91 ROMAINE Ave · Jersey City, NJ 07306

$1,600,000

14 bd · 7.0 ba · — sqft · MultiFamily · 49 Days on market

Built 1913

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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 +26.0/30.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Tenant occupied. Showing Unit 2, 6 on Thursday, Jan 1 between 12 - 2pm; Saturday Jan 3, from 11am - 12pm. Multifamily Investors or Developers Delight! Welcome to 91 Romaine Ave, a premium 3 story, 7-unit residential building in the heart of Journal Square, on an oversized 3,337 SQFT Oversized lot in R3 Zone. Unit mix includes spacious 2 or 3 bedroom, 1 bathroom units. Property is fully occupied with below market rents, with current gross rental income of $109,056, offering an upside with a potential gross income of ~ $180,000, at market rents. Property is in excellent condition, four of the seven units have been recently renovated. Each unit comes with sub-metered utilities including indivi

Key facts

• 4 story building
• R3 zoning
• Recently renovated

Tags

• RECENTLY RENOVATED
• R3 ZONING
• 4 STORY BUILDING

What this means for you Summary

Snapshot

• This is a 7 × 2-bed/1.0-bath units multifamily listed at $1.60M.

Deal economics

• At list price, monthly cash flow is $4k ($48k/yr) — positive. Per door: $571/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.60M).
• Recommended offer: $1.55M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 1.8% 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.

Location & tenants

• 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.
• Market conditions: Rents rising (+2.6%/yr); 217 active listings in the ZIP; 5,310 units permitted in Hudson County in 2024 (4,154 in 5+ unit buildings).
• At $18,473/mo this rent would consume 296% of the median local household income ($75k/yr) (locally 4050% 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 $11k of loan paydown is wiped out by about $48k of value loss. Plan a longer hold.
• Hudson County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($1.55M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $680k; list at $1.60M implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1913 — 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 $1,552,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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 1913 — 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 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?
7. 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?
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: 1.15% ✓
• Cap rate: 9.29%
• Cash-on-cash: 10.70%
• DSCR: 1.48
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.65% rent growth · sell at horizon

5-year hold

• IRR: -0.7%
• Equity multiple: 0.97×
• Total profit: $-11,401
• Equity at exit: $238,565

10-year hold

• IRR: 8.6%
• Equity multiple: 1.65×
• Total profit: $291,168
• Equity at exit: $138,339

Cash invested: $448,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 6 Strongly Tenant-Friendly
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City Jersey City: 6 Strongly Tenant-Friendly · D+34

Rent Control Ordinance covers buildings 4+ units pre-1986.

Methodology + full state rankings →

ZIP-level market 07306

• Rents YoY: 2.6%
• Active inventory: 217
• Price-to-rent: 50.5×

Monthly cashflow live

• Estimated rent: $18,473 high
• Mortgage (P&I): −$8,391
• Tax from tax record: −$1,543 /mo · $18,514/yr
• Insurance: −$667
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,879
• Net cashflow: $3,994

Break-even live

Break-even rent $13,418

Max offer price $1,600,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 7× units	2	1	$18,473
Total (7 units)			$18,473

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: $400,000
• Closing costs: $48,000
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-01-31
   status Under Contract
2. 2025-12-12
   listed $1,600,000 Active
3. 2025-12-09
   historical
4. 2025-09-26
   status Active
5. 2025-08-05
   listed $1,750,000 Active
6. 2009-04-15
   soldstatus $680,500
7. 2000-05-23
   soldstatus $275,000
8. 1993-03-08
   soldstatus $50,000
9. 1988-11-18
   soldstatus $200,000
10. 1986-07-26
    soldstatus $132,500
11. 1986-06-05
    soldstatus $265,000
12. 1983-04-01
    soldstatus $70,000
13. 1981-06-01
    soldstatus $57,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $18,514 · $1,543/mo
• Projected year-2 tax: $29,177 · $2,431/mo
• Expected delta: +$10,663/yr (+$889/mo · 57.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥98°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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $221,676
• − Mortgage interest: −$89,625
• − Property taxes: −$18,514
• − Insurance: −$8,000
• − Repairs & maintenance: −$17,734
• − Management: −$17,734
• − Depreciation: −$46,545
• Taxable income: $23,523
• Est. tax owed @ 24.0%: −$5,646
• After-tax cash flow: $42,277/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.

Schools (NCES district)

• District: Jersey City Public Schools
• NCES district ID: 3407830
• Math proficiency: 16% ▼ -17.00%
• Reading proficiency: 38% ▼ -11.00%
• Median HH income: $58,431
• Composite: 24.43/100
• National rank: #7678
• State rank: #369 of 472 in NJ

Livability — Jersey City

• Score: 77/100
• State rank: #116
• US rank: #2955

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jersey City, NJ
• County: Hudson County · 718,323 people
• City population: 294,078
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 54,017
• Household income: $74,953
• Rent vs Own: 75.8% rent · 24.2% own
• Severe rent burden: 4050.0

Population outlook (Hudson County) Hauer SSP2

• Today (2025): 771,834 people
• By 2030: 818,028 · +6.0%
• By 2040: 907,866 · +17.6%
• By 2050: 994,480 · +28.8%
• By 2075: 1,163,301 · +50.7%
• By 2100: 1,254,703 · +62.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Asian 33% White 25% Hispanic / Latino 25% Two or more races 15% Black 12% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 7% Dominican 6%
• Common ancestry: Romanian 2% Hispanic 1% Scotch-Irish 1%
• Foreign-born: 51% · Canada, China, Jamaica
• Languages at home: 38% English-only · Spanish 20% Other Indo-European 18% Arabic 8%

Political lean MEDSL · Hudson

• 2024 margin: Strong D (+28.1) · D 62.6% · R 34.6% · Other 2.8%
• 2008→2024 swing: -18.7pp toward R · 2008: 46.7pp · 2024: 28.1pp
• All cycles: 2024: D+28.1 2020: D+46.2 2016: D+51.8 2012: D+55.7 2008: D+46.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -219.21%
• Current HPI: 352.909
• Rent YoY: ▲ 2.65%
• 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

+2707.0% since first listed

13 events — show timeline

• 2026-01-31 Pending — HCMLS
• 2025-12-12 Listed $1,600,000 HCMLS
• 2025-12-09 Listing Removed — HCMLS
• 2025-09-26 Relisted — HCMLS
• 2025-08-05 Listed $1,750,000 HCMLS
• 2009-04-15 Sold (Public Records) $680,500 Public Records
• 2000-05-23 Sold (Public Records) $275,000 Public Records
• 1993-03-08 Sold (Public Records) $50,000 Public Records
• 1988-11-18 Sold (Public Records) $200,000 Public Records
• 1986-07-26 Sold (Public Records) $132,500 Public Records
• 1986-06-05 Sold (Public Records) $265,000 Public Records
• 1983-04-01 Sold (Public Records) $70,000 Public Records
• 1981-06-01 Sold (Public Records) $57,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $18,514 · +4.6% YoY. Source: county tax records.