228 Fenimore Dr · Folsom, NJ 08094

$300,000

3 bd · 1.0 ba · 1,200 sqft · SingleFamily public records · 113 Days on market

Built 1974 $250/sqft · 5% above area Est $285k · 5% over $53/mo HOA · 2% of rent ↓ 3% since listing

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Why this score? — see what drove the D 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 +16.2/30.0
• ARV discount +5.1/15.0
• DSCR +5.0/10.0
• 1% rule +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Close to amenities to include beach and lake. This charming 3 bedroom 1 bath home is situated on a large lot offering space, comfort and convenience. A newly installed roof compliments the exterior along with a welcoming front porch (for those rocking nights) one car attached garage and a carport rounding out some of the exterior features of this home. Enjoy the benefits of an expansive outdoor space with sprinkler system already in place to help maintain the ground with ease. There's plenty of room to garden, entertain or just simply enjoy the privacy. Another plus for this property is the security system for that peace of mind at all times of the day. This home has had all the important aspects for a buyer updated. This well maintained rancher has a living room, dedicated dining room and a spacious and functional kitchen with updated stainless steel appliances - perfect for everyday living and entertaining. The opportunity to own this home that combines indoor comfort, safety and outdoor freedom awaits you as its new owner.

Key facts

• Garage
• Community pool
• Built 1974

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $276k (8.0% below list).
• Recommended offer: $273k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#392 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living C-, schools D, amenities F.
• Folsom Borough School District (rural): math 13% / reading 38% proficiency, ranked #374 of 472 in NJ (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 270 active listings in the ZIP; solid renter incomes; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• This rent runs 34% of the median local income ($97k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($273k) is reasonable based on typical stale-listing flexibility.

Recommended offer $273,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.92% ✗
• Cap rate: 6.94%
• Cash-on-cash: 2.30%
• DSCR: 1.10
• GRM: 9.1

CMA / ARV

• ARV (median comp): $284,959
• List price: $300,000
• Delta: 5.28%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
114 S River Dr	0.47mi	3/1.0	1,200 (0%)	10mo	$195,000	$163	70
212 Springdale Ln	0.66mi	3/1.0	1,200 (0%)	20mo	$280,000	$233	53

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: -12.7%
• Equity multiple: 0.54×
• Total profit: $-38,359
• Equity at exit: $44,731

10-year hold

• IRR: -3.6%
• Equity multiple: 0.76×
• Total profit: $-20,174
• Equity at exit: $25,939

Cash invested: $84,000 (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 08094

• Active inventory: 270
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,760 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$268 /mo · $3,219/yr
• Insurance: −$125
• HOA: −$53
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $161

Break-even live

Break-even rent $2,556

Max offer price $300,000

Occupancy floor 89%

Sensitivity live

Price	-10% $331	-5% $246	+0% $161	+5% $76	+10% $-9
Rent	-10% $-57	-5% $52	+0% $161	+5% $270	+10% $379
Rate	-1.0pp $312	-0.5pp $237	base $161	+0.5pp $83	+1.0pp $4

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $53 · $636/yr
• Likely covers: security

Listing history 17 events

1. 2026-06-21
   days on market $300,000 Active 113 DOM
2. 2026-06-18
   days on market $300,000 Active 110 DOM
3. 2026-06-17
   days on market $300,000 Active 109 DOM
4. 2026-06-16
   days on market $300,000 Active 108 DOM
5. 2026-06-15
   days on market $300,000 Active 107 DOM
6. 2026-06-13
   days on market $300,000 Active 105 DOM
7. 2026-06-09
   days on market $300,000 Active 101 DOM
8. 2026-06-08
   days on market $300,000 Active 100 DOM
9. 2026-06-07
   days on market $300,000 Active 99 DOM
10. 2026-06-04
    days on market $300,000 Active 96 DOM
11. 2026-06-03
    days on market $300,000 Active 95 DOM
12. 2026-06-02
    days on market $300,000 Active 94 DOM
13. 2026-06-01
    days on market $300,000 Active 93 DOM
14. 2026-05-31
    days on market $300,000 Active 92 DOM
15. 2026-04-13
    price $300,000 1041-char remark

    Show marketing remark (1041 chars)

