8 Morris Tpke Unit A/B · Randolph, NJ 07869-1810

$775,000

6 bd · 3.0 ba · — sqft · MultiFamily · 28 Days on market

Built 1920 Good condition 1.90 ac 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 +14.8/30.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• DSCR +4.5/10.0
• Schools +4.4/10.0
• 1% rule +4.1/10.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0

Multi-family units

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

Listing remarks

A rare and versatile opportunity in highly sought-after Randolph, this side-by-side, two family home offers flexibility, privacy, and long-term value on an expansive 1.9-acre property. Beautifully landscaped with a new (2023) paver stone front entry. Whether you're looking for a home for yourself with the ability to live in one unit while generating rental income from the other or an investment, this property checks every box. Unit A features 3 bedrooms and 1.5 baths, with a spacious layout including a living room, dining room, and full kitchen. This unit has an attic and access to the shared deck and a Bilco-door basement, ideal for storage and laundry. Unit B offers 2 bedrooms and 1 full

Key facts

• Bilco-door basement
• Newer roof
• Walk-up attic

Tags

• PAVER STONE FRONT ENTRY
• SHARED DECK
• BILCO-DOOR BASEMENT
• WALK-UP ATTIC
• NEWER ROOF
• NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 1×3.0bd/1.5ba + 1×2.0bd/1.0ba units multifamily listed at $775k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $209 ($3k/yr) — positive. Per door: $104/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 $704k (9.1% below list).
• Recommended offer: $704k (9.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Randolph Township School District (suburban): math 31% / reading 57% proficiency, ranked #141 of 472 in NJ (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 5% free/reduced lunch — higher-income household profile.
• Market conditions: 2 active listings in the ZIP; 2,357 units permitted in Morris County in 2024 (1,496 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($5k loan paydown + $23k appreciation (3.0% local appreciation)).
• Morris County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $217k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($763k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $704,400 (9.1% 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. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.91% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.16%
• DSCR: 1.05
• GRM: 9.2

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: 8.6%
• Equity multiple: 1.49×
• Total profit: $106,772
• Equity at exit: $348,474

10-year hold

• IRR: 11.1%
• Equity multiple: 2.67×
• Total profit: $361,718
• Equity at exit: $537,039

Cash invested: $217,000 (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 07869-1810

• Active inventory: 2
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $7,044 medium
• Mortgage (P&I): −$4,064
• Tax est. 1.5%: −$969 /mo · $11,625/yr
• Insurance: −$323
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,479
• Net cashflow: $209

Break-even live

Break-even rent $6,780

Max offer price $775,000

Occupancy floor 92%

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

Units	Beds	Baths	Est. rent
1× unit	3.0	1.5	$3,796
1× unit	2.0	1	$3,248
Total (2 units)			$7,044

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: $193,750
• Closing costs: $23,250
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-04-28
   listed $775,000 Active 1448-char remark

ⓘ 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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°F today · 14 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $84,528
• − Mortgage interest: −$43,412
• − Property taxes: −$11,625
• − Insurance: −$3,875
• − Repairs & maintenance: −$6,762
• − Management: −$6,762
• − Depreciation: −$22,545
• Taxable loss: −$10,454
• Est. tax savings @ 24.0%: +$2,509
• After-tax cash flow: $5,016/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

Good 80/100 Cosmetic rehab

This two-family home in Randolph, NJ, