60 Westervelt Ave

Tenafly, NJ 07670

$1,025,000B-

None bd · None ba · — sqft · Built — · MultiFamily · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,171/mo
• Mortgage (P&I): −$5,375
• Tax + insurance: −$1,708
• HOA: −$0
• Vac / Maint / Mgmt: −$2,556
• Net cashflow: $2,532/mo
• Annual: $30,379/yr
• Cap rate: 9.26%
• Cash-on-cash: 10.58%
• DSCR: 1.47
• 1% rule: 1.19%
• Cash to close: $287,000

Investor read

• This is a multifamily listed at $1.02M. Condition is rated good.
• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.02M).
• It's been on market 34 days — a 3% lower offer ($994k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $994k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $31k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#270 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: amenities F, commute F, cost of living F.
• Tenafly Public School District (suburban): math 62% / reading 72% proficiency, ranked #21 of 472 in NJ (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 1% free/reduced lunch — higher-income household profile.
• Zoned schools: Tenafly Middle School (math 60% / reading 76%, grade A-, #14 of 431 statewide, top 3%, 901 students, 3% FRL); Tenafly High School (math 54% / reading 79%, grade B, #36 of 399 statewide, top 9%, 1,200 students, 3% FRL) — zoned schools at 3% FRL track the district average.
• Market conditions: 24 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• At $12,171/mo this rent would consume 70% of the median local household income ($208k/yr) (locally 334% 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 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.
• 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.