100 35th St #1

Union City, NJ 07087

$289,900B+

3 bd · 1.0 ba · 951 sqft · Built — · Condo · Coming Soon · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,239/mo
• Mortgage (P&I): −$1,520
• Tax + insurance: −$483
• HOA: −$0
• Vac / Maint / Mgmt: −$680
• Net cashflow: $556/mo
• Annual: $6,669/yr
• Cap rate: 8.59%
• Cash-on-cash: 8.22%
• DSCR: 1.37
• 1% rule: 1.12%
• Cash to close: $81,172

Investor read

• This is a 3-bed/1.0-bath condo listed at $290k. Condition is rated good.
• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $290k).
• It's been on market 66 days — a 6% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $273k (6.0% below list) — sets the bar for market timing.
• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (10.0% local appreciation)).
• 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.
• Zoned schools: George Washington Elementary School (math 10% / reading 29%, grade F, #1,012 of 1,303 statewide, top 79%, 779 students, 90% FRL); Union Hill Middle School (math 18% / reading 40%, grade F, #321 of 431 statewide, top 77%, 849 students, 91% FRL); Union City High School (math 12% / reading 35%, grade F, #331 of 399 statewide, top 83%, 3,025 students, 83% FRL) — zoned schools at 88% FRL track the district average.
• Market conditions: Rents flat; 228 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 5,310 units permitted in Hudson County in 2024 (4,154 in 5+ unit buildings).
• Hudson County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.9% rent growth), your $81k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.6% 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.
• At $3,239/mo this rent would consume 60% 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.

Questions for listing agent

• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.