6600 BLVD E Unit 5J

West New York, NJ 07093

$180,000C

1 bd · 1.0 ba · 850 sqft · Built — · Condo · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,599/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$300
• HOA: −$739
• Vac / Maint / Mgmt: −$546
• Net cashflow: $70/mo
• Annual: $843/yr
• Cap rate: 6.76%
• Cash-on-cash: 1.67%
• DSCR: 1.07
• 1% rule: 1.44%
• Cash to close: $50,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $180k. Condition is rated good.
• At list price, monthly cash flow is $70 ($843/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#119 in NJ, #3,034 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: cost of living F.
• West New York Board Of Education (suburban): math 10% / reading 34% proficiency, ranked #420 of 472 in NJ (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Albio Sires Elementary School (math 7% / reading 27%, grade F, #1,081 of 1,303 statewide, top 84%, 560 students, 86% FRL); West New York Middle School (math 8% / reading 41%, grade F, #365 of 431 statewide, top 86%, 1,096 students, 87% FRL); Memorial High School (math 15% / reading 43%, grade F, #298 of 399 statewide, top 75%, 2,251 students, 80% FRL).
• Watch-outs: HOA is 28% of rent.
• Market conditions: Rents rising (+2.7%/yr); 406 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 61d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 2 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.
• 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.
• Cap rate 6.8% vs local median 1.9% in West New York — 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.
• This rent runs 43% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.