105 Filmore St · Phillipsburg, NJ 08865-2420

$349,900

4 bd · 2.5 ba · 1,998 sqft · MultiFamily · 63 Days on market

Built 1900 3,484 sqft lot $175/sqft · 13% below area Est $402k · 13% 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 +13.4/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Appreciation +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Mixed-Use Property with Income Potential! Great opportunity to own a versatile mixed-use building being sold vacant, offering flexibility for investors or owner-users. The newly renovated 4-bedroom, 2-bath apartment on the second floor provides excellent rental income potential, while the ground-level commercial space allows for a variety of business uses. Previously operating as a deli, the commercial unit could also accommodate a convenience store, restaurant, laundromat, or other retail concepts.Located directly across from Town Hall, the property benefits from strong visibility and convenient access. The building offers approximately 3,560 sq ft of usable space along with ample storage, including a basement, backroom, and underground exterior storage. Separate heating systems serve each unit, with two furnaces/AC units for the commercial space and a boiler for the apartment. Recent upgrades include new flooring and a brand-new 200-amp electrical service for the commercial unit.

Key facts

• Income potential
• Strong visibility
• Convenient access

Tags

• MIXED-USE PROPERTY
• INCOME POTENTIAL
• NEWLY RENOVATED APARTMENT
• GROUND-LEVEL COMMERCIAL SPACE
• STRONG VISIBILITY
• CONVENIENT ACCESS

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $350k).
• Recommended offer: $329k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 4.9% in Phillipsburg — 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 76/100 on livability (#135 in NJ, #3,552 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: schools C-, commute F.
• Phillipsburg School District (suburban): math 17% / reading 37% proficiency, ranked #381 of 472 in NJ (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 1 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 630 units permitted in Warren County in 2024 (315 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($2k loan paydown + $10k appreciation (3.0% local appreciation)).
• Warren County population projected at -10% 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 $98k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 $175k; list at $350k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $328,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.40% ✓
• Cap rate: 11.27%
• Cash-on-cash: 17.79%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

• ARV (median comp): $402,232
• List price: $349,900
• Delta: -13.01%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
117 Cattell St	0.70mi	3/3.0 (-1)	1,952 (-2%)	16mo	$375,000	$192	43

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: 24.2%
• Equity multiple: 2.37×
• Total profit: $134,711
• Equity at exit: $157,330

10-year hold

• IRR: 25.1%
• Equity multiple: 4.57×
• Total profit: $350,099
• Equity at exit: $242,465

Cash invested: $97,972 (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 08865-2420

• Active inventory: 1
• Price-to-rent: 26.8×

Monthly cashflow live

• Estimated rent: $4,899 medium
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$437 /mo · $5,248/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,029
• Net cashflow: $1,452

Break-even live

Break-even rent $3,061

Max offer price $349,900

Occupancy floor 65%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	4	2	$1,086
▸ 3× units	0	0	$3,813
Total (4 units)			$4,899

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
61 Rose St Phillipsburg, NJ	4.0	1.0	2000	$2,500	$1.25	2d	1	0.45mi
513 Cattell St Easton, PA	3.0	1.5	1536	$2,300	$1.50	43d	1	0.94mi
226 Vista Dr Easton, PA	3.0	1.5	1358	$2,195	$1.62	2d	1	0.99mi
142 S Union St Easton, PA	3.0	2.0	1300	$1,895	$1.46	43d	1	1.02mi
689 Sayre Ave Phillipsburg, NJ	4.0	1.5	1376	$2,200	$1.60	2d	1	1.04mi
355 Thomas St Phillipsburg, NJ	3.0	1.5	1400	$2,250	$1.61	11d	1	1.06mi
715 Cattell St Unit 2 Easton, PA	3.0	1.0	1700	$2,000	$1.18	21d	1	1.06mi
322 Saint John St Easton, PA	3.0	1.5	1583	$1,895	$1.20	43d	1	1.06mi
276 W Saint Joseph St Easton, PA	3.0	1.5	1315	$1,700	$1.29	43d	1	1.11mi
103 Highlands Cir Easton, PA	4.0	2.5	1955	$3,400	$1.74	2d	1	1.15mi
303 W Lincoln St Easton, PA	3.0	1.0	1796	$2,175	$1.21	43d	1	1.28mi
35 N 9th St Easton, PA	4.0	2.0	1512	$2,250	$1.49	2d	1	1.31mi
199 Cedar Park Blvd Easton, PA	1.0–3.0	1.0–4.0	1410	$3,035	$2.15	2d	10	1.32mi
1065 Bushkill Dr Easton, PA	3.0	1.5	1250	$2,500	$2.00	43d	1	1.32mi
204 N 9th St Easton, PA	3.0	1.0	1450	$1,900	$1.31	2d	1	1.33mi
912 Spring Garden St Easton, PA	4.0	2.0	1534	$2,400	$1.56	43d	1	1.37mi
909 Jackson St Unit 2 Easton, PA	3.0	1.0	1300	$2,350	$1.81	43d	1	1.38mi

