215 E Steelman Ave · Northfield, NJ 08225

$425,000

4 bd · 2.5 ba · 2,024 sqft · SingleFamily public records · 9 Days on market

Built 1960 0.25 ac lot Est $453k · 6% 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 +30.0/30.0
• ARV discount +10.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

BEAUTIFUL UPDATED RANCHER, OVER 2000 SQUARE FEET. 4 OR 5 BEDROOM OR IN-LAW SUITE, YOU MAKE THE CALL. ANDERSON WINDOWS, ALL NEW CARPET, KITCHEN FLOORING, NEW TILE FLOORING IN ALL THREE REMODELED BATHROOMS. LARGE EAT IN KITCHEN, WITH ALL NEW STAINLESS APPLIANCES, GRANITE COUNTER TOPS AND TILE BACK SPLASH. LARGE MASTER WITH ALL NEW PRIVATE TILE BATHROOM AND SHOWER AND LARGE WALK IN CEDAR CLOSET. ALL NEW PAINT, REFINISHED HARDWOOD FLOORS IN LIVING ROOM, DINING ROOM AND HALL. PULL DOWN STAIRS TO STORAGE ATTIC WITH NEW ATTIC FAN. ALL NEW LIGHTING FIXTURES, AND HUNTER CEILING FANS IN EVERY ROOM. NEW WASHER AND DRYER AND GAS HOT WATER HEATER IN SEPARATE LAUNDRY ROOM. SECURITY SYSTEM AND IRRIGATION SYSTEM. FENCED IN REAR YARD WITH LARGE REAR DECK WITH BUILT IN GAS FOR YOUR GRILL OR GAS FIRE PIT. ONE OF THE BEST LOCATIONS IN NORTHFIELD ON THE SOUTHEAST SIDE. JUST PAVED WIDE STREET IN A QUIET GREAT NEIGHBORHOOD AND EXCELLENT SCHOOLS. HOUSE IS TURN KEY, VACANT AND READY TO MOVE IN.

Key facts

• Large eat in kitchen
• Family room addition
• Front porch

Tags

• FAMILY ROOM ADDITION
• FRONT PORCH
• ORIGINAL HARDWOOD FLOORS
• LARGE EAT IN KITCHEN
• SLIDER DOORS TO REAR YARD
• FULL WALK IN CEDAR CLOSET

Property features AI

Exterior

• Parking: Driveway parking; Four driveway/parking spaces (total 4 spaces)
• Utilities: Public water; No septic system; Electric hot water; Cable TV available
• Home design: Detached home; Crawl space foundation; Shingle roof; Fee simple ownership; Not in a federal flood zone
• Construction: Frame construction; Building not winterized
• Exterior features: Fully fenced lot; Cleared lot

Interior

• Kitchen: Built-in range
• Bedrooms: Four bedrooms on the main level
• Flooring: Hardwood flooring
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Stall shower; Tub/shower
• Laundry & utility: Main‑floor laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $425k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $425k).
• Cap rate 13.0% vs local median 5.3% in Northfield — 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 75/100 on livability (#155 in NJ, #3,997 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living D-.
• Northfield City School District (suburban): math 32% / reading 55% proficiency, ranked #196 of 472 in NJ (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: 47 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Atlantic County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $119k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 11y 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 $225k; list at $425k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $425,000

Questions for the listing agent

1. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 1.65% ✓
• Cap rate: 13.01%
• Cash-on-cash: 23.99%
• DSCR: 2.07
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $453,376
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
41 E Vernon Ave E	0.53mi	3/2.5 (-1)	2,038 (+1%)	1mo	$432,500	$212	68
112 E Vernon Ave	0.49mi	5/2.5 (+1)	2,160 (+7%)	4mo	$437,000	$202	58
110 E Oakcrest Ave	0.47mi	3/2.5 (-1)	2,201 (+9%)	1mo	$475,000	$216	57
19 Locust Dr	0.60mi	4/2.5	1,875 (-7%)	3mo	$420,000	$224	57
12 Haining Pl	0.59mi	4/2.5	1,906 (-6%)	8mo	$610,000	$320	56
135 E Revere Ave	0.37mi	4/2.0	1,833 (-9%)	11mo	$430,000	$235	56
8 Oakview Dr	0.42mi	4/2.5	2,181 (+8%)	15mo	$475,000	$218	55
12 Oakview Dr	0.45mi	4/2.5	2,262 (+12%)	6mo	$400,000	$177	54
2300 Cedarbridge Rd	0.71mi	4/2.5	2,000 (-1%)	13mo	$550,000	$275	54
2320 Shepherd Dr	0.69mi	3/2.0 (-1)	1,910 (-6%)	4mo	$536,000	$281	48
10 Holly Dr	0.49mi	4/3.0	2,292 (+13%)	11mo	$540,000	$236	44
1253 Zion Rd	0.63mi	3/2.0 (-1)	1,757 (-13%)	9mo	$370,000	$211	34

