2000 LINWOOD Ave Unit 6C

Fort Lee, NJ 07024

$425,000F

2 bd · 2.0 ba · 1,090 sqft · Built 1967 · Condo · Under Contract · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,567/mo
• Mortgage (P&I): −$2,229
• Tax + insurance: −$735
• HOA: −$1,018
• Vac / Maint / Mgmt: −$749
• Net cashflow: $-1,164/mo
• Annual: $-13,970/yr
• Cap rate: 3.01%
• Cash-on-cash: -11.74%
• DSCR: 0.48
• 1% rule: 0.84%
• Cash to close: $119,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $425k.
• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $399k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $357k (16.1% below list).
• It's been on market 40 days — a 3% lower offer ($412k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $357k (16.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 89/100 on livability (#2 in NJ, #139 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Fort Lee School District (suburban): math 46% / reading 63% proficiency, ranked #105 of 472 in NJ (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: School No. 2 (math 52% / reading 57%, grade C, #176 of 1,303 statewide, top 15%, 357 students, 15% FRL); Lewis F. Cole Middle School (math 43% / reading 64%, grade C+, #77 of 431 statewide, top 18%, 1,194 students, 16% FRL); Fort Lee High School (math 35% / reading 66%, grade D+, #101 of 399 statewide, top 26%, 1,160 students, 12% FRL) — zoned schools at 14% FRL track the district average.
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents flat; 207 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 2 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.
• Cap rate 3.0% vs local median 1.5% in Fort Lee — 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.
• This rent runs 40% of the median local income ($107k/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?
• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• 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?