1017 Southard St · Ewing, NJ 08638

$205,000

3 bd · 1.0 ba · 1,336 sqft · SingleFamily public records · 109 Days on market

Built 1927 1,900 sqft lot Est $325k · 37% under

---

Why this score? — see what drove the C+ 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 +24.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +6.3/10.0
• Rent growth +3.3/5.0
• Schools +2.5/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity for investment. 3 bedrooms 1 baths, a nice size front porch. The living and dining room, Full Basement sold AS-IS. The buyer is responsible for obtaining a Certificate of Occupancy, and any City required

Key facts

• Front porch
• Full basement
• Built 1927

Tags

• FRONT PORCH
• FULL BASEMENT

Property features AI

Finance

• Other: Fee simple ownership

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; 60+ gallon hot water tank
• Home design: Semi-detached home; Frame construction; Brick/mortar foundation; Above grade and below grade structures
• Construction: Frame construction; Brick/mortar foundation
• Exterior features: Lot approximately 19 x 100; No tidal water

Interior

• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Natural gas heating; Natural gas cooling
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $413 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• Recommended offer: $187k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Ewing Township School District (suburban): math 16% / reading 37% proficiency, ranked #358 of 472 in NJ (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: William L Antheil Elementary School (math 13% / reading 23%, grade F, #1,049 of 1,303 statewide, top 81%, 692 students, 46% FRL); Gilmore J Fisher Middle School (math 17% / reading 39%, grade F, #335 of 431 statewide, top 79%, 791 students, 50% FRL); Ewing High School (math 21% / reading 46%, grade F, #251 of 399 statewide, top 64%, 1,109 students, 43% FRL).
• Market conditions: Rents rising (+3.3%/yr); 83 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,256 units permitted in Mercer County in 2024 (1,303 in 5+ unit buildings).
• This rent runs 42% of the median local income ($67k/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 $1k of loan paydown is wiped out by about $6k 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 109 days — a 9% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1927 — 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 $186,550 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 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 1927 — 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 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: 1.13% ✓
• Cap rate: 8.71%
• Cash-on-cash: 8.64%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $324,648
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
27--29-31 Kelsey	0.34mi	4/1.0 (+1)	1,365 (+2%)	4mo	$150,000	$110	72
118 Hazel	0.31mi	4/1.0 (+1)	1,399 (+5%)	8mo	$340,000	$243	67
18 Dexter St	0.47mi	3/1.0	1,200 (-10%)	1mo	$139,000	$116	60
21 Clover	0.48mi	3/1.0	1,200 (-10%)	3mo	$340,000	$283	58
803 Pennington Ave	0.66mi	3/1.5	1,248 (-7%)	1mo	$282,500	$226	56
166 Clover Ave	0.63mi	4/2.0 (+1)	1,336 (0%)	7mo	$395,000	$296	56
133 Robbins Ave	0.31mi	3/2.5	1,176 (-12%)	6mo	$370,000	$315	54
417 N Montgomery St	0.62mi	4/2.0 (+1)	1,401 (+5%)	2mo	$250,000	$178	52
310 Rutherford Ave	0.60mi	3/1.0	1,172 (-12%)	2mo	$162,000	$138	50
1236 Prospect St	0.58mi	4/1.0 (+1)	1,248 (-7%)	8mo	$370,000	$296	50
213 New Hillcrest Ave	0.62mi	4/1.0 (+1)	1,170 (-12%)	9mo	$350,000	$299	38
466 Stuyvesant Ave	0.64mi	4/2.0 (+1)	1,525 (+14%)	10mo	$300,000	$197	29

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 · 3.31% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.89×
• Total profit: $-6,138
• Equity at exit: $30,566

10-year hold

• IRR: 7.2%
• Equity multiple: 1.55×
• Total profit: $31,683
• Equity at exit: $17,725

Cash invested: $57,400 (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 08638

• Rents YoY: 3.3%
• Active inventory: 83
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,317 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$257 /mo · $3,079/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $413

Break-even live

Break-even rent $1,794

Max offer price $205,000

Occupancy floor 77%

Sensitivity live

Price	-10% $529	-5% $471	+0% $413	+5% $355	+10% $297
Rent	-10% $230	-5% $322	+0% $413	+5% $505	+10% $596
Rate	-1.0pp $516	-0.5pp $465	base $413	+0.5pp $360	+1.0pp $306