Listing history 21 events

1. 2026-06-14
   days on market $349,900 Active 63 DOM
2. 2026-06-13
   days on market $349,900 Active 62 DOM
3. 2026-06-10
   days on market $349,900 Active 60 DOM
4. 2026-06-09
   days on market $349,900 Active 59 DOM
5. 2026-06-08
   days on market $349,900 Active 58 DOM
6. 2026-06-07
   days on market $349,900 Active 57 DOM
7. 2026-06-05
   days on market $349,900 Active 54 DOM
8. 2026-06-03
   days on market $349,900 Active 53 DOM
9. 2026-06-02
   days on market $349,900 Active 52 DOM
10. 2026-06-01
    days on market $349,900 Active 51 DOM
11. 2026-05-31
    days on market $349,900 Active 50 DOM
12. 2026-05-31
    days on market $349,900 Active 49 DOM
13. 2026-04-22
    status Active 996-char remark

    Show marketing remark (996 chars)

    Mixed-Use Property with Income Potential! Great opportunity to own a versatile mixed-use building being sold vacant, offering flexibility for investors or owner-users. The newly renovated 4-bedroom, 2-bath apartment on the second floor provides excellent rental income potential, while the ground-level commercial space allows for a variety of business uses. Previously operating as a deli, the commercial unit could also accommodate a convenience store, restaurant, laundromat, or other retail concepts.Located directly across from Town Hall, the property benefits from strong visibility and convenient access. The building offers approximately 3,560 sq ft of usable space along with ample storage, including a basement, backroom, and underground exterior storage. Separate heating systems serve each unit, with two furnaces/AC units for the commercial space and a boiler for the apartment. Recent upgrades include new flooring and a brand-new 200-amp electrical service for the commercial unit.

14. 2026-03-23
    status Under Contract 996-char remark

    Show marketing remark (996 chars)

    Mixed-Use Property with Income Potential! Great opportunity to own a versatile mixed-use building being sold vacant, offering flexibility for investors or owner-users. The newly renovated 4-bedroom, 2-bath apartment on the second floor provides excellent rental income potential, while the ground-level commercial space allows for a variety of business uses. Previously operating as a deli, the commercial unit could also accommodate a convenience store, restaurant, laundromat, or other retail concepts.Located directly across from Town Hall, the property benefits from strong visibility and convenient access. The building offers approximately 3,560 sq ft of usable space along with ample storage, including a basement, backroom, and underground exterior storage. Separate heating systems serve each unit, with two furnaces/AC units for the commercial space and a boiler for the apartment. Recent upgrades include new flooring and a brand-new 200-amp electrical service for the commercial unit.

15. 2026-03-13
    listed $349,900 Active 996-char remark

    Show marketing remark (996 chars)

    Mixed-Use Property with Income Potential! Great opportunity to own a versatile mixed-use building being sold vacant, offering flexibility for investors or owner-users. The newly renovated 4-bedroom, 2-bath apartment on the second floor provides excellent rental income potential, while the ground-level commercial space allows for a variety of business uses. Previously operating as a deli, the commercial unit could also accommodate a convenience store, restaurant, laundromat, or other retail concepts.Located directly across from Town Hall, the property benefits from strong visibility and convenient access. The building offers approximately 3,560 sq ft of usable space along with ample storage, including a basement, backroom, and underground exterior storage. Separate heating systems serve each unit, with two furnaces/AC units for the commercial space and a boiler for the apartment. Recent upgrades include new flooring and a brand-new 200-amp electrical service for the commercial unit.

16. 2023-05-04
    status Pending
17. 2023-05-04
    historical
18. 2023-04-07
    listed $189,900 Active
19. 2022-04-20
    soldstatus $175,000 Sold
20. 2022-01-20
    historical
21. 2021-12-20
    listed $179,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $58,788
• − Mortgage interest: −$19,600
• − Property taxes: −$5,248
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,703
• − Management: −$4,703
• − Depreciation: −$10,179
• Taxable income: $12,605
• Est. tax owed @ 24.0%: −$3,025
• After-tax cash flow: $14,400/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: Phillipsburg School District
• NCES district ID: 3412960
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 37% ▼ -9.00%
• Median HH income: $45,364
• Composite: 23.2/100
• National rank: #7943
• State rank: #381 of 472 in NJ

Livability — Phillipsburg

• Score: 76/100
• State rank: #135
• US rank: #3552

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Phillipsburg, NJ

Population outlook (Warren County) Hauer SSP2

• Today (2025): 105,498 people
• By 2030: 103,974 · -1.4%
• By 2040: 99,748 · -5.5%
• By 2050: 94,535 · -10.4%
• By 2075: 87,220 · -17.3%
• By 2100: 80,421 · -23.8%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+94.5% since first listed

9 events — show timeline

• 2026-04-22 Relisted — GSMLS
• 2026-03-23 Pending — GSMLS
• 2026-03-13 Listed $349,900 GSMLS
• 2023-05-04 Pending — BRIGHT MLS
• 2023-05-04 Listing Removed — BRIGHT MLS
• 2023-04-07 Listed $189,900 BRIGHT MLS
• 2022-04-20 Sold (MLS) $175,000 GSMLS
• 2022-01-20 Delisted — GSMLS
• 2021-12-20 Listed $179,900 GSMLS