50 Preston St

Ridgefield Park, NJ 07660-1430

$775,000C-

6 bd · 2.0 ba · 2,440 sqft · Built 1906 · MultiFamily · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,618/mo
• Mortgage (P&I): −$4,064
• Tax + insurance: −$1,292
• HOA: −$0
• Vac / Maint / Mgmt: −$1,390
• Net cashflow: $-128/mo
• Annual: $-1,532/yr
• Cap rate: 6.10%
• Cash-on-cash: -0.71%
• DSCR: 0.97
• 1% rule: 0.85%
• Cash to close: $217,000

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $775k. Condition is rated fair.
• At list price, monthly cash flow is $-128 ($-2k/yr) — negative. Per door: $-64/mo.
• To cash-flow at today's rent, offer at most $757k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $662k (14.6% below list).
• It's been on market 40 days — a 3% lower offer ($752k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $662k (14.6% below list) — sets the bar for 1% rule.
• In year one you build about $29k of equity ($5k loan paydown + $23k appreciation (3.0% local appreciation)).
• Location reads 80/100 on livability (#72 in NJ, #1,762 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D-, cost of living F.
• Ridgefield Park School District (suburban): math 18% / reading 39% proficiency, ranked #348 of 472 in NJ (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1906 — 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.
• By year 2, paydown + projected appreciation supports a ~$47k 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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 40 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1906 — 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 B-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?

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — outdated and in poor condition
• Major: bathroom fixtures — outdated and in poor condition
• Major: exterior siding — weathered and in poor condition
• Major: flooring — damaged and worn
• Major: interior walls — peeling paint and outdated colors
• Major: windows — old and single-pane