64 Congress St · Newark, NJ 07105-1854

$890,000

9 bd · 6.0 ba · 3,750 sqft · MultiFamily · 29 Days on market

Built 1900 2,613 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 +18.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• Appreciation +5.0/10.0
• 1% rule +4.9/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Spacious and well maintained 3 Units mixed use property with great cashflow, ideal for investors, but also for first time buyers, 9 bedrooms total, store in first floor , easy convertible to a residential 3 bed/2 Bath unit and a full finished basement, adding valuable bonus space, ideal for recreation, home office or additional storage, all at a prime location in the Ironbound section of Newark and 3 blocks from Penn Station, easy commuting to New York and all the beautiful and convenient amenities this neighborhood has to offer, like restaurants, bares grade A Blue Ribbon schools like Lafayette and Ann Street. The apartments are exquisitely and tastefully designed with modern finishing a

Key facts

• 2,613 sq ft lot
• Built 1900
• Listed 29 days

Property features AI

Finance

• Other: Building size reported as 3,750 (building square footage)
• Financial info: Three-unit property; Gross operating income reported at $101,400; Net operating income reported at $82,000; Operating expenses reported at $19,400 (includes utilities, cold water, maintenance, taxes)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric service; Natural gas; Cable TV available; Fiber optic available; Garbage included; All utilities underground
• Home design: Three-story building; Yellow exterior
• Construction: Aluminum siding and brick exterior; Asphalt shingle roof; Renovated (2021)
• Exterior features: Patio; Level lot

Interior

• Kitchen: Gas range/oven in each unit; Instant hot water in each unit
• Bedrooms: Unit 2: 3 bedrooms; Unit 3: 3 bedrooms
• Bathrooms: Six full bathrooms total; Unit 1: 2 bathrooms; Unit 2: 1 bathroom; Unit 3: 1 bathroom
• Heating & cooling: Three heating units with baseboard hot water; Natural gas heating; Four window A/C units
• Interior features: Carbon monoxide detector; Smoke detector; Gas water heater
• Laundry & utility: Laundry room in Units 2 and 3; Owner pays water; tenants pay electric, gas and heat for each unit

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1-bath units multifamily listed at $890k.

Deal economics

• At list price, monthly cash flow is $801 ($10k/yr) — positive. Per door: $267/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 $880k (1.1% below list).
• Recommended offer: $877k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.4% 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: Lafayette Street School (math 10% / reading 26%, grade F, #1,049 of 1,303 statewide, top 81%, 1,180 students, 90% 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 84% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).

Forward outlook

• In year one you build about $33k of equity ($6k loan paydown + $27k appreciation (3.0% local appreciation)).
• Essex County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $249k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$53k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($877k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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.
• Current owner paid $720k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $876,650 (1.5% 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.99% ✗
• Cap rate: 7.37%
• Cash-on-cash: 3.86%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.1%
• Equity multiple: 1.64×
• Total profit: $158,389
• Equity at exit: $400,183

10-year hold

• IRR: 13.3%
• Equity multiple: 2.98×
• Total profit: $492,636
• Equity at exit: $616,729

Cash invested: $249,200 (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 07105-1854

• Active inventory: 1
• Price-to-rent: 25.3×

Monthly cashflow live

• Estimated rent: $8,800 high
• Mortgage (P&I): −$4,667
• Tax est. 1.5%: −$1,112 /mo · $13,350/yr
• Insurance: −$371
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,848
• Net cashflow: $801

Break-even live

Break-even rent $7,786

Max offer price $890,000

Occupancy floor 86%

Sensitivity live

Price	-10% $1,416	-5% $1,109	+0% $801	+5% $494	+10% $186
Rent	-10% $106	-5% $454	+0% $801	+5% $1,149	+10% $1,497
Rate	-1.0pp $1,250	-0.5pp $1,028	base $801	+0.5pp $571	+1.0pp $336

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$8,799
Total (3 units)			$8,800

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: $222,500
• Closing costs: $26,700
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-13
   status Under Contract
2. 2026-04-14
   listed $890,000 Active
3. 2026-04-07
   historical $890,000
4. 2023-08-09
   historical
5. 2023-04-19
   listed $959,999 Active
6. 2020-04-15
   soldstatus $720,000 Sold
7. 2020-01-07
   historical
8. 2019-12-04
   listed $789,900 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: $105,600
• − Mortgage interest: −$49,854
• − Property taxes: −$13,350
• − Insurance: −$4,450
• − Repairs & maintenance: −$8,448
• − Management: −$8,448
• − Depreciation: −$25,891
• Taxable loss: −$4,841
• Est. tax savings @ 24.0%: +$1,162
• After-tax cash flow: $10,779/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: 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

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%

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

+12.7% since first listed

8 events — show timeline

• 2026-05-13 Pending — GSMLS
• 2026-04-14 Listed $890,000 GSMLS
• 2026-04-07 Coming Soon $890,000 GSMLS
• 2023-08-09 Delisted — NJMLS
• 2023-04-19 Listed $959,999 NJMLS
• 2020-04-15 Sold (MLS) $720,000 GSMLS
• 2020-01-07 Delisted — GSMLS
• 2019-12-04 Listed $789,900 GSMLS