60 Murray Ave #2 · Paterson, NJ 07501

$585,000

6 bd · 4.0 ba · — sqft · MultiFamily · 2 Days on market

Built 1930 3,049 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 +11.9/30.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• Rent growth +5.0/5.0
• DSCR +3.5/10.0
• Livability +3.5/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Two units house within walking distance from Pennington Park in Paterson, NJ. This property presents an excellent opportunity for both investors was well as owner-occupants. Each unit offers comfortable living space with 3 bedrooms, Living room, Eat In kitchen anseparate utilities. Finished attic and basement. Strategically located with easy access to public transportation, park, schools and main roads and highways.

Key facts

• Finished attic
• Finished basement
• 3,049 sq ft lot

Tags

• FINISHED ATTIC
• FINISHED BASEMENT
• EASY ACCESS TO SCHOOLS
• EASY ACCESS TO MAIN ROADS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $585k.

Deal economics

• At list price, monthly cash flow is $-212 ($-3k/yr) — negative. Per door: $-106/mo.
• To cash-flow at today's rent, offer at most $554k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $493k (15.7% below list).
• Recommended offer: $493k (15.7% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.5% in Paterson — 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 (#293 in NJ) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: schools D, employment D, crime F.
• Paterson Public School District (suburban): math 6% / reading 26% proficiency, ranked #458 of 472 in NJ (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+11.4%/yr); 52 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 860 units permitted in Passaic County in 2024 (614 in 5+ unit buildings).
• At $4,933/mo this rent would consume 134% of the median local household income ($44k/yr) (locally 3954% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $10k of equity ($4k loan paydown + $6k appreciation (1.0% local appreciation)).
• Passaic County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $493,300 (15.7% below list)

Questions for the listing agent

1. 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?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is F 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.84% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.07%
• DSCR: 0.95
• GRM: 9.9

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
95-97 Caldwell Ave	0.12mi	5/2.0 (-1)	—	6mo	$750,000	—	64
72-74 Maple St	0.36mi	5/4.0 (-1)	—	4mo	$600,000	—	62
66 Danforth Ave	0.28mi	7/3.0 (+1)	—	5mo	$835,000	—	61
113 Turner St	0.28mi	5/3.0 (-1)	—	7mo	$650,000	—	60
320-322 Dixon Ave	0.43mi	5/3.0 (-1)	—	4mo	$840,000	—	55
262 Union Ave	0.56mi	7/4.0 (+1)	—	3mo	$730,000	—	54
30-32 Union Ave	0.59mi	7/4.0 (+1)	—	4mo	$875,000	—	51
241 Liberty St	0.61mi	6/2.0	—	6mo	$559,000	—	46
12 Ward St	0.71mi	5/3.0 (-1)	—	1mo	$565,000	—	45
107 Jersey St	0.67mi	6/2.5	—	7mo	$750,000	—	44
449 Taft Ave	0.71mi	5/3.0 (-1)	—	6mo	$833,000	—	40
190 Mill St	0.74mi	5/2.0 (-1)	—	8mo	$600,000	—	34

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

Projected returns pro-forma

1.01% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 2.8%
• Equity multiple: 1.15×
• Total profit: $23,817
• Equity at exit: $199,929

10-year hold

• IRR: 10.4%
• Equity multiple: 2.42×
• Total profit: $232,569
• Equity at exit: $265,858

Cash invested: $163,800 (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 07501

• Home prices YoY: 0.3%
• Rents YoY: 11.4%
• Active inventory: 52
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $4,933 high
• Mortgage (P&I): −$3,068
• Tax est. 1.5%: −$731 /mo · $8,775/yr
• Insurance: −$244
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,036
• Net cashflow: $-212

Break-even live

Break-even rent $5,202

Max offer price $554,295

Occupancy floor 99%

Sensitivity live

Price	-10% $192	-5% $-10	+0% $-212	+5% $-414	+10% $-616
Rent	-10% $-602	-5% $-407	+0% $-212	+5% $-17	+10% $178
Rate	-1.0pp $82	-0.5pp $-63	base $-212	+0.5pp $-364	+1.0pp $-518

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,934
Total (2 units)			$4,933

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: $146,250
• Closing costs: $17,550
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
235 Preakness Ave Paterson, NJ	6.0	3.0	—	$4,900	—	0d	1	0.61mi
22 Doremus St #2 Paterson, NJ	5.0	2.0	—	$2,800	—	26d	1	1.02mi

Listing history 3 events

1. 2025-11-22
   status Under Contract
2. 2025-02-04
   historical
3. 2025-02-01
   listed $585,000 Active

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥99°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 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,196
• − Mortgage interest: −$32,769
• − Property taxes: −$8,775
• − Insurance: −$3,722
• − Repairs & maintenance: −$4,736
• − Management: −$4,736
• − Depreciation: −$17,018
• Taxable loss: −$12,560
• Est. tax savings @ 24.0%: +$3,014
• After-tax cash flow: $468/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: Paterson Public School District
• NCES district ID: 3412690
• Math proficiency: 6% ▼ -12.00%
• Reading proficiency: 26% ▼ -4.00%
• Median HH income: $34,365
• Composite: 13.02/100
• National rank: #9568
• State rank: #458 of 472 in NJ

Livability — Paterson

• Score: 69/100
• State rank: #293
• US rank: #8763

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Paterson, NJ
• County: Passaic County · 360,294 people
• City population: 85,452
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 35,481
• Household income: $44,300
• Rent vs Own: 83.9% rent · 16.1% own
• Severe rent burden: 3954.0

Population outlook (Passaic County) Hauer SSP2

• Today (2025): 525,915 people
• By 2030: 532,160 · +1.2%
• By 2040: 543,670 · +3.4%
• By 2050: 554,326 · +5.4%
• By 2075: 584,728 · +11.2%
• By 2100: 598,978 · +13.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (68%)
• Race & ethnicity: Hispanic / Latino 68% Black 24% Two or more races 8% White 5% Asian 3%
• Hispanic origin (detail): Mexican 7% Puerto Rican 10% Dominican 34%
• Foreign-born: 42% · Canada, Jamaica
• Languages at home: 34% English-only · Spanish 63% Other Indo-European 3%

Political lean MEDSL · Passaic

• 2024 margin: Toss-up / Even · D 46.9% · R 49.8% · Other 3.3%
• 2008→2024 swing: -24.6pp toward R · 2008: 21.7pp · 2024: -2.9pp
• All cycles: 2024: R+2.9 2020: D+16.5 2016: D+21.8 2012: D+27.3 2008: D+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.01%
• Current HPI: 292.4223
• Rent YoY: ▲ 11.37%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• 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

3 events — show timeline

• 2025-11-22 Pending — GSMLS
• 2025-02-04 Delisted — GSMLS
• 2025-02-01 Listed $585,000 GSMLS