89 Chestnut St · Salem, NJ 08079

$89,000

3 bd · 1.0 ba · 1,214 sqft · SingleFamily public records · 55 Days on market

Built 1939 2,178 sqft lot Est $175k · 49% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

This Home Is In Fair Condition With Some Newer Thermo Windows, Newer Vinyl Siding And A Heater Less Then 5Yrs Old. The House Is Being Sold As Is. Poss:Settlement

Key facts

• Built 1939
• Listed 54 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Interior townhouse/rowhouse; Three floors in unit; Fee simple ownership
• Construction: Vinyl siding; Slab foundation; Above-grade structure
• Exterior features: No tidal water

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Radiator heat; Natural gas heating; Hot water: Other
• Interior features: Estimated living area; Partial basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $505 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Recommended offer: $86k (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: Salem High School (math 17% / reading 37%, grade F, #312 of 399 statewide, top 79%, 420 students, 52% FRL) — zoned schools average 52% FRL vs 85% district-wide (33 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 27% at this address vs 15% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Salem City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 100 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 95 units permitted in Salem County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $277 of equity ($615 loan paydown + $-338 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 $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y 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 $21k; list at $89k implies a 324% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1939 — 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 $86,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 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 1939 — 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: 1.79% ✓
• Cap rate: 13.99%
• Cash-on-cash: 27.50%
• DSCR: 2.22
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $174,816
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 New Market St	0.11mi	3/1.0	1,310 (+8%)	4mo	$186,000	$142	78
28 Chestnut St	0.13mi	3/1.0	1,152 (-5%)	9mo	$118,000	$102	78
115 Chestnut St	0.07mi	3/3.5	1,282 (+6%)	8mo	$185,000	$144	71
208 9th St	0.46mi	3/1.0	1,149 (-5%)	1mo	$224,000	$195	69
14 Yorke St	0.68mi	3/1.5	1,197 (-1%)	1mo	$161,000	$135	63
188 Cook Ave	0.39mi	4/2.0 (+1)	1,260 (+4%)	6mo	$210,000	$167	61
197 Pine Ave	0.51mi	3/1.0	1,318 (+9%)	2mo	$205,000	$156	60
201 Chestnut St	0.47mi	3/1.0	1,308 (+8%)	6mo	$128,500	$98	60
51 S Third St	0.26mi	3/1.5	1,348 (+11%)	9mo	$210,000	$156	60
22 Davis Ave	0.60mi	3/1.0	1,158 (-5%)	7mo	$185,000	$160	58
410 Magnolia St	0.63mi	2/1.0 (-1)	1,310 (+8%)	1mo	$170,000	$130	51
318 Fenwick Ave	0.62mi	3/1.0	1,344 (+11%)	3mo	$191,250	$142	51

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: 23.7%
• Equity multiple: 2.13×
• Total profit: $28,062
• Equity at exit: $24,164

10-year hold

• IRR: 28.2%
• Equity multiple: 4.06×
• Total profit: $76,181
• Equity at exit: $27,738

Cash invested: $24,920 (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: 4.7×

Monthly cashflow live

• Estimated rent: $1,593 high
• Mortgage (P&I): −$467
• Tax from tax record: −$183 /mo · $2,200/yr
• Insurance: −$37
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $505

Break-even live

Break-even rent $954

Max offer price $89,000

Occupancy floor 63%

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: $22,250
• Closing costs: $2,670
• 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	3d	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 20 events

1. 2026-06-18
   days on market $89,000 Active 55 DOM
2. 2026-06-17
   days on market $89,000 Active 54 DOM
3. 2026-06-16
   days on market $89,000 Active 53 DOM
4. 2026-06-15
   days on market $89,000 Active 52 DOM
5. 2026-06-13
   days on market $89,000 Active 50 DOM
6. 2026-06-13
   days on market $89,000 Active 49 DOM
7. 2026-06-09
   days on market $89,000 Active 46 DOM
8. 2026-06-08
   days on market $89,000 Active 45 DOM
9. 2026-06-07
   days on market $89,000 Active 44 DOM
10. 2026-06-04
    days on market $89,000 Active 41 DOM
11. 2026-06-03
    days on market $89,000 Active 40 DOM
12. 2026-06-02
    days on market $89,000 Active 39 DOM
13. 2026-06-01
    days on market $89,000 Active 38 DOM
14. 2026-05-31
    days on market $89,000 Active 37 DOM
15. 2026-04-25
    listed $89,000 Active
16. 2026-04-21
    historical $89,000
17. 1999-05-04
    soldstatus $21,000
18. 1999-04-30
    soldstatus $21,000 161-char remark

    Show marketing remark (161 chars)

    This Home Is In Fair Condition With Some Newer Thermo Windows, Newer Vinyl Siding And A Heater Less Then 5Yrs Old. The House Is Being Sold As Is. Poss:Settlement

19. 1999-03-30
    historical 161-char remark

    Show marketing remark (161 chars)

    This Home Is In Fair Condition With Some Newer Thermo Windows, Newer Vinyl Siding And A Heater Less Then 5Yrs Old. The House Is Being Sold As Is. Poss:Settlement

20. 1999-03-01
    listed $21,000 161-char remark

    Show marketing remark (161 chars)

    This Home Is In Fair Condition With Some Newer Thermo Windows, Newer Vinyl Siding And A Heater Less Then 5Yrs Old. The House Is Being Sold As Is. Poss:Settlement

ⓘ 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: $2,200 · $183/mo
• Projected year-2 tax: $2,208 · $184/mo
• Expected delta: +$8/yr (+$1/mo · 0.4%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 98% 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: −$4,985
• − Property taxes: −$2,200
• − Insurance: −$1,242
• − Repairs & maintenance: −$1,529
• − Management: −$1,529
• − Depreciation: −$2,589
• Taxable income: $5,036
• Est. tax owed @ 24.0%: −$1,209
• After-tax cash flow: $4,846/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

+323.8% since first listed

6 events — show timeline

• 2026-04-25 Listed $89,000 BRIGHT MLS
• 2026-04-21 Coming Soon $89,000 BRIGHT MLS
• 1999-05-04 Sold (Public Records) $21,000 Public Records
• 1999-04-30 Sold (MLS) $21,000 BRIGHT MLS
• 1999-03-30 Listing Removed — BRIGHT MLS
• 1999-03-01 Listed $21,000 BRIGHT MLS

Property tax history

+0.5%/yr

Latest (2025): $2,200 · +4.9% YoY. Source: county tax records.