611-613 Jefferson Ave · Elizabeth, NJ 07201

$899,000

12 bd · 4.0 ba · 3,506 sqft · MultiFamily · 45 Days on market

Built 1926 Average condition 6,098 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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +3.5/5.0
• Condition / age +2.8/5.0
• Schools +1.8/10.0
• Rent growth +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Located in Elizabeth's highly sought-after North End, 611 Jefferson offers a rare combination of location, scale, and upside potential. Just under one mile (. 7 to be exact) from the train station and moments from major highways, this well-positioned multi-family property is ideal for commuters, investors, and owner-occupants alike. Situated within the R-3A zone, which allows for residential properties of up to four units, this property presents an outstanding opportunity for potential conversion to a three & four unit homes, creating significant added value. The home is currently configured as a two-unit residence, with each unit offering an impressive 4-bedroom layout a true rarity

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1926

Property features AI

Finance

• Financial info: 2 total residential units; Gross operating income: $49,200; Net operating income: $34,348; Total operating expenses: $14,852 (includes insurance and taxes); Unit 1 rent: $2,250 (security deposit $2,250); Unit 2 rent: $1,800 (security deposit $1,800); Unit 3 rent: not currently listed

Exterior

• Parking: Total of 5 parking spaces; 2 garage spaces; Detached carport-style garage (one car width driveway)
• Utilities: Public water; Public sewer; Natural gas available; All utilities underground
• Home design: Three-story multi-unit building
• Construction: Asphalt shingle roof; Approximate year built; Has home warranty
• Exterior features: Aluminum siding; Level lot

Interior

• Kitchen: Unit 1: Dishwasher, Microwave, Gas range/oven; Unit 2: Dishwasher, Microwave, Gas range/oven; Unit 3: Eat-in kitchen
• Bedrooms: Unit 1: 4 bedrooms (single level); Unit 2: 4 bedrooms (single level); Unit 3: 2 bedrooms (single level)
• Bathrooms: Four full bathrooms total; Unit 1: 1 bathroom; Unit 2: 1 bathroom; Unit 3: 1 bathroom
• Interior features: Gas water heater; Finished full walkout basement
• Laundry & utility: Tenants pay electric, gas and heat for Units 1–3

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $899k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $500/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $899k).
• Recommended offer: $872k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 2.4% in Elizabeth — 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 69/100 on livability (#277 in NJ) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety B+; Watch: amenities D+, schools D-, crime D-.
• Elizabeth Public Schools (suburban): math 9% / reading 33% proficiency, ranked #430 of 472 in NJ (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents falling (-6.0%/yr); 10 active listings in the ZIP; 1,749 units permitted in Union County in 2024 (1,421 in 5+ unit buildings).
• At $10,395/mo this rent would consume 208% of the median local household income ($60k/yr) (locally 2200% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Union County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($872k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $872,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D 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?
8. 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.
9. 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.
10. 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: 1.16% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.53%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.81×
• Total profit: $-48,649
• Equity at exit: $134,044

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $4,507
• Equity at exit: $77,729

Cash invested: $251,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 07201

• Home prices YoY: -27.9%
• Rents YoY: -6.0%
• Active inventory: 10
• Price-to-rent: 28.8×

Monthly cashflow live

• Estimated rent: $10,395 high
• Mortgage (P&I): −$4,714
• Tax est. 1.5%: −$1,124 /mo · $13,485/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,183
• Net cashflow: $1,999

Break-even live

Break-even rent $7,864

Max offer price $899,000

Occupancy floor 76%

Sensitivity live

Price	-10% $2,621	-5% $2,310	+0% $1,999	+5% $1,689	+10% $1,378
Rent	-10% $1,178	-5% $1,589	+0% $1,999	+5% $2,410	+10% $2,820
Rate	-1.0pp $2,452	-0.5pp $2,228	base $1,999	+0.5pp $1,766	+1.0pp $1,529

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$10,396
Total (4 units)			$10,395

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-06
   status Under Contract
2. 2026-03-22
   listed $899,000 Active
3. 2026-03-20
   historical $899,000

