165 Dundee Ave · Paterson, NJ 07503-1018

$625,000

4 bd · 2.0 ba · 2,860 sqft · MultiFamily · 11 Days on market

Built 1900 Fair condition 4,791 sqft lot

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Why this score? — see what drove the D 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 +13.9/30.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• DSCR +4.2/10.0
• 1% rule +3.9/10.0
• 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: 2 units. confirmed

Listing remarks

2-family home located in the sought-after Lakeview section of Paterson. Each floor offers 2 bedrooms, 1 full bathroom, a bright living room, formal dining room, eat-in kitchen, and an oversized pantry. Additional features include a walk-up attic, large partially finished basement, spacious backyard with storage shed and covered patio, and a long driveway providing plenty of off-street parking. Whether you are looking for an investment property or an owner-occupied home, this two-family house offers great potential. Conveniently located near major highways, public transportation, schools, shopping, and more. A must-see property with plenty of space and value. This property is sold strictly A

Key facts

• Formal dining room
• Walk up attic
• Eat in kitchen

Tags

• LAKEVIEW SECTION
• BRIGHT LIVING ROOM
• FORMAL DINING ROOM
• EAT IN KITCHEN
• OVERSIZED PANTRY
• WALK UP ATTIC

Property features AI

Finance

• Other: Unit 1 and Unit 2 each have security deposits and rents recorded (values listed by provider)
• Financial info: 2 total units; Reported net operating income, gross operating income, and total operating expenses (values listed by provider)

Exterior

• Parking: 4 parking spaces; Off-street parking with a 1-car-width driveway
• Utilities: Electric service; Natural gas; Public sewer; Public water
• Home design: 3-story unit style; Light gray exterior
• Construction: Vinyl siding; Asphalt shingle roof; Building square footage: 2860; Year built: approximate
• Exterior features: Metal fence; Patio; Storage shed

Interior

• Kitchen: Range/Oven - Gas (Unit 1 & Unit 2); Refrigerator (Unit 1 & Unit 2); Eat-in kitchen (Units 1 & 2); Pantry (Units 1 & 2)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms; Unit 3: attic (no formal bedrooms listed)
• Flooring: Wood floors; Tile floors; Carpeting
• Bathrooms: 2 full bathrooms (total); Unit 1: 1 bathroom; Unit 2: 1 bathroom
• Heating & cooling: 2 heating units with hot water radiators; Natural gas heating; Window A/C units
• Interior features: Blinds; Carpeting; High ceilings; Tile floors; Window treatments; Wood floors; Gas water heater; Finished (partial) basement
• Laundry & utility: Tenants pay electric, gas, heat, and water (Units 1 & 2)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $625k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $66 ($793/yr) — positive. Per door: $33/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 $555k (11.2% below list).
• Recommended offer: $555k (11.2% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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: 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 $23k of equity ($4k loan paydown + $19k 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 $175k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $555,100 (11.2% 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 1900 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.89% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.45%
• DSCR: 1.02
• GRM: 9.4

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: 7.9%
• Equity multiple: 1.45×
• Total profit: $79,581
• Equity at exit: $281,027

10-year hold

• IRR: 10.6%
• Equity multiple: 2.59×
• Total profit: $277,618
• Equity at exit: $433,096

Cash invested: $175,000 (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 07503-1018

• Active inventory: 1
• Price-to-rent: 18.8×

Monthly cashflow live

• Estimated rent: $5,551 high
• Mortgage (P&I): −$3,278
• Tax est. 1.5%: −$781 /mo · $9,375/yr
• Insurance: −$260
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,166
• Net cashflow: $66

Break-even live

Break-even rent $5,467

Max offer price $625,000

Occupancy floor 94%

Sensitivity live

Price	-10% $498	-5% $282	+0% $66	+5% $-150	+10% $-366
Rent	-10% $-372	-5% $-153	+0% $66	+5% $285	+10% $505
Rate	-1.0pp $381	-0.5pp $225	base $66	+0.5pp $-96	+1.0pp $-261

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,552
Total (2 units)			$5,551

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: $156,250
• Closing costs: $18,750
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-04
   status Under Contract
2. 2026-04-23
   listed $625,000 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 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 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: $66,612
• − Mortgage interest: −$35,010
• − Property taxes: −$9,375
• − Insurance: −$3,125
• − Repairs & maintenance: −$5,329
• − Management: −$5,329
• − Depreciation: −$18,182
• Taxable loss: −$9,737
• Est. tax savings @ 24.0%: +$2,337
• After-tax cash flow: $3,130/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

This two-family home requires moderate renovations, including kitchen and bathroom updates, HVAC replacement, and landscaping improvements. These upgrades will significantly increase its resale and rental value.

Repairs flagged

• Major Kitchen countertop — The countertop is worn out and needs replacement.
• Major Bathroom fixtures — The fixtures are outdated and need updating.
• Major Flooring — The flooring is old and worn, requiring replacement.
• Major Paint — The interior walls and ceilings need repainting.
• Major HVAC system — The HVAC system is outdated and needs replacement.

Value-add opportunities

• Resale Kitchen renovation — A modern kitchen will attract more buyers and increase the home's value.
• Resale Bathroom updates — Upgraded bathrooms will appeal to potential buyers and increase the home's value.
• Both HVAC system replacement — A new HVAC system will improve comfort and energy efficiency, benefiting both resale and rental value.
• Both Landscaping and curb appeal — A well-maintained exterior will enhance the home's curb appeal and attract more potential buyers.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertop · The countertop is worn out and needs replacement.	Major	$15,000–50,000
Bathroom fixtures · The fixtures are outdated and need updating.	Major	$15,000–50,000
Flooring · The flooring is old and worn, requiring replacement.	Major	$15,000–50,000
Paint · The interior walls and ceilings need repainting.	Major	$15,000–50,000
HVAC system · The HVAC system is outdated and needs replacement.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Resale Kitchen renovation — A modern kitchen will attract more buyers and increase the home's value. ↑
• Resale Bathroom updates — Upgraded bathrooms will appeal to potential buyers and increase the home's value. ↑
• Both HVAC system replacement — A new HVAC system will improve comfort and energy efficiency, benefiting both resale and rental value. ↑
• Both Landscaping and curb appeal — A well-maintained exterior will enhance the home's curb appeal and attract more potential buyers. ↑

ⓘ 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

2 events — show timeline

• 2026-05-04 Pending — GSMLS
• 2026-04-23 Listed $625,000 GSMLS