172 Evergreen Rd · Menlo Park Terrace, NJ 08837

$290,000

None bd · None ba · 1,100 sqft · MultiFamily · 16 Days on market

Built 1960 Poor condition

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +3.3/5.0
• Livability +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Proximity to the J. P. Stevens High School. Recently remodeled 2BR, 1BA co-op featuring a newer kitchen with quartz countertops, newer appliances, and modern ceiling light fixtures with fan in each space. The unit offers abundant natural light and neutral paint throughout. New hybrid floors in the living room and both bedrooms. Both bedrooms are generously sized with ample closet space. Association fee covers gas, property taxes, heat, hot water, water, sewer, and exterior maintenance. Buyer is responsible for electricity and internet only. Conveniently located near Menlo Park Mall, Target, restaurants, major highways Route 1 287 Garden State, and 95, and Metropark Train Station.

Key facts

• New hybrid floors
• Quartz countertops
• Newer kitchen

Tags

• NEWER KITCHEN
• QUARTZ COUNTERTOPS
• NEW HYBRID FLOORS
• ABUNDANT NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a multifamily listed at $290k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $7k ($82k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $290k).
• Recommended offer: $286k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Edison Township School District (suburban): math 44% / reading 64% proficiency, ranked #91 of 472 in NJ (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.1%/yr); 32 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,971 units permitted in Middlesex County in 2024 (1,193 in 5+ unit buildings).
• At $11,215/mo this rent would consume 131% of the median local household income ($103k/yr) (locally 683% 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 $9k of value loss. Plan a longer hold.
• Middlesex County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $81k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($286k) is reasonable based on typical stale-listing flexibility.

Recommended offer $285,650 (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 1960 — 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. 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.
5. 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.
6. 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: 3.87% ✓
• Cap rate: 34.66%
• Cash-on-cash: 101.32%
• DSCR: 5.51
• GRM: 2.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.07% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 5.81×
• Total profit: $390,612
• Equity at exit: $43,240

10-year hold

• IRR: —
• Equity multiple: 12.16×
• Total profit: $906,324
• Equity at exit: $25,074

Cash invested: $81,200 (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 08837

• Rents YoY: 3.1%
• Active inventory: 32
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $11,215 high
• Mortgage (P&I): −$1,521
• Tax est. 1.5%: −$362 /mo · $4,350/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,355
• Net cashflow: $6,856

Break-even live

Break-even rent $2,537

Max offer price $290,000

Occupancy floor 34%

Sensitivity live

Price	-10% $7,056	-5% $6,956	+0% $6,856	+5% $6,756	+10% $6,655
Rent	-10% $5,970	-5% $6,413	+0% $6,856	+5% $7,299	+10% $7,742
Rate	-1.0pp $7,002	-0.5pp $6,929	base $6,856	+0.5pp $6,781	+1.0pp $6,704

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1.5	$11,215
Total (5 units)			$11,215

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
253 Lafayette Rd Edison, NJ	1.0–2.0	1.0	729	$2,795	$3.83	3d	10	0.18mi
185 W Kelly St Apt 208 Metuchen, NJ	2.0	2.0	1262	$3,000	$2.38	18d	1	0.46mi
185 W Kelly St Unit 204 Metuchen, NJ	1.0	1.0	772	$2,295	$2.97	25d	1	0.46mi
208 White Birch Rd Edison, NJ	1.0–2.0	1.0–1.5	1010	$3,080	$3.05	0d	6	0.69mi
50 N Evergreen Rd Edison, NJ	1.0–2.0	1.0	1035	$2,340	$2.26	25d	2	0.70mi
100 Tulip Dr Fords, NJ	1.0–2.0	1.0	758	$2,970	$3.92	0d	27	0.70mi
3 Ronson Rd Iselin, NJ	2.0	1.0–2.5	923	$3,897	$4.22	0d	49	0.75mi
12 Koster Blvd Edison, NJ	1.0–2.0	1.0	800	$2,125	$2.66	25d	1	0.79mi
300 Ford Ave Fords, NJ	1.0	1.0	971	$2,000	$2.06	44d	1	0.94mi
145A Grandview Ave Edison, NJ	1.0–2.0	1.0	800	$2,575	$3.22	25d	1	1.00mi
20 Cedar St Unit 2 Edison, NJ	1.0	1.0	1000	$2,000	$2.00	25d	1	1.16mi
902 Amboy Ave #7 Edison, NJ	2.0	2.0	1500	$2,495	$1.66	25d	1	1.18mi
23 Coolidge Ave Edison, NJ	2.0	1.0	725	$2,100	$2.90	25d	1	1.24mi
73 Wolff Ave Edison, NJ	1.0–2.0	1.0	840	$2,290	$2.72	0d	4	1.36mi
20 Gill Ln Iselin, NJ	1.0–2.0	1.0	829	$2,695	$3.25	44d	1	1.37mi

