116 Mayor Gibson · Newark, NJ 07104-4854

$515,000

6 bd · 3.0 ba · — sqft · MultiFamily · 160 Days on market

Built 1897 3,049 sqft lot ↓ 8% since listing

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Why this score? — see what drove the B- 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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Multi-family units

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

Listing remarks

Investor Special 3-Unit in Newark Great opportunity for investors. Three-family property with strong rental potential. Each unit has its own kitchen, bath, and living area. Needs renovation but offers excellent upside for income or resale. Full basement for storage. Convenient location close to transportation and schools. Property sold as-is, Purchaser responsible for CO.

Key facts

• 3,049 sq ft lot
• Built 1897
• Listed 160 days

Tags

• THREE-FAMILY PROPERTY
• STRONG RENTAL POTENTIAL
• EACH UNIT HAS ITS OWN KITCHEN
• FULL BASEMENT FOR STORAGE

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $515k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $605/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $515k).
• Recommended offer: $453k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 3.0% in Newark — 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 67/100 on livability (#343 in NJ) — a middle-class / working-renter tenant base. Strengths: commute A+, amenities A-; Watch: housing D+, crime F, employment D-.
• Newark Public School District (urban): math 9% / reading 26% proficiency, ranked #452 of 472 in NJ (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ann Street School (math 13% / reading 34%, grade F, #921 of 1,303 statewide, top 71%, 1,200 students, 78% FRL); East Side High School (math 17% / reading 22%, grade F, #357 of 399 statewide, top 90%, 2,255 students, 77% FRL) — zoned schools at 77% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($4k loan paydown + $15k appreciation (3.0% local appreciation)).
• Essex County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $144k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($453k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1897 — 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 $453,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% 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 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.32% ✓
• Cap rate: 10.52%
• Cash-on-cash: 15.11%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Taylor St	0.14mi	5/4.0 (-1)	—	5mo	$520,000	—	68
25 Rowland St	0.29mi	7/2.0 (+1)	—	3mo	$485,000	—	63
231 Garside St	0.27mi	6/5.0	—	7mo	$780,000	—	62
305 Clifton Ave	0.39mi	6/5.5	—	0mo	$750,000	—	59
322 Clifton Ave	0.42mi	6/5.0	—	2mo	$750,000	—	58
52 Stone St	0.50mi	6/4.5	—	0mo	$760,000	—	58
22 Wakeman Ave	0.29mi	7/5.0 (+1)	—	4mo	$770,000	—	58
242 Grant Ave	0.59mi	6/3.0	—	7mo	$715,000	—	54
206 HIGHLAND Ave	0.73mi	6/4.0	—	1mo	$875,000	—	48
83 Bergen Ave	0.70mi	5/3.0 (-1)	—	5mo	$938,888	—	45
344 John St	0.68mi	5/4.0 (-1)	—	6mo	$880,000	—	42
62 WILSON Ave	0.69mi	7/2.0 (+1)	—	7mo	$810,000	—	40

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: 21.7%
• Equity multiple: 2.23×
• Total profit: $177,761
• Equity at exit: $231,566

10-year hold

• IRR: 22.7%
• Equity multiple: 4.27×
• Total profit: $470,997
• Equity at exit: $356,871

Cash invested: $144,200 (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 07104-4854

• Active inventory: 1
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $6,803 high
• Mortgage (P&I): −$2,701
• Tax est. 1.5%: −$644 /mo · $7,725/yr
• Insurance: −$215
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,429
• Net cashflow: $1,815

Break-even live

Break-even rent $4,505

Max offer price $515,000

Occupancy floor 68%

Sensitivity live

Price	-10% $2,171	-5% $1,993	+0% $1,815	+5% $1,637	+10% $1,459
Rent	-10% $1,278	-5% $1,547	+0% $1,815	+5% $2,084	+10% $2,353
Rate	-1.0pp $2,075	-0.5pp $1,946	base $1,815	+0.5pp $1,682	+1.0pp $1,546

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$6,804
Total (3 units)			$6,803

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: $128,750
• Closing costs: $15,450
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
124 2nd Ave Unit 1 Newark, NJ	5.0	2.5	—	$3,900	—	15d	1	0.48mi
227 6th Ave W Newark, NJ	6.0	2.0	1800	$3,895	$2.16	26d	1	0.99mi
33 Springdale Ave Unit 1 Newark, NJ	7.0	2.0	1200	$3,495	$2.91	18d	1	1.16mi
33 Springdale Ave Unit 1 Newark, NJ	7.0	2.0	1200	$3,495	$2.91	26d	1	1.16mi
11 Ellington St #2 East Orange, NJ	5.0	2.0	—	$3,800	—	26d	1	1.43mi

Listing history 4 events

1. 2026-04-01
   status Under Contract
2. 2026-03-10
   price $515,000
3. 2026-02-02
   price $545,000
4. 2025-10-23
   listed $560,000 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 ≥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 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $81,636
• − Mortgage interest: −$28,848
• − Property taxes: −$7,725
• − Insurance: −$2,575
• − Repairs & maintenance: −$6,531
• − Management: −$6,531
• − Depreciation: −$14,982
• Taxable income: $14,444
• Est. tax owed @ 24.0%: −$3,467
• After-tax cash flow: $18,317/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: Newark Public School District
• NCES district ID: 3411340
• Math proficiency: 9% ▼ -17.00%
• Reading proficiency: 26% ▼ -10.00%
• Median HH income: $33,891
• Composite: 14.24/100
• National rank: #9449
• State rank: #452 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

• Census place: Newark, NJ

Population outlook (Essex County) Hauer SSP2

• Today (2025): 825,042 people
• By 2030: 834,010 · +1.1%
• By 2040: 846,221 · +2.6%
• By 2050: 850,047 · +3.0%
• By 2075: 837,009 · +1.5%
• By 2100: 784,345 · -4.9%

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

-8.0% since first listed

4 events — show timeline

• 2026-04-01 Pending — GSMLS
• 2026-03-10 Price Changed $515,000 GSMLS
• 2026-02-02 Price Changed $545,000 GSMLS
• 2025-10-23 Listed $560,000 GSMLS