215 217 E 16Th St #3 · Paterson, NJ 07524-2008

$899,999

12 bd · 4.8 ba · — sqft · MultiFamily · 22 Days on market

Built 1950 Fair 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 +17.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• Appreciation +5.0/10.0
• 1% rule +4.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.3/10.0

Multi-family units

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

Listing remarks

Well-maintained multi-family property featuring three residential units plus a fully finished walkout basement with additional living space. All units offer spacious, well-proportioned layouts with separate living and dining rooms, providing strong rental functionality and comfortable living space. Unit 1 features 3 bedrooms, 1 full bath, a spacious living room, dining room, and kitchen. Unit 2 offers 3 bedrooms, 1 full bath, with a spacious living room, dining room, and kitchen layout. Unit 3 includes 3 bedrooms, 1 full bath, living room, dining room, and kitchen, offering a functional layout with generous space. The fully finished walkout basement includes 2 bedrooms, 2 full baths, and al

Key facts

• Separate utilities
• Two-car wide parking
• Long driveway

Tags

• STRONG RENTAL FUNCTIONALITY
• LONG DRIVEWAY
• TWO-CAR WIDE PARKING
• SEPARATE UTILITIES
• IMMEDIATE RENTAL INCOME
• STABLE RENTAL STRUCTURE

Property features AI

Finance

• Other: Unit 1: owner pays water; tenants pay gas and heat (rent listed as 0; security deposit $2); Unit 2: owner pays water; tenants pay gas and heat (rent listed as 0); Unit 3: owner pays water; tenants pay gas and heat (rent listed as 0)
• Financial info: Three-unit property; Net operating income, gross operating income, and operating expenses listed as 0

Exterior

• Parking: Off-street parking with driveway (2-car width, driveway-exclusive); One parking space listed
• Utilities: Public water (with additional details in remarks); Public sewer (with additional details in remarks)
• Home design: Three-story unit style
• Construction: Vinyl siding construction
• Exterior features: Vinyl siding; Roof details provided in remarks; No easements

Interior

• Kitchen: Gas range/oven in each unit
• Bedrooms: Three bedrooms in Unit 1; Three bedrooms in Unit 2; Three bedrooms in Unit 3
• Bathrooms: Five full bathrooms (total for property); One bathroom in each Unit 1, 2 and 3
• Heating & cooling: Hot water radiators (three heating units); Natural gas heating (and additional details in remarks); Wall A/C units
• Interior features: Finished walkout basement; Carbon monoxide detectors installed; Water heater details provided in remarks
• Laundry & utility: Utilities and other details referenced in remarks

What this means for you Summary

Snapshot

• This is a 3×3bd/1ba + 1×2bd/2ba units multifamily listed at $900k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $745 ($9k/yr) — positive. Per door: $186/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $882k (2.0% below list).
• Recommended offer: $882k (2.0% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 3.4% in Paterson — 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 (#293 in NJ) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: schools D, employment D, crime F.
• Paterson Public School District (suburban): math 6% / reading 26% proficiency, ranked #458 of 472 in NJ (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 1 active listings in the ZIP; 860 units permitted in Passaic County in 2024 (614 in 5+ unit buildings).

Forward outlook

• In year one you build about $33k of equity ($6k loan paydown + $27k appreciation (3.0% local appreciation)).
• Passaic County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $252k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$54k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($886k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $881,600 (2.0% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1950 — 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 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?
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: 0.98% ✗
• Cap rate: 7.29%
• Cash-on-cash: 3.55%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

No comps found within radius.

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
255 5th Ave	0.33mi	12/4.0	—	7mo	$915,000	—	63
69 Graham Ave	0.36mi	11/3.0 (-1)	—	14mo	$675,000	—	47
100-102 Warren St	0.38mi	11/4.0 (-1)	—	18mo	$725,000	—	46
204 Governor St	0.66mi	12/3.0	—	5mo	$755,000	—	46
450-452 E 26th St	0.58mi	12/4.0	—	14mo	$850,000	—	45
64 Warren St	0.45mi	11/4.0 (-1)	—	18mo	$825,000	—	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.8%
• Equity multiple: 1.62×
• Total profit: $155,997
• Equity at exit: $404,679

10-year hold

• IRR: 13.1%
• Equity multiple: 2.94×
• Total profit: $489,165
• Equity at exit: $623,658

Cash invested: $252,000 (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 07524-2008

• Active inventory: 1
• Price-to-rent: 33.3×

Monthly cashflow live

• Estimated rent: $8,816 high
• Mortgage (P&I): −$4,720
• Tax est. 1.5%: −$1,125 /mo · $13,500/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,851
• Net cashflow: $745

Break-even live

Break-even rent $7,873

Max offer price $899,999

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$6,750
1× unit	2	2	$2,066
Total (4 units)			$8,816

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: $225,000
• Closing costs: $27,000
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-04
   days on market $899,999 Active 22 DOM
2. 2026-06-03
   days on market $899,999 Active 21 DOM
3. 2026-06-02
   days on market $899,999 Active 20 DOM
4. 2026-06-01
   days on market $899,999 Active 19 DOM
5. 2026-05-31
   days on market $899,999 Active 18 DOM
6. 2026-05-12
   listed $899,999 Active

ⓘ 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 7/10 Severe 7 d/yr ≥100°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 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $105,792
• − Mortgage interest: −$50,414
• − Property taxes: −$13,500
• − Insurance: −$4,500
• − Repairs & maintenance: −$8,463
• − Management: −$8,463
• − Depreciation: −$26,182
• Taxable loss: −$5,730
• Est. tax savings @ 24.0%: +$1,375
• After-tax cash flow: $10,315/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 · 13 photos

Fair 45/100 Moderate rehab

A multi-family property with fair condition, requiring moderate repairs and maintenance to improve its resale and rental value.

Repairs flagged

• Minor Kitchen cabinets — Slight wear
• Minor Bathroom vanity — Slight wear
• Moderate Exterior siding — Needs repainting
• Moderate Exterior trim — Needs repainting

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace worn kitchen cabinets — Improves functionality and aesthetics
• Both Replace worn bathroom vanity — Improves functionality and aesthetics
• Both Landscaping and curb appeal — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Slight wear	Minor	$500–3,000
Bathroom vanity · Slight wear	Minor	$500–3,000
Exterior siding · Needs repainting	Moderate	$3,000–15,000
Exterior trim · Needs repainting	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$7,000–36,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace worn kitchen cabinets — Improves functionality and aesthetics ↑
• Both Replace worn bathroom vanity — Improves functionality and aesthetics ↑
• Both Landscaping and curb appeal — Enhances curb appeal and 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: Paterson Public School District
• NCES district ID: 3412690
• Math proficiency: 6% ▼ -12.00%
• Reading proficiency: 26% ▼ -4.00%
• Median HH income: $34,365
• Composite: 13.02/100
• National rank: #9568
• State rank: #458 of 472 in NJ

Livability — Paterson

• Score: 69/100
• State rank: #293
• US rank: #8763

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Paterson, NJ

Population outlook (Passaic County) Hauer SSP2

• Today (2025): 525,915 people
• By 2030: 532,160 · +1.2%
• By 2040: 543,670 · +3.4%
• By 2050: 554,326 · +5.4%
• By 2075: 584,728 · +11.2%
• By 2100: 598,978 · +13.9%

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

1 event — show timeline

• 2026-05-12 Listed $899,999 GSMLS