24 Franklin Pl · Summit, NJ 07901-3657

$1,688,000

6 bd · 5.0 ba · 3,760 sqft · SingleFamily public records · 83 Days on market

Built 1898 0.27 ac lot Est $2350k · 28% under

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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 +15.0/30.0
• ARV discount +15.0/15.0
• Schools +6.4/10.0
• Appreciation +5.0/10.0
• DSCR +4.6/10.0
• Livability +4.2/5.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to a sun-filled & well-maintained four-unit multifamily home w/ 4 vacant units, can possibly be converted to 5 units or converted to Condo! Zoned TH3, great potential, a front lawn & backyard, located in heart of Summit, short walk to Summit Train Station & Downtown. Ideal for owners/renters who commute to Manhattan, Wall Street, etc. The Summit schools are highly rated & among the Best. The 1st flr has 2 one-bedrm apartment units. Unit A has 1 bedroom, 1 bath, & 1 living room sun drenched by panoramic bay-window. The living room & bedroom are separated by a French door. These rooms are spacious. Apartment B has one bedroom, one living room, a bath

Key facts

• Highly rated schools
• Panoramic bay window
• Front lawn

Tags

• WELL MAINTAINED
• FRONT LAWN
• BACKYARD
• SHORT WALK TO DOWNTOWN
• HIGHLY RATED SCHOOLS
• PANORAMIC BAY WINDOW

Property features AI

Finance

• Other: Building size reported as 3712; Renovated in 2023; Level lot
• Financial info: Multifamily building with 4 units; Net operating income: 0 (reported); Gross operating income: 0 (reported); Total operating expenses: 0 (reported)

Exterior

• Parking: 8 parking spaces; 2-car width assigned blacktop driveway
• Security: Carbon monoxide detectors and smoke detectors present
• Utilities: Public water; Public sewer; Electric service; Natural gas; Cable TV available; Garbage included
• Home design: 3-story building; Renovated (approximate year 2023)
• Construction: Aluminum siding; Asphalt shingle and flat roof; Full unfinished basement; Approximate year built; renovated
• Exterior features: Deck; Curbs and sidewalk; Storm windows; Thermal windows/doors; See remarks

Interior

• Kitchen: Dishwasher (Units 1, 2, 3); Range/Oven - Gas (Units 1, 2, 3, 4); Refrigerator (Units 1, 2, 3, 4); Kitchen exhaust fan (Units 1, 2, 3, 4); Eat-in kitchens in units with that layout
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 1 bedroom; Unit 3: 3 bedrooms; Unit 4: 1 bedroom
• Flooring: Carpeting; Tile floors; Wood floors
• Bathrooms: Total full bathrooms: 5; Unit 1: 1 bathroom; Unit 2: 1 bathroom; Unit 3: 2 bathrooms; Unit 4: 1 bathroom
• Heating & cooling: 3 heating units: baseboard hot water and radiators; Heating fuel: natural gas and electric; Window air conditioning units
• Interior features: Blinds; Carbon monoxide detector; Fire extinguisher; High ceilings; Smoke detector; Tile floors; Wood floors; Gas water heater
• Laundry & utility: Owner pays water for all units; Tenants pay electric, gas, and heat for each unit

What this means for you Summary

Snapshot

• This is a 6-bed/5.0-bath single-family listed at $1.69M.

Deal economics

• At list price, monthly cash flow is $537 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.45M (14.1% below list).
• Recommended offer: $1.45M (14.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 84/100 on livability (#26 in NJ, #713 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Summit Public School District (suburban): math 65% / reading 69% proficiency, ranked #24 of 472 in NJ (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Lincoln-Hubbard Elementary School (math 82% / reading 82%, grade A+, #1 of 1,303 statewide, top 0%, 328 students, 3% FRL); Summit High School (math 67% / reading 68%, grade B, #34 of 399 statewide, top 8%, 1,161 students, 14% FRL) — zoned schools at 9% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,749 units permitted in Union County in 2024 (1,421 in 5+ unit buildings).

