60-62 Walnut St · Salem, NJ 08079

$190,000

6 bd · 0.0 ba · 2,476 sqft · SingleFamily public records · 29 Days on market

Built 1920 5,519 sqft lot Est $230k · 17% 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 +24.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +7.0/10.0
• 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

Turnkey duplex opportunity in the heart of Salem with strong income-producing potential! 60–62 Walnut Street features two spacious units, each offering 3 bedrooms and 1 full bathroom, making this an ideal setup for investors or owner-occupants looking to offset living expenses with rental income. This well-maintained multi-family property offers updated interiors, generous living space, and layouts designed for comfortable everyday living. With renovations already completed, the property is positioned for immediate occupancy, steady cash flow, or long-term portfolio growth. Situated on a quiet residential street near schools, shopping, dining, and major commuting routes, this property

Key facts

• 5,519 sq ft lot
• Built 1920
• Listed 29 days

Property features AI

Finance

• Other: Year built is estimated
• Financial info: Fee simple ownership

Exterior

• Parking: Driveway
• Utilities: Public sewer; Well permit applied for (water)
• Home design: Detached structure; Above-grade finished area about 2,476
• Construction: Aluminum siding; Other foundation; Other above- and below-grade structures
• Exterior features: Lot dimensions approximately 40 x 138

Interior

• Bedrooms: Two 3-bedroom units (multifamily)
• Heating & cooling: Forced air heating; Natural gas heating fuel; Electric hot water
• Interior features: No basement

What this means for you Summary

Snapshot

• This is a 6-bed/?-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $187k (1.5% 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; 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).
• At $2,278/mo this rent would consume 50% of the median local household income ($55k/yr) (locally 663% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $592 of equity ($1k loan paydown + $-722 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 $53k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $190k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — 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 $187,150 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.20% ✓
• Cap rate: 8.66%
• Cash-on-cash: 8.45%
• DSCR: 1.38
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $230,268
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
234-236 Church St	0.16mi	5/2.0 (-1)	2,394 (-3%)	17mo	$50,000	$21	60
26 Chestnut St	0.21mi	5/1.0 (-1)	2,401 (-3%)	21mo	$200,000	$83	59
49 Market St	0.50mi	5/2.5 (-1)	2,459 (-1%)	10mo	$247,000	$100	52
349 E Broadway	0.30mi	5/2.0 (-1)	2,348 (-5%)	16mo	$65,000	$28	52
10 Davis Ave	0.43mi	5/2.0 (-1)	2,685 (+8%)	4mo	$249,999	$93	49
337 Craven Ave	0.36mi	5/2.0 (-1)	2,205 (-11%)	9mo	$306,000	$139	44

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: 4.4%
• Equity multiple: 1.20×
• Total profit: $10,848
• Equity at exit: $51,586

10-year hold

• IRR: 10.1%
• Equity multiple: 2.06×
• Total profit: $56,494
• Equity at exit: $59,216

Cash invested: $53,200 (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: 7.0×

Monthly cashflow live

• Estimated rent: $2,278 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$349 /mo · $4,193/yr
• Insurance: −$79
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $308

Break-even live

Break-even rent $1,888

Max offer price $190,000

Occupancy floor 81%

Sensitivity live

Price	-10% $416	-5% $362	+0% $308	+5% $254	+10% $201
Rent	-10% $128	-5% $218	+0% $308	+5% $398	+10% $488
Rate	-1.0pp $404	-0.5pp $357	base $308	+0.5pp $259	+1.0pp $209

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-10
   status $190,000 Pending 29 DOM
2. 2026-06-09
   days on market $190,000 Active 29 DOM
3. 2026-06-08
   days on market $190,000 Active 28 DOM
4. 2026-06-07
   days on market $190,000 Active 27 DOM
5. 2026-06-04
   days on market $190,000 Active 24 DOM
6. 2026-06-03
   days on market $190,000 Active 23 DOM
7. 2026-06-02
   days on market $190,000 Active 22 DOM
8. 2026-06-01
   days on market $190,000 Active 21 DOM
9. 2026-05-31
   days on market $190,000 Active 20 DOM
10. 2026-05-19
    price $190,000
11. 2026-05-11
    listed $200,000 Active
12. 2026-05-08
    historical $200,000
13. 2026-04-25
    historical
14. 2026-04-24
    listed $200,000 Active
15. 2026-01-30
    historical
16. 2025-12-17
    historical Active Under Contract
17. 2025-05-02
    status Pending
18. 2025-04-30
    historical Active Under Contract
19. 2025-04-09
    listed $190,000 Active
20. 2022-04-27
    soldstatus $90,000
21. 2015-08-26
    soldstatus $105,000
22. 2015-08-25
    soldstatus $34,250 Sold
23. 2015-03-23
    status Active
24. 2015-03-23
    historical
25. 2014-09-22
    listed $44,000 Active
26. 2012-07-11
    soldstatus $143,136
27. 2005-04-21
    soldstatus $51,000
28. 1986-06-19
    soldstatus $20,750

ⓘ 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: $4,193 · $349/mo
• Projected year-2 tax: $4,462 · $372/mo
• Expected delta: +$269/yr (+$22/mo · 6.4%)

ⓘ 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) · 82% 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: $27,337
• − Mortgage interest: −$10,643
• − Property taxes: −$4,193
• − Insurance: −$1,748
• − Repairs & maintenance: −$2,187
• − Management: −$2,187
• − Depreciation: −$5,527
• Taxable income: $852
• Est. tax owed @ 24.0%: −$204
• After-tax cash flow: $3,494/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

+815.7% since first listed

19 events — show timeline

• 2026-05-19 Price Changed $190,000 BRIGHT MLS
• 2026-05-11 Listed $200,000 BRIGHT MLS
• 2026-05-08 Coming Soon $200,000 BRIGHT MLS
• 2026-04-25 Listing Removed — BRIGHT MLS
• 2026-04-24 Listed $200,000 BRIGHT MLS
• 2026-01-30 Listing Removed — BRIGHT MLS
• 2025-12-17 Contingent — BRIGHT MLS
• 2025-05-02 Pending — BRIGHT MLS
• 2025-04-30 Contingent — BRIGHT MLS
• 2025-04-09 Listed $190,000 BRIGHT MLS
• 2022-04-27 Sold (Public Records) $90,000 Public Records
• 2015-08-26 Sold (Public Records) $105,000 Public Records
• 2015-08-25 Sold (MLS) $34,250 TREND
• 2015-03-23 Relisted — TREND
• 2015-03-23 Delisted — TREND
• 2014-09-22 Listed $44,000 TREND
• 2012-07-11 Sold (Public Records) $143,136 Public Records
• 2005-04-21 Sold (Public Records) $51,000 Public Records
• 1986-06-19 Sold (Public Records) $20,750 Public Records

Property tax history

+0.8%/yr

Latest (2025): $4,193 · +4.9% YoY. Source: county tax records.