190 W 24TH St Unit B7

Bayonne, NJ 07002

$199,000D-

2 bd · 1.5 ba · 1,000 sqft · Built — · Townhouse · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,135/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$332
• HOA: −$964
• Vac / Maint / Mgmt: −$448
• Net cashflow: $-652/mo
• Annual: $-7,828/yr
• Cap rate: 2.36%
• Cash-on-cash: -14.05%
• DSCR: 0.37
• 1% rule: 1.07%
• Cash to close: $55,720

Investor read

• This is a 2-bed/1.5-bath townhouse listed at $199k. Condition is rated good.
• At list price, monthly cash flow is $-652 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (47.4% below list).
• Meets the 1% rule at list price ($2k rent vs $199k).
• It's been on market 24 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (47.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#147 in NJ, #3,845 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A, employment A-; Watch: cost of living F.
• Bayonne School District (suburban): math 17% / reading 41% proficiency, ranked #354 of 472 in NJ (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: William Shemin Midtown Community School #8 (math 12% / reading 31%, grade F, #973 of 1,303 statewide, top 75%, 1,210 students, 68% FRL); Bayonne High School (math 19% / reading 48%, grade F, #251 of 399 statewide, top 64%, 2,656 students, 57% FRL).
• Watch-outs: HOA is 45% of rent.
• Market conditions: Rents flat; 337 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 42d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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.
• Cap rate 2.4% vs local median 3.4% in Bayonne — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 31% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.