Forward outlook

• In year one you build about $62k of equity ($12k loan paydown + $51k appreciation (3.0% local appreciation)).
• Union County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $473k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$101k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($1.59M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $420k; list at $1.69M implies a 302% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,450,000 (14.1% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.67%
• Cash-on-cash: 1.36%
• DSCR: 1.06
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $2,350,000
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38 Templar Way	0.69mi	5/4.5 (-1)	4,000 (+6%)	20mo	$2,500,000	$625	34

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: 8.8%
• Equity multiple: 1.50×
• Total profit: $237,287
• Equity at exit: $758,998

10-year hold

• IRR: 11.3%
• Equity multiple: 2.69×
• Total profit: $796,746
• Equity at exit: $1,169,706

Cash invested: $472,640 (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 07901-3657

• Active inventory: 1
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $14,500 medium
• Mortgage (P&I): −$8,852
• Tax from tax record: −$1,363 /mo · $16,355/yr
• Insurance: −$703
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,045
• Net cashflow: $537

Break-even live

Break-even rent $13,821

Max offer price $1,688,000

Occupancy floor 91%

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: $422,000
• Closing costs: $50,640
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7 Byron Rd Short Hills, NJ	5.0	4.5	4380	$14,500	$3.31	2d	1	1.30mi

Listing history 17 events

1. 2026-06-18
   days on market $1,688,000 Active 83 DOM
2. 2026-06-17
   days on market $1,688,000 Active 82 DOM
3. 2026-06-16
   days on market $1,688,000 Active 81 DOM
4. 2026-06-15
   days on market $1,688,000 Active 80 DOM
5. 2026-06-13
   days on market $1,688,000 Active 78 DOM
6. 2026-06-09
   days on market $1,688,000 Active 74 DOM
7. 2026-06-08
   days on market $1,688,000 Active 73 DOM
8. 2026-06-07
   days on market $1,688,000 Active 72 DOM
9. 2026-06-04
   days on market $1,688,000 Active 69 DOM
10. 2026-06-03
    days on market $1,688,000 Active 68 DOM
11. 2026-06-02
    days on market $1,688,000 Active 67 DOM
12. 2026-06-01
    days on market $1,688,000 Active 66 DOM
13. 2026-05-31
    days on market $1,688,000 Active 65 DOM
14. 2026-04-29
    price $1,688,000
15. 2026-03-26
    listed $1,748,000 Active
16. 1987-10-05
    soldstatus $420,000
17. 1985-12-30
    soldstatus $177,500

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

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $16,355 · $1,363/mo
• Projected year-2 tax: $29,193 · $2,433/mo
• Expected delta: +$12,838/yr (+$1,070/mo · 78.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $174,000
• − Mortgage interest: −$94,554
• − Property taxes: −$16,355
• − Insurance: −$8,440
• − Repairs & maintenance: −$13,920
• − Management: −$13,920
• − Depreciation: −$49,105
• Taxable loss: −$22,295
• Est. tax savings @ 24.0%: +$5,351
• After-tax cash flow: $11,791/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: Summit Public School District
• NCES district ID: 3415900
• Math proficiency: 65% ▼ -11.00%
• Reading proficiency: 69% ▼ -16.00%
• Median HH income: $120,812
• Composite: 63.64/100
• National rank: #604
• State rank: #24 of 472 in NJ

Livability — Summit

• Score: 84/100
• State rank: #26
• US rank: #713

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Summit, NJ

Population outlook (Union County) Hauer SSP2

• Today (2025): 596,450 people
• By 2030: 616,880 · +3.4%
• By 2040: 658,185 · +10.4%
• By 2050: 696,707 · +16.8%
• By 2075: 785,448 · +31.7%
• By 2100: 836,583 · +40.3%

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

+851.0% since first listed

4 events — show timeline

• 2026-04-29 Price Changed $1,688,000 GSMLS
• 2026-03-26 Listed $1,748,000 GSMLS
• 1987-10-05 Sold (Public Records) $420,000 Public Records
• 1985-12-30 Sold (Public Records) $177,500 Public Records

Property tax history

+1.4%/yr

Latest (2025): $16,355 · +2.6% YoY. Source: county tax records.