1303 SUMMIT Ave · Union City, NJ 07087

$699,000

3 bd · 2.5 ba · 2,089 sqft · SingleFamily public records · 215 Days on market

Built 1900 Est $832k · 16% under ↓ 4% since listing

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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).

• ARV discount +14.7/15.0
• Appreciation +10.0/10.0
• Cash flow +6.7/30.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 1% rule +1.6/10.0
• DSCR +1.0/10.0

Listing remarks MLS

Rent to own option is possible! Exceptional mixed-use property in a highly desirable location. The first floor features a commercial storefront complete with a full basement, half bathroom, and small private outdoor space — ideal for a variety of business uses or rental income. The second floor offers a spacious 3-bedroom, 2-bath apartment featuring a kitchen, living room, dining area, and central air conditioning for added comfort. Conveniently located just minutes from NYC transportation and NJ Transit, this property is perfect for investors or owner-occupants seeking strong income potential in a prime location. Rent to own option is possible!

Key facts

• 3-bedroom apartment
• Full basement
• Mixed-use property

Tags

• MIXED-USE PROPERTY
• COMMERCIAL STOREFRONT
• FULL BASEMENT
• PRIVATE OUTDOOR SPACE
• 3-BEDROOM APARTMENT
• CENTRAL AIR CONDITIONING

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $699k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $502k (28.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $465k (33.5% below list).
• Recommended offer: $465k (33.5% below list) — sets the bar for 1% rule.
• Cap rate 4.4% vs local median 2.3% in Union City — 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 77/100 on livability (#117 in NJ, #2,998 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: cost of living F.
• Union City School District (suburban): math 15% / reading 36% proficiency, ranked #399 of 472 in NJ (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 226 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 5,310 units permitted in Hudson County in 2024 (4,154 in 5+ unit buildings).
• At $4,647/mo this rent would consume 87% of the median local household income ($64k/yr) (locally 6042% 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 $75k of equity ($5k loan paydown + $70k appreciation (10.0% local appreciation)).
• Hudson County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$120k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 215 days — a 12% lower offer ($615k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 6→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $464,717 (33.5% below list)

Questions for the listing agent

1. 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?
2. It's been on market 215 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.66% ✗
• Cap rate: 4.37%
• Cash-on-cash: -6.85%
• DSCR: 0.70
• GRM: 12.5

CMA / ARV

• ARV (median comp): $831,706
• List price: $699,000
• Delta: -15.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18 GRAND St	0.63mi	4/3.5 (+1)	1,899 (-9%)	5mo	$1,200,000	$632	42
304 24th St Unit 1	0.68mi	3/1.5	1,992 (-5%)	20mo	$495,000	$248	40

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

Projected returns pro-forma

10.0% appreciation · 0.89% rent growth · sell at horizon

5-year hold

• IRR: 18.9%
• Equity multiple: 2.53×
• Total profit: $299,890
• Equity at exit: $629,715

10-year hold

• IRR: 17.1%
• Equity multiple: 5.71×
• Total profit: $921,228
• Equity at exit: $1,358,003

Cash invested: $195,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 07087

• Home prices YoY: 9.6%
• Rents YoY: 0.9%
• Active inventory: 226
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $4,647 high
• Mortgage (P&I): −$3,666
• Tax from tax record: −$832 /mo · $9,985/yr
• Insurance: −$291
• HOA: −$0
• Vacancy / Maint / Mgmt: −$976
• Net cashflow: $-1,118

