186 Linden Ave #3 · Newark, NJ 07111-2523

$499,000

3 bd · 3.0 ba · — sqft · Condo · 34 Days on market

Built 1946 Fair condition

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.4/5.0
• Cash flow +2.6/30.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.1/10.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

Calling all investors. Well-maintained three-family corner property located on a quiet, tree-lined street. This spacious property offers ample parking, accommodating up to 6 additional vehicles, along with a two-car garage. Each unit features 3 bedrooms and a living room, providing comfortable and functional living spaces. Ideal as a renovation project or for an owner-occupant looking to generate rental income. A great investment opportunity with strong potential. Property will be delivered vacant. Sold as is. Buyer is responsible for municipal certificates. Property qualifies for cash or renovation loans only.

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1946

Property features AI

Finance

• Financial info: Three-unit multifamily property; Reported net operating income, gross operating income, and total operating expenses listed as $0

Exterior

• Parking: Six total parking spaces; Detached 2-car garage; Blacktop driveway
• Utilities: Public water; Public sewer; Electric service available; Natural gas available
• Home design: Three-story multi-unit property; Property listed as fixer-upper
• Construction: Approximate year built; Asphalt shingle roof
• Exterior features: Aluminum siding; Corner lot

Interior

• Kitchen: Each unit includes a gas range/oven and refrigerator; Units feature eat-in kitchens
• Bedrooms: Three units, each with 3 bedrooms (Unit 1: 3 bedrooms; Unit 2: 3 bedrooms; Unit 3: 3 bedrooms)
• Bathrooms: Three full bathrooms total (each unit has 1 full bathroom)
• Heating & cooling: Hot water baseboard heating (three separate heating units); Natural gas fuel
• Interior features: Gas water heater; Unfinished basement
• Laundry & utility: Owner pays water for each unit; tenants pay electric, gas, and heat

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $499k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-2k ($-20k/yr) — negative.
• To cash-flow at today's rent, offer at most $252k (49.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (55.8% below list).
• Recommended offer: $221k (55.8% below list) — sets the bar for 1% rule.
• Cap rate 2.2% vs local median 3.0% in Newark — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 67/100 on livability (#343 in NJ) — a middle-class / working-renter tenant base. Strengths: commute A+, amenities A-; Watch: schools D+, housing D+, crime F.
• Irvington Public School District (suburban): math 4% / reading 23% proficiency, ranked #465 of 472 in NJ (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 1 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($3k loan paydown + $15k appreciation (3.0% local appreciation)).
• Essex County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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 34 days — a 3% lower offer ($484k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $220,726 (55.8% 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. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 56% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
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: 0.44% ✗
• Cap rate: 2.19%
• Cash-on-cash: -14.64%
• DSCR: 0.35
• GRM: 18.8

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: -6.0%
• Equity multiple: 0.65×
• Total profit: $-48,431
• Equity at exit: $224,372

10-year hold

• IRR: -0.9%
• Equity multiple: 0.86×
• Total profit: $-20,120
• Equity at exit: $345,784

Cash invested: $139,720 (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 07111-2523

• Active inventory: 1
• Price-to-rent: 18.8×

Monthly cashflow live

• Estimated rent: $2,207 high
• Mortgage (P&I): −$2,617
• Tax est. 1.5%: −$624 /mo · $7,485/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $-1,705

Break-even live

Break-even rent $4,365

Max offer price $252,321

Occupancy floor —

Sensitivity live

Price	-10% $-1,360	-5% $-1,532	+0% $-1,705	+5% $-1,877	+10% $-2,050
Rent	-10% $-1,879	-5% $-1,792	+0% $-1,705	+5% $-1,618	+10% $-1,530
Rate	-1.0pp $-1,453	-0.5pp $-1,578	base $-1,705	+0.5pp $-1,834	+1.0pp $-1,966

