7002 BLVD E Unit 3F

Guttenberg, NJ 07093

$279,999D-

1 bd · 1.0 ba · 766 sqft · Built — · Condo · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,759/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$467
• HOA: −$954
• Vac / Maint / Mgmt: −$579
• Net cashflow: $-710/mo
• Annual: $-8,517/yr
• Cap rate: 3.25%
• Cash-on-cash: -10.86%
• DSCR: 0.52
• 1% rule: 0.99%
• Cash to close: $78,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $280k. Condition is rated good.
• At list price, monthly cash flow is $-710 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (36.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $276k (1.5% below list).
• It's been on market 22 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $177k (36.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#51 in NJ, #1,253 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A; Watch: cost of living F.
• Guttenberg School District (suburban): math 10% / reading 28% proficiency, ranked #435 of 472 in NJ (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Anna L. Klein (math 10% / reading 28%, grade F, #1,030 of 1,303 statewide, top 80%, 949 students, 74% FRL) — zoned schools at 74% FRL track the district average.
• Watch-outs: HOA is 35% of rent.
• Market conditions: Rents rising (+2.7%/yr); 354 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% of comp listings sitting > 30 days — soft ceiling on asking rent; 5,310 units permitted in Hudson County in 2024 (4,154 in 5+ unit buildings).
• Hudson County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 24% 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.
• Cap rate 3.3% vs local median 2.1% in Guttenberg — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $2,759/mo this rent would consume 45% of the median local household income ($73k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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 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.