Break-even live

Break-even rent $6,062

Max offer price $501,557

Occupancy floor —

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: $174,750
• Closing costs: $20,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
31 Leonard St Unit 2 Jersey City, NJ	3.0	1.0	1600	$3,100	$1.94	3d	1	0.52mi
315 5th St #1 Union City, NJ	3.0	2.0	2000	$2,500	$1.25	44d	1	0.54mi
118 Poplar St Jersey City, NJ	3.0	1.0	2000	$2,850	$1.43	19d	1	0.62mi
31 Hackensack Ave Unit 2A Weehawken, NJ	3.0	2.5	1960	$6,500	$3.32	25d	1	0.65mi
315 25th St Unit 1 Union City, NJ	3.0	2.0	1400	$4,200	$3.00	25d	1	0.67mi
270 Hancock Ave #2 Jersey City, NJ	3.0	2.5	1711	$3,450	$2.02	25d	1	0.73mi
38 Graham St Jersey City, NJ	3.0	1.0	1500	$2,500	$1.67	25d	1	0.74mi
302 Terrace Ave Unit 1ST Jersey City, NJ	3.0	2.0	1400	$3,200	$2.29	21d	1	0.75mi
707 28th St Unit 101 Union City, NJ	3.0	2.0	1650	$3,900	$2.36	25d	1	0.75mi
262 North St Unit 1 Jersey City, NJ	3.0	2.5	2350	$4,195	$1.79	25d	1	0.75mi
262 North St Unit 2 Jersey City, NJ	3.0	2.0	1582	$3,395	$2.15	2d	1	0.75mi
47 Graham St Unit 1 Jersey City, NJ	3.0	2.5	1514	$4,100	$2.71	8d	1	0.76mi
2602 Palisade Ave Unit 1 Weehawken, NJ	4.0	3.0	2000	$5,995	$3.00	25d	1	0.77mi
1404 Willow Ave Hoboken, NJ	3.0	1.0–3.0	1142	$17,000	$14.88	1d	9	0.80mi
85 Maple St Unit 3K Weehawken, NJ	2.0	2.0	1502	$3,950	$2.63	25d	1	0.84mi
518-536 Gregory Ave Unit B407 Weehawken Township, NJ	3.0	2.0	1400	$3,500	$2.50	25d	1	0.87mi
950 Monroe St Unit 1109 Hoboken, NJ	3.0	2.0	1790	$5,378	$3.00	25d	1	0.87mi
950 Monroe St Unit 807 Hoboken, NJ	3.0	2.0	1788	$5,520	$3.09	25d	1	0.87mi
80 Hackensack Plank Rd Unit 1 Weehawken Township, NJ	4.0	3.5	2500	$6,995	$2.80	22d	1	0.92mi
905 Monroe St Unit 3/bedroom 2/Bath Hoboken, NJ	3.0	2.0	1400	$5,233	$3.74	25d	1	0.93mi
150 14th St #503 Hoboken, NJ	3.0	2.0	1613	$6,550	$4.06	21d	1	0.93mi
800 Madison St Hoboken, NJ	1.0–3.0	1.0–2.0	1249	$5,455	$4.37	5d	1	1.01mi
1410 Hudson St Unit 1120 Hoboken, NJ	3.0	2.0	1750	$6,120	$3.50	25d	1	1.01mi
139 Cambridge Ave Unit 1 Jersey City, NJ	3.0	2.0	1580	$3,995	$2.53	13d	1	1.04mi
1017 Park Ave Unit G Hoboken, NJ	3.0	2.0	1700	$6,900	$4.06	25d	1	1.04mi
719 Monroe St #3 Hoboken, NJ	3.0	3.0	1403	$5,600	$3.99	25d	1	1.05mi
719 Monroe St #3 Hoboken, NJ	3.0	3.0	1403	$5,600	$3.99	22d	1	1.05mi
1600 Harbor Blvd Weehawken, NJ	3.0	1.0–2.0	998	$7,738	$7.75	3d	12	1.06mi
305 New York Ave #2 Jersey City, NJ	2.0	2.5	1600	$5,000	$3.12	21d	1	1.07mi
801 Harbor Blvd Unit 310A Weehawken, NJ	3.0	2.0	1402	$5,577	$3.98	25d	1	1.08mi
805 Harbor Blvd Unit 310A Weehawken, NJ	3.0	2.0	1402	$6,577	$4.69	25d	1	1.08mi
775 Jackson St Unit 08 Hoboken, NJ	3.0	2.0	1600	$5,495	$3.43	25d	1	1.08mi
234 Webster Ave Jersey City, NJ	4.0	2.0	1442	$4,700	$3.26	13d	1	1.09mi
234 Webster Ave Unit 1R Jersey City, NJ	4.0	2.0	1442	$4,700	$3.26	14d	1	1.09mi
234 Webster Ave Unit 1R Jersey City, NJ	4.0	2.0	1442	$5,000	$3.47	25d	1	1.09mi
600 Harbor Blvd #870 Weehawken, NJ	2.0	2.0	1480	$7,500	$5.07	5d	1	1.09mi
158 Terrace Ave Jersey City, NJ	3.0	2.0	2000	$2,950	$1.48	2d	1	1.09mi
727 Adams St Apt 201 Hoboken, NJ	4.0	3.0	1806	$9,000	$4.98	7d	1	1.10mi
700 Grove St Jersey City, NJ	1.0–2.0	1.0–2.0	1163	$4,800	$4.13	14d	2	1.13mi
609 Monroe St #2 Hoboken, NJ	4.0	2.0	1674	$6,400	$3.82	15d	1	1.17mi