    Close to amenities to include beach and lake. This charming 3 bedroom 1 bath home is situated on a large lot offering space, comfort and convenience. A newly installed roof compliments the exterior along with a welcoming front porch (for those rocking nights) one car attached garage and a carport rounding out some of the exterior features of this home. Enjoy the benefits of an expansive outdoor space with sprinkler system already in place to help maintain the ground with ease. There's plenty of room to garden, entertain or just simply enjoy the privacy. Another plus for this property is the security system for that peace of mind at all times of the day. This home has had all the important aspects for a buyer updated. This well maintained rancher has a living room, dedicated dining room and a spacious and functional kitchen with updated stainless steel appliances - perfect for everyday living and entertaining. The opportunity to own this home that combines indoor comfort, safety and outdoor freedom awaits you as its new owner.

16. 2026-03-01
    listed $310,000 Active 1041-char remark

    Show marketing remark (1041 chars)

    Close to amenities to include beach and lake. This charming 3 bedroom 1 bath home is situated on a large lot offering space, comfort and convenience. A newly installed roof compliments the exterior along with a welcoming front porch (for those rocking nights) one car attached garage and a carport rounding out some of the exterior features of this home. Enjoy the benefits of an expansive outdoor space with sprinkler system already in place to help maintain the ground with ease. There's plenty of room to garden, entertain or just simply enjoy the privacy. Another plus for this property is the security system for that peace of mind at all times of the day. This home has had all the important aspects for a buyer updated. This well maintained rancher has a living room, dedicated dining room and a spacious and functional kitchen with updated stainless steel appliances - perfect for everyday living and entertaining. The opportunity to own this home that combines indoor comfort, safety and outdoor freedom awaits you as its new owner.

17. 2026-02-14
    historical $310,000 1041-char remark

    Show marketing remark (1041 chars)

    Close to amenities to include beach and lake. This charming 3 bedroom 1 bath home is situated on a large lot offering space, comfort and convenience. A newly installed roof compliments the exterior along with a welcoming front porch (for those rocking nights) one car attached garage and a carport rounding out some of the exterior features of this home. Enjoy the benefits of an expansive outdoor space with sprinkler system already in place to help maintain the ground with ease. There's plenty of room to garden, entertain or just simply enjoy the privacy. Another plus for this property is the security system for that peace of mind at all times of the day. This home has had all the important aspects for a buyer updated. This well maintained rancher has a living room, dedicated dining room and a spacious and functional kitchen with updated stainless steel appliances - perfect for everyday living and entertaining. The opportunity to own this home that combines indoor comfort, safety and outdoor freedom awaits you as its new owner.

ⓘ 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: $3,219 · $268/mo
• Projected year-2 tax: $5,345 · $445/mo
• Expected delta: +$2,125/yr (+$177/mo · 66.0%)

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

Taxation est. · year 1

• Rental income: $33,120
• − Mortgage interest: −$16,805
• − Property taxes: −$3,219
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,650
• − Management: −$2,650
• − HOA: −$636
• − Depreciation: −$8,727
• Taxable loss: −$3,067
• Est. tax savings @ 24.0%: +$736
• After-tax cash flow: $2,666/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: Folsom Borough School District
• NCES district ID: 3405280
• Math proficiency: 13% ▼ -24.00%
• Reading proficiency: 38% ▼ -12.00%
• Median HH income: $65,829
• Composite: 23.88/100
• National rank: #7798
• State rank: #374 of 472 in NJ

Livability — Folsom

• Score: 65/100
• State rank: #392
• US rank: #13471

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Folsom, NJ
• County: Gloucester County · 160,422 people
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 41,595
• Household income: $96,699
• Rent vs Own: 14.5% rent · 85.5% own
• Severe rent burden: 721.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 11% Black 10% Two or more races 8% Asian 1%
• Hispanic origin (detail): Puerto Rican 6% Dominican 1%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 5% Russian/Polish/Slavic 1%

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: ▼ -213.12%
• Current HPI: 278.3849
• 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

-3.2% since first listed

3 events — show timeline

• 2026-04-13 Price Changed $300,000 BRIGHT MLS
• 2026-03-01 Listed $310,000 BRIGHT MLS
• 2026-02-14 Coming Soon $310,000 BRIGHT MLS

Property tax history

+1.1%/yr

Latest (2025): $3,219 · -0.6% YoY. Source: county tax records.