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: 17.2%
• Equity multiple: 1.70×
• Total profit: $82,886
• Equity at exit: $63,369

10-year hold

• IRR: 25.8%
• Equity multiple: 3.25×
• Total profit: $268,242
• Equity at exit: $36,746

Cash invested: $119,000 (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 08225

• Home prices YoY: -27.6%
• Active inventory: 47
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $7,000 medium
• Mortgage (P&I): −$2,229
• Tax from tax record: −$745 /mo · $8,943/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,470
• Net cashflow: $2,379

Break-even live

Break-even rent $3,989

Max offer price $425,000

Occupancy floor 61%

Sensitivity live

Price	-10% $2,620	-5% $2,499	+0% $2,379	+5% $2,259	+10% $2,138
Rent	-10% $1,826	-5% $2,102	+0% $2,379	+5% $2,655	+10% $2,932
Rate	-1.0pp $2,593	-0.5pp $2,487	base $2,379	+0.5pp $2,269	+1.0pp $2,157

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 Julie Dr Northfield, NJ	5.0	3.5	2860	$7,000	$2.45	44d	1	1.48mi

Listing history 8 events

1. 2026-06-21
   days on market $425,000 Active 9 DOM
2. 2026-06-18
   days on market $425,000 Active 7 DOM
3. 2026-06-17
   days on market $425,000 Active 6 DOM
4. 2026-06-16
   days on market $425,000 Active 5 DOM
5. 2026-06-15
   days on market $425,000 Active 4 DOM
6. 2026-06-13
   days on market $425,000 Active 2 DOM
7. 2026-06-12
   remarks 699-char remark
8. 2026-06-12
   listed $425,000 Active 1 DOM

ⓘ 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: $8,943 · $745/mo
• Projected year-2 tax: $9,763 · $814/mo
• Expected delta: +$820/yr (+$68/mo · 9.2%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X · 10% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $84,000
• − Mortgage interest: −$23,807
• − Property taxes: −$8,943
• − Insurance: −$2,125
• − Repairs & maintenance: −$6,720
• − Management: −$6,720
• − Depreciation: −$12,364
• Taxable income: $23,322
• Est. tax owed @ 24.0%: −$5,597
• After-tax cash flow: $22,950/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: Northfield City School District
• NCES district ID: 3411790
• Math proficiency: 32% ▼ -21.00%
• Reading proficiency: 55% ▲ 2.00%
• Median HH income: $68,950
• Composite: 39.12/100
• National rank: #4039
• State rank: #196 of 472 in NJ

Livability — Northfield

• Score: 75/100
• State rank: #155
• US rank: #3997

Category grades

Amenities F Commute F Cost of living D- Crime A+ Employment A+ Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Northfield, NJ
• Population (ZIP): 8,427

Population outlook (Atlantic County) Hauer SSP2

• Today (2025): 268,948 people
• By 2030: 264,497 · -1.7%
• By 2040: 252,261 · -6.2%
• By 2050: 237,846 · -11.6%
• By 2075: 210,650 · -21.7%
• By 2100: 180,234 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Asian 9% Two or more races 7% Black 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 6% Lithuanian 3% Italian 2%
• Foreign-born: 15% · Canada, China
• Languages at home: 79% English-only · Spanish 6% Other Indo-European 6% Chinese 3%

Political lean MEDSL · Atlantic

• 2024 margin: Toss-up / Even · D 47.7% · R 50.7% · Other 1.6%
• 2008→2024 swing: -18.1pp toward R · 2008: 15.1pp · 2024: -3.0pp
• All cycles: 2024: R+3.0 2020: D+6.7 2016: D+6.2 2012: D+17.2 2008: D+15.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.85%
• Current HPI: 304.5862
• Rent YoY: —
• Metro: —
• 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

+352.1% since first listed

18 events — show timeline

• 2026-06-11 Listed $425,000 BRIGHT MLS
• 2019-03-12 Sold (Public Records) $225,000 Public Records
• 2017-02-06 Sold (Public Records) $225,000 Public Records
• 2017-02-01 Sold (MLS) $225,000 SJSRMLS
• 2017-01-20 Contingent — SJSRMLS
• 2016-11-10 Price Changed $229,900 SJSRMLS
• 2016-10-22 Listed $239,900 SJSRMLS
• 2016-06-19 Listing Removed — SJSRMLS
• 2016-04-19 Price Changed $179,000 SJSRMLS
• 2016-04-02 Price Changed $189,000 SJSRMLS
• 2016-02-09 Listed $199,000 SJSRMLS
• 2016-02-09 Listing Removed — SJSRMLS
• 2015-11-07 Price Changed $229,000 SJSRMLS
• 2015-10-07 Price Changed $239,000 SJSRMLS
• 2015-09-10 Listed $259,000 SJSRMLS
• 1997-01-15 Sold (Public Records) $128,000 Public Records
• 1987-03-27 Sold (Public Records) $102,000 Public Records
• 1986-01-31 Sold (Public Records) $94,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $8,943 · +5.2% YoY. Source: county tax records.