93 E Paul Ave · Trenton, NJ 08638

$234,900

4 bd · 2.0 ba · 1,696 sqft · SingleFamily public records · 17 Days on market

Built 1920 1,699 sqft lot Est $321k · 27% 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 +21.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +5.9/10.0
• Livability +3.8/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Solid 2-unit property offering strong income potential. Each unit features 2 bedrooms and 1 full bath. The second-floor unit has been recently updated and includes access to a finished attic providing a 3rd bedroom/bonus space. Property offers spacious layouts, updated flooring and finishes in select areas, and functional kitchens and baths. Additional upside remains for investors looking to increase value through improvements and rental growth. Ideal for investors or owner-occupants seeking income potential. Separate units allow for flexible use and strong rental demand. Conveniently located near transportation, shopping, and major roadways. Property sold as-is, Purchaser responsible for C

Key facts

• Finished attic
• Flexible use
• Conveniently located

Tags

• FINISHED ATTIC
• STRONG INCOME POTENTIAL
• FLEXIBLE USE
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $337 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $231k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 (+3.3%/yr); 83 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 2,256 units permitted in Mercer County in 2024 (1,303 in 5+ unit buildings).
• At $2,555/mo this rent would consume 46% of the median local household income ($67k/yr) (locally 1185% 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 $7k 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 17 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100; list at $235k implies a 234800% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $231,376 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.09% ✓
• Cap rate: 8.01%
• Cash-on-cash: 6.15%
• DSCR: 1.27
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $320,544
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
625 Indiana Ave	0.37mi	4/1.5	1,696 (0%)	5mo	$320,000	$189	77
216 Brunswick Ave	0.53mi	5/3.0 (+1)	1,704 (+0%)	6mo	$130,000	$76	61
42 E Paul Ave	0.10mi	4/1.5	1,443 (-15%)	11mo	$275,000	$191	59
2 Barbara St	0.70mi	3/2.0 (-1)	1,664 (-2%)	4mo	$190,000	$114	55
840 Pennsylvania Ave	0.58mi	4/2.5	1,936 (+14%)	5mo	$410,000	$212	43
130 Old Rose St	0.51mi	3/1.0 (-1)	1,740 (+3%)	24mo	$95,000	$55	43
132 Robbins Ave	0.69mi	4/2.0	1,542 (-9%)	16mo	$370,000	$240	40
971 Pine St	0.68mi	3/1.0 (-1)	1,509 (-11%)	16mo	$285,000	$189	27
233 Robbins Ave	0.75mi	5/3.0 (+1)	1,906 (+12%)	12mo	$465,000	$244	25

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: -6.4%
• Equity multiple: 0.76×
• Total profit: $-15,727
• Equity at exit: $35,024

10-year hold

• IRR: 3.6%
• Equity multiple: 1.27×
• Total profit: $17,544
• Equity at exit: $20,310

Cash invested: $65,772 (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: 7.7×

Monthly cashflow live

• Estimated rent: $2,555 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$351 /mo · $4,217/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$536
• Net cashflow: $337

