97 Chestnut St · Salem, NJ 08079

$125,000

3 bd · 1.0 ba · 1,214 sqft · Townhouse public records · 43 Days on market

Built 1901 2,165 sqft lot Est $135k · 7% under

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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 +26.5/30.0
• ARV discount +10.8/15.0
• DSCR +9.0/10.0
• 1% rule +7.7/10.0
• 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

ATTENTION INVESTORS!! Spacious duplex with long term tenants! Easy commute from Delaware Memorial Bridge & NJ Turnpike! Property is being sold in it's "AS-IS" condition. Certificate of occupancy was obtained for current tenants.

Key facts

• Bonus room
• Investment potential
• Room to renovate

Tags

• BONUS ROOM
• SPACIOUS LIVING AREAS
• STRONG STRUCTURAL POTENTIAL
• ROOM TO RENOVATE
• INVESTMENT POTENTIAL

Property features AI

Exterior

• Parking: Shared driveway; Driveway; On-street parking
• Utilities: Public water; Public septic; 100 amp electric service; Hot water: natural gas; Heating fuel: natural gas and oil
• Home design: Semi-detached property; One story
• Construction: Aluminum siding; Brick/mortar foundation; Asbestos shingle roof; Estimated year built
• Exterior features: Sidewalks; Street lights

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Two bedrooms on the first upper level; One bedroom on the second upper level
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Radiator heating; Electric cooling
• Interior features: Attic; Dining area; Eat-in kitchen; Wood floors

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $125k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.

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; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $389 of equity ($864 loan paydown + $-475 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 $35k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 16y 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 $69k; list at $125k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $121,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 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 1901 — 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: 1.27% ✓
• Cap rate: 9.46%
• Cash-on-cash: 11.31%
• DSCR: 1.50
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $134,754
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
191 Wesley St	0.11mi	4/2.0 (+1)	1,224 (+1%)	15mo	$135,000	$110	72
284 Morrison Ave	0.53mi	3/1.0	1,176 (-3%)	1mo	$155,000	$132	70
98 Thompson St	0.24mi	3/1.0	1,318 (+9%)	9mo	$80,000	$61	67
96 Thompson St	0.24mi	3/1.0	1,318 (+9%)	9mo	$80,000	$61	67
286 Morrison Ave	0.53mi	2/1.0 (-1)	1,176 (-3%)	1mo	$35,000	$30	64
236 Wesley St	0.29mi	4/1.5 (+1)	1,262 (+4%)	12mo	$140,000	$111	63
77 Walnut St	0.17mi	3/1.0	1,316 (+8%)	22mo	$102,000	$78	60
118 8th St	0.57mi	3/2.0	1,200 (-1%)	14mo	$150,000	$125	56
217 Wesley St	0.25mi	2/2.0 (-1)	1,364 (+12%)	10mo	$135,000	$99	50
106 Eighth St	0.59mi	4/2.0 (+1)	1,170 (-4%)	10mo	$154,500	$132	49
31 Eighth St	0.74mi	3/2.0	1,303 (+7%)	0mo	$180,000	$138	49
27 7th St	0.51mi	3/2.0	1,272 (+5%)	21mo	$205,000	$161	46

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: 6.8%
• Equity multiple: 1.31×
• Total profit: $11,005
• Equity at exit: $33,938

10-year hold

• IRR: 12.4%
• Equity multiple: 2.30×
• Total profit: $45,544
• Equity at exit: $38,958

Cash invested: $35,000 (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 08079

• Home prices YoY: -0.1%
• Active inventory: 100
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,593 high
• Mortgage (P&I): −$656
• Tax from tax record: −$221 /mo · $2,649/yr
• Insurance: −$52
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $263

Break-even live

Break-even rent $1,259

Max offer price $125,000

Occupancy floor 78%

Sensitivity live

Price	-10% $334	-5% $299	+0% $263	+5% $228	+10% $193
Rent	-10% $138	-5% $200	+0% $263	+5% $326	+10% $389
Rate	-1.0pp $326	-0.5pp $295	base $263	+0.5pp $231	+1.0pp $198

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26 Walnut St Unit A Salem, NJ	2.0	1.0	1000	$1,225	$1.23	1d	1	0.24mi
218 Sinnickson St Salem, NJ	2.0	1.0	1008	$1,500	$1.49	1d	1	0.27mi
56 Olive St Salem, NJ	2.0	1.0	700	$1,200	$1.71	1d	1	0.37mi
1 9th St Salem, NJ	2.0	1.0	900	$1,450	$1.61	1d	1	0.42mi
242 Grant St Unit 1ST FLOOR Salem, NJ	2.0	1.0	925	$1,675	$1.81	1d	1	0.50mi
380 E Broadway Salem, NJ	2.0	1.0	1300	$1,350	$1.04	1d	1	0.63mi
37 Eighth St Salem, NJ	3.0	1.0	1092	$1,850	$1.69	1d	1	0.72mi
23 7th St Unit B Salem, NJ	3.0	1.0	1000	$1,450	$1.45	4d	1	0.72mi
124 Yorke St Unit 37 Salem, NJ	2.0	1.0	1220	$1,350	$1.11	2d	1	0.86mi
124 Yorke St Unit 2BR Salem, NJ	2.0	1.0	750	$1,400	$1.87	10d	1	0.86mi

