96-98 S 11Th St · Newark, NJ 07107-1514

$499,000

8 bd · 3.0 ba · — sqft · MultiFamily · 3 Days on market

Built 1950 Average condition 3,484 sqft lot

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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 +17.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Appreciation +5.0/10.0
• 1% rule +4.8/10.0
• Livability +3.4/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Schools +1.4/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Exceptional investment and owner-occupant opportunity in the heart of Newark! This spacious two-unit home offers the added bonus of a finished third-floor living area, providing endless possibilities for extended living, a home office, or recreation space. Perfectly positioned neighboring the renowned Donald M. Payne Sr. School of Technology and just moments from Essex County College, this location is ideal for commuters and city living alike. Enjoy easy access to NJ Transit trains and buses, as well as Routes 280, the Garden State Parkway, and the New Jersey Turnpike, making travel throughout New Jersey and New York City a breeze. The property features a fenced backyard and deck, perfect f

Key facts

• Walk-out kitchen
• Deck
• Full soaking tub

Tags

• FENCED BACKYARD
• DECK
• FULL SOAKING TUB
• WALK-OUT KITCHEN

Property features AI

Finance

• Financial info: Two-unit property; Reported net operating income: 0; Reported gross operating income: 0; Reported total operating expenses: 0

Exterior

• Parking: Off-street parking with concrete strip driveway (1 car width); Assigned garage (see remarks)
• Utilities: Public water; Public sewer; Natural gas service; Cable TV available
• Home design: 3-story multi-unit building
• Construction: Asphalt shingle roof; Approximate year built; Has home warranty
• Exterior features: Deck; Vinyl siding; Yellow exterior color

Interior

• Kitchen: Gas range/oven in each unit; Eat-in kitchens (both units)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 4 bedrooms
• Bathrooms: 3 full bathrooms (total)
• Heating & cooling: Two heating units; Natural gas heating; Window air conditioning units
• Interior features: Carbon monoxide detector; Gas water heater; Partially finished basement
• Laundry & utility: Owner pays water; tenants pay electric, gas and heat (each unit)

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $499k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $397 ($5k/yr) — positive. Per door: $199/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $487k (2.4% below list).
• Recommended offer: $487k (2.4% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 3.0% in Newark — 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 67/100 on livability (#343 in NJ) — a middle-class / working-renter tenant base. Strengths: commute A+, amenities A-; Watch: housing D+, crime F, employment D-.
• Newark Public School District (urban): math 9% / reading 26% proficiency, ranked #452 of 472 in NJ (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Science Park High School (math 47% / reading 77%, grade B-, #50 of 399 statewide, top 13%, 938 students, 63% FRL) — zoned schools average 63% FRL vs 79% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 62% at this address vs 18% district-wide (+44 pts) — the actual schools serving this property are materially stronger than the Newark Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 2 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($3k loan paydown + $15k appreciation (3.0% local appreciation)).
• Essex County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $486,800 (2.4% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.98% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.41%
• DSCR: 1.15
• GRM: 8.5

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
160 11th St	0.17mi	8/4.0	—	2mo	$685,000	—	74
152 10th St	0.23mi	7/3.0 (-1)	—	1mo	$547,000	—	71
117 12th St	0.10mi	9/4.5 (+1)	—	2mo	$800,000	—	71
120 S 7th St	0.42mi	8/3.0	—	3mo	$615,000	—	66
160-162 Roseville Ave	0.45mi	8/3.0	—	3mo	$700,000	—	64
39 7th St	0.21mi	9/6.0 (+1)	—	3mo	$1,110,000	—	58
163 7th St	0.52mi	8/4.0	—	1mo	$630,000	—	58
134 14th St	0.61mi	8/3.0	—	3mo	$650,000	—	57
343 Sussex Ave	0.28mi	7/6.0 (-1)	—	2mo	$800,000	—	56
225 9th St	0.50mi	7/4.0 (-1)	—	3mo	$865,000	—	53
15 Winthrop Ter	0.56mi	9/3.5 (+1)	—	2mo	$705,000	—	53
110 17th St	0.72mi	8/3.0	—	3mo	$705,000	—	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 10.7%
• Equity multiple: 1.61×
• Total profit: $85,486
• Equity at exit: $224,372

10-year hold

• IRR: 12.9%
• Equity multiple: 2.93×
• Total profit: $269,043
• Equity at exit: $345,784

Cash invested: $139,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City Newark: 0 Strongly Tenant-Friendly · D+59

Rent control + strict just-cause.

Methodology + full state rankings →

ZIP-level market 07107-1514

• Active inventory: 2
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $4,868 high
• Mortgage (P&I): −$2,617
• Tax est. 1.5%: −$624 /mo · $7,485/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,022
• Net cashflow: $397

Break-even live

Break-even rent $4,365

Max offer price $499,000

Occupancy floor 87%

Sensitivity live

Price	-10% $742	-5% $570	+0% $397	+5% $225	+10% $52
Rent	-10% $13	-5% $205	+0% $397	+5% $590	+10% $782
Rate	-1.0pp $649	-0.5pp $524	base $397	+0.5pp $268	+1.0pp $136

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$4,868
Total (2 units)			$4,868

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33 Springdale Ave Unit 1 Newark, NJ	7.0	2.0	1200	$3,495	$2.91	25d	1	0.98mi
33 Springdale Ave Unit 1 Newark, NJ	7.0	2.0	1200	$3,495	$2.91	17d	1	0.98mi
46 Eppirt St East Orange, NJ	7.0	3.0	—	$6,450	—	0d	1	1.25mi

Listing history 4 events

1. 2026-06-18
   days on market $499,000 Active 3 DOM
2. 2026-06-17
   days on market $499,000 Active 2 DOM
3. 2026-06-15
   remarks 699-char remark
4. 2026-06-15
   listed $499,000 Active 1 DOM

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

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 ≥100°F today · 13 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,416
• − Mortgage interest: −$27,952
• − Property taxes: −$7,485
• − Insurance: −$2,495
• − Repairs & maintenance: −$4,673
• − Management: −$4,673
• − Depreciation: −$14,516
• Taxable loss: −$3,379
• Est. tax savings @ 24.0%: +$811
• After-tax cash flow: $5,578/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.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab

A two-unit home with average condition, requiring moderate repairs and maintenance. Upgrades to the exterior and kitchen could significantly boost its resale value.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor paint — paint appears worn
• Moderate HVAC system — visible pipes in basement

Value-add opportunities

• Resale paint exterior — enhances curb appeal
• Resale replace kitchen cabinets — modernizes kitchen
• Rental repair HVAC system — improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
paint · paint appears worn	Minor	$500–3,000
HVAC system · visible pipes in basement	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Resale paint exterior — enhances curb appeal ↑
• Resale replace kitchen cabinets — modernizes kitchen ↑
• Rental repair HVAC system — improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Newark Public School District
• NCES district ID: 3411340
• Math proficiency: 9% ▼ -17.00%
• Reading proficiency: 26% ▼ -10.00%
• Median HH income: $33,891
• Composite: 14.24/100
• National rank: #9449
• State rank: #452 of 472 in NJ

Livability — Newark

• Score: 67/100
• State rank: #343
• US rank: #11138

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newark, NJ

Population outlook (Essex County) Hauer SSP2

• Today (2025): 825,042 people
• By 2030: 834,010 · +1.1%
• By 2040: 846,221 · +2.6%
• By 2050: 850,047 · +3.0%
• By 2075: 837,009 · +1.5%
• By 2100: 784,345 · -4.9%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-06-15 Listed $499,000 GSMLS