608 Main St · Paterson, NJ 07503-3027

$499,000

6 bd · 3.0 ba · — sqft · MultiFamily · 62 Days on market

Fair condition 2,178 sqft lot ↓ 9% since listing

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Why this score? — see what drove the B- 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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.3/10.0

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 opportunity for investors with this mixed use property in Paterson. Store front Bodega in the first unit with 2 apartments in the upper level. Both apartments feature the same layout with living room, kitchen, 3 beds and 1 bath on each floor. Unfished basement for storage.

Key facts

• Mixed use property
• Store front bodega
• Unfished basement

Tags

• MIXED USE PROPERTY
• STORE FRONT BODEGA
• UNFISHED BASEMENT

Property features AI

Finance

• Financial info: Three separate rental units; Net operating income and gross operating income listed as 0 (per provided data); Operating expenses listed as 0 (per provided data)

Exterior

• Parking: On-street parking; no driveway or garage
• Utilities: Natural gas service; Public water; Public sewer
• Home design: Three-story multi-unit building (3 units)
• Construction: Vinyl siding construction
• Exterior features: Vinyl siding; Asphalt shingle roof

Interior

• Kitchen: Kitchens in each unit
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 3 bedrooms; Unit 3: 3 bedrooms
• Bathrooms: Three full bathrooms total (distributed among units)
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Unfinished basement; Smoke detectors in each unit
• Laundry & utility: Owner pays water; tenants pay electric, gas, and heat (each unit)

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $499k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $499k).
• Recommended offer: $469k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 3.4% 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: 1 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 860 units permitted in Passaic County in 2024 (614 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($3k loan paydown + $15k appreciation (3.0% local appreciation)).
• Passaic County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($469k) is reasonable based on typical stale-listing flexibility.

Recommended offer $469,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.32% ✓
• Cap rate: 10.49%
• Cash-on-cash: 14.97%
• DSCR: 1.67
• GRM: 6.3

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
90 Chadwick St	0.24mi	6/3.0	—	7mo	$545,000	—	71
142 Spring St	0.22mi	5/3.0 (-1)	—	7mo	$530,000	—	66
379 Straight St	0.47mi	6/2.0	—	1mo	$490,000	—	60
74-76 Beech St	0.55mi	6/3.0	—	2mo	$693,000	—	60
974 19th St	0.62mi	6/3.0	—	3mo	$625,000	—	56
512 Summer St	0.46mi	5/3.0 (-1)	—	6mo	$492,500	—	56
107 Jersey St	0.53mi	6/2.5	—	7mo	$750,000	—	54
320-322 Dixon Ave	0.62mi	5/3.0 (-1)	—	4mo	$840,000	—	50
12 Ward St	0.69mi	5/3.0 (-1)	—	0mo	$565,000	—	50
312 Pacific St	0.74mi	6/3.0	—	8mo	$835,000	—	47
1026-1028 E 22nd St	0.74mi	6/4.0	—	7mo	$770,000	—	43
13 Southard St	0.74mi	6/2.0	—	7mo	$565,000	—	43

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: 21.6%
• Equity multiple: 2.23×
• Total profit: $171,249
• Equity at exit: $224,372

10-year hold

• IRR: 22.6%
• Equity multiple: 4.25×
• Total profit: $454,229
• Equity at exit: $345,784

Cash invested: $139,720 (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 07503-3027

• Active inventory: 1
• Price-to-rent: 19.0×

Monthly cashflow live

• Estimated rent: $6,572 high
• Mortgage (P&I): −$2,617
• Tax est. 1.5%: −$624 /mo · $7,485/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,380
• Net cashflow: $1,743

Break-even live

Break-even rent $4,365

Max offer price $499,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$6,573
Total (3 units)			$6,572

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
73 Florida ST Unit 2 Paterson, NJ	6.0	3.0	—	$3,350	—	24d	1	0.93mi
235 Preakness Ave Paterson, NJ	6.0	3.0	—	$4,900	—	1d	1	1.48mi

Listing history 16 events

1. 2026-06-18
   days on market $499,000 Active 62 DOM
2. 2026-06-17
   days on market $499,000 Active 61 DOM
3. 2026-06-16
   days on market $499,000 Active 60 DOM
4. 2026-06-15
   days on market $499,000 Active 59 DOM
5. 2026-06-13
   days on market $499,000 Active 57 DOM
6. 2026-06-13
   days on market $499,000 Active 56 DOM
7. 2026-06-09
   days on market $499,000 Active 53 DOM
8. 2026-06-08
   days on market $499,000 Active 52 DOM
9. 2026-06-07
   days on market $499,000 Active 51 DOM
10. 2026-06-04
    days on market $499,000 Active 48 DOM
11. 2026-06-03
    days on market $499,000 Active 47 DOM
12. 2026-06-02
    days on market $499,000 Active 46 DOM
13. 2026-06-01
    days on market $499,000 Active 45 DOM
14. 2026-05-31
    days on market $499,000 Active 44 DOM
15. 2026-05-21
    price $499,000
16. 2026-04-17
    listed $549,000 Active

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

Taxation est. · year 1

• Rental income: $78,864
• − Mortgage interest: −$27,952
• − Property taxes: −$7,485
• − Insurance: −$2,495
• − Repairs & maintenance: −$6,309
• − Management: −$6,309
• − Depreciation: −$14,516
• Taxable income: $13,798
• Est. tax owed @ 24.0%: −$3,311
• After-tax cash flow: $17,609/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This mixed-use property requires moderate renovations to its kitchen and bathrooms, exterior siding, and roof. Upgrading these areas will significantly increase its resale and rental value.

Repairs flagged

• Major kitchen cabinets — dated and worn
• Major bathroom fixtures — basic and worn
• Moderate exterior siding — moderate wear
• Moderate roof — visible wear

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing kitchen will appeal to buyers and renters
• Both repair and paint exterior siding — improving curb appeal will attract more buyers and renters
• Both replace roof — replacing roof will improve home's value and reduce maintenance costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Major	$15,000–50,000
bathroom fixtures · basic and worn	Major	$15,000–50,000
exterior siding · moderate wear	Moderate	$3,000–15,000
roof · visible wear	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$36,000–130,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing kitchen will appeal to buyers and renters ↑
• Both repair and paint exterior siding — improving curb appeal will attract more buyers and renters ↑
• Both replace roof — replacing roof will improve home's value and reduce maintenance costs ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-9.1% since first listed

2 events — show timeline

• 2026-05-21 Price Changed $499,000 GSMLS
• 2026-04-17 Listed $549,000 GSMLS