Listing history 34 events

1. 2026-06-18
   days on market $125,000 Active 43 DOM
2. 2026-06-17
   days on market $125,000 Active 42 DOM
3. 2026-06-16
   days on market $125,000 Active 41 DOM
4. 2026-06-16
   price $125,000 Active 40 DOM
5. 2026-06-15
   days on market $130,000 Active 40 DOM
6. 2026-06-13
   days on market $130,000 Active 38 DOM
7. 2026-06-13
   days on market $130,000 Active 37 DOM
8. 2026-06-09
   days on market $130,000 Active 34 DOM
9. 2026-06-08
   days on market $130,000 Active 33 DOM
10. 2026-06-07
    days on market $130,000 Active 32 DOM
11. 2026-06-04
    days on market $130,000 Active 29 DOM
12. 2026-06-03
    days on market $130,000 Active 28 DOM
13. 2026-06-02
    days on market $130,000 Active 27 DOM
14. 2026-06-01
    days on market $130,000 Active 26 DOM
15. 2026-05-31
    days on market $130,000 Active 25 DOM
16. 2026-05-06
    listed $130,000 Active
17. 2026-02-16
    historical $1,450
18. 2026-01-31
    price $1,450
19. 2025-12-03
    listed $1,550
20. 2025-06-12
    soldstatus $68,750
21. 2019-08-13
    soldstatus $49,900
22. 2019-07-15
    soldstatus $49,900 Closed 244-char remark

    Show marketing remark (244 chars)

    ATTENTION INVESTORS!! Spacious duplex with long term tenants! Easy commute from Delaware Memorial Bridge & NJ Turnpike! Property is being sold in it's "AS-IS" condition. Certificate of occupancy was obtained for current tenants.

23. 2019-06-20
    status Pending 244-char remark

    Show marketing remark (244 chars)

    ATTENTION INVESTORS!! Spacious duplex with long term tenants! Easy commute from Delaware Memorial Bridge & NJ Turnpike! Property is being sold in it's "AS-IS" condition. Certificate of occupancy was obtained for current tenants.

24. 2019-06-13
    historical

    Show marketing remark (244 chars)

    ATTENTION INVESTORS!! Spacious duplex with long term tenants! Easy commute from Delaware Memorial Bridge & NJ Turnpike! Property is being sold in it's "AS-IS" condition. Certificate of occupancy was obtained for current tenants.

25. 2019-06-13
    listed $49,900 Active 244-char remark

    Show marketing remark (244 chars)

    ATTENTION INVESTORS!! Spacious duplex with long term tenants! Easy commute from Delaware Memorial Bridge & NJ Turnpike! Property is being sold in it's "AS-IS" condition. Certificate of occupancy was obtained for current tenants.

26. 2019-06-10
    listed $49,900 Active
27. 2015-01-02
    historical
28. 2013-06-04
    listed $59,900
29. 2011-09-19
    historical
30. 2011-03-11
    listed $103,900
31. 2010-11-30
    historical
32. 2010-11-30
    historical
33. 2010-08-11
    listed $115,000
34. 2010-07-22
    listed $115,000

ⓘ 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: $2,649 · $221/mo
• Projected year-2 tax: $2,881 · $240/mo
• Expected delta: +$232/yr (+$19/mo · 8.8%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $19,111
• − Mortgage interest: −$7,002
• − Property taxes: −$2,649
• − Insurance: −$1,422
• − Repairs & maintenance: −$1,529
• − Management: −$1,529
• − Depreciation: −$3,636
• Taxable income: $1,344
• Est. tax owed @ 24.0%: −$323
• After-tax cash flow: $2,838/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

+13.0% since first listed

19 events — show timeline

• 2026-05-06 Listed $130,000 BRIGHT MLS
• 2026-02-16 Rental Removed $1,450 APPFOLIO
• 2026-01-31 Price Changed $1,450 APPFOLIO
• 2025-12-03 Listed for Rent $1,550 APPFOLIO
• 2025-06-12 Sold (Public Records) $68,750 Public Records
• 2019-08-13 Sold (Public Records) $49,900 Public Records
• 2019-07-15 Sold (MLS) $49,900 BRIGHT MLS
• 2019-06-20 Pending — BRIGHT MLS
• 2019-06-13 Listed $49,900 BRIGHT MLS
• 2019-06-13 Listing Removed — BRIGHT MLS
• 2019-06-10 Listed $49,900 BRIGHT MLS
• 2015-01-02 Listing Removed — BRIGHT MLS
• 2013-06-04 Listed $59,900 BRIGHT MLS
• 2011-09-19 Listing Removed — BRIGHT MLS
• 2011-03-11 Listed $103,900 BRIGHT MLS
• 2010-11-30 Listing Removed — BRIGHT MLS
• 2010-11-30 Listing Removed — BRIGHT MLS
• 2010-08-11 Listed $115,000 BRIGHT MLS
• 2010-07-22 Listed $115,000 BRIGHT MLS

Property tax history

+0.5%/yr

Latest (2025): $2,649 · +4.9% YoY. Source: county tax records.