51 Schley St · Newark, NJ 07112

$719,000

9 bd · 5.1 ba · 29,997 sqft · MultiFamily · 100 Days on market

Built 1924 Fair condition 3,920 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 +19.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• Livability +3.4/5.0
• Rent growth +3.2/5.0
• Condition / age +2.2/5.0
• 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

Located at 51 Schley St in Newark, this expansive 3-story multi-family home presents an excellent investment opportunity or a spacious living arrangement. Featuring 9 bedrooms and 6 bathrooms, the property offers generous living space across three well-designed floors. Each level is thoughtfully laid out for privacy and functionality, with large living areas and an abundance of natural light. The home retains classic charm while providing the potential for updates and customization. Additional highlights include a private backyard, perfect for outdoor gatherings or relaxation, and a detached garage for added convenience. Situated in a prime location, this property is close to local amenities, public transportation, and major highways, providing easy access to downtown Newark, schools, shopping, and entertainment. Whether you're looking for a multi-family investment or a large home, 51 Schley St is a remarkable opportunity.

Key facts

• Private backyard
• Prime location
• Detached garage

Tags

• PRIVATE BACKYARD
• DETACHED GARAGE
• PRIME LOCATION
• CLOSE TO LOCAL AMENITIES
• EASY ACCESS TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2×3bd/2ba + 1×3bd/1ba units multifamily listed at $719k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $874 ($10k/yr) — positive. Per door: $291/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $719k).
• Recommended offer: $654k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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: Rents rising (+2.8%/yr); 37 active listings in the ZIP; 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).
• At $7,396/mo this rent would consume 152% of the median local household income ($58k/yr) (locally 2148% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $77k of equity ($5k loan paydown + $72k appreciation (10.0% local appreciation)).
• Essex County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 2.8% rent growth), your $201k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$124k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($654k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; 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 $654,290 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.03% ✓
• Cap rate: 7.75%
• Cash-on-cash: 5.21%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 2.75% rent growth · sell at horizon

5-year hold

• IRR: 28.0%
• Equity multiple: 3.21×
• Total profit: $445,507
• Equity at exit: $647,732

10-year hold

• IRR: 24.3%
• Equity multiple: 7.28×
• Total profit: $1,264,665
• Equity at exit: $1,396,859

Cash invested: $201,320 (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 07112

• Home prices YoY: 10.7%
• Rents YoY: 2.8%
• Active inventory: 37
• Price-to-rent: 24.3×

Monthly cashflow live

• Estimated rent: $7,396 medium
• Mortgage (P&I): −$3,771
• Tax est. 1.5%: −$899 /mo · $10,785/yr
• Insurance: −$300
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,553
• Net cashflow: $874

Break-even live

Break-even rent $6,290

Max offer price $719,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,930
1× unit	3	1	$2,465
Total (3 units)			$7,396

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: $179,750
• Closing costs: $21,570
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-07
   statusdays on market $719,000 Under Contract 100 DOM
2. 2026-06-04
   days on market $719,000 Active 99 DOM
3. 2026-06-03
   days on market $719,000 Active 98 DOM
4. 2026-06-02
   days on market $719,000 Active 97 DOM
5. 2026-06-01
   days on market $719,000 Active 96 DOM
6. 2026-05-31
   days on market $719,000 Active 95 DOM
7. 2026-04-15
   status Active 936-char remark

   Show marketing remark (936 chars)

   Located at 51 Schley St in Newark, this expansive 3-story multi-family home presents an excellent investment opportunity or a spacious living arrangement. Featuring 9 bedrooms and 6 bathrooms, the property offers generous living space across three well-designed floors. Each level is thoughtfully laid out for privacy and functionality, with large living areas and an abundance of natural light. The home retains classic charm while providing the potential for updates and customization. Additional highlights include a private backyard, perfect for outdoor gatherings or relaxation, and a detached garage for added convenience. Situated in a prime location, this property is close to local amenities, public transportation, and major highways, providing easy access to downtown Newark, schools, shopping, and entertainment. Whether you're looking for a multi-family investment or a large home, 51 Schley St is a remarkable opportunity.

