202 Toner Rd

Boonton, NJ 07005-2324

$859,000C+

4 bd · 2.5 ba · 2,580 sqft · Built 1988 · SingleFamily · Under Contract · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,750/mo
• Mortgage (P&I): −$4,505
• Tax + insurance: −$1,755
• HOA: −$0
• Vac / Maint / Mgmt: −$2,048
• Net cashflow: $1,442/mo
• Annual: $17,308/yr
• Cap rate: 8.31%
• Cash-on-cash: 7.20%
• DSCR: 1.32
• 1% rule: 1.14%
• Cash to close: $240,520

Investor read

• This is a 4-bed/2.5-bath single-family listed at $859k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $859k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $32k of equity ($6k loan paydown + $26k appreciation (3.0% local appreciation)).
• Location reads 81/100 on livability (#58 in NJ, #1,511 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Boonton Town School District (suburban): math 20% / reading 50% proficiency, ranked #255 of 472 in NJ (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: School Street School (298 students, 31% FRL); John Hill School (math 21% / reading 52%, grade F, #226 of 431 statewide, top 55%, 530 students, 36% FRL); Boonton High School (math 20% / reading 47%, grade F, #251 of 399 statewide, top 64%, 662 students, 28% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,357 units permitted in Morris County in 2024 (1,496 in 5+ unit buildings).
• Morris County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $499k; list at $859k implies a 72% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $241k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.
• 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.