234 Thropp · Hamilton, NJ 08610

$225,000

2 bd · 1.0 ba · 624 sqft · SingleFamily public records · 177 Days on market

Built 1940 5,401 sqft lot Est $221k · at est.

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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 +15.2/30.0
• ARV discount +6.7/15.0
• 1% rule +4.9/10.0
• DSCR +4.7/10.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This charming ranch home offers 2 bedrooms and 1 full bath, thoughtfully designed for comfort and easy living. With approximately 624 sq ft of living space, the inviting floor plan features a bright living area that flows seamlessly into the kitchen, creating a warm setting to gather and enjoy everyday life. Step outside to your private patio and spacious fenced backyard — perfect for morning coffee, outdoor dining, or weekend entertaining. Set on a 0.12-acre lot, this home combines character with convenience. Located in the heart of Hamilton, you’ll enjoy close proximity to parks, cafes, markets, and schools — with McGalliard Elementary, Robinson Elementary, and Grice Mid

Key facts

• Private patio
• 5,401 sq ft lot
• Built 1940

Tags

• PRIVATE PATIO
• SPACIOUS FENCED BACKYARD
• CLOSE PROXIMITY TO PARKS
• CLOSE PROXIMITY TO CAFES
• CLOSE PROXIMITY TO MARKETS
• CLOSE PROXIMITY TO SCHOOLS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $78 ($931/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 $224k (0.6% below list).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Hamilton Township Public School District (suburban): math 17% / reading 41% proficiency, ranked #338 of 472 in NJ (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 115 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,256 units permitted in Mercer County in 2024 (1,303 in 5+ unit buildings).
• This rent runs 32% of the median local income ($84k/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 $7k 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.

Negotiation context

• It's been on market 177 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 26y ago; this cycle's ask has dropped $75k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $94k; list at $225k implies a 141% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 177 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.99% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.48%
• DSCR: 1.07
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $220,896
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
234 Thropp	0.00mi	2/1.0	624 (0%)	1mo	$221,000	$354	99

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: -13.9%
• Equity multiple: 0.50×
• Total profit: $-31,400
• Equity at exit: $33,548

10-year hold

• IRR: -5.0%
• Equity multiple: 0.67×
• Total profit: $-20,504
• Equity at exit: $19,454

Cash invested: $63,000 (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 08610

• Active inventory: 115
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,237 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$416 /mo · $4,987/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $78

Break-even live

Break-even rent $2,138

Max offer price $225,000

Occupancy floor 92%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12A Bradford Ave Hamilton Township, NJ	1.0–2.0	1.0	825	$2,300	$2.79	12d	1	0.50mi
315 Wert Ave Trenton, NJ	2.0	1.0	685	$2,270	$3.31	12d	9	0.75mi
191 Parkinson Ave Trenton, NJ	2.0	1.0	664	$2,400	$3.61	13d	1	0.94mi
1802 Kuser Rd Hamilton Township, NJ	1.0–2.0	1.0–1.5	790	$2,425	$3.07	3d	5	1.40mi
110 Nottinghill Ln Hamilton Township, NJ	1.0–2.0	1.0	815	$2,345	$2.88	13d	11	1.44mi

Listing history 31 events

1. 2026-04-27
   status Pending
2. 2026-04-13
   status Active
3. 2026-03-18
   status Pending
4. 2026-03-12
   price $225,000
5. 2026-02-25
   status Active
6. 2026-02-20
   status Pending
7. 2026-01-30
   price $235,000
8. 2026-01-16
   status Active
9. 2026-01-07
   status Pending
10. 2025-12-30
    price $245,000
11. 2025-12-15
    status Active
12. 2025-12-04
    status Pending
13. 2025-11-28
    price $255,000
14. 2025-10-28
    price $270,000
15. 2025-09-23
    price $280,000
16. 2025-09-11
    listed $300,000 Active
17. 2025-09-10
    historical
18. 2025-08-27
    listed $300,000 Active
19. 2025-08-21
    historical
20. 2025-07-15
    price $300,000
21. 2025-06-13
    price $305,000
22. 2025-05-13
    price $320,000
23. 2025-04-07
    price $330,000
24. 2025-01-24
    listed $340,000 Active
25. 2018-06-10
    listed $164,900 Active
26. 2018-06-10
    historical
27. 2000-06-14
    soldstatus $93,500
28. 2000-05-31
    soldstatus $93,500
29. 2000-05-19
    historical
30. 2000-03-11
    listed $93,500
31. 1993-08-30
    soldstatus $89,900

