6600 BLVD E Unit 15F

West New York, NJ 07093

$249,000F

1 bd · 1.0 ba · 850 sqft · Built — · Condo · Active · 113 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,599/mo
• Mortgage (P&I): −$1,306
• Tax + insurance: −$415
• HOA: −$1,538
• Vac / Maint / Mgmt: −$546
• Net cashflow: $-1,206/mo
• Annual: $-14,467/yr
• Cap rate: 0.48%
• Cash-on-cash: -20.75%
• DSCR: 0.08
• 1% rule: 1.04%
• Cash to close: $69,720

Investor read

• This is a 1-bed/1.0-bath condo listed at $249k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $75k (70.1% below list).
• Meets the 1% rule at list price ($3k rent vs $249k).
• It's been on market 113 days — a 9% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (70.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#119 in NJ, #3,034 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: cost of living F.
• West New York Board Of Education (suburban): math 10% / reading 34% proficiency, ranked #420 of 472 in NJ (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Albio Sires Elementary School (math 7% / reading 27%, grade F, #1,081 of 1,303 statewide, top 84%, 560 students, 86% FRL); West New York Middle School (math 8% / reading 41%, grade F, #365 of 431 statewide, top 86%, 1,096 students, 87% FRL); Memorial High School (math 15% / reading 43%, grade F, #298 of 399 statewide, top 75%, 2,251 students, 80% FRL).
• Watch-outs: HOA is 59% of rent.
• Market conditions: Rents rising (+2.7%/yr); 406 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 61d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 5 sale attempts since 3y 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.
• Climate carrying-cost: 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.
• Cap rate 0.5% vs local median 1.9% in West New York — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 43% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 113 days. Have you received any prior offers? Is the seller open to a 70% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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?
• 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?