8. 2026-04-01
   status Under Contract 936-char remark

   Show marketing remark (936 chars)

   Located at 51 Schley St in Newark, this expansive 3-story multi-family home presents an excellent investment opportunity or a spacious living arrangement. Featuring 9 bedrooms and 6 bathrooms, the property offers generous living space across three well-designed floors. Each level is thoughtfully laid out for privacy and functionality, with large living areas and an abundance of natural light. The home retains classic charm while providing the potential for updates and customization. Additional highlights include a private backyard, perfect for outdoor gatherings or relaxation, and a detached garage for added convenience. Situated in a prime location, this property is close to local amenities, public transportation, and major highways, providing easy access to downtown Newark, schools, shopping, and entertainment. Whether you're looking for a multi-family investment or a large home, 51 Schley St is a remarkable opportunity.

9. 2026-02-11
   listed $719,000 Active 936-char remark

   Show marketing remark (936 chars)

   Located at 51 Schley St in Newark, this expansive 3-story multi-family home presents an excellent investment opportunity or a spacious living arrangement. Featuring 9 bedrooms and 6 bathrooms, the property offers generous living space across three well-designed floors. Each level is thoughtfully laid out for privacy and functionality, with large living areas and an abundance of natural light. The home retains classic charm while providing the potential for updates and customization. Additional highlights include a private backyard, perfect for outdoor gatherings or relaxation, and a detached garage for added convenience. Situated in a prime location, this property is close to local amenities, public transportation, and major highways, providing easy access to downtown Newark, schools, shopping, and entertainment. Whether you're looking for a multi-family investment or a large home, 51 Schley St is a remarkable opportunity.

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 66% 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: $88,752
• − Mortgage interest: −$40,275
• − Property taxes: −$10,785
• − Insurance: −$3,595
• − Repairs & maintenance: −$7,100
• − Management: −$7,100
• − Depreciation: −$20,916
• Taxable loss: −$1,020
• Est. tax savings @ 24.0%: +$245
• After-tax cash flow: $10,733/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 · 14 photos

Fair 45/100 Moderate rehab

This 3-story multi-family home requires moderate repairs and updates to its exterior and interior, particularly in the kitchen and bathrooms. Painting and updating the kitchen cabinets would significantly enhance its curb appeal and value.

Repairs flagged

• Moderate Exterior siding — Weathered and discolored, likely needs repainting or replacement.
• Minor Kitchen cabinets — Dated appearance, could be refreshed with paint or new hardware.
• Minor Bathroom fixtures — Standard fixtures, could be updated for a fresh look.

Value-add opportunities

• Both Painting and updating kitchen cabinets — Improves curb appeal and interior aesthetics, enhancing both resale and rental value.
• Both New flooring — Freshens up the interior and adds value for both buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and discolored, likely needs repainting or replacement.	Moderate	$3,000–15,000
Kitchen cabinets · Dated appearance, could be refreshed with paint or new hardware.	Minor	$500–3,000
Bathroom fixtures · Standard fixtures, could be updated for a fresh look.	Minor	$500–3,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both Painting and updating kitchen cabinets — Improves curb appeal and interior aesthetics, enhancing both resale and rental value. ↑
• Both New flooring — Freshens up the interior and adds value for both buyers and renters. ↑

ⓘ 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
• County: Essex County · 825,405 people
• City population: 310,602
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 29,456
• Household income: $58,200
• Rent vs Own: 70.9% rent · 29.1% own
• Severe rent burden: 2148.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (85%)
• Race & ethnicity: Black 85% Hispanic / Latino 9% Two or more races 5% White 1%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Swiss 1% Hispanic 1% Italian 1%
• Foreign-born: 24% · Canada, China, United Kingdom
• Languages at home: 78% English-only · Spanish 9% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Essex

• 2024 margin: Solid D (+44.9) · D 71.7% · R 26.8% · Other 1.5%
• 2008→2024 swing: -7.7pp toward R · 2008: 52.6pp · 2024: 44.9pp
• All cycles: 2024: D+44.9 2020: D+55.4 2016: D+56.4 2012: D+55.5 2008: D+52.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 40.64%
• Current HPI: 422.0928
• Rent YoY: ▲ 2.75%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• 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

3 events — show timeline

• 2026-04-15 Relisted — GSMLS
• 2026-04-01 Pending — GSMLS
• 2026-02-11 Listed $719,000 GSMLS