502 Irvine Turner Blvd · Newark, NJ 07108-2465

$345,000

6 bd · 3.0 ba · 2,500 sqft · MultiFamily · 348 Days on market

2,178 sqft lot Est $678k · 49% under ↓ 23% since listing

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Why this score? — see what drove the B+ 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 +29.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Appreciation +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +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

Check out this ready to go Mixed Use Duplex! The first floor unit is tenant occupied with 5 yrs remaining on a 15 yr lease w/ a 10 year option. The commercial tenant pays $1,550 in rent currently. The upstairs 3 BR, 1 bath apartment is renovated and vacant ready to be leased. This property will require a commercial loan if buyer is using financing. Seller is motivated! Amazing location in close proximity to 78. Come check out this great investment property today!

Key facts

• Duplex
• Freshly renovated
• 2,178 sq ft lot

Tags

• DUPLEX
• FRESHLY RENOVATED
• GREAT INVESTMENT PROPERTY
• CLOSE PROXIMITY TO 78

🏷️ Possibly a rental listed for sale. The $345,000 price doesn't fit this home's estimated sale value (~$677,500) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $345k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $638/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $345k).
• Recommended offer: $304k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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: schools D+, housing D+, crime F.
• 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.
• Market conditions: 2 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($2k loan paydown + $10k 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 $97k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 348 days — a 12% lower offer ($304k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $205k (37%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $303,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 348 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.34% ✓
• Cap rate: 10.73%
• Cash-on-cash: 15.86%
• DSCR: 1.71
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $677,500
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
159 Milford Ave	0.21mi	6/2.0	2,850 (+14%)	6mo	$575,000	$202	58
120 Elizabeth Ave	0.38mi	6/4.5	2,772 (+11%)	20mo	$750,000	$271	41

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: 22.4%
• Equity multiple: 2.27×
• Total profit: $122,940
• Equity at exit: $155,127

10-year hold

• IRR: 23.4%
• Equity multiple: 4.35×
• Total profit: $323,853
• Equity at exit: $239,069

Cash invested: $96,600 (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 07108-2465

• Active inventory: 2
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $4,634 high
• Mortgage (P&I): −$1,809
• Tax est. 1.5%: −$431 /mo · $5,175/yr
• Insurance: −$144
• HOA: −$0
• Vacancy / Maint / Mgmt: −$973
• Net cashflow: $1,277

Break-even live

Break-even rent $3,018

Max offer price $345,000

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$4,634
Total (2 units)			$4,634

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: $86,250
• Closing costs: $10,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
110 Milford Ave Unit 1 Newark, NJ	5.0	3.0	1800	$3,049	$1.69	17d	1	0.30mi

Listing history 12 events

1. 2026-02-18
   status Under Contract
2. 2026-01-20
   price $345,000
3. 2025-12-28
   price $375,000
4. 2025-10-23
   price $400,000
5. 2025-08-28
   price $450,000
6. 2025-06-19
   price $499,000
7. 2025-04-15
   price $525,000
8. 2025-03-07
   listed $550,000 Active
9. 2022-08-26
   soldstatus $399,000 Sold
10. 2022-06-02
    historical
11. 2022-04-29
    price $399,000
12. 2022-04-14
    listed $450,000 Active

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

Taxation est. · year 1

• Rental income: $55,608
• − Mortgage interest: −$19,325
• − Property taxes: −$5,175
• − Insurance: −$1,725
• − Repairs & maintenance: −$4,449
• − Management: −$4,449
• − Depreciation: −$10,036
• Taxable income: $10,449
• Est. tax owed @ 24.0%: −$2,508
• After-tax cash flow: $12,812/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.

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

-23.3% since first listed

12 events — show timeline

• 2026-02-18 Pending — GSMLS
• 2026-01-20 Price Changed $345,000 GSMLS
• 2025-12-28 Price Changed $375,000 GSMLS
• 2025-10-23 Price Changed $400,000 GSMLS
• 2025-08-28 Price Changed $450,000 GSMLS
• 2025-06-19 Price Changed $499,000 GSMLS
• 2025-04-15 Price Changed $525,000 GSMLS
• 2025-03-07 Listed $550,000 GSMLS
• 2022-08-26 Sold (MLS) $399,000 GSMLS
• 2022-06-02 Delisted — GSMLS
• 2022-04-29 Price Changed $399,000 GSMLS
• 2022-04-14 Listed $450,000 GSMLS