Listing history 11 events

1. 2026-06-21
   days on market $290,000 Active 16 DOM
2. 2026-06-18
   days on market $290,000 Active 13 DOM
3. 2026-06-17
   days on market $290,000 Active 12 DOM
4. 2026-06-16
   days on market $290,000 Active 11 DOM
5. 2026-06-15
   days on market $290,000 Active 10 DOM
6. 2026-06-13
   days on market $290,000 Active 8 DOM
7. 2026-06-13
   days on market $290,000 Active 7 DOM
8. 2026-06-09
   days on market $290,000 Active 4 DOM
9. 2026-06-08
   days on market $290,000 Active 3 DOM
10. 2026-06-07
    remarks 688-char remark
11. 2026-06-07
    listed $290,000 Active 2 DOM

ⓘ 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: $134,580
• − Mortgage interest: −$16,245
• − Property taxes: −$4,350
• − Insurance: −$1,450
• − Repairs & maintenance: −$10,766
• − Management: −$10,766
• − Depreciation: −$8,436
• Taxable income: $82,566
• Est. tax owed @ 24.0%: −$19,816
• After-tax cash flow: $62,453/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 · 2 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance, including a new roof, siding, flooring, and painting, as well as landscaping. Significant improvements would be needed to increase its resale and rental value.

Repairs flagged

• Major roof — Significant wear and tear visible.
• Major exterior siding — Severe discoloration and wear.
• Major flooring — Old and in need of replacement.
• Major interior walls/paint — Significant wear and discoloration.
• Major landscaping — Overgrown and in need of trimming and maintenance.

Value-add opportunities

• Both New roof — A new roof would significantly improve the home's appearance and value.
• Both New exterior siding — New siding would improve the home's curb appeal and value.
• Both New flooring — New flooring would improve the home's appearance and value.
• Both Painting interior walls — Painting interior walls would improve the home's appearance and value.
• Both Landscaping — Landscaping would improve the home's curb appeal and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant wear and tear visible.	Major	$15,000–50,000
exterior siding · Severe discoloration and wear.	Major	$15,000–50,000
flooring · Old and in need of replacement.	Major	$15,000–50,000
interior walls/paint · Significant wear and discoloration.	Major	$15,000–50,000
landscaping · Overgrown and in need of trimming and maintenance.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both New roof — A new roof would significantly improve the home's appearance and value. ↑
• Both New exterior siding — New siding would improve the home's curb appeal and value. ↑
• Both New flooring — New flooring would improve the home's appearance and value. ↑
• Both Painting interior walls — Painting interior walls would improve the home's appearance and value. ↑
• Both Landscaping — Landscaping would improve the home's curb appeal and 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: Edison Township School District
• NCES district ID: 3404500
• Math proficiency: 44% ▼ -20.00%
• Reading proficiency: 64% ▼ -13.00%
• Median HH income: $89,889
• Composite: 49.84/100
• National rank: #1948
• State rank: #91 of 472 in NJ

Livability — Menlo Park Terrace

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

Census & demographics

• County: Middlesex County · 714,427 people
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 19,437
• Household income: $102,605
• Rent vs Own: 50.6% rent · 49.4% own
• Severe rent burden: 683.0

Population outlook (Middlesex County) Hauer SSP2

• Today (2025): 901,713 people
• By 2030: 930,661 · +3.2%
• By 2040: 986,276 · +9.4%
• By 2050: 1,038,920 · +15.2%
• By 2075: 1,159,418 · +28.6%
• By 2100: 1,221,973 · +35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Asian 39% White 29% Hispanic / Latino 19% Black 11% Two or more races 9%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Dominican 2%
• Common ancestry: Romanian 4% Subsaharan African 1% Scotch-Irish 1%
• Foreign-born: 39% · Canada, South Korea, China
• Languages at home: 50% English-only · Other Indo-European 16% Other Asian/Pacific 13% Spanish 12%

Political lean MEDSL · Middlesex

• 2024 margin: Lean D (+8.0) · D 52.5% · R 44.5% · Other 3.0%
• 2008→2024 swing: -13.8pp toward R · 2008: 21.8pp · 2024: 8.0pp
• All cycles: 2024: D+8.0 2020: D+22.0 2016: D+19.8 2012: D+27.0 2008: D+21.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -303.86%
• Current HPI: 308.6392
• Rent YoY: ▲ 3.07%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• 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

• 2026-06-05 Listed $290,000 FSBO.com