447-449 E 27Th St · Paterson, NJ 07514-2469

$850,000

8 bd · 4.0 ba · — sqft · MultiFamily · 35 Days on market

Built 1923 Fair condition 4,791 sqft lot ↓ 6% since listing

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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 +20.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• 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: 4 units. confirmed

Listing remarks

Large 4 family house. Great opportunity for investors or owner occupants! Each unit features a similar layout with living room, eat-in kitchen, 2 bedrooms and 1 bath. Basement is partially finished. Separate utilities, 3 newer furnaces and 3 newer hot water heaters. 2 car garage and driveway with 4 parking spaces. Conveniently close to transportation, shopping and parks.

Key facts

• Separate utilities
• Newer furnaces
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• PARTIALLY FINISHED BASEMENT
• SEPARATE UTILITIES
• NEWER FURNACES
• NEWER HOT WATER HEATERS
• 2 CAR GARAGE

Property features AI

Finance

• Financial info: Multi-unit property with 4 units; Reported net operating income: 0; Reported gross operating income: 0; Reported total operating expenses: 0

Exterior

• Parking: 4 parking spaces total; Detached 2-car garage; Blacktop and concrete driveway
• Utilities: Electric service available; Natural gas available; Public water; Public sewer
• Home design: 2-story unit style
• Construction: Year built listed as approximate
• Exterior features: Aluminum siding; Flat roof

Interior

• Kitchen: Eat-in kitchens in each unit
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms; Unit 3: 3 bedrooms; Unit 4: 2 bedrooms
• Bathrooms: 4 full bathrooms total; Unit 1: 1 bath; Unit 2: 1 bath; Unit 3: 1 bath; Unit 4: 1 bath
• Heating & cooling: Steam radiator heating (natural gas); Window air conditioning units
• Interior features: Partially finished basement; Carbon monoxide detectors; Smoke detectors
• Laundry & utility: Owner pays water; tenants pay electric, gas, and heat (per unit)

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $850k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $262/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $850k).
• Recommended offer: $824k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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; 860 units permitted in Passaic County in 2024 (614 in 5+ unit buildings).

Forward outlook

• In year one you build about $31k of equity ($6k loan paydown + $26k 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 $238k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($824k) is reasonable based on typical stale-listing flexibility.
• 3 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

• Watch-outs: flood insurance adds $66/mo; built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe 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 $824,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
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: 1.04% ✓
• Cap rate: 7.87%
• Cash-on-cash: 5.63%
• DSCR: 1.25
• GRM: 8.0

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
509 26th St	0.11mi	8/3.0	—	1mo	$765,000	—	78
569 Broadway	0.30mi	8/4.0	—	1mo	$730,000	—	73
501-505 E 26th St	0.09mi	7/3.0 (-1)	—	7mo	$665,000	—	68
444-446 15th	0.51mi	8/4.0	—	4mo	$800,000	—	61
467 E 18th St	0.39mi	7/4.0 (-1)	—	8mo	$650,000	—	58
567 E 19th St	0.38mi	7/5.0 (-1)	—	4mo	$734,500	—	58
361 15th Ave	0.48mi	7/4.0 (-1)	—	6mo	$810,000	—	56
229 Lawrence St	0.57mi	8/3.0	—	7mo	$730,000	—	51
263-267 E 25th St	0.55mi	7/3.0 (-1)	—	3mo	$825,000	—	51
776 22nd St	0.67mi	9/3.0 (+1)	—	2mo	$800,000	—	45
237 Fulton St	0.58mi	7/2.5 (-1)	—	8mo	$675,000	—	43
138 Lafayette St	0.73mi	7/5.0 (-1)	—	3mo	$760,000	—	42

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: 12.5%
• Equity multiple: 1.71×
• Total profit: $169,400
• Equity at exit: $382,197

10-year hold

• IRR: 14.5%
• Equity multiple: 3.14×
• Total profit: $509,759
• Equity at exit: $589,011

Cash invested: $238,000 (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 07514-2469

• Active inventory: 1
• Price-to-rent: 32.0×

Monthly cashflow live

• Estimated rent: $8,848 high
• Mortgage (P&I): −$4,457
• Tax est. 1.5%: −$1,062 /mo · $12,750/yr
• Insurance: −$354
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,858
• Net cashflow: $1,049

Break-even live

Break-even rent $7,520

Max offer price $850,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$8,848
Total (4 units)			$8,848

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $850,000 Active 35 DOM
2. 2026-06-17
   days on market $850,000 Active 34 DOM
3. 2026-06-16
   days on market $850,000 Active 33 DOM
4. 2026-06-15
   days on market $850,000 Active 32 DOM
5. 2026-06-13
   days on market $850,000 Active 30 DOM
6. 2026-06-13
   days on market $850,000 Active 29 DOM
7. 2026-06-09
   days on market $850,000 Active 26 DOM
8. 2026-06-08
   days on market $850,000 Active 25 DOM
9. 2026-06-07
   statusdays on market $850,000 Active 24 DOM
10. 2026-05-09
    status Under Contract
11. 2026-04-18
    listed $850,000 Active
12. 2025-12-09
    status Active
13. 2025-11-19
    status Pending
14. 2025-08-02
    listed $899,900 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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥100°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: $106,176
• − Mortgage interest: −$47,613
• − Property taxes: −$12,750
• − Insurance: −$5,048
• − Repairs & maintenance: −$8,494
• − Management: −$8,494
• − Depreciation: −$24,727
• Taxable loss: −$950
• Est. tax savings @ 24.0%: +$228
• After-tax cash flow: $12,820/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 · 6 photos

Fair 45/100 Moderate rehab

This 4-unit property requires significant exterior and interior repairs, including painting, siding, and roof work. While it has potential, the extensive repairs needed suggest a moderate level of rehab is required to bring it up to market standards.

Repairs flagged

• Major exterior siding — Significant wear and discoloration on the siding.
• Major roof inspection — Aged appearance, may need replacement or repair.
• Major interior paint — Chipped and worn paint, indicating older paint.
• Major furnaces and water heaters — The listing mentions older units, which may need replacement.

Value-add opportunities

• Resale Painting and updating the exterior siding — Fresh paint and updated siding can significantly improve curb appeal and resale value.
• Resale Re-roofing — A new roof can add years to the home's lifespan and improve its overall appearance.
• Rental Interior paint and minor repairs — Fresh paint and minor repairs can make the interior more inviting and appealing to tenants.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and discoloration on the siding.	Major	$15,000–50,000
roof inspection · Aged appearance, may need replacement or repair.	Major	$15,000–50,000
interior paint · Chipped and worn paint, indicating older paint.	Major	$15,000–50,000
furnaces and water heaters · The listing mentions older units, which may need replacement.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale Painting and updating the exterior siding — Fresh paint and updated siding can significantly improve curb appeal and resale value. ↑
• Resale Re-roofing — A new roof can add years to the home's lifespan and improve its overall appearance. ↑
• Rental Interior paint and minor repairs — Fresh paint and minor repairs can make the interior more inviting and appealing to tenants. ↑

ⓘ 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

-5.5% since first listed

5 events — show timeline

• 2026-05-09 Pending — GSMLS
• 2026-04-18 Listed $850,000 GSMLS
• 2025-12-09 Relisted — NJMLS
• 2025-11-19 Pending — NJMLS
• 2025-08-02 Listed $899,900 NJMLS