430 Closter Dock Rd

Closter, NJ 07624

$998,000D+

4 bd · 3.0 ba · — sqft · Built — · MultiFamily · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,103/mo
• Mortgage (P&I): −$5,234
• Tax + insurance: −$1,663
• HOA: −$0
• Vac / Maint / Mgmt: −$1,912
• Net cashflow: $294/mo
• Annual: $3,533/yr
• Cap rate: 6.65%
• Cash-on-cash: 1.26%
• DSCR: 1.06
• 1% rule: 0.91%
• Cash to close: $279,440

Investor read

• This is a 1×2bd/1.5ba + 1×3bd/1.5ba units multifamily listed at $998k. Condition is rated good.
• At list price, monthly cash flow is $294 ($4k/yr) — positive. Per door: $147/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $910k (8.8% below list).
• It's been on market 54 days — a 3% lower offer ($968k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $910k (8.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#179 in NJ, #4,797 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A-; Watch: amenities D+, commute F, cost of living F.
• Northern Valley Regional High School District (suburban): math 58% / reading 71% proficiency, ranked #30 of 472 in NJ (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 2% free/reduced lunch — higher-income household profile.
• Zoned schools: Hillside Elementary School (math 68% / reading 70%, grade A-, #32 of 1,303 statewide, top 3%, 623 students, 1% FRL); Tenakill Middle School (math 60% / reading 65%, grade B+, #32 of 431 statewide, top 7%, 575 students, 2% FRL); Northern Valley Regional High School At Demarest (math 64% / reading 76%, grade B+, #29 of 399 statewide, top 7%, 978 students, 1% FRL) — zoned schools at 1% FRL track the district average.
• Market conditions: 22 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 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.
• 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.

Questions for listing agent

• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• 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.