472 Walker St

Fairview, NJ 07022

$1,650,000D+

None bd · None ba · — sqft · Built — · MultiFamily · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,125/mo
• Mortgage (P&I): −$8,653
• Tax + insurance: −$2,750
• HOA: −$0
• Vac / Maint / Mgmt: −$3,386
• Net cashflow: $1,336/mo
• Annual: $16,032/yr
• Cap rate: 7.26%
• Cash-on-cash: 3.47%
• DSCR: 1.15
• 1% rule: 0.98%
• Cash to close: $462,000

Investor read

• This is a 4×3bd/1ba + 2×1bd/1ba units multifamily listed at $1.65M. Condition is rated fair.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $223/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 $1.61M (2.3% below list).
• It's been on market 50 days — a 3% lower offer ($1.60M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.60M (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.1%/yr); year-one equity from $11k of loan paydown is wiped out by about $35k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#174 in NJ, #4,548 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: commute C-, schools D-, cost of living F.
• Fairview Public School District (suburban): math 6% / reading 30% proficiency, ranked #440 of 472 in NJ (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 25 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 3,488 units permitted in Bergen County in 2024 (1,610 in 5+ unit buildings).
• Bergen County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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 7.3% vs local median 2.5% in Fairview — 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 $16,125/mo this rent would consume 304% of the median local household income ($64k/yr) (locally 1247% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and worn
• Moderate: kitchen countertops — dated and worn
• Major: bathroom fixtures — dated and in poor condition
• Major: bathroom tile — dated and in poor condition
• Unknown: HVAC system — photos do not show HVAC