9 Bissell St

Wharton, NJ 07803-3201

$460,000D

3 bd · 2.0 ba · 1,811 sqft · Built 1915 · SingleFamily · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,448/mo
• Mortgage (P&I): −$2,412
• Tax + insurance: −$836
• HOA: −$0
• Vac / Maint / Mgmt: −$724
• Net cashflow: $-524/mo
• Annual: $-6,286/yr
• Cap rate: 4.93%
• Cash-on-cash: -4.88%
• DSCR: 0.78
• 1% rule: 0.75%
• Cash to close: $128,800

Investor read

• This is a 3-bed/2.0-bath single-family listed at $460k.
• At list price, monthly cash flow is $-524 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $367k (20.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $345k (25.0% below list).
• It's been on market 65 days — a 6% lower offer ($432k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $345k (25.0% below list) — sets the bar for 1% rule.
• In year one you build about $17k of equity ($3k loan paydown + $14k appreciation (3.0% local appreciation)).
• Location reads 71/100 on livability (#245 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute D-, cost of living F.
• Mine Hill Township School District (suburban): math 55% / reading 65% proficiency, ranked #233 of 612 in NJ (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Canfield Avenue School (math 22% / reading 47%, grade F, #582 of 1,303 statewide, top 49%, 355 students, 26% FRL).
• Zoned-school proficiency averages 34% at this address vs 60% district-wide (-26 pts) — the specific schools serving this property underperform the Mine Hill Township School District average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 2,357 units permitted in Morris County in 2024 (1,496 in 5+ unit buildings).
• Morris County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $140k; list at $460k implies a 229% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.