5 N Main St · Wharton, NJ 07885-2219

$499,900

2 bd · 1.5 ba · 1,296 sqft · MultiFamily · 94 Days on market

Built 1900 Good condition 2,613 sqft lot

---

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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Appreciation +5.0/10.0
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0

Multi-family units

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

Listing remarks

Welcome to your prime investment opportunity nestled on Main Street in Wharton, NJ! This versatile property offers the perfect blend of commercial potential and residential comfort. Unit 1 is an open storefront property and Unit 2 is a spacious 2-bedroom apartment with a large eat-in kitchen, its own laundry facilities, a private backyard, and a patio. Also listed as a commercial #

Key facts

• Large eat-in kitchen
• Private backyard
• Patio

Tags

• LARGE EAT-IN KITCHEN
• PRIVATE BACKYARD
• PATIO

Property features AI

Finance

• Other: Approximate lot size reported
• Financial info: Property is a 2-unit building; Unit 1 rent listed at 1950; lease expires August 30, 2028; Unit 2 rent listed at 2500; lease expires December 1, 2027; Unit 1 security deposit: $1,925; Unit 2 security deposit: $2,500; Reported net operating income, gross income, and operating expenses listed as 0

Exterior

• Parking: On-street parking
• Utilities: Electric service available; Public sewer; Public water
• Home design: Two-story unit style; Renovated in 2020; Approximate original construction date; renovated
• Construction: Vinyl siding construction; Asphalt shingle roof; Renovated (2020)
• Exterior features: Deck; Open porch(es); Storage shed; Wood fence; Vinyl siding; Asphalt shingle roof

Interior

• Kitchen: Unit 2 includes an eat-in kitchen; Unit 2 appliances: Range/Oven (electric), Refrigerator
• Bedrooms: Unit 2 has 2 bedrooms
• Bathrooms: 1 full bathroom and 1 half bathroom in the building; Unit 1 has 1 bathroom; Unit 2 has 1 bathroom
• Heating & cooling: Multi-zone heating (1 unit); Window A/C units
• Interior features: Carbon monoxide detector; Smoke detector; See remarks
• Laundry & utility: Unit 2 includes washer and dryer; Owner pays electric, gas, heat, and water for both units

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath multifamily listed at $500k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $500k).
• Recommended offer: $455k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#245 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute D-, cost of living F.
• Wharton Borough School District (suburban): math 22% / reading 43% proficiency, ranked #307 of 472 in NJ (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 2,357 units permitted in Morris County in 2024 (1,496 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($3k loan paydown + $15k appreciation (3.0% local appreciation)).
• Morris County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($455k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $30k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $339k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $454,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 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 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: 1.16% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.58%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.5%
• Equity multiple: 1.94×
• Total profit: $131,452
• Equity at exit: $224,777

10-year hold

• IRR: 18.0%
• Equity multiple: 3.63×
• Total profit: $368,448
• Equity at exit: $346,408

Cash invested: $139,972 (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 07885-2219

• Active inventory: 1
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $5,787 medium
• Mortgage (P&I): −$2,622
• Tax est. 1.5%: −$625 /mo · $7,498/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,215
• Net cashflow: $1,117

Break-even live

Break-even rent $4,373

Max offer price $499,900

Occupancy floor 76%

Sensitivity live

Price	-10% $1,463	-5% $1,290	+0% $1,117	+5% $944	+10% $772
Rent	-10% $660	-5% $888	+0% $1,117	+5% $1,346	+10% $1,574
Rate	-1.0pp $1,369	-0.5pp $1,244	base $1,117	+0.5pp $987	+1.0pp $856

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

Units	Beds	Baths	Est. rent
1× unit	2	1.5	$2,893
1× unit	0	0	$2,893
Total (2 units)			$5,787