ⓘ 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 ≥100°F today · 15 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: $124,740
• − Mortgage interest: −$50,358
• − Property taxes: −$13,485
• − Insurance: −$4,495
• − Repairs & maintenance: −$9,979
• − Management: −$9,979
• − Depreciation: −$26,153
• Taxable income: $10,291
• Est. tax owed @ 24.0%: −$2,470
• After-tax cash flow: $21,521/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 · 13 photos

Average 55/100 Moderate rehab

This multi-family property in Elizabeth's North End requires moderate renovations, including painting, updating cabinets, and HVAC system replacement, to enhance its resale and rental value.

Repairs flagged

• Minor Kitchen cabinets — Dated appearance suggests they could be replaced or updated.
• Minor Paint touch-ups — Faded paint in some areas indicates touch-ups are needed.
• Minor Floor refinishing — Worn hardwood floors suggest refinishing or replacement.

Value-add opportunities

• Resale Painting and updating kitchen cabinets — Fresh paint and updated cabinets can significantly enhance curb appeal and interior aesthetics.
• Rental HVAC system replacement — A reliable HVAC system is crucial for tenant satisfaction and can increase rental value.
• Both Landscaping improvements — A well-maintained yard can improve both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Dated appearance suggests they could be replaced or updated.	Minor	$500–3,000
Paint touch-ups · Faded paint in some areas indicates touch-ups are needed.	Minor	$500–3,000
Floor refinishing · Worn hardwood floors suggest refinishing or replacement.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale Painting and updating kitchen cabinets — Fresh paint and updated cabinets can significantly enhance curb appeal and interior aesthetics. ↑
• Rental HVAC system replacement — A reliable HVAC system is crucial for tenant satisfaction and can increase rental value. ↑
• Both Landscaping improvements — A well-maintained yard can improve both resale and rental value. ↑

ⓘ 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: Elizabeth Public Schools
• NCES district ID: 3404590
• Math proficiency: 9% ▼ -17.00%
• Reading proficiency: 33% ▼ -19.00%
• Median HH income: $43,785
• Composite: 18.05/100
• National rank: #8979
• State rank: #430 of 472 in NJ

Livability — Elizabeth

• Score: 69/100
• State rank: #277
• US rank: #8270

Category grades

Amenities D+ Commute A+ Cost of living F Crime D- Employment C Housing C+ Health & safety B+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elizabeth, NJ
• County: Union County · 492,165 people
• City population: 105,365
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 28,467
• Household income: $60,080
• Rent vs Own: 80.2% rent · 19.8% own
• Severe rent burden: 2200.0

Population outlook (Union County) Hauer SSP2

• Today (2025): 596,450 people
• By 2030: 616,880 · +3.4%
• By 2040: 658,185 · +10.4%
• By 2050: 696,707 · +16.8%
• By 2075: 785,448 · +31.7%
• By 2100: 836,583 · +40.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (65%)
• Race & ethnicity: Hispanic / Latino 65% Two or more races 20% Black 17% White 12% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 9% Cuban 4% Dominican 13%
• Common ancestry: Russian 5% Estonian 5% Hispanic 4%
• Foreign-born: 52% · Canada, Jamaica, Dominican Republic
• Languages at home: 24% English-only · Spanish 58% Other Indo-European 10% French/Haitian/Cajun 5%

Political lean MEDSL · Union

• 2024 margin: Strong D (+24.2) · D 61.2% · R 37.0% · Other 1.8%
• 2008→2024 swing: -4.0pp toward R · 2008: 28.2pp · 2024: 24.2pp
• All cycles: 2024: D+24.2 2020: D+35.5 2016: D+35.5 2012: D+33.5 2008: D+28.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -148.13%
• Current HPI: 383.187
• Rent YoY: ▼ -5.98%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• 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

• 2026-05-06 Pending — GSMLS
• 2026-03-22 Listed $899,000 GSMLS
• 2026-03-20 Coming Soon $899,000 GSMLS