908 W State St · Trenton, NJ 08618

$270,000

6 bd · 4.0 ba · 3,628 sqft · SingleFamily · 29 Days on market

Built 1950 Poor condition 10,001 sqft lot Est $410k · 34% under

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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 +20.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +1.0/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Investor Alert – Full Rehab with Massive Value-Add Potential! 908 W State Street is a rare opportunity to acquire a large mixed-use property in Trenton's desirable Berkeley Square neighborhood with multiple paths to profit. This property requires a complete renovation and is being sold strictly as-is, making it ideal for experienced investors, developers, and contractors looking for their next project. The property was previously operated as a doctor's office on the first floor with a residential apartment on the second floor. Prior to vacating, the owner had already begun converting additional space to create two more residential units, leaving the next owner with the opportunity to

Key facts

• Flexible zoning
• Private rear lot
• Near cadwalader park

Tags

• MIXED-USE OPPORTUNITY
• FLEXIBLE ZONING
• PRIVATE REAR LOT
• HIGHLY VISIBLE MAIN ROAD
• NEAR CADWALADER PARK
• NEAR ROUTES 1 29 AND I-295

Property features AI

Finance

• Other: Lot dimensions approximately 50 x 200
• Financial info: Fee simple ownership; Property listed as needing major rehabilitation

Exterior

• Parking: Private asphalt driveway; Parking lot and driveway available
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Detached property; Frame construction
• Construction: Frame construction; Concrete perimeter foundation; Above grade and below grade structures
• Exterior features: Private rear yard

Interior

• Kitchen: Refrigerator
• Bedrooms: Two bedrooms on the main level; Three bedrooms on the 1st upper level; One bedroom on the 2nd upper level
• Bathrooms: Three full bathrooms (all upper levels); Two half bathrooms on the main level
• Heating & cooling: Forced air heating; Natural gas hot water
• Interior features: Attic; Brick fireplace (1)

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath single-family listed at $270k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $356 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $270k).
• Recommended offer: $266k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 6.3% in Trenton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 76/100 on livability (#133 in NJ, #3,533 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools F, crime F, employment F.
• Trenton Public School District (urban): math 2% / reading 16% proficiency, ranked #471 of 472 in NJ (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.6%/yr); 144 active listings in the ZIP; 2,256 units permitted in Mercer County in 2024 (1,303 in 5+ unit buildings).
• At $2,812/mo this rent would consume 67% of the median local household income ($50k/yr) (locally 2116% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 29 days — a 2% lower offer ($266k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $265,950 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.04% ✓
• Cap rate: 7.87%
• Cash-on-cash: 5.64%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $409,964
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
912 W State St	0.01mi	6/2.0	3,128 (-14%)	7mo	$290,000	$93	63
33 Richey Pl	0.65mi	6/4.0	4,005 (+10%)	7mo	$600,000	$150	46
15 Richey Pl	0.65mi	6/4.5	3,974 (+10%)	21mo	$450,000	$113	34

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 · 2.6% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.71×
• Total profit: $-22,189
• Equity at exit: $40,258

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $5,424
• Equity at exit: $23,345

Cash invested: $75,600 (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 08618

• Rents YoY: 2.6%
• Active inventory: 144
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,812 medium
• Mortgage (P&I): −$1,416
• Tax est. 1.5%: −$338 /mo · $4,050/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$591
• Net cashflow: $356

Break-even live

Break-even rent $2,362

Max offer price $270,000

Occupancy floor 82%

Sensitivity live

Price	-10% $542	-5% $449	+0% $356	+5% $262	+10% $169
Rent	-10% $133	-5% $245	+0% $356	+5% $467	+10% $578
Rate	-1.0pp $492	-0.5pp $424	base $356	+0.5pp $286	+1.0pp $214

