822-24 W 6Th St #2 · Plainfield, NJ 07063-1428

$550,000

6 bd · 2.0 ba · 1,598 sqft · MultiFamily · 10 Days on market

Built 1906 Average condition 5,227 sqft lot Est $593k · 7% under

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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 +12.4/30.0
• ARV discount +10.8/15.0
• Appreciation +5.0/10.0
• DSCR +3.7/10.0
• 1% rule +3.5/10.0
• Livability +3.2/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Schools +2.2/10.0

Multi-family units

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

Listing remarks

Welcome to 822-24 W 6th st. This well maintained two-family home offering great income potential or owner-occupant opportunity! Features include a wrap around front porch, 2 car detached garage, long drive way for extra parking, full basement with laundry hook up, 2 gas Furnace, 2 gas meter, 2 electric meter and lots of storage. First floor unit consist of 2 bedroom, 1 bath, living/dining combo and EIK. Second floor unit as 4 bedrooms, small den/office/ large EIK, bath. Two of the bedrooms are located in the walk up finished attic. Property is been sold as is. 2 unit , both entrance is on the wrap around porch. . HIGHEST AND BEST BY WEDNESDAY 5PM

Key facts

• 5,227 sq ft lot
• 2 garage spots
• Built 1906

Property features AI

Finance

• Financial info: Gross operating income listed; Net operating income listed; Total operating expenses listed; Investment property with two income-producing units

Exterior

• Parking: Detached 2-car garage; Blacktop driveway; Total of 4 parking spaces
• Utilities: Natural gas service; Public water; Public sewer
• Home design: Two-story multi-unit building (2 units)
• Construction: Vinyl siding construction; Asphalt shingle roof; Full unfinished basement (foundation present)
• Exterior features: Deck; Vinyl siding; Asphalt shingle roof; Full unfinished basement

Interior

• Kitchen: Unit 1: Range/Oven - Gas, Microwave, Refrigerator; Unit 2: Range/Oven - Gas, Microwave, Refrigerator
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 4 bedrooms
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Two heating units with forced hot air (natural gas); Window A/C units
• Interior features: Carbon monoxide detector; Smoke detector; Fire extinguisher
• Laundry & utility: Owner pays water for both units

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $550k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-95 ($-1k/yr) — negative. Per door: $-48/mo.
• To cash-flow at today's rent, offer at most $536k (2.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $469k (14.7% below list).
• Recommended offer: $469k (14.7% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.4% in Plainfield — 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 65/100 on livability (#384 in NJ) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A-; Watch: crime D+, schools D-, amenities F.
• Plainfield Public School District (suburban): math 17% / reading 25% proficiency, ranked #588 of 612 in NJ (top 96%) — 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: 1 active listings in the ZIP; 1,749 units permitted in Union County in 2024 (1,421 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($4k loan paydown + $16k appreciation (3.0% local appreciation)).
• Union County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago 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

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• 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 $469,100 (14.7% 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 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.85% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.74%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $592,858
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
427 John St	0.38mi	6/3.0	1,616 (+1%)	12mo	$600,000	$371	66
425 John St	0.38mi	6/3.0	1,664 (+4%)	9mo	$570,000	$343	64

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: 6.8%
• Equity multiple: 1.39×
• Total profit: $60,273
• Equity at exit: $247,304

10-year hold

• IRR: 9.6%
• Equity multiple: 2.45×
• Total profit: $223,234
• Equity at exit: $381,125

Cash invested: $154,000 (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 07063-1428

• Active inventory: 1
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $4,691 medium
• Mortgage (P&I): −$2,884
• Tax est. 1.5%: −$688 /mo · $8,250/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$985
• Net cashflow: $-95

Break-even live

Break-even rent $4,811

Max offer price $536,248

Occupancy floor 97%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,690
Total (2 units)			$4,691

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: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-17
   listed $550,000 Active
2. 2026-05-13
   historical $550,000
3. 2022-05-05
   soldstatus $480,600 Sold
4. 2022-03-05
   historical
5. 2022-01-17
   listed $445,000 Active
6. 2022-01-09
   price $445,000
7. 2022-01-08
   historical $430,000

ⓘ 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: $56,292
• − Mortgage interest: −$30,809
• − Property taxes: −$8,250
• − Insurance: −$2,750
• − Repairs & maintenance: −$4,503
• − Management: −$4,503
• − Depreciation: −$16,000
• Taxable loss: −$10,523
• Est. tax savings @ 24.0%: +$2,526
• After-tax cash flow: $1,385/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

Average 55/100 Moderate rehab

This two-family home requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen and bathrooms, as well as the HVAC system. Upgrades in these areas will significantly enhance the home's appeal and marketability.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Minor bathroom fixtures — small and outdated
• Minor HVAC units — gas furnaces need cleaning

Value-add opportunities

• Resale new kitchen cabinets — modernizes the space and adds value
• Resale new bathroom fixtures — improves functionality and aesthetics
• Both HVAC system upgrade — increases comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · small and outdated	Minor	$500–3,000
HVAC units · gas furnaces need cleaning	Minor	$500–3,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Resale new kitchen cabinets — modernizes the space and adds value ↑
• Resale new bathroom fixtures — improves functionality and aesthetics ↑
• Both HVAC system upgrade — increases comfort and energy efficiency ↑

ⓘ 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: Plainfield Public School District
• NCES district ID: 3413140
• Math proficiency: 17% ▲ 1.00%
• Reading proficiency: 25% ▲ 1.00%
• Median HH income: $52,983
• Composite: 22.21/100
• National rank: #13512
• State rank: #588 of 612 in NJ

Livability — Plainfield

• Score: 65/100
• State rank: #384
• US rank: #13086

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plainfield, NJ

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%

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

+27.9% since first listed

7 events — show timeline

• 2026-05-17 Listed $550,000 GSMLS
• 2026-05-13 Coming Soon $550,000 GSMLS
• 2022-05-05 Sold (MLS) $480,600 GSMLS
• 2022-03-05 Delisted — GSMLS
• 2022-01-17 Listed $445,000 GSMLS
• 2022-01-09 Price Changed $445,000 GSMLS
• 2022-01-08 Coming Soon $430,000 GSMLS