26 Delawareview Ave · Trenton, NJ 08618

$129,000

4 bd · 1.5 ba · 1,582 sqft · SingleFamily public records · 23 Days on market

Built 1907 2,004 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Key facts

• Built 1907
• Listed 23 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $991 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $129k).
• Recommended offer: $127k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.1% 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: Rents rising (+2.6%/yr); 144 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 2,256 units permitted in Mercer County in 2024 (1,303 in 5+ unit buildings).
• At $2,644/mo this rent would consume 63% of the median local household income ($50k/yr) (locally 2116% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $39k; list at $129k implies a 231% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; flood insurance adds $66/mo; built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major 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 $127,065 (1.5% below list)

Questions for the listing agent

1. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.05% ✓
• Cap rate: 16.13%
• Cash-on-cash: 35.15%
• DSCR: 2.56
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $349,622
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
466 Stuyvesant Ave	0.49mi	4/2.0	1,525 (-4%)	10mo	$300,000	$197	61
840 Parkside Ave	0.74mi	3/2.5 (-1)	1,500 (-5%)	2mo	$400,000	$267	46
825 Stuyvesant Ave	0.55mi	4/2.0	1,480 (-6%)	23mo	$260,000	$176	42
31 N Lenape Ave	0.73mi	3/1.0 (-1)	1,364 (-14%)	7mo	$301,050	$221	30

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: 27.7%
• Equity multiple: 2.14×
• Total profit: $41,348
• Equity at exit: $19,234

10-year hold

• IRR: 34.9%
• Equity multiple: 4.15×
• Total profit: $113,676
• Equity at exit: $11,154

Cash invested: $36,120 (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: 4.1×

Monthly cashflow live

• Estimated rent: $2,644 high
• Mortgage (P&I): −$676
• Tax from tax record: −$301 /mo · $3,611/yr
• Insurance: −$54
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$555
• Net cashflow: $991

Break-even live

Break-even rent $1,389

Max offer price $129,000

Occupancy floor 58%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
649 W State St Trenton, NJ	5.0	2.0	1870	$2,900	$1.55	12d	1	0.14mi
600 Artisan St Trenton, NJ	3.0	2.0	1392	$2,650	$1.90	12d	3	0.25mi
600 Artisan St Unit 126 Trenton, NJ	3.0	2.0	1392	$2,650	$1.90	20d	1	0.25mi
20 N Overbrook Ave Unit B Trenton, NJ	3.0	1.0	1518	$2,300	$1.52	12d	1	0.26mi
311 Spring St Trenton, NJ	3.0	1.0	1200	$2,200	$1.83	13d	1	0.36mi
510 W Hanover St Trenton, NJ	5.0	1.0	1200	$2,200	$1.83	13d	1	0.36mi
186 Passaic St Trenton, NJ	3.0	2.0	1064	$2,400	$2.26	4d	1	0.39mi
510 N Hermitage Ave Trenton, NJ	5.0	1.5	1316	$2,500	$1.90	12d	1	0.48mi
319 Rutherford Ave Trenton, NJ	4.0	2.0	1100	$2,200	$2.00	21d	1	0.49mi
311 Calhoun St Trenton, NJ	4.0	1.0	1516	$2,400	$1.58	43d	1	0.57mi
73 Bellevue Ave Trenton, NJ	4.0	2.0	1950	$2,400	$1.23	13d	1	0.69mi
21 Bellevue Ave Trenton, NJ	3.0	2.0	1740	$2,400	$1.38	43d	1	0.78mi
73 Oak Ln #2 Trenton, NJ	4.0	1.0	1886	$2,300	$1.22	13d	1	0.81mi
34 E Hendrickson Ave Morrisville, PA	3.0	1.0	1360	$2,650	$1.95	43d	1	0.87mi
1442 W State St Trenton, NJ	5.0	2.5	1956	$3,000	$1.53	12d	1	0.98mi
24 New Trent St Trenton, NJ	3.0	2.0	1336	$2,350	$1.76	13d	1	1.05mi
130 W Ingham Ave Trenton, NJ	4.0	1.0	1126	$2,000	$1.78	13d	1	1.09mi
117 Park Ave Morrisville, PA	3.0	2.0	1396	$3,200	$2.29	12d	1	1.12mi
1100 Prospect St Unit 1 Ewing Township, NJ	3.0	1.0	1100	$2,000	$1.82	21d	1	1.13mi
129 Clearfield Ave Trenton, NJ	4.0	1.5	1358	$3,000	$2.21	12d	1	1.18mi
134 Old Rose St Trenton, NJ	4.0	2.0	1212	$2,300	$1.90	21d	1	1.20mi
130 Harper Ave Morrisville, PA	3.0	2.5	1276	$3,500	$2.74	12d	1	1.27mi

Listing history 4 events

1. 2023-07-25
   status Pending
2. 2023-07-01
   listed $129,000 Active
3. 1994-12-30
   soldstatus $39,000
4. 1991-06-10
   soldstatus $20,000

ⓘ 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: $3,611 · $301/mo
• Projected year-2 tax: $3,611 · $301/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,732
• − Mortgage interest: −$7,226
• − Property taxes: −$3,611
• − Insurance: −$1,442
• − Repairs & maintenance: −$2,539
• − Management: −$2,539
• − Depreciation: −$3,753
• Taxable income: $10,623
• Est. tax owed @ 24.0%: −$2,550
• After-tax cash flow: $9,348/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

+545.0% since first listed

4 events — show timeline

• 2023-07-25 Pending — BRIGHT MLS
• 2023-07-01 Listed $129,000 BRIGHT MLS
• 1994-12-30 Sold (Public Records) $39,000 Public Records
• 1991-06-10 Sold (Public Records) $20,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $3,611 · +1.5% YoY. Source: county tax records.