156 Kingsland Rd

Boonton, NJ 07005-9031

$1,193,000D

4 bd · 2.5 ba · 3,342 sqft · Built 1958 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,750/mo
• Mortgage (P&I): −$6,256
• Tax + insurance: −$2,023
• HOA: −$0
• Vac / Maint / Mgmt: −$2,048
• Net cashflow: $-577/mo
• Annual: $-6,919/yr
• Cap rate: 5.71%
• Cash-on-cash: -2.07%
• DSCR: 0.91
• 1% rule: 0.82%
• Cash to close: $334,040

Investor read

• This is a 4-bed/2.5-bath single-family listed at $1.19M.
• At list price, monthly cash flow is $-577 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.09M (8.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $975k (18.3% below list).
• It's been on market 38 days — a 3% lower offer ($1.16M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $975k (18.3% below list) — sets the bar for 1% rule.
• In year one you build about $44k of equity ($8k loan paydown + $36k appreciation (3.0% local appreciation)).
• Location reads 81/100 on livability (#58 in NJ, #1,511 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Boonton Township School District (suburban): math 42% / reading 65% proficiency, ranked #78 of 472 in NJ (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 2% free/reduced lunch — higher-income household profile.
• Zoned schools: Rockaway Valley School (math 42% / reading 65%, grade C, #202 of 1,303 statewide, top 16%, 386 students, 2% FRL) — zoned schools at 2% FRL track the district average.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,357 units permitted in Morris County in 2024 (1,496 in 5+ unit buildings).
• Morris County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts 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 $1.02M; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$72k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.
• 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.