1225 Kennedy Blvd Unit 10J

Bayonne, NJ 07002

$215,000D+

1 bd · 1.0 ba · 675 sqft · Built 1960 · Townhouse · Active · 128 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,848/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$358
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $-26/mo
• Annual: $-314/yr
• Cap rate: 6.15%
• Cash-on-cash: -0.52%
• DSCR: 0.98
• 1% rule: 0.86%
• Cash to close: $60,200

Investor read

• This is a 1-bed/1.0-bath townhouse listed at $215k. Condition is rated good.
• At list price, monthly cash flow is $-26 ($-314/yr) — negative.
• To cash-flow at today's rent, offer at most $211k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (14.1% below list).
• It's been on market 128 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (14.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#147 in NJ, #3,845 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A, employment A-; Watch: cost of living F.
• Bayonne School District (suburban): math 17% / reading 41% proficiency, ranked #354 of 472 in NJ (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Woodrow Wilson Community School (math 12% / reading 46%, grade F, #766 of 1,303 statewide, top 59%, 727 students, 61% FRL); Bayonne High School (math 19% / reading 48%, grade F, #251 of 399 statewide, top 64%, 2,656 students, 57% FRL).
• Market conditions: Rents flat; 337 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 70d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 5,310 units permitted in Hudson County in 2024 (4,154 in 5+ unit buildings).
• Hudson County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 6.1% vs local median 3.4% in Bayonne — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 128 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — Slight wear on cabinet doors and drawers.
• Minor: bathroom fixtures — Some wear on bathtub and faucet handles.
• Minor: HVAC filters — Filters appear dusty and need cleaning or replacement.