356 Boyden Ave

Vauxhall, NJ 07040-3039

$829,900D

6 bd · 2.0 ba · 2,736 sqft · Built 1948 · MultiFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,336/mo
• Mortgage (P&I): −$4,352
• Tax + insurance: −$1,383
• HOA: −$0
• Vac / Maint / Mgmt: −$1,331
• Net cashflow: $-730/mo
• Annual: $-8,758/yr
• Cap rate: 5.24%
• Cash-on-cash: -3.77%
• DSCR: 0.83
• 1% rule: 0.76%
• Cash to close: $232,372

Investor read

• This is a 2 × 3-bed/1-bath units multifamily listed at $830k.
• At list price, monthly cash flow is $-730 ($-9k/yr) — negative. Per door: $-365/mo.
• To cash-flow at today's rent, offer at most $724k (12.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $634k (23.7% below list).
• It's been on market 15 days — a 2% lower offer ($817k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $634k (23.7% below list) — sets the bar for 1% rule.
• In year one you build about $31k of equity ($6k loan paydown + $25k appreciation (3.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• South Orange-Maplewood School District (suburban): math 33% / reading 63% proficiency, ranked #114 of 472 in NJ (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).
• Essex County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 11y 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 $294k; list at $830k implies a 182% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.