Break-even live

Break-even rent $2,128

Max offer price $234,900

Occupancy floor 82%

Sensitivity live

Price	-10% $470	-5% $403	+0% $337	+5% $271	+10% $204
Rent	-10% $135	-5% $236	+0% $337	+5% $438	+10% $539
Rate	-1.0pp $455	-0.5pp $397	base $337	+0.5pp $276	+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: $58,725
• Closing costs: $7,047
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1314 Princeton Ave Trenton, NJ	4.0	1.0	1092	$2,400	$2.20	14d	1	0.28mi
130 W Ingham Ave Trenton, NJ	4.0	1.0	1126	$2,000	$1.78	14d	1	0.47mi
331 Ellis Ave Trenton, NJ	3.0	1.0	1190	$2,275	$1.91	21d	1	0.49mi
24 New Trent St Trenton, NJ	3.0	2.0	1336	$2,350	$1.76	14d	1	0.53mi
134 Old Rose St Trenton, NJ	4.0	2.0	1212	$2,300	$1.90	21d	1	0.54mi
1040 Indiana Ave Trenton, NJ	3.0	1.0	1232	$2,950	$2.39	14d	1	0.79mi
1100 Prospect St Unit 1 Ewing Township, NJ	3.0	1.0	1100	$2,000	$1.82	21d	1	0.82mi
21 Bellevue Ave Trenton, NJ	3.0	2.0	1740	$2,400	$1.38	44d	1	0.93mi
234 Walnut Ave Trenton, NJ	4.0	1.0	1480	$2,200	$1.49	21d	1	0.94mi
73 Bellevue Ave Trenton, NJ	4.0	2.0	1950	$2,400	$1.23	14d	1	0.99mi
319 Rutherford Ave Trenton, NJ	4.0	2.0	1100	$2,200	$2.00	21d	1	1.07mi
311 Calhoun St Trenton, NJ	4.0	1.0	1516	$2,400	$1.58	44d	1	1.10mi
219 Woodlawn Ave Trenton, NJ	3.0	1.0	1456	$2,355	$1.62	14d	1	1.19mi
239 Ardmore Ave Trenton, NJ	4.0	2.0	1665	$2,750	$1.65	21d	1	1.21mi
311 Spring St Trenton, NJ	3.0	1.0	1200	$2,200	$1.83	14d	1	1.27mi
186 Passaic St Trenton, NJ	3.0	2.0	1064	$2,400	$2.26	5d	1	1.27mi
510 W Hanover St Trenton, NJ	5.0	1.0	1200	$2,200	$1.83	14d	1	1.31mi
510 N Hermitage Ave Trenton, NJ	5.0	1.5	1316	$2,500	$1.90	13d	1	1.31mi
635 Chambers St Trenton, NJ	4.0	2.0	1312	$2,500	$1.91	14d	1	1.38mi
21 Adella Ave Trenton, NJ	3.0	1.0	1280	$2,000	$1.56	14d	1	1.39mi
600 Artisan St Trenton, NJ	3.0	2.0	1392	$2,650	$1.90	13d	3	1.39mi
600 Artisan St Unit 126 Trenton, NJ	3.0	2.0	1392	$2,650	$1.90	21d	1	1.39mi
25 Adella Ave Trenton, NJ	3.0	1.0	1280	$2,050	$1.60	14d	1	1.39mi
340 Connecticut Ave Unit 2 Hamilton Township, NJ	3.0	1.0	1400	$2,850	$2.04	14d	1	1.43mi
121 Columbus Ave Trenton, NJ	3.0	1.0	1050	$1,900	$1.81	21d	1	1.45mi
428 Cleveland Ave Trenton, NJ	4.0	2.0	1400	$2,500	$1.79	21d	1	1.47mi

Listing history 7 events

1. 2026-04-13
   status Pending
2. 2026-03-27
   listed $234,900 Active
3. 2024-10-25
   soldstatus $100
4. 2004-05-07
   soldstatus $100
5. 2004-05-07
   soldstatus $60,000
6. 1984-06-01
   soldstatus $37,000
7. 1981-07-01
   soldstatus $27,500

ⓘ 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: $4,217 · $351/mo
• Projected year-2 tax: $5,033 · $419/mo
• Expected delta: +$816/yr (+$68/mo · 19.3%)

ⓘ 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: $30,655
• − Mortgage interest: −$13,158
• − Property taxes: −$4,217
• − Insurance: −$1,174
• − Repairs & maintenance: −$2,452
• − Management: −$2,452
• − Depreciation: −$6,833
• Taxable income: $367
• Est. tax owed @ 24.0%: −$88
• After-tax cash flow: $3,956/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: 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): 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

+754.2% since first listed

7 events — show timeline

• 2026-04-13 Pending — BRIGHT MLS
• 2026-03-27 Listed $234,900 BRIGHT MLS
• 2024-10-25 Sold (Public Records) $100 Public Records
• 2004-05-07 Sold (Public Records) $60,000 Public Records
• 2004-05-07 Sold (Public Records) $100 Public Records
• 1984-06-01 Sold (Public Records) $37,000 Public Records
• 1981-07-01 Sold (Public Records) $27,500 Public Records

Property tax history

+1.2%/yr

Latest (2025): $4,217 · +1.5% YoY. Source: county tax records.