2455 3RD St

Fort Lee, NJ 07024-4068

$999,900F

6 bd · 3.6 ba · 3,171 sqft · Built 1920 · SingleFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,445/mo
• Mortgage (P&I): −$5,244
• Tax + insurance: −$1,466
• HOA: −$0
• Vac / Maint / Mgmt: −$303
• Net cashflow: $-5,568/mo
• Annual: $-66,818/yr
• Cap rate: -0.39%
• Cash-on-cash: -23.87%
• DSCR: -0.06
• 1% rule: 0.14%
• Cash to close: $279,972

Investor read

• This is a 6-bed/3.6-bath single-family listed at $1000k.
• At list price, monthly cash flow is $-6k ($-67k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (83.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (85.5% below list).
• It's been on market 30 days — a 2% lower offer ($985k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $144k (85.5% below list) — sets the bar for 1% rule.
• In year one you build about $37k of equity ($7k loan paydown + $30k appreciation (3.0% local appreciation)).
• Location reads 89/100 on livability (#2 in NJ, #139 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Fort Lee School District (suburban): math 46% / reading 63% proficiency, ranked #105 of 472 in NJ (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 3,488 units permitted in Bergen County in 2024 (1,610 in 5+ unit buildings).
• Bergen County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 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.
• Current owner paid $635k; list at $1000k implies a 57% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate -0.4% vs local median 1.5% in Fort Lee — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• 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?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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 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.