836-838 E 2Nd St · Plainfield, NJ 07062-1004

$724,900

8 bd · 4.0 ba · — sqft · MultiFamily · 25 Days on market

Built 1921 4,791 sqft lot

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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 +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Multi-family units

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

Listing remarks

Well-located and fully occupied, this 4-family property offers a great opportunity in the heart of Plainfield. Just a short walk to the train station, with easy access to shops, dining, and public transportation. Some units have been recently updated, and the property presents strong potential for future income and long-term value. A solid option for investors looking to expand their portfolio in a growing area.

Key facts

• Easy access to shops
• 4,791 sq ft lot
• Built 1921

Tags

• SHORT WALK TO TRAIN STATION
• EASY ACCESS TO SHOPS
• EASY ACCESS TO DINING
• RECENTLY UPDATED UNITS

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $725k.

Deal economics

• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $618/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $725k).
• Recommended offer: $714k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 3.3% in Plainfield — 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 65/100 on livability (#384 in NJ) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A-; Watch: crime D+, schools D-, amenities F.
• Plainfield Public School District (suburban): math 17% / reading 25% proficiency, ranked #588 of 612 in NJ (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 1 active listings in the ZIP; 1,749 units permitted in Union County in 2024 (1,421 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($5k loan paydown + $22k appreciation (3.0% local appreciation)).
• Union County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $203k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($714k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago 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.
• Current owner paid $185k; list at $725k implies a 292% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $714,026 (1.5% 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 1921 — 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 D 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: 1.31% ✓
• Cap rate: 10.38%
• Cash-on-cash: 14.61%
• DSCR: 1.65
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 21.2%
• Equity multiple: 2.21×
• Total profit: $244,840
• Equity at exit: $325,946

10-year hold

• IRR: 22.3%
• Equity multiple: 4.21×
• Total profit: $651,365
• Equity at exit: $502,322

Cash invested: $202,972 (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 07062-1004

• Active inventory: 1
• Price-to-rent: 25.5×

Monthly cashflow live

• Estimated rent: $9,469 high
• Mortgage (P&I): −$3,801
• Tax est. 1.5%: −$906 /mo · $10,874/yr
• Insurance: −$302
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,988
• Net cashflow: $2,471

Break-even live

Break-even rent $6,341

Max offer price $724,900

Occupancy floor 69%

Sensitivity live

Price	-10% $2,972	-5% $2,721	+0% $2,471	+5% $2,220	+10% $1,970
Rent	-10% $1,723	-5% $2,097	+0% $2,471	+5% $2,845	+10% $3,219
Rate	-1.0pp $2,836	-0.5pp $2,655	base $2,471	+0.5pp $2,283	+1.0pp $2,092

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$9,468
Total (4 units)			$9,469

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: $181,225
• Closing costs: $21,747
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2025-10-14
   status Under Contract
2. 2025-09-18
   listed $724,900 Active
3. 2016-01-29
   soldstatus $185,000 Sold
4. 2015-07-27
   historical
5. 2015-06-09
   price $209,900
6. 2015-05-20
   listed $219,000 Active
7. 2009-06-04
   soldstatus $180,000

ⓘ 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: $113,628
• − Mortgage interest: −$40,606
• − Property taxes: −$10,874
• − Insurance: −$3,624
• − Repairs & maintenance: −$9,090
• − Management: −$9,090
• − Depreciation: −$21,088
• Taxable income: $19,256
• Est. tax owed @ 24.0%: −$4,621
• After-tax cash flow: $25,029/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: Plainfield Public School District
• NCES district ID: 3413140
• Math proficiency: 17% ▲ 1.00%
• Reading proficiency: 25% ▲ 1.00%
• Median HH income: $52,983
• Composite: 22.21/100
• National rank: #13512
• State rank: #588 of 612 in NJ

Livability — Plainfield

• Score: 65/100
• State rank: #384
• US rank: #13086

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plainfield, NJ

Population outlook (Union County) Hauer SSP2

• Today (2025): 596,450 people
• By 2030: 616,880 · +3.4%
• By 2040: 658,185 · +10.4%
• By 2050: 696,707 · +16.8%
• By 2075: 785,448 · +31.7%
• By 2100: 836,583 · +40.3%

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

+302.7% since first listed

7 events — show timeline

• 2025-10-14 Pending — GSMLS
• 2025-09-18 Listed $724,900 GSMLS
• 2016-01-29 Sold (MLS) $185,000 GSMLS
• 2015-07-27 Delisted — GSMLS
• 2015-06-09 Price Changed $209,900 GSMLS
• 2015-05-20 Listed $219,000 GSMLS
• 2009-06-04 Sold (MLS) $180,000 GSMLS