMENT
• SEPTIC IMPROVEMENTS

Property features AI

Finance

• Other: Fee simple ownership; One total unit listed (market record indicates multi-unit configuration)

Exterior

• Parking: Parking lot
• Utilities: Well water (well permit applied for); Electric hot water; Sewer permit applied for
• Home design: Detached structure; Vinyl siding
• Construction: Stone foundation; Estimated year built
• Exterior features: Lot dimensions approximately 25 x 160; No tidal water

Interior

• Bedrooms: Two 3-bedroom units
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 6-bed/?-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $496 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.2% 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: amenities F, commute F, employment 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.
• Zoned schools: John Fenwick Academy (411 students, 77% FRL).
• Market conditions: 100 active listings in the ZIP; 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $436 of equity ($968 loan paydown + $-532 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 $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y 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 $140k implies a 115% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.64% ✓
• Cap rate: 14.20%
• Cash-on-cash: 28.25%
• DSCR: 2.26
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $154,780
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35 Johnson St	0.16mi	5/1.5 (-1)	1,500 (+6%)	20mo	$163,000	$109	56

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: 13.7%
• Equity multiple: 1.64×
• Total profit: $25,271
• Equity at exit: $38,010

10-year hold

• IRR: 18.9%
• Equity multiple: 3.02×
• Total profit: $79,312
• Equity at exit: $43,633

Cash invested: $39,200 (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: 5.1×

Monthly cashflow live

• Estimated rent: $2,291 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$95 /mo · $1,139/yr
• Insurance: −$58
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $496

Break-even live

Break-even rent $1,663

Max offer price $140,000

Occupancy floor 73%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $140,000 Active 41 DOM
2. 2026-06-17
   days on market $140,000 Active 40 DOM
3. 2026-06-16
   days on market $140,000 Active 39 DOM
4. 2026-06-15
   days on market $140,000 Active 38 DOM
5. 2026-06-13
   days on market $140,000 Active 36 DOM
6. 2026-06-13
   days on market $140,000 Active 35 DOM
7. 2026-06-09
   days on market $140,000 Active 32 DOM
8. 2026-06-08
   days on market $140,000 Active 31 DOM
9. 2026-06-07
   days on market $140,000 Active 30 DOM
10. 2026-06-04
    days on market $140,000 Active 27 DOM
11. 2026-06-03
    days on market $140,000 Active 26 DOM
12. 2026-06-02
    days on market $140,000 Active 25 DOM
13. 2026-06-01
    days on market $140,000 Active 24 DOM
14. 2026-05-31
    days on market $140,000 Active 23 DOM
15. 2026-05-08
    listed $140,000 Active
16. 2026-04-25
    historical
17. 2026-04-24
    listed $140,000 Active
18. 2022-01-05
    soldstatus $65,000
19. 2021-06-03
    soldstatus $40,000
20. 2017-02-15
    soldstatus $5,000 Sold 127-char remark

    Show marketing remark (127 chars)

    Investment opportunity with this duplex featuring 3 bedroom and 1 bath on each side. Property is being sold "as is".

21. 2017-02-15
    soldstatus $5,000

    Show marketing remark (127 chars)

    Investment opportunity with this duplex featuring 3 bedroom and 1 bath on each side. Property is being sold "as is".

22. 2017-01-23
    status Under Contract 127-char remark

    Show marketing remark (127 chars)

    Investment opportunity with this duplex featuring 3 bedroom and 1 bath on each side. Property is being sold "as is".

23. 2017-01-20
    historical 127-char remark

    Show marketing remark (127 chars)

    Investment opportunity with this duplex featuring 3 bedroom and 1 bath on each side. Property is being sold "as is".

24. 2016-07-23
    listed $20,000 Active 127-char remark

    Show marketing remark (127 chars)

    Investment opportunity with this duplex featuring 3 bedroom and 1 bath on each side. Property is being sold "as is".

25. 2015-01-05
    historical
26. 2015-01-05
    historical
27. 2014-09-22
    listed $27,500
28. 2014-09-04
    listed $55,000
29. 2012-06-01
    soldstatus $35,000
30. 2010-12-08
    soldstatus $265,500
31. 2010-12-08
    soldstatus $35,000

ⓘ 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: $1,139 · $95/mo
• Projected year-2 tax: $2,312 · $193/mo
• Expected delta: +$1,174/yr (+$98/mo · 103.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 97% 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: $27,496
• − Mortgage interest: −$7,842
• − Property taxes: −$1,139
• − Insurance: −$5,818
• − Repairs & maintenance: −$2,200
• − Management: −$2,200
• − Depreciation: −$4,073
• Taxable income: $4,224
• Est. tax owed @ 24.0%: −$1,014
• After-tax cash flow: $4,940/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

-47.3% since first listed

17 events — show timeline

• 2026-05-08 Listed $140,000 BRIGHT MLS
• 2026-04-25 Listing Removed — BRIGHT MLS
• 2026-04-24 Listed $140,000 BRIGHT MLS
• 2022-01-05 Sold (Public Records) $65,000 Public Records
• 2021-06-03 Sold (Public Records) $40,000 Public Records
• 2017-02-15 Sold (Public Records) $5,000 Public Records
• 2017-02-15 Sold (MLS) $5,000 TREND
• 2017-01-23 Pending — TREND
• 2017-01-20 Delisted — TREND
• 2016-07-23 Listed $20,000 TREND
• 2015-01-05 Listing Removed — BRIGHT MLS
• 2015-01-05 Listing Removed — BRIGHT MLS
• 2014-09-22 Listed $27,500 BRIGHT MLS
• 2014-09-04 Listed $55,000 BRIGHT MLS
• 2012-06-01 Sold (Public Records) $35,000 Public Records
• 2010-12-08 Sold (Public Records) $35,000 Public Records
• 2010-12-08 Sold (Public Records) $265,500 Public Records

Property tax history

-4.7%/yr

Latest (2025): $1,139 · +4.9% YoY. Source: county tax records.