265 Main St #219

Ridgefield Park, NJ 07660-1552

$149,000D

1 bd · 1.0 ba · 850 sqft · Built 1967 · Condo · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,216/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$248
• HOA: −$1,293
• Vac / Maint / Mgmt: −$465
• Net cashflow: $-572/mo
• Annual: $-6,865/yr
• Cap rate: 1.69%
• Cash-on-cash: -16.46%
• DSCR: 0.27
• 1% rule: 1.49%
• Cash to close: $41,720

Investor read

• This is a 1-bed/1.0-bath condo listed at $149k. Condition is rated good.
• At list price, monthly cash flow is $-572 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $66k (55.6% below list).
• Meets the 1% rule at list price ($2k rent vs $149k).
• It's been on market 66 days — a 6% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (55.6% below list) — sets the bar for cash-flow.
• In year one you build about $6k of equity ($1k loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 80/100 on livability (#72 in NJ, #1,762 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D-, cost of living F.
• Ridgefield Park School District (suburban): math 18% / reading 39% proficiency, ranked #348 of 472 in NJ (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Lincoln Elementary School (math 17% / reading 37%, grade F, #795 of 1,303 statewide, top 64%, 341 students, 40% FRL); Ridgefield Park Jr Sr High School (math 15% / reading 43%, grade F, #298 of 399 statewide, top 75%, 1,174 students, 42% FRL).
• Watch-outs: HOA is 58% of rent.
• Market conditions: 1 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 3,488 units permitted in Bergen County in 2024 (1,610 in 5+ unit buildings).
• Bergen County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 2y 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.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 56% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?