Listing history 3 events

1. 2026-05-31
   days on market $699,000 Active 215 DOM
2. 2026-01-21
   price $699,000 661-char remark

   Show marketing remark (661 chars)

   Rent to own option is possible! Exceptional mixed-use property in a highly desirable location. The first floor features a commercial storefront complete with a full basement, half bathroom, and small private outdoor space — ideal for a variety of business uses or rental income. The second floor offers a spacious 3-bedroom, 2-bath apartment featuring a kitchen, living room, dining area, and central air conditioning for added comfort. Conveniently located just minutes from NYC transportation and NJ Transit, this property is perfect for investors or owner-occupants seeking strong income potential in a prime location. Rent to own option is possible!

3. 2025-10-28
   listed $725,000 Active 661-char remark

   Show marketing remark (661 chars)

   Rent to own option is possible! Exceptional mixed-use property in a highly desirable location. The first floor features a commercial storefront complete with a full basement, half bathroom, and small private outdoor space — ideal for a variety of business uses or rental income. The second floor offers a spacious 3-bedroom, 2-bath apartment featuring a kitchen, living room, dining area, and central air conditioning for added comfort. Conveniently located just minutes from NYC transportation and NJ Transit, this property is perfect for investors or owner-occupants seeking strong income potential in a prime location. Rent to own option is possible!

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

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $9,985 · $832/mo
• Projected year-2 tax: $13,695 · $1,141/mo
• Expected delta: +$3,710/yr (+$309/mo · 37.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 6 d/yr ≥98°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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,766
• − Mortgage interest: −$39,155
• − Property taxes: −$9,985
• − Insurance: −$3,495
• − Repairs & maintenance: −$4,461
• − Management: −$4,461
• − Depreciation: −$20,335
• Taxable loss: −$26,126
• Est. tax savings @ 24.0%: +$6,270
• After-tax cash flow: $-7,142/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: Union City School District
• NCES district ID: 3416380
• Math proficiency: 15% ▼ -19.00%
• Reading proficiency: 36% ▼ -19.00%
• Median HH income: $41,210
• Composite: 21.55/100
• National rank: #8312
• State rank: #399 of 472 in NJ

Livability — Union City

• Score: 77/100
• State rank: #117
• US rank: #2998

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Union City, NJ
• County: Hudson County · 718,323 people
• City population: 66,463
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 66,463
• Household income: $64,310
• Rent vs Own: 80.9% rent · 19.1% own
• Severe rent burden: 6042.0

Population outlook (Hudson County) Hauer SSP2

• Today (2025): 771,834 people
• By 2030: 818,028 · +6.0%
• By 2040: 907,866 · +17.6%
• By 2050: 994,480 · +28.8%
• By 2075: 1,163,301 · +50.7%
• By 2100: 1,254,703 · +62.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (82%)
• Race & ethnicity: Hispanic / Latino 82% Two or more races 28% White 10% Asian 4% Black 3% Native American 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 8% Cuban 9% Dominican 17%
• Foreign-born: 55% · Canada, Jamaica, China
• Languages at home: 18% English-only · Spanish 74% Other Indo-European 2% Arabic 1%

Political lean MEDSL · Hudson

• 2024 margin: Strong D (+28.1) · D 62.6% · R 34.6% · Other 2.8%
• 2008→2024 swing: -18.7pp toward R · 2008: 46.7pp · 2024: 28.1pp
• All cycles: 2024: D+28.1 2020: D+46.2 2016: D+51.8 2012: D+55.7 2008: D+46.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 52.10%
• Current HPI: 597.8126
• Rent YoY: ▲ 0.89%
• 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

-3.6% since first listed

2 events — show timeline

• 2026-01-21 Price Changed $699,000 HCMLS
• 2025-10-28 Listed $725,000 HCMLS

Property tax history

-0.1%/yr

Latest (2025): $9,985 · +5.9% YoY. Source: county tax records.