84-88 Jefferson St · Paterson, NJ 07522

$999,999

15 bd · 7.0 ba · — sqft · MultiFamily · 25 Days on market

4,718 sqft lot ↓ 9% since listing

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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 +22.6/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +5.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks MLS

Excellent investment opportunity with a current 8% cap that can be easily raised to 11%. A current property management company is in place if you wish to continue with them. The property consists of 2 buildings: one with 2 two-bedroom units, renovated 6 years ago and equipped with central air. The second building consists of 3 three-bedroom units. 2 units were renovated 6 years ago, and the first-floor 4-bedroom unit was totally renovated last year, with central air added. There is a coin laundry for the residents and an extra parking lot for additional income. All have long-term tenants.

Key facts

• Coin laundry
• Long-term tenants
• Renovated units

Tags

• INVESTMENT OPPORTUNITY
• RENOVATED UNITS
• CENTRAL AIR
• COIN LAUNDRY
• EXTRA PARKING LOT
• LONG-TERM TENANTS

Property features AI

Finance

• Financial info: Annual taxes reported

Exterior

• Parking: Eight total parking spaces
• Utilities: Natural gas service connected
• Home design: Residential income property; Multi-family building
• Construction: Multi-family construction
• Exterior features: Natural gas available and connected

Interior

• Bathrooms: Seven full bathrooms
• Interior features: Total of 29 rooms

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 3×3bd/1ba units multifamily listed at $1000k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $342/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $1000k).
• Recommended offer: $985k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.5% 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: 30 active listings in the ZIP; 860 units permitted in Passaic County in 2024 (614 in 5+ unit buildings).
• At $10,910/mo this rent would consume 272% of the median local household income ($48k/yr) (locally 1987% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $107k of equity ($7k loan paydown + $100k appreciation (10.0% local appreciation)).
• Passaic County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $280k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$172k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($985k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $984,999 (1.5% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.09% ✓
• Cap rate: 8.34%
• Cash-on-cash: 7.32%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.6%
• Equity multiple: 3.33×
• Total profit: $653,582
• Equity at exit: $900,878

10-year hold

• IRR: 25.7%
• Equity multiple: 7.57×
• Total profit: $1,839,467
• Equity at exit: $1,942,778

Cash invested: $280,000 (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 07522

• Home prices YoY: 9.3%
• Active inventory: 30
• Price-to-rent: 40.6×

Monthly cashflow live

• Estimated rent: $10,910 high
• Mortgage (P&I): −$5,244
• Tax est. 1.5%: −$1,250 /mo · $15,000/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,291
• Net cashflow: $1,708

Break-even live

Break-even rent $8,748

Max offer price $999,999

Occupancy floor 79%

Sensitivity live

Price	-10% $2,399	-5% $2,054	+0% $1,708	+5% $1,363	+10% $1,017
Rent	-10% $846	-5% $1,277	+0% $1,708	+5% $2,139	+10% $2,570
Rate	-1.0pp $2,212	-0.5pp $1,962	base $1,708	+0.5pp $1,449	+1.0pp $1,185

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,106
▸ 3× units	3	1	$6,804
Total (5 units)			$10,910

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $999,999 Active 25 DOM
2. 2026-06-18
   days on market $999,999 Active 22 DOM
3. 2026-06-17
   days on market $999,999 Active 21 DOM
4. 2026-06-16
   days on market $999,999 Active 20 DOM
5. 2026-06-15
   days on market $999,999 Active 19 DOM
6. 2026-06-13
   days on market $999,999 Active 17 DOM
7. 2026-06-13
   days on market $999,999 Active 16 DOM
8. 2026-06-09
   days on market $999,999 Active 13 DOM
9. 2026-06-08
   days on market $999,999 Active 12 DOM
10. 2026-06-07
    days on market $999,999 Active 11 DOM
11. 2026-06-04
    days on market $999,999 Active 8 DOM
12. 2026-06-03
    days on market $999,999 Active 7 DOM
13. 2026-06-02
    days on market $999,999 Active 6 DOM
14. 2026-06-01
    days on market $999,999 Active 5 DOM
15. 2026-05-31
    days on market $999,999 Active 4 DOM
16. 2026-05-28
    listed $999,999 Active

    Show marketing remark (595 chars)

    Excellent investment opportunity with a current 8% cap that can be easily raised to 11%. A current property management company is in place if you wish to continue with them. The property consists of 2 buildings: one with 2 two-bedroom units, renovated 6 years ago and equipped with central air. The second building consists of 3 three-bedroom units. 2 units were renovated 6 years ago, and the first-floor 4-bedroom unit was totally renovated last year, with central air added. There is a coin laundry for the residents and an extra parking lot for additional income. All have long-term tenants.

17. 2026-05-28
    listed $999,999 Active 595-char remark

    Show marketing remark (595 chars)

    Excellent investment opportunity with a current 8% cap that can be easily raised to 11%. A current property management company is in place if you wish to continue with them. The property consists of 2 buildings: one with 2 two-bedroom units, renovated 6 years ago and equipped with central air. The second building consists of 3 three-bedroom units. 2 units were renovated 6 years ago, and the first-floor 4-bedroom unit was totally renovated last year, with central air added. There is a coin laundry for the residents and an extra parking lot for additional income. All have long-term tenants.

18. 2026-01-08
    listed $999,999 Active
19. 2026-01-08
    listed $999,999 Active
20. 2025-09-30
    listed $999,999 Active
21. 2025-06-26
    listed $999,999 Active
22. 2025-05-08
    listed $1,100,000 Active
23. 2025-05-08
    listed $1,100,000 Active

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

Taxation est. · year 1

• Rental income: $130,920
• − Mortgage interest: −$56,015
• − Property taxes: −$15,000
• − Insurance: −$5,000
• − Repairs & maintenance: −$10,474
• − Management: −$10,474
• − Depreciation: −$29,091
• Taxable income: $4,866
• Est. tax owed @ 24.0%: −$1,168
• After-tax cash flow: $19,330/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: 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
• County: Passaic County · 360,294 people
• City population: 85,452
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 23,040
• Household income: $48,058
• Rent vs Own: 79.9% rent · 20.1% own
• Severe rent burden: 1987.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 58% Two or more races 30% Black 28% Asian 7% White 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 10% Dominican 26%
• Foreign-born: 34% · Canada, Jamaica, Guatemala
• Languages at home: 43% English-only · Spanish 49% Other Indo-European 7% Arabic 2%

Political lean MEDSL · Passaic

• 2024 margin: Toss-up / Even · D 46.9% · R 49.8% · Other 3.3%
• 2008→2024 swing: -24.6pp toward R · 2008: 21.7pp · 2024: -2.9pp
• All cycles: 2024: R+2.9 2020: D+16.5 2016: D+21.8 2012: D+27.3 2008: D+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 34.86%
• Current HPI: 411.086
• Rent YoY: —
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• 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

-9.1% since first listed

8 events — show timeline

• 2026-05-28 Listed $999,999 NJMLS
• 2026-05-28 Listed $999,999 NJMLS
• 2026-01-08 Listed $999,999 NJMLS
• 2026-01-08 Listed $999,999 NJMLS
• 2025-09-30 Listed $999,999 NJMLS
• 2025-06-26 Listed $999,999 NJMLS
• 2025-05-08 Listed $1,100,000 NJMLS
• 2025-05-08 Listed $1,100,000 NJMLS