347 Elmora Ave · Elizabeth, NJ 07208

$2,400

3 bd · 1.0 ba · — sqft · MultiFamily · 1 Days on market

3,920 sqft lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Great and bright 2nd floor unitl, 3 oversized rooms with closet space, 1 full bath, living room. eat in kitchen, utilities separated, not parking space, washer & dryer machines in the unit. Owner requires NTN Report, proof of Income, credit verification & tenant application.

Key facts

• 3,920 sq ft lot

Property features AI

Finance

• Other: Unit 1: tenant pays water; Unit 2: owner pays water; tenant pays electric, gas, and heat; Unit 2 security deposit listed as $2,400
• Financial info: Two-unit property; Reported net operating income, gross operating income, and operating expenses listed as $0

Exterior

• Parking: Off-street parking; No garage
• Utilities: Public water; Public sewer; All utilities are underground
• Home design: Two-story unit style
• Construction: Aluminum siding construction; Asphalt shingle roof
• Exterior features: Aluminum siding; Asphalt shingle roof; All underground utilities

Interior

• Kitchen: Eat-in kitchen (Unit 2); Additional kitchen in Unit 2
• Bedrooms: Unit 2 has 3 bedrooms
• Bathrooms: 1 full bathroom (total)
• Heating & cooling: Three separate heating units; Hot water baseboard heating fueled by natural gas; Window A/C units
• Interior features: Unfinished basement; Has basement; See remarks for additional unit details
• Laundry & utility: Washer and dryer included in Unit 2; Carbon monoxide detector (Unit 2)

🏷️ Possibly a rental listed for sale. The $2,400 price doesn't fit this home's estimated sale value and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $2k.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $2k).
• Cap rate 1899.9% vs local median 2.4% in Elizabeth — 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.

Location & tenants

• Location reads 69/100 on livability (#277 in NJ) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety B+; Watch: amenities D+, schools D-, crime D-.
• Elizabeth Public Schools (suburban): math 9% / reading 33% proficiency, ranked #430 of 472 in NJ (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 15 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,749 units permitted in Union County in 2024 (1,421 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $17 of loan paydown is wiped out by about $72 of value loss. Plan a longer hold.
• Union County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $672 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• 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.

Recommended offer $2,400

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 200.62% ✓
• Cap rate: 1899.92%
• Cash-on-cash: 6762.97%
• DSCR: 301.91
• GRM: 0.0

CMA / ARV

No comps found within radius.

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
125 Alton St	0.45mi	4/2.0 (+1)	2,755	13mo	$600,000	$218	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 359.48×
• Total profit: $240,897
• Equity at exit: $358

10-year hold

• IRR: —
• Equity multiple: 775.80×
• Total profit: $520,664
• Equity at exit: $208

Cash invested: $672 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 07208

• Active inventory: 15
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $4,815 high
• Mortgage (P&I): −$13
• Tax est. 1.5%: −$3 /mo · $36/yr
• Insurance: −$1
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,011
• Net cashflow: $3,787

Break-even live

Break-even rent $21

Max offer price $2,400

Occupancy floor 16%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,816
Total (2 units)			$4,815

