Front view of 32 N Harrison St, Princeton listed for rent at $2,850 per month (3-bed, 2-ha).

As part of an occasional series where we cast an eye over rental properties and real estate walkable to downtown Princeton, we invite you to comment on a local listing. You can find previous entries here and here.

Today we are looking at a single family home listed for rent with 3 bedrooms, 2 bathrooms. The listing agent describes it as a “bright, cheerful house located within walking distance to town.” (A little sleuthing on our part revealed the exact address as 32 N Harrison Street.) The advertised rate is $2,850 and the full listing with more photos can be seen here.

Kitchen at 32 N Harrison Street, Princeton (click to expand.)

The house is listed as available for a short-term or one-year+ lease. It seems that the house has recently been for sale, although there seems to have been some trouble closing, as the asking price has been whittled away on an almost-monthly basis since May (currently listed at $509,500 if you’re interested).

Bedroom at 32 N Harrison Street, Princeton (click to expand.)

Features-wise, you’re looking at hardwood floors throughout, a large 2-car garage, and a nice back patio area. Delightful Quarry Park is just around the corner. What is not advertised is that the Princeton Hook and Ladder Company firehouse is directly across the road. However, if you have extra local insight, you’ll be aware that Princeton has consolidated the local firefighting services into one location on Witherspoon Street. There’s a good chance that you won’t be bothered much by the sound of fire sirens on Harrison Street.

Back yard at 32 N Harrison Street, Princeton (click to expand.)

Based on Zillow‘s estimates of a 30-year fixed mortgage at current rates, a buyer who was able to put 20% down could pay the mortgage and property taxes on this house for less than $2,850 a month (and then claim mortgage interest as a tax deductible).  Of course, that’s irrelevant if you can’t afford a hefty down payment! So, as rentals, go, for $2,850 a month, Is That A Good Deal?

Let us know if you think $2,850 per month represents fair market value for this rental property! We welcome your comments in the space below!