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
54 N Main St #402 Wharton, NJ	2.0	2.0	1192	$2,575	$2.16	0d	1	0.15mi
54 N Main St Unit 301 Wharton, NJ	2.0	2.0	1192	$2,575	$2.16	11d	1	0.15mi
47 Kossuth St Wharton, NJ	2.0	1.0–2.0	776	$2,945	$3.79	0d	9	0.19mi
100 W Dewey Ave Wharton, NJ	2.0	2.0	1150	$2,750	$2.39	0d	1	0.35mi
111 E Dewey Ave Wharton, NJ	3.0	1.0–2.0	1160	$2,933	$2.53	0d	1	0.76mi
275 W Clinton St Dover, NJ	1.0–2.0	1.0	774	$2,595	$3.35	13d	2	0.96mi
322 Richard Mine Rd Unit W12 Wharton, NJ	1.0	1.0	941	$2,350	$2.50	18d	1	1.10mi
322 Richard Mine Rd Unit W1 Wharton, NJ	1.0	1.0	922	$2,000	$2.17	0d	1	1.25mi
100 Julia Dr Wharton, NJ	1.0–3.0	1.5–2.5	1559	$3,685	$2.36	0d	7	1.34mi

Listing history 20 events

1. 2026-06-21
   days on market $499,900 Active 94 DOM
2. 2026-06-18
   days on market $499,900 Active 91 DOM
3. 2026-06-17
   days on market $499,900 Active 90 DOM
4. 2026-06-16
   days on market $499,900 Active 89 DOM
5. 2026-06-15
   days on market $499,900 Active 88 DOM
6. 2026-06-13
   days on market $499,900 Active 86 DOM
7. 2026-06-13
   days on market $499,900 Active 85 DOM
8. 2026-06-09
   days on market $499,900 Active 82 DOM
9. 2026-06-08
   days on market $499,900 Active 81 DOM
10. 2026-06-07
    days on market $499,900 Active 80 DOM
11. 2026-06-04
    days on market $499,900 Active 77 DOM
12. 2026-06-03
    days on market $499,900 Active 76 DOM
13. 2026-06-02
    days on market $499,900 Active 75 DOM
14. 2026-06-01
    days on market $499,900 Active 74 DOM
15. 2026-05-31
    days on market $499,900 Active 73 DOM
16. 2026-05-01
    price $499,900
17. 2026-03-19
    listed $530,000 Active
18. 2022-03-17
    soldstatus $339,000 Sold
19. 2022-01-24
    historical
20. 2021-12-21
    listed $339,000 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: $69,444
• − Mortgage interest: −$28,002
• − Property taxes: −$7,498
• − Insurance: −$2,500
• − Repairs & maintenance: −$5,556
• − Management: −$5,556
• − Depreciation: −$14,543
• Taxable income: $5,790
• Est. tax owed @ 24.0%: −$1,390
• After-tax cash flow: $12,015/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 · 10 photos

Good 75/100 Cosmetic rehab

This multi-family property offers a good investment opportunity with a good condition and minimal repairs needed. The kitchen and exterior could benefit from some updates to increase its resale and rental value.

Value-add opportunities

• Both Paint the exterior siding — Enhances curb appeal and value
• Both Replace the ceiling fan in the kitchen — Improves functionality and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Enhances curb appeal and value ↑
• Both Replace the ceiling fan in the kitchen — Improves functionality and aesthetics ↑

ⓘ 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: Wharton Borough School District
• NCES district ID: 3417880
• Math proficiency: 22% ▼ -19.00%
• Reading proficiency: 43% ▼ -9.00%
• Median HH income: $68,701
• Composite: 29.98/100
• National rank: #6368
• State rank: #307 of 472 in NJ

Livability — Wharton

• Score: 71/100
• State rank: #245
• US rank: #6817

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wharton, NJ

Population outlook (Morris County) Hauer SSP2

• Today (2025): 516,747 people
• By 2030: 524,603 · +1.5%
• By 2040: 539,582 · +4.4%
• By 2050: 548,986 · +6.2%
• By 2075: 571,326 · +10.6%
• By 2100: 561,122 · +8.6%

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

+47.5% since first listed

5 events — show timeline

• 2026-05-01 Price Changed $499,900 GSMLS
• 2026-03-19 Listed $530,000 GSMLS
• 2022-03-17 Sold (MLS) $339,000 GSMLS
• 2022-01-24 Delisted — GSMLS
• 2021-12-21 Listed $339,000 GSMLS