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $270,000 Active 29 DOM
2. 2026-06-17
   days on market $270,000 Active 28 DOM
3. 2026-06-16
   days on market $270,000 Active 27 DOM
4. 2026-06-15
   days on market $270,000 Active 26 DOM
5. 2026-06-14
   pricedays on market $270,000 Active 24 DOM
6. 2026-06-10
   days on market $280,000 Active 21 DOM
7. 2026-06-09
   days on market $280,000 Active 20 DOM
8. 2026-06-08
   days on market $280,000 Active 19 DOM
9. 2026-06-07
   days on market $280,000 Active 18 DOM
10. 2026-06-03
    days on market $280,000 Active 14 DOM
11. 2026-06-02
    days on market $280,000 Active 13 DOM
12. 2026-06-01
    days on market $280,000 Active 12 DOM
13. 2026-05-31
    days on market $280,000 Active 11 DOM
14. 2026-05-30
    days on market $280,000 Active 10 DOM
15. 2026-05-20
    listed $280,000 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: $33,744
• − Mortgage interest: −$15,124
• − Property taxes: −$4,050
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,700
• − Management: −$2,700
• − Depreciation: −$7,855
• Taxable loss: −$34
• Est. tax savings @ 24.0%: +$8
• After-tax cash flow: $4,275/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.

Condition & rehab AI · 30 photos

Poor 20/100 Extensive rehab

This property requires extensive renovation, including kitchen and bathroom updates, flooring replacement, and interior wall repairs. Landscaping and curb appeal also need attention. The potential for significant value increase makes it a promising investment opportunity.

Repairs flagged

• Major Kitchen cabinets — Cabinets are not fully installed.
• Major Bathroom fixtures — Fixtures and plumbing are incomplete.
• Major Flooring — Flooring is missing or damaged in several areas.
• Major Interior walls — Paint is peeling and walls are exposed in some areas.
• Minor Landscaping — Overgrown areas need trimming and maintenance.

Value-add opportunities

• Resale Kitchen renovation — A fully functional kitchen is essential for resale.
• Resale Bathroom renovation — Up-to-date bathrooms are crucial for resale.
• Both Flooring replacement — New flooring improves both resale and rental value.
• Both Interior wall repairs and painting — Aesthetic improvements enhance both resale and rental appeal.
• Both Landscaping and curb appeal — A well-maintained exterior boosts both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Cabinets are not fully installed.	Major	$15,000–50,000
Bathroom fixtures · Fixtures and plumbing are incomplete.	Major	$15,000–50,000
Flooring · Flooring is missing or damaged in several areas.	Major	$15,000–50,000
Interior walls · Paint is peeling and walls are exposed in some areas.	Major	$15,000–50,000
Landscaping · Overgrown areas need trimming and maintenance.	Minor	$500–3,000
Total estimated repair cost · 5 items		$60,500–203,000

Value-add ROI direction

• Resale Kitchen renovation — A fully functional kitchen is essential for resale. ↑
• Resale Bathroom renovation — Up-to-date bathrooms are crucial for resale. ↑
• Both Flooring replacement — New flooring improves both resale and rental value. ↑
• Both Interior wall repairs and painting — Aesthetic improvements enhance both resale and rental appeal. ↑
• Both Landscaping and curb appeal — A well-maintained exterior boosts both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Trenton Public School District
• NCES district ID: 3416290
• Math proficiency: 2% ▼ -8.00%
• Reading proficiency: 16% ▼ -4.00%
• Median HH income: $35,078
• Composite: 7.31/100
• National rank: #9956
• State rank: #471 of 472 in NJ

Livability — Trenton

• Score: 76/100
• State rank: #133
• US rank: #3533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Trenton, NJ
• County: Mercer County · 327,655 people
• City population: 177,819
• Metro: Trenton-Princeton, NJ
• Population (ZIP): 35,634
• Household income: $50,390
• Rent vs Own: 54.2% rent · 45.8% own
• Severe rent burden: 2116.0

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 0.59)
• Race & ethnicity: Black 59% White 19% Hispanic / Latino 16% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 6% Dominican 3%
• Common ancestry: Romanian 2% Hispanic 1% Scotch-Irish 1%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 10% Other Indo-European 3% Arabic 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: ▼ -309.54%
• Current HPI: 288.6841
• Rent YoY: ▲ 2.60%
• 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

1 event — show timeline

• 2026-05-20 Listed $280,000 BRIGHT MLS