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24 New Trent St Trenton, NJ	3.0	2.0	1336	$2,350	$1.76	15d	1	0.06mi
130 W Ingham Ave Trenton, NJ	4.0	1.0	1126	$2,000	$1.78	15d	1	0.12mi
77 Race St Trenton, NJ	2.0	1.0	950	$1,700	$1.79	22d	1	0.37mi
1100 Prospect St Unit 1 Ewing Township, NJ	3.0	1.0	1100	$2,000	$1.82	22d	1	0.45mi
134 Old Rose St Trenton, NJ	4.0	2.0	1212	$2,300	$1.90	22d	1	0.50mi
1314 Princeton Ave Trenton, NJ	4.0	1.0	1092	$2,400	$2.20	15d	1	0.58mi
319 Rutherford Ave Trenton, NJ	4.0	2.0	1100	$2,200	$2.00	22d	1	0.63mi
21 Bellevue Ave Trenton, NJ	3.0	2.0	1740	$2,400	$1.38	45d	1	0.65mi
8 Belvidere St Trenton, NJ	2.0	1.0	1260	$1,900	$1.51	22d	1	0.68mi
311 Calhoun St Trenton, NJ	4.0	1.0	1516	$2,400	$1.58	45d	1	0.75mi
125 Olive St Trenton, NJ	2.0–3.0	1.0–1.5	896	$1,392	$1.55	22d	1	0.77mi
901 Brunswick Ave #7 Trenton, NJ	3.0	1.0	940	$2,800	$2.98	15d	1	0.81mi
27 Passaic St Trenton, NJ	2.0	1.0	900	$1,700	$1.89	22d	1	0.83mi
331 Ellis Ave Trenton, NJ	3.0	1.0	1190	$2,275	$1.91	22d	1	0.84mi
34 Southard St #2 Trenton, NJ	2.0	2.0	1808	$2,150	$1.19	22d	1	0.85mi
42 Grant St Trenton, NJ	4.0	1.0	1000	$2,000	$2.00	15d	1	0.86mi
307 Spring St Unit 1 Trenton, NJ	2.0	1.0	1677	$2,000	$1.19	22d	1	0.86mi
307 Spring St Unit 3 Trenton, NJ	2.0	1.0	1677	$1,800	$1.07	22d	1	0.86mi
307 Spring St Unit 2 Trenton, NJ	2.0	1.0	1677	$1,750	$1.04	22d	1	0.86mi
311 Spring St Trenton, NJ	3.0	1.0	1200	$2,200	$1.83	15d	1	0.87mi
186 Passaic St Trenton, NJ	3.0	2.0	1064	$2,400	$2.26	6d	1	0.88mi
600 Artisan St Unit 126 Trenton, NJ	3.0	2.0	1392	$2,650	$1.90	22d	1	0.92mi
600 Artisan St Trenton, NJ	3.0	2.0	1392	$2,650	$1.90	14d	3	0.92mi
216 E State St Trenton, NJ	1.0–2.0	1.0	811	$1,895	$2.34	15d	2	0.93mi
20 N Overbrook Ave Unit B Trenton, NJ	3.0	1.0	1518	$2,300	$1.52	14d	1	1.18mi
1040 Indiana Ave Trenton, NJ	3.0	1.0	1232	$2,950	$2.39	15d	1	1.19mi
105 Walnut Ave Unit 1 Trenton, NJ	2.0	1.0	1200	$2,000	$1.67	22d	1	1.23mi
92 Pennwood Dr Ewing, NJ	4.0	3.0	1702	$3,850	$2.26	15d	1	1.24mi
234 Walnut Ave Trenton, NJ	4.0	1.0	1480	$2,200	$1.49	22d	1	1.25mi
416 Klagg Ave Trenton, NJ	3.0	1.0	1034	$2,300	$2.22	22d	1	1.36mi
417 Walnut Ave Trenton, NJ	3.0	1.0	992	$2,050	$2.07	22d	1	1.36mi
1165 E State St Trenton, NJ	3.0	1.0	900	$1,749	$1.94	15d	1	1.38mi
720 Monmouth St Unit 204 Trenton, NJ	2.0	1.0	1011	$1,750	$1.73	22d	1	1.50mi

