122A BALDWIN Ave Unit 1L

Jersey City, NJ 07306

$329,000D

3 bd · 1.0 ba · 806 sqft · Built — · Condo · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,953/mo
• Mortgage (P&I): −$1,725
• Tax + insurance: −$548
• HOA: −$621
• Vac / Maint / Mgmt: −$620
• Net cashflow: $-562/mo
• Annual: $-6,740/yr
• Cap rate: 4.24%
• Cash-on-cash: -7.32%
• DSCR: 0.67
• 1% rule: 0.90%
• Cash to close: $92,120

Investor read

• This is a 3-bed/1.0-bath condo listed at $329k. Condition is rated good.
• At list price, monthly cash flow is $-562 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $248k (24.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $295k (10.2% below list).
• It's been on market 34 days — a 3% lower offer ($319k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $248k (24.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#116 in NJ, #2,955 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Jersey City Public Schools (urban): math 16% / reading 38% proficiency, ranked #369 of 472 in NJ (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Martin Luther King Jr. School (math 12% / reading 38%, grade F, #862 of 1,303 statewide, top 67%, 776 students, 68% FRL); Academy I (math 60% / reading 76%, grade A-, #14 of 431 statewide, top 3%, 403 students, 46% FRL); William L Dickinson High School (math 11% / reading 35%, grade F, #337 of 399 statewide, top 85%, 2,024 students, 59% FRL).
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents rising (+2.6%/yr); 358 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 47d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 5,310 units permitted in Hudson County in 2024 (4,154 in 5+ unit buildings).
• Hudson County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 21y 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.
• 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.
• Cap rate 4.2% vs local median 2.1% in Jersey City — 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.
• At $2,953/mo this rent would consume 47% of the median local household income ($75k/yr) — very limited rent-growth headroom before tenants either downsize or default.

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?
• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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?