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $600
• Closing costs: $72
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
331 Elmora Ave Elizabeth, NJ	2.0	—	—	$2,200	—	1d	2	0.04mi
350 Elmora Ave Elizabeth, NJ	2.0	1.0	—	$2,200	—	6d	1	0.06mi
350 Elmora Ave Unit F Elizabeth, NJ	2.0	2.0	—	$2,200	—	20d	1	0.06mi
521 Pennington St Elizabeth, NJ	3.0	1.0	—	$2,300	—	2d	1	0.26mi
710 Westfield Ave Elizabeth, NJ	3.0	1.0	—	$2,400	—	15d	1	0.29mi
720 Westfield Ave Unit CC2 Elizabeth, NJ	3.0	1.0	—	$2,350	—	20d	1	0.31mi
725 Westfield Ave Unit 1 Elizabeth, NJ	3.0	1.5	2000	$4,500	$2.25	1d	1	0.33mi
734 Pennington St Elizabeth, NJ	3.0	1.0	—	$2,600	—	7d	1	0.34mi
160 Elm St Elizabeth, NJ	3.0	1.0	—	$2,500	—	14d	1	0.40mi
212 Westfield Ave Elizabeth, NJ	3.0	1.0	900	$2,998	$3.33	7d	1	0.42mi
125 Alton St Elizabeth, NJ	3.0	1.5	—	$2,400	—	24d	1	0.43mi
854 W Grand St Elizabeth, NJ	2.0	1.0	850	$2,400	$2.82	21d	1	0.43mi
144 Bellevue St Unit 1 Elizabeth, NJ	3.0	1.0	—	$2,500	—	24d	1	0.48mi
854 Pennington St Unit 2L Elizabeth, NJ	2.0	1.0	—	$2,400	—	24d	1	0.48mi
849 Jersey Ave Unit 2 Elizabeth, NJ	2.0	1.0	600	$1,925	$3.21	7d	1	0.50mi
849 Jersey Ave Unit A Elizabeth, NJ	2.0	1.0	—	$1,925	—	24d	1	0.50mi
836 Jersey Ave Unit A Elizabeth, NJ	2.0	1.0	800	$1,800	$2.25	21d	1	0.50mi
148 Chilton St Unit 2 Elizabeth, NJ	3.0	1.0	—	$2,200	—	24d	1	0.50mi
112-114 Stiles St Elizabeth, NJ	3.0	1.0	1100	$1,900	$1.73	2d	1	0.52mi
767 Canton St Unit NA Elizabeth, NJ	3.0	2.0	2100	$3,500	$1.67	24d	1	0.53mi
49 Orchard St Elizabeth, NJ	2.0	1.0	—	$1,800	—	24d	1	0.60mi
312 Vine St Elizabeth, NJ	3.0	2.0	—	$2,850	—	24d	1	0.64mi
530 Vine St Elizabeth, NJ	2.0	1.0	660	$2,150	$3.26	14d	3	0.66mi
501-503 Morris Ave Elizabeth, NJ	2.0	1.0	—	$2,100	—	24d	1	0.68mi
129 Cherry St Elizabeth, NJ	3.0	1.0	—	$2,250	—	24d	1	0.68mi
127 Murray St Unit 2 Elizabeth, NJ	2.0	1.0	—	$1,900	—	24d	1	0.69mi
129-131 Cherry St Unit 131- 1st fl Elizabeth, NJ	3.0	1.0	13993	$2,250	$0.16	20d	1	0.69mi
50 Cherry St Unit B Elizabeth, NJ	3.0	1.0	1000	$2,700	$2.70	24d	1	0.72mi
340 Morris Ave Elizabeth, NJ	3.0	1.0	—	$2,200	—	24d	1	0.75mi
15 Hayes Ave Elizabeth, NJ	3.0	1.5	—	$2,400	—	24d	1	0.78mi
100 Union St Elizabeth, NJ	1.0–2.0	1.0–2.0	863	$3,331	$3.86	1d	25	0.82mi
353 Fay Ave Unit 2 Elizabeth, NJ	2.0	1.0	—	$2,250	—	21d	1	0.83mi
78 Murray St Unit 517 Elizabeth, NJ	2.0	2.0	1064	$2,599	$2.44	7d	1	0.83mi
34 Cedar Ave Elizabeth, NJ	3.0	2.0	—	$3,100	—	24d	1	0.83mi
78 Murray St Unit 201 Elizabeth, NJ	2.0	2.0	1012	$2,649	$2.62	24d	1	0.84mi
78 Murray St Unit 409 Elizabeth, NJ	2.0	2.0	1042	$2,495	$2.39	24d	1	0.84mi
78 Murray St Unit 216 Elizabeth, NJ	2.0	2.0	989	$2,499	$2.53	24d	1	0.84mi
78 Murray St Unit 405 Elizabeth, NJ	2.0	2.0	1087	$2,595	$2.39	24d	1	0.84mi
280 Morris Ave Elizabeth, NJ	3.0	1.0	1000	$2,399	$2.40	24d	1	0.85mi
276 Morris Ave Unit 3 Elizabeth, NJ	3.0	1.0	—	$2,375	—	10d	1	0.85mi

Listing history 2 events

1. 2026-06-08
   remarks 279-char remark
2. 2026-06-08
   listed $2,400 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,780
• − Mortgage interest: −$134
• − Property taxes: −$36
• − Insurance: −$12
• − Repairs & maintenance: −$4,622
• − Management: −$4,622
• − Depreciation: −$70
• Taxable income: $48,283
• Est. tax owed @ 24.0%: −$11,588
• After-tax cash flow: $33,859/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Elizabeth Public Schools
• NCES district ID: 3404590
• Math proficiency: 9% ▼ -17.00%
• Reading proficiency: 33% ▼ -19.00%
• Median HH income: $43,785
• Composite: 18.05/100
• National rank: #8979
• State rank: #430 of 472 in NJ

Livability — Elizabeth

• Score: 69/100
• State rank: #277
• US rank: #8270

Category grades

Amenities D+ Commute A+ Cost of living F Crime D- Employment C Housing C+ Health & safety B+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elizabeth, NJ
• City population: 105,365
• Population (ZIP): 32,404

Population outlook (Union County) Hauer SSP2

• Today (2025): 596,450 people
• By 2030: 616,880 · +3.4%
• By 2040: 658,185 · +10.4%
• By 2050: 696,707 · +16.8%
• By 2075: 785,448 · +31.7%
• By 2100: 836,583 · +40.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 61% White 19% Two or more races 17% Black 15% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 7% Cuban 2% Dominican 9%
• Common ancestry: Hispanic 3% Russian 3% Estonian 3%
• Foreign-born: 52% · Canada, Jamaica, Guatemala
• Languages at home: 25% English-only · Spanish 57% Other Indo-European 8% French/Haitian/Cajun 5%

Political lean MEDSL · Union

• 2024 margin: Strong D (+24.2) · D 61.2% · R 37.0% · Other 1.8%
• 2008→2024 swing: -4.0pp toward R · 2008: 28.2pp · 2024: 24.2pp
• All cycles: 2024: D+24.2 2020: D+35.5 2016: D+35.5 2012: D+33.5 2008: D+28.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -412.86%
• Current HPI: 425.8788
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

1 event — show timeline

• 2026-06-08 Listed $2,400 GSMLS