323 Union Ave · Newark, NJ 07111-2211

$449,000

6 bd · 6.0 ba · 1,344 sqft · SingleFamily public records · 59 Days on market

Built 1942 2,178 sqft lot

---

Why this score? — see what drove the F 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 +7.5/15.0
• Appreciation +5.0/10.0
• Cash flow +4.7/30.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• Schools +1.1/10.0
• DSCR +0.0/10.0

Listing remarks

Charming, move in condition, two-family home in a two-story half of a quadruplex. The first floor unit features a living room, eat-in-kitchen, bedroom, and full bath, with direct access to a finished basement offering a recreation room, additional bedroom, full bath, storage, and utility area. The updated second floor unit includes a living room, eat-in kitchen, bedroom, and full bath, plus central air conditioning. Both units enjoy abundant natural light. The fenced backyard provides space for outdoor gatherings, and the driveway accommodates off-street parking for two vehicles. Ideal for owner-occupiers and investors alike.

Key facts

• Recreation room
• Finished basement
• Fenced backyard

Tags

• FINISHED BASEMENT
• RECREATION ROOM
• FENCED BACKYARD
• OFF-STREET PARKING

Property features AI

Finance

• Financial info: Multifamily property with 2 units; Unit 1 rent: $1,825 (security deposit $1,800); Unit 2 rent: not listed; Reported net operating income, gross income, and operating expenses: $0 (no data provided)

Exterior

• Parking: 2 parking spaces
• Utilities: Electric service; Natural gas service; Public water; Public sewer
• Home design: Two-story building; Fourplex; Renovated in 2022; Year built listed as approximate
• Construction: Vinyl siding construction; Asphalt shingle roof; Approximate year built; Renovated in 2022
• Exterior features: Vinyl siding; Asphalt shingle roof; Blacktop driveway

Interior

• Kitchen: Unit 2: Dishwasher; Unit 2: Refrigerator; Unit descriptions include eat-in kitchens
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 1 bedroom
• Flooring: Wood floors
• Bathrooms: 3 full bathrooms (total)
• Heating & cooling: Natural gas heating; One heating unit; One cooling unit
• Interior features: Carbon monoxide detector; Smoke detector; Wood floors; Finished full walkout basement
• Laundry & utility: Owner/tenant utility split: owner pays water; tenants pay electric and gas

What this means for you Summary

Snapshot

• This is a 6-bed/6.0-bath single-family listed at $449k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $252k (43.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $295k (34.3% below list).
• Recommended offer: $252k (43.9% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 67/100 on livability (#343 in NJ) — a middle-class / working-renter tenant base. Strengths: commute A+, amenities A-; Watch: schools D+, housing D+, crime F.
• Irvington Public School District (suburban): math 4% / reading 23% proficiency, ranked #465 of 472 in NJ (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 2 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($3k loan paydown + $13k appreciation (3.0% local appreciation)).
• Essex County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $251,703 (43.9% 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 59 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
3. Built in 1942 — 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 F 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. 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?
8. 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.
9. 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.
10. 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: 3.31%
• Cash-on-cash: -10.66%
• DSCR: 0.53
• GRM: 12.7

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: -2.3%
• Equity multiple: 0.87×
• Total profit: $-16,788
• Equity at exit: $201,890

10-year hold

• IRR: 2.1%
• Equity multiple: 1.32×
• Total profit: $40,348
• Equity at exit: $311,136

Cash invested: $125,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City Newark: 0 Strongly Tenant-Friendly · D+59

Rent control + strict just-cause.

Methodology + full state rankings →

ZIP-level market 07111-2211

• Active inventory: 2
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $2,950 medium
• Mortgage (P&I): −$2,355
• Tax from tax record: −$906 /mo · $10,868/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$620
• Net cashflow: $-1,117

Break-even live

Break-even rent $4,364

Max offer price $251,703

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
808 Clinton Ave Unit G Newark, NJ	5.0	2.0	1200	$2,950	$2.46	20d	1	1.25mi

Listing history 11 events

1. 2026-05-23
   status Under Contract
2. 2026-05-05
   status Active
3. 2026-04-09
   historical
4. 2026-03-24
   price $449,000
5. 2026-02-25
   listed $499,000 Active
6. 2024-04-12
   soldstatus $423,000
7. 2024-03-21
   soldstatus $423,000
8. 2008-01-18
   soldstatus $230,000
9. 2007-01-11
   soldstatus $165,000
10. 1999-02-18
    soldstatus $72,500
11. 1998-04-03
    soldstatus $100,000

ⓘ 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: $10,868 · $906/mo
• Projected year-2 tax: $11,024 · $919/mo
• Expected delta: +$156/yr (+$13/mo · 1.4%)

ⓘ 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 7/10 Severe 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,400
• − Mortgage interest: −$25,151
• − Property taxes: −$10,868
• − Insurance: −$2,245
• − Repairs & maintenance: −$2,832
• − Management: −$2,832
• − Depreciation: −$13,062
• Taxable loss: −$21,590
• Est. tax savings @ 24.0%: +$5,182
• After-tax cash flow: $-8,221/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: Irvington Public School District
• NCES district ID: 3407680
• Math proficiency: 4% ▼ -10.00%
• Reading proficiency: 23% ▼ -4.00%
• Median HH income: $39,682
• Composite: 11.46/100
• National rank: #9705
• State rank: #465 of 472 in NJ

Livability — Newark

• Score: 67/100
• State rank: #343
• US rank: #11138

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

No demographic data for this ZIP.

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

+349.0% since first listed

11 events — show timeline

• 2026-05-23 Pending — GSMLS
• 2026-05-05 Relisted — GSMLS
• 2026-04-09 Delisted — GSMLS
• 2026-03-24 Price Changed $449,000 GSMLS
• 2026-02-25 Listed $499,000 GSMLS
• 2024-04-12 Sold (Public Records) $423,000 Public Records
• 2024-03-21 Sold (MLS) $423,000 GSMLS
• 2008-01-18 Sold (Public Records) $230,000 Public Records
• 2007-01-11 Sold (Public Records) $165,000 Public Records
• 1999-02-18 Sold (Public Records) $72,500 Public Records
• 1998-04-03 Sold (Public Records) $100,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $10,868 · +76.8% YoY. Source: county tax records.