ⓘ 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: $4,987 · $416/mo
• Projected year-2 tax: $5,295 · $441/mo
• Expected delta: +$308/yr (+$26/mo · 6.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥101°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: $26,839
• − Mortgage interest: −$12,603
• − Property taxes: −$4,987
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,147
• − Management: −$2,147
• − Depreciation: −$6,545
• Taxable loss: −$2,716
• Est. tax savings @ 24.0%: +$652
• After-tax cash flow: $1,583/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: Hamilton Township Public School District
• NCES district ID: 3406540
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 41% ▼ -4.00%
• Median HH income: $71,425
• Composite: 27.33/100
• National rank: #6990
• State rank: #338 of 472 in NJ

Livability — Hamilton

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: White Horse, NJ
• County: Mercer County · 327,655 people
• Metro: Trenton-Princeton, NJ
• Population (ZIP): 33,465
• Household income: $83,906
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1166.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 43% White 39% Black 15% Two or more races 13% Asian 3%
• Hispanic origin (detail): Puerto Rican 12% Dominican 9%
• Common ancestry: Romanian 5% Hispanic 3% Italian 1%
• Foreign-born: 25% · Canada, Jamaica, Guatemala
• Languages at home: 55% English-only · Spanish 37% French/Haitian/Cajun 3% Other Indo-European 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: ▼ -412.61%
• Current HPI: 296.6642
• Rent YoY: —
• 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

+150.3% since first listed

31 events — show timeline

• 2026-04-27 Pending — BRIGHT MLS
• 2026-04-13 Relisted — BRIGHT MLS
• 2026-03-18 Pending — BRIGHT MLS
• 2026-03-12 Price Changed $225,000 BRIGHT MLS
• 2026-02-25 Relisted — BRIGHT MLS
• 2026-02-20 Pending — BRIGHT MLS
• 2026-01-30 Price Changed $235,000 BRIGHT MLS
• 2026-01-16 Relisted — BRIGHT MLS
• 2026-01-07 Pending — BRIGHT MLS
• 2025-12-30 Price Changed $245,000 BRIGHT MLS
• 2025-12-15 Relisted — BRIGHT MLS
• 2025-12-04 Pending — BRIGHT MLS
• 2025-11-28 Price Changed $255,000 BRIGHT MLS
• 2025-10-28 Price Changed $270,000 BRIGHT MLS
• 2025-09-23 Price Changed $280,000 BRIGHT MLS
• 2025-09-11 Listed $300,000 BRIGHT MLS
• 2025-09-10 Listing Removed — BRIGHT MLS
• 2025-08-27 Listed $300,000 BRIGHT MLS
• 2025-08-21 Listing Removed — BRIGHT MLS
• 2025-07-15 Price Changed $300,000 BRIGHT MLS
• 2025-06-13 Price Changed $305,000 BRIGHT MLS
• 2025-05-13 Price Changed $320,000 BRIGHT MLS
• 2025-04-07 Price Changed $330,000 BRIGHT MLS
• 2025-01-24 Listed $340,000 BRIGHT MLS
• 2018-06-10 Listing Removed — BRIGHT MLS
• 2018-06-10 Listed $164,900 BRIGHT MLS
• 2000-06-14 Sold (Public Records) $93,500 Public Records
• 2000-05-31 Sold (MLS) $93,500 BRIGHT MLS
• 2000-05-19 Listing Removed — BRIGHT MLS
• 2000-03-11 Listed $93,500 BRIGHT MLS
• 1993-08-30 Sold (Public Records) $89,900 Public Records

Property tax history

+1.4%/yr

Latest (2025): $4,987 · +5.2% YoY. Source: county tax records.