6311 KENNEDY Blvd

West New York, NJ 07047

$1,075,000C-

15 bd · 12.0 ba · — sqft · Built — · MultiFamily · Active · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,102/mo
• Mortgage (P&I): −$5,637
• Tax + insurance: −$1,792
• HOA: −$0
• Vac / Maint / Mgmt: −$2,541
• Net cashflow: $2,131/mo
• Annual: $25,578/yr
• Cap rate: 8.67%
• Cash-on-cash: 8.50%
• DSCR: 1.38
• 1% rule: 1.13%
• Cash to close: $301,000

Investor read

• This is a 3 × 5-bed/4.0-bath units multifamily listed at $1.07M. Condition is rated poor.
• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $710/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.07M).
• It's been on market 100 days — a 9% lower offer ($978k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $978k (9.0% 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 $32k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#119 in NJ, #3,034 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: schools D+, cost of living F.
• North Bergen School District (suburban): math 12% / reading 37% proficiency, ranked #393 of 472 in NJ (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+5.0%/yr); 209 active listings in the ZIP; 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.
• 6 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.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $301k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 8.7% vs local median 1.5% in West New York — 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 $12,102/mo this rent would consume 184% of the median local household income ($79k/yr) (locally 3908% 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 100 days. Have you received any prior offers? Is the seller open to a 9% 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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)

• Major: kitchen appliances — outdated and in need of replacement
• Major: bathroom fixtures — dated and in need of replacement
• Major: roof — visible wear and tear
• Major: exterior siding — appears aged and in need of repair
• Major: flooring — dated and worn linoleum
• Major: interior walls/paint — paint appears chipped and faded