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 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
185 Linden Ave Irvington, NJ	2.0	1.0	—	$2,225	—	26d	1	0.03mi
159 Myrtle Ave Unit 1 Irvington, NJ	3.0	1.0	850	$2,150	$2.53	8d	1	0.11mi
13 Garwood Pl Unit 2 Irvington, NJ	3.0	1.5	1900	$2,650	$1.39	26d	1	0.13mi
13 Garwood Pl Unit 1 Irvington, NJ	2.0	1.0	2856	$2,100	$0.74	26d	1	0.13mi
149 Brookside Ave Unit 2 Irvington, NJ	2.0	1.0	—	$1,850	—	26d	1	0.13mi
121 Brookside Ave Unit 1F Irvington, NJ	3.0	1.0	—	$2,550	—	22d	1	0.17mi
285 Columbia Ave #2 Irvington, NJ	4.0	1.0	1600	$2,350	$1.47	16d	1	0.18mi
285 Columbia Ave Unit 1 Irvington, NJ	3.0	3.0	—	$2,250	—	14d	1	0.18mi
271 Vermont Ave Irvington, NJ	2.0	1.0	—	$2,100	—	3d	1	0.20mi
217 Orange Ave Irvington, NJ	2.0	1.0	2740	$2,200	$0.80	26d	1	0.22mi
103 Melrose Ave Irvington, NJ	2.0	1.0	—	$2,400	—	26d	1	0.25mi
10 Walter Pl Irvington, NJ	2.0	1.0	—	$2,300	—	26d	1	0.26mi
29 Adams St Unit 2 Irvington, NJ	3.0	1.0	—	$2,450	—	26d	1	0.28mi
38 Brighton Ter Irvington, NJ	2.0	1.0	1000	$2,000	$2.00	4d	1	0.29mi
51 Tremont Ter Irvington, NJ	3.0	2.0	—	$2,500	—	7d	1	0.29mi
13 Bell St Unit 1st Irvington, NJ	3.0	1.0	—	$2,400	—	26d	1	0.30mi
28 Brighton Ter Unit 2 Irvington, NJ	3.0	2.0	—	$2,400	—	26d	1	0.31mi
12 Marshall St Irvington, NJ	2.0	1.0	350	$1,669	$4.77	21d	1	0.32mi
56 Cummings St Irvington, NJ	3.0	2.0	—	$2,600	—	26d	1	0.32mi
63 Washington Ave #1 Irvington, NJ	2.0	1.0	—	$1,800	—	26d	1	0.33mi
885 18th Ave Unit 101 Irvington, NJ	2.0	1.0	850	$1,650	$1.94	26d	1	0.35mi
19 Tremont Ter Unit 2 Irvington, NJ	3.0	1.5	—	$2,400	—	26d	1	0.35mi
1 Colleen St Unit 1R Newark, NJ	2.0	1.0	950	$1,950	$2.05	26d	1	0.36mi
228-230 W End Ave Newark, NJ	3.0	1.0	—	$2,000	—	26d	1	0.36mi
228-230 W End Ave Unit 1 Newark, NJ	3.0	1.0	—	$2,000	—	26d	1	0.36mi
24 Valley St Newark, NJ	4.0	2.0	4000	$3,495	$0.87	7d	1	0.37mi
24 Valley St Newark, NJ	4.0	2.0	4000	$3,495	$0.87	26d	1	0.37mi
223 S Munn Ave Unit 2L Irvington, NJ	3.0	1.0	1200	$2,250	$1.88	11d	1	0.38mi
231 Alexander St Unit 1R Newark, NJ	2.0	1.0	—	$1,800	—	23d	1	0.39mi
344 Myrtle Ave Unit 20 Irvington, NJ	2.0	1.0	—	$1,600	—	26d	1	0.40mi
22 Cummings St Unit 3 Irvington, NJ	3.0	2.0	1200	$2,500	$2.08	26d	1	0.41mi
186 Isabella Ave Fl Ap Irvington, NJ	3.0	1.0	—	$2,700	—	14d	1	0.41mi
196 W End Ave Unit 1 Newark, NJ	2.0	1.0	—	$1,775	—	22d	1	0.42mi
193 S Munn Ave Unit 1A Irvington, NJ	2.0	1.0	—	$1,750	—	6d	1	0.45mi
179 Ellis Ave Irvington, NJ	2.0	1.0	800	$1,795	$2.24	3d	1	0.45mi
179 Ellis Ave Unit 177-G1 Irvington, NJ	2.0	1.0	—	$1,795	—	18d	1	0.45mi
715 18th Ave Unit 2 Irvington, NJ	2.0	1.0	—	$2,250	—	0d	1	0.45mi
180 Columbia Ave Unit 1 Irvington, NJ	3.0	1.0	750	$2,250	$3.00	0d	1	0.45mi
180 Columbia Ave Unit 2 Irvington, NJ	4.0	1.0	—	$2,494	—	26d	1	0.45mi
180 Columbia Ave Unit 1 Irvington, NJ	3.0	1.0	—	$2,250	—	26d	1	0.45mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-05-08
   status Under Contract
2. 2026-04-04
   listed $499,000 Active
3. 2026-03-26
   historical $499,000

ⓘ 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 · 14 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: $26,487
• − Mortgage interest: −$27,952
• − Property taxes: −$7,485
• − Insurance: −$2,495
• − Repairs & maintenance: −$2,119
• − Management: −$2,119
• − Depreciation: −$14,516
• Taxable loss: −$30,199
• Est. tax savings @ 24.0%: +$7,248
• After-tax cash flow: $-13,209/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 · 10 photos

Fair 45/100 Moderate rehab

This three-family property requires moderate renovations to improve its condition and increase its value. Key areas for improvement include updating the kitchen, bathrooms, and exterior, as well as replacing worn flooring and painting interior walls.

Repairs flagged

• Minor Kitchen cabinets — Aesthetic update needed
• Minor Bathroom fixtures — Update to modernize space
• Moderate Exterior siding — Weathered and peeling
• Moderate Flooring — Worn and could be replaced

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace worn flooring — New flooring improves living spaces and rental appeal
• Both Update kitchen cabinets — Modern cabinets increase resale and rental value
• Both Replace bathroom fixtures — Modern fixtures improve functionality and appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Aesthetic update needed	Minor	$500–3,000
Bathroom fixtures · Update to modernize space	Minor	$500–3,000
Exterior siding · Weathered and peeling	Moderate	$3,000–15,000
Flooring · Worn and could be replaced	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$7,000–36,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace worn flooring — New flooring improves living spaces and rental appeal ↑
• Both Update kitchen cabinets — Modern cabinets increase resale and rental value ↑
• Both Replace bathroom fixtures — Modern fixtures improve functionality and appeal ↑

ⓘ 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: Irvington Public School District
• NCES district ID: 3407680
• Math proficiency: 4% ▼ -10.00%
• Reading proficiency: 23% ▼ -4.00%
• Median HH income: $39,682
• Composite: 11.46/100
• National rank: #9705
• State rank: #465 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

No demographic data for this ZIP.

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

+0.0% since first listed

3 events — show timeline

• 2026-05-08 Pending — GSMLS
• 2026-04-04 Listed $499,000 GSMLS
• 2026-03-26 Coming Soon $499,000 GSMLS