517 Irvine Turner Blvd · Newark, NJ 07108-2415

$750,000

9 bd · 5.1 ba · — sqft · MultiFamily · 94 Days on market

Built 2004 Good condition 3,920 sqft lot

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Why this score? — see what drove the D+ 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 +16.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• Appreciation +5.0/10.0
• 1% rule +4.4/10.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Well situated property, 3 minutes from Newark Liberty International Airport, 10 minutes to Newark Penn Station, 10 minutes to Garden State Mall, 15 minutes to UMD Teaching hospital.Easy access to public transportation, and shopping.

Key facts

• 3,920 sq ft lot
• 2 garage spots
• Built 2004

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.7-bath units multifamily listed at $750k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $396 ($5k/yr) — positive. Per door: $132/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 $706k (5.8% below list).
• Recommended offer: $682k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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: 1 active listings in the ZIP; 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).

Forward outlook

• In year one you build about $28k of equity ($5k loan paydown + $22k 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 $210k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($682k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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.

Recommended offer $682,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% 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. 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?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 6.93%
• Cash-on-cash: 2.26%
• DSCR: 1.10
• GRM: 8.9

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
420 Jelliff Ave	0.26mi	9/5.0	—	6mo	$740,000	—	70
145 Ridgewood Ave	0.19mi	9/6.0	—	7mo	$867,000	—	69
216 Peshine Ave	0.32mi	8/4.0 (-1)	—	3mo	$750,000	—	61
28 Branford St	0.27mi	9/2.0	—	5mo	$865,000	—	58
133 Seymour Ave	0.51mi	9/3.0	—	5mo	$715,000	—	51
388-392 Chadwick Ave	0.56mi	10/4.0 (+1)	—	4mo	$925,000	—	49
171 Seymour Ave	0.47mi	9/3.0	2,600	10mo	$625,000	$240	48
343-345 HAWTHORNE Ave	0.66mi	8/5.0 (-1)	—	6mo	$855,000	—	46
367-369 Hawthorne Ave	0.72mi	9/5.0	—	10mo	$810,000	—	45
10 Tillinghast St	0.61mi	8/3.0 (-1)	—	3mo	$630,000	—	43
161 Osborne Ter	0.61mi	8/6.0 (-1)	2,850	9mo	$825,000	$289	43
49 Chadwick Ave	0.65mi	8/5.0 (-1)	—	11mo	$750,000	—	42

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: 9.6%
• Equity multiple: 1.55×
• Total profit: $115,670
• Equity at exit: $337,232

10-year hold

• IRR: 12.0%
• Equity multiple: 2.79×
• Total profit: $376,700
• Equity at exit: $519,715

Cash invested: $210,000 (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 07108-2415

• Active inventory: 1
• Price-to-rent: 26.6×

Monthly cashflow live

• Estimated rent: $7,062 high
• Mortgage (P&I): −$3,933
• Tax est. 1.5%: −$938 /mo · $11,250/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,483
• Net cashflow: $396

Break-even live

Break-even rent $6,561

Max offer price $750,000

Occupancy floor 89%

Sensitivity live

Price	-10% $914	-5% $655	+0% $396	+5% $137	+10% $-122
Rent	-10% $-162	-5% $117	+0% $396	+5% $675	+10% $954
Rate	-1.0pp $774	-0.5pp $587	base $396	+0.5pp $202	+1.0pp $4

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.7	$7,062
Total (3 units)			$7,062

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: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $750,000 Active 94 DOM
2. 2026-06-17
   days on market $750,000 Active 93 DOM
3. 2026-06-16
   days on market $750,000 Active 92 DOM
4. 2026-06-15
   days on market $750,000 Active 91 DOM
5. 2026-06-13
   days on market $750,000 Active 89 DOM
6. 2026-06-13
   days on market $750,000 Active 88 DOM
7. 2026-06-09
   days on market $750,000 Active 85 DOM
8. 2026-06-08
   days on market $750,000 Active 84 DOM
9. 2026-06-07
   days on market $750,000 Active 83 DOM
10. 2026-06-04
    days on market $750,000 Active 80 DOM
11. 2026-06-03
    days on market $750,000 Active 79 DOM
12. 2026-06-02
    days on market $750,000 Active 78 DOM
13. 2026-06-01
    days on market $750,000 Active 77 DOM
14. 2026-05-31
    days on market $750,000 Active 76 DOM
15. 2026-03-16
    listed $750,000 Active 232-char remark

    Show marketing remark (232 chars)

    Well situated property, 3 minutes from Newark Liberty International Airport, 10 minutes to Newark Penn Station, 10 minutes to Garden State Mall, 15 minutes to UMD Teaching hospital.Easy access to public transportation, and shopping.

ⓘ 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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $84,744
• − Mortgage interest: −$42,012
• − Property taxes: −$11,250
• − Insurance: −$3,750
• − Repairs & maintenance: −$6,780
• − Management: −$6,780
• − Depreciation: −$21,818
• Taxable loss: −$7,645
• Est. tax savings @ 24.0%: +$1,835
• After-tax cash flow: $6,586/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

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with modern amenities and easy access to public transportation and shopping. A fresh coat of paint on the exterior trim and cleaning the gutters would further enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and property value ↑

ⓘ 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

• 2026-03-16 Listed $750,000 GSMLS