400 Woodcliff Ave

Fairview, NJ 07047

$1,745,000B-

None bd · None ba · 7,064 sqft · Built 1930 · MultiFamily · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $26,014/mo
• Mortgage (P&I): −$9,151
• Tax + insurance: −$2,701
• HOA: −$0
• Vac / Maint / Mgmt: −$5,463
• Net cashflow: $8,699/mo
• Annual: $104,385/yr
• Cap rate: 12.27%
• Cash-on-cash: 21.36%
• DSCR: 1.95
• 1% rule: 1.49%
• Cash to close: $488,600

Investor read

• This is a multifamily listed at $1.75M.
• At list price, monthly cash flow is $9k ($104k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($26k rent vs $1.75M).
• It's been on market 66 days — a 6% lower offer ($1.64M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.64M (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $52k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#174 in NJ, #4,548 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: commute C-, 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.
• Zoned schools: Robert Fulton Elementary School (math 16% / reading 44%, grade F, #721 of 1,303 statewide, top 56%, 880 students, 52% FRL); North Bergen High School (math 13% / reading 36%, grade F, #327 of 399 statewide, top 82%, 2,355 students, 50% FRL) — zoned schools at 51% FRL track the district average.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.0%/yr); 210 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.
• 3 sale attempts since 2y ago 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 $489k cash investment doubles in ~6 years — after that, you're playing with house money.
• 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.
• Cap rate 12.3% vs local median 2.6% in Fairview — 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 $26,014/mo this rent would consume 396% 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 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.