Listing history 25 events

1. 2026-06-18
   days on market $205,000 Active 109 DOM
2. 2026-06-17
   days on market $205,000 Active 108 DOM
3. 2026-06-16
   days on market $205,000 Active 107 DOM
4. 2026-06-15
   days on market $205,000 Active 106 DOM
5. 2026-06-14
   days on market $205,000 Active 104 DOM
6. 2026-06-13
   days on market $205,000 Active 103 DOM
7. 2026-06-10
   days on market $205,000 Active 101 DOM
8. 2026-06-09
   days on market $205,000 Active 100 DOM
9. 2026-06-08
   days on market $205,000 Active 99 DOM
10. 2026-06-07
    days on market $205,000 Active 98 DOM
11. 2026-06-03
    days on market $205,000 Active 94 DOM
12. 2026-06-02
    days on market $205,000 Active 93 DOM
13. 2026-06-01
    days on market $205,000 Active 92 DOM
14. 2026-05-31
    days on market $205,000 Active 91 DOM
15. 2026-05-30
    days on market $205,000 Active 90 DOM
16. 2026-04-13
    price $205,000
17. 2026-03-01
    listed $225,000 Active
18. 2023-11-20
    soldstatus $140,000
19. 2023-11-14
    soldstatus $140,000 Closed 221-char remark

    Show marketing remark (221 chars)

    Great opportunity for investment. 3 bedrooms 1 baths, a nice size front porch. The living and dining room, Full Basement sold AS-IS. The buyer is responsible for obtaining a Certificate of Occupancy, and any City required

20. 2023-09-06
    status Pending 221-char remark

    Show marketing remark (221 chars)

    Great opportunity for investment. 3 bedrooms 1 baths, a nice size front porch. The living and dining room, Full Basement sold AS-IS. The buyer is responsible for obtaining a Certificate of Occupancy, and any City required

21. 2023-08-23
    status Active 221-char remark

    Show marketing remark (221 chars)

    Great opportunity for investment. 3 bedrooms 1 baths, a nice size front porch. The living and dining room, Full Basement sold AS-IS. The buyer is responsible for obtaining a Certificate of Occupancy, and any City required

22. 2023-06-27
    status Pending 221-char remark

    Show marketing remark (221 chars)

    Great opportunity for investment. 3 bedrooms 1 baths, a nice size front porch. The living and dining room, Full Basement sold AS-IS. The buyer is responsible for obtaining a Certificate of Occupancy, and any City required

23. 2023-05-05
    listed $135,000 Active 221-char remark

    Show marketing remark (221 chars)

    Great opportunity for investment. 3 bedrooms 1 baths, a nice size front porch. The living and dining room, Full Basement sold AS-IS. The buyer is responsible for obtaining a Certificate of Occupancy, and any City required

24. 2020-05-14
    soldstatus $77,000
25. 1984-12-01
    soldstatus $20,000

ⓘ 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: $3,079 · $257/mo
• Projected year-2 tax: $4,092 · $341/mo
• Expected delta: +$1,013/yr (+$84/mo · 32.9%)

ⓘ 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 7/10 Severe 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: $27,802
• − Mortgage interest: −$11,483
• − Property taxes: −$3,079
• − Insurance: −$1,025
• − Repairs & maintenance: −$2,224
• − Management: −$2,224
• − Depreciation: −$5,964
• Taxable income: $1,803
• Est. tax owed @ 24.0%: −$433
• After-tax cash flow: $4,526/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: Ewing Township School District
• NCES district ID: 3404920
• Math proficiency: 16% ▼ -17.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $73,684
• Composite: 25.48/100
• National rank: #7443
• State rank: #358 of 472 in NJ

Livability — Ewing

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

Census & demographics

• County: Mercer County · 327,655 people
• City population: 22,816
• Metro: Trenton-Princeton, NJ
• Population (ZIP): 22,816
• Household income: $66,875
• Rent vs Own: 42.0% rent · 58.0% own
• Severe rent burden: 1185.0

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 0.68)
• Race & ethnicity: Black 43% White 31% Hispanic / Latino 21% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Dominican 3%
• Common ancestry: Romanian 4% Hispanic 2% Iranian 1%
• Foreign-born: 24% · Canada, Guatemala, China
• Languages at home: 76% English-only · Spanish 17% Russian/Polish/Slavic 2% Other Indo-European 2%

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: ▼ -286.00%
• Current HPI: 334.5143
• Rent YoY: ▲ 3.31%
• 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

+925.0% since first listed

10 events — show timeline

• 2026-04-13 Price Changed $205,000 BRIGHT MLS
• 2026-03-01 Listed $225,000 BRIGHT MLS
• 2023-11-20 Sold (Public Records) $140,000 Public Records
• 2023-11-14 Sold (MLS) $140,000 BRIGHT MLS
• 2023-09-06 Pending — BRIGHT MLS
• 2023-08-23 Relisted — BRIGHT MLS
• 2023-06-27 Pending — BRIGHT MLS
• 2023-05-05 Listed $135,000 BRIGHT MLS
• 2020-05-14 Sold (Public Records) $77,000 Public Records
• 1984-12-01 Sold (Public Records) $20,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $3,079 · +3.0% YoY. Source: county tax records.