395 S 15th St · Newark, NJ 07103

$525,000

6 bd · 2.0 ba · — sqft · MultiFamily · 23 Days on market

Good condition 2,117 sqft lot

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Why this score? — see what drove the C- 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 +17.0/30.0
• ARV discount +7.5/15.0
• Appreciation +6.1/10.0
• DSCR +5.3/10.0
• 1% rule +4.6/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.6/5.0
• Schools +1.4/10.0

Multi-family units

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

Listing remarks MLS

Charming fully renovated two-family home in Newark featuring hardwood floors, central heat/AC, and modern kitchens and baths. Each unit offers 3 bedrooms and 1 bath. Includes a 1-car driveway and backyard. Conveniently located near schools, shopping, transportation, and major highways. Ideal for investors or owner-occupants seeking strong income potential.

Key facts

• Fully renovated
• Central heat ac
• Modern kitchens

Tags

• FULLY RENOVATED
• HARDWOOD FLOORS
• CENTRAL HEAT AC
• MODERN KITCHENS
• MODERN BATHS
• 1 CAR DRIVEWAY

Property features AI

Finance

• Financial info: Annual property tax listed

Exterior

• Parking: 3 parking spaces
• Utilities: Natural gas available and connected; Electricity connected; Water connected
• Home design: Multi-family residential income property

Interior

• Bathrooms: 2 full bathrooms
• Interior features: 10 total rooms
• Laundry & utility: No laundry facilities listed

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $525k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $360 ($4k/yr) — positive. Per door: $180/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 $505k (3.8% below list).
• Recommended offer: $505k (3.8% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 3.0% in Newark — 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 67/100 on livability (#343 in NJ) — a middle-class / working-renter tenant base. Strengths: commute A+, amenities A-; Watch: housing D+, crime F, employment D-.
• Newark Public School District (urban): math 9% / reading 26% proficiency, ranked #452 of 472 in NJ (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ann Street School (math 13% / reading 34%, grade F, #921 of 1,303 statewide, top 71%, 1,200 students, 78% FRL); East Side High School (math 17% / reading 22%, grade F, #357 of 399 statewide, top 90%, 2,255 students, 77% FRL) — zoned schools at 77% FRL track the district average.
• Market conditions: Rents flat; 59 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).
• At $5,048/mo this rent would consume 118% of the median local household income ($52k/yr) (locally 2963% 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 $15k of equity ($4k loan paydown + $11k appreciation (2.2% local appreciation)).
• Essex County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.2% appreciation + 0.3% rent growth), your $147k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($517k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 6→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $504,800 (3.8% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.96% ✗
• Cap rate: 7.12%
• Cash-on-cash: 2.94%
• DSCR: 1.13
• GRM: 8.7

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
486 19th St	0.23mi	6/4.5	—	1mo	$820,000	—	65
484 19th St	0.23mi	6/5.0	—	1mo	$820,000	—	64
502 20th St	0.30mi	5/3.0 (-1)	—	4mo	$668,000	—	61
267 9th St	0.33mi	6/4.0	—	4mo	$705,000	—	61
624 19th St	0.55mi	6/3.0	—	1mo	$650,000	—	57
524 S 15th St	0.26mi	7/5.5 (+1)	—	1mo	$999,999	—	56
267 10th St	0.34mi	7/5.0 (+1)	—	0mo	$861,000	—	54
225 9th St	0.40mi	7/4.0 (+1)	—	3mo	$865,000	—	54
50 Blum St	0.56mi	5/2.0 (-1)	—	4mo	$240,000	—	53
522 S 15th St	0.32mi	7/5.5 (+1)	—	2mo	$970,000	—	52
152 10th St	0.61mi	7/3.0 (+1)	—	1mo	$547,000	—	50
78 Devine St	0.54mi	7/5.0 (+1)	—	0mo	$655,000	—	45

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

Projected returns pro-forma

2.18% appreciation · 0.35% rent growth · sell at horizon

5-year hold

• IRR: 6.4%
• Equity multiple: 1.34×
• Total profit: $50,576
• Equity at exit: $212,079

10-year hold

• IRR: 8.3%
• Equity multiple: 2.10×
• Total profit: $161,370
• Equity at exit: $309,288

Cash invested: $147,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City Newark: 0 Strongly Tenant-Friendly · D+59

Rent control + strict just-cause.

Methodology + full state rankings →

ZIP-level market 07103

• Home prices YoY: 0.7%
• Rents YoY: 0.3%
• Active inventory: 59
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $5,048 high
• Mortgage (P&I): −$2,753
• Tax est. 1.5%: −$656 /mo · $7,875/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,060
• Net cashflow: $360

Break-even live

Break-even rent $4,593

Max offer price $525,000

Occupancy floor 88%

Sensitivity live

Price	-10% $723	-5% $541	+0% $360	+5% $178	+10% $-3
Rent	-10% $-39	-5% $160	+0% $360	+5% $559	+10% $759
Rate	-1.0pp $624	-0.5pp $493	base $360	+0.5pp $224	+1.0pp $85

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$5,048
Total (2 units)			$5,048

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
294 S 7th St Unit 2 Newark, NJ	5.0	2.0	—	$2,050	—	22d	1	0.43mi
142 Steuben St East Orange, NJ	5.0	2.0	—	$4,575	—	0d	1	0.70mi
21 Chelsea Ave Newark, NJ	5.0	1.5	1500	$3,000	$2.00	15d	1	0.77mi
46 Eppirt St East Orange, NJ	7.0	3.0	—	$6,450	—	0d	1	1.20mi
44 Farley Ave Unit 2 Newark, NJ	5.0	2.0	—	$3,700	—	26d	1	1.24mi
22 Rockland Ter Newark, NJ	5.0	3.0	1440	$4,495	$3.12	0d	1	1.35mi
108 N Oraton Pkwy Fl 1 East Orange, NJ	5.0	3.0	3289	$4,500	$1.37	3d	1	1.36mi
263 Amherst St East Orange, NJ	5.0	1.0	—	$2,800	—	22d	1	1.36mi
100 Smith St Unit 2 Newark, NJ	5.0	1.5	—	$2,595	—	19d	1	1.37mi
227 6th Ave W Newark, NJ	6.0	2.0	1800	$3,895	$2.16	26d	1	1.39mi
808 Clinton Ave Unit G Newark, NJ	5.0	2.0	1200	$2,950	$2.46	22d	1	1.40mi
808 Clinton Ave Unit G Newark, NJ	5.0	2.0	—	$2,949	—	21d	1	1.40mi
808 Clinton Ave Unit G Newark, NJ	5.0	2.0	—	$2,950	—	23d	1	1.40mi
12 Bruen Ave Irvington, NJ	6.0	3.0	—	$4,600	—	0d	1	1.41mi
107 Palm St Newark, NJ	5.0	2.0	—	$3,495	—	26d	1	1.44mi

Listing history 15 events

1. 2026-06-21
   days on market $525,000 Active 23 DOM
2. 2026-06-18
   days on market $525,000 Active 20 DOM
3. 2026-06-17
   days on market $525,000 Active 19 DOM
4. 2026-06-16
   days on market $525,000 Active 18 DOM
5. 2026-06-15
   days on market $525,000 Active 17 DOM
6. 2026-06-13
   days on market $525,000 Active 15 DOM
7. 2026-06-13
   days on market $525,000 Active 14 DOM
8. 2026-06-09
   days on market $525,000 Active 11 DOM
9. 2026-06-08
   days on market $525,000 Active 10 DOM
10. 2026-06-07
    days on market $525,000 Active 9 DOM
11. 2026-06-04
    days on market $525,000 Active 6 DOM
12. 2026-06-03
    days on market $525,000 Active 5 DOM
13. 2026-06-02
    days on market $525,000 Active 4 DOM
14. 2026-06-01
    days on market $525,000 Active 3 DOM
15. 2026-05-31
    days on market $525,000 Active 2 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 6/10 Major 6 d/yr ≥100°F today · 13 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: $60,576
• − Mortgage interest: −$29,408
• − Property taxes: −$7,875
• − Insurance: −$2,625
• − Repairs & maintenance: −$4,846
• − Management: −$4,846
• − Depreciation: −$15,273
• Taxable loss: −$4,297
• Est. tax savings @ 24.0%: +$1,031
• After-tax cash flow: $5,348/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

Good 80/100 Cosmetic rehab

This fully renovated two-family home in Newark offers hardwood floors, modern kitchens and baths, and a solid foundation. It is in good condition and ready for new owners to move in.

Value-add opportunities

• Both Painting the exterior brick — Enhances curb appeal and can increase both resale and rental value
• Both Upgrading the kitchen appliances — Modernizes the kitchen and can increase both resale and rental value
• Both Adding a smart home system — Improves convenience and can increase both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior brick — Enhances curb appeal and can increase both resale and rental value ↑
• Both Upgrading the kitchen appliances — Modernizes the kitchen and can increase both resale and rental value ↑
• Both Adding a smart home system — Improves convenience and can increase both resale and rental value ↑

ⓘ 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: Newark Public School District
• NCES district ID: 3411340
• Math proficiency: 9% ▼ -17.00%
• Reading proficiency: 26% ▼ -10.00%
• Median HH income: $33,891
• Composite: 14.24/100
• National rank: #9449
• State rank: #452 of 472 in NJ

Livability — Newark

• Score: 67/100
• State rank: #343
• US rank: #11138

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newark, NJ
• County: Essex County · 825,405 people
• City population: 310,602
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 37,293
• Household income: $51,534
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 2963.0

Population outlook (Essex County) Hauer SSP2

• Today (2025): 825,042 people
• By 2030: 834,010 · +1.1%
• By 2040: 846,221 · +2.6%
• By 2050: 850,047 · +3.0%
• By 2075: 837,009 · +1.5%
• By 2100: 784,345 · -4.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (71%)
• Race & ethnicity: Black 71% Hispanic / Latino 18% Two or more races 10% White 4% Asian 4%
• Hispanic origin (detail): Puerto Rican 7% Dominican 7%
• Common ancestry: Hispanic 2%
• Foreign-born: 23% · Canada, South Korea, United Kingdom
• Languages at home: 71% English-only · Spanish 14% French/Haitian/Cajun 4% Other Indo-European 2%

Political lean MEDSL · Essex

• 2024 margin: Solid D (+44.9) · D 71.7% · R 26.8% · Other 1.5%
• 2008→2024 swing: -7.7pp toward R · 2008: 52.6pp · 2024: 44.9pp
• All cycles: 2024: D+44.9 2020: D+55.4 2016: D+56.4 2012: D+55.5 2008: D+52.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.18%
• Current HPI: 301.5896
• Rent YoY: ▲ 0.35%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-29 Listed $525,000 NJMLS
• 2026-05-29 Listed $525,000 GSMLS