718-722 Thomas St · Elizabeth, NJ 07202-2775

$839,999

12 bd · 12.0 ba · 4,796 sqft · MultiFamily · 57 Days on market

Built 1945 Good condition 4,791 sqft lot

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Why this score? — see what drove the C- 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).

• Cash flow +19.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +5.1/10.0
• Appreciation +5.0/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +1.8/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Impeccable investment property located in the highly desirable Bayway section of Elizabeth, NJ, offering a rare opportunity for both investors and owner-occupants. The building features four well-designed units, each consisting of 1 bedroom, 1 full bathroom, a comfortable living room, and a separate dining area, providing functional and inviting layouts that are consistently in demand. All units are in excellent, move-in condition and have been meticulously maintained, reflecting true pride of ownership and minimal deferred maintenance. A standout feature of the property is the right-side unit, which includes a fully finished basement, offering additional usable space that can serve as recr

Key facts

• Shopping
• Local amenities
• 4,791 sq ft lot

Tags

• BAYWAY SECTION OF ELIZABETH
• FULLY FINISHED BASEMENT
• STRONG RENTAL CORRIDOR
• PUBLIC TRANSPORTATION
• SHOPPING
• LOCAL AMENITIES

Property features AI

Finance

• Other: Building size approximately 4,796 sq ft; Approximate lot size reported
• Financial info: Four-unit property; Reported net operating income: 0; Reported gross operating income: 0; Reported total operating expenses: 0; Unit rents (current): Unit 1 $1,575; Unit 2 $1,700; Unit 3 $1,550; Unit 4 $1,411; Security deposits: Unit 1 $1,575; Unit 2 $1,700; Unit 3 $1,550; Unit 4 $1,411; Lease expirations: Unit 1 08/31/2026; Unit 2 07/31/2026; Unit 3 08/31/2026

Exterior

• Parking: On-street parking
• Utilities: Natural gas; Public sewer; Public water
• Home design: Side-by-side duplex unit style
• Construction: Asphalt shingle roof; Year built listed as approximate
• Exterior features: Brick and stucco exterior

Interior

• Kitchen: Each unit includes a kitchen (appliances described as 'See Remarks')
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 1 bedroom; Unit 3: 1 bedroom; Unit 4: 1 bedroom
• Bathrooms: Four full bathrooms (total)
• Heating & cooling: Gas (natural) heating; Heating listed as 1 unit; Cooling: see remarks
• Interior features: Finished full basement
• Laundry & utility: Owner pays heat and water for each unit; tenants pay electric and gas

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/?-bath units multifamily listed at $840k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $919 ($11k/yr) — positive. Per door: $306/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $840k).
• Recommended offer: $815k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 2.4% in Elizabeth — 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.

Location & tenants

• Location reads 69/100 on livability (#277 in NJ) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety B+; Watch: amenities D+, schools D-, crime D-.
• Elizabeth Public Schools (suburban): math 9% / reading 33% proficiency, ranked #430 of 472 in NJ (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 1 active listings in the ZIP; 1,749 units permitted in Union County in 2024 (1,421 in 5+ unit buildings).

Forward outlook

• In year one you build about $31k of equity ($6k loan paydown + $25k appreciation (3.0% local appreciation)).
• Union County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $235k cash investment doubles in ~5 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.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($815k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $355k; list at $840k implies a 137% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — 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 $814,799 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D 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?
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 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.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 7.61%
• Cash-on-cash: 4.69%
• DSCR: 1.21
• GRM: 8.2

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: 11.9%
• Equity multiple: 1.68×
• Total profit: $159,828
• Equity at exit: $377,700

10-year hold

• IRR: 14.0%
• Equity multiple: 3.07×
• Total profit: $487,280
• Equity at exit: $582,081

Cash invested: $235,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 07202-2775

• Active inventory: 1
• Price-to-rent: 24.7×

Monthly cashflow live

• Estimated rent: $8,511 high
• Mortgage (P&I): −$4,405
• Tax est. 1.5%: −$1,050 /mo · $12,600/yr
• Insurance: −$350
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,787
• Net cashflow: $919

Break-even live

Break-even rent $7,348

Max offer price $839,999

Occupancy floor 84%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	4	—	$8,511
Total (3 units)			$8,511

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: $210,000
• Closing costs: $25,200
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $839,999 Active 57 DOM
2. 2026-06-17
   days on market $839,999 Active 56 DOM
3. 2026-06-16
   days on market $839,999 Active 55 DOM
4. 2026-06-15
   days on market $839,999 Active 54 DOM
5. 2026-06-13
   days on market $839,999 Active 52 DOM
6. 2026-06-13
   days on market $839,999 Active 51 DOM
7. 2026-06-09
   days on market $839,999 Active 48 DOM
8. 2026-06-08
   days on market $839,999 Active 47 DOM
9. 2026-06-07
   days on market $839,999 Active 46 DOM
10. 2026-06-04
    days on market $839,999 Active 43 DOM
11. 2026-06-03
    days on market $839,999 Active 42 DOM
12. 2026-06-02
    days on market $839,999 Active 41 DOM
13. 2026-06-01
    days on market $839,999 Active 40 DOM
14. 2026-05-31
    days on market $839,999 Active 39 DOM
15. 2026-04-22
    listed $839,999 Active
16. 2018-06-14
    soldstatus $355,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥99°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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $102,132
• − Mortgage interest: −$47,053
• − Property taxes: −$12,600
• − Insurance: −$4,200
• − Repairs & maintenance: −$8,171
• − Management: −$8,171
• − Depreciation: −$24,436
• Taxable loss: −$2,498
• Est. tax savings @ 24.0%: +$600
• After-tax cash flow: $11,623/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This multi-family property is in excellent condition with minimal deferred maintenance, offering a great investment opportunity in a desirable neighborhood.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Elizabeth Public Schools
• NCES district ID: 3404590
• Math proficiency: 9% ▼ -17.00%
• Reading proficiency: 33% ▼ -19.00%
• Median HH income: $43,785
• Composite: 18.05/100
• National rank: #8979
• State rank: #430 of 472 in NJ

Livability — Elizabeth

• Score: 69/100
• State rank: #277
• US rank: #8270

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elizabeth, NJ

Population outlook (Union County) Hauer SSP2

• Today (2025): 596,450 people
• By 2030: 616,880 · +3.4%
• By 2040: 658,185 · +10.4%
• By 2050: 696,707 · +16.8%
• By 2075: 785,448 · +31.7%
• By 2100: 836,583 · +40.3%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

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

+136.6% since first listed

2 events — show timeline

• 2026-04-22 Listed $839,999 GSMLS
• 2018-06-14 Sold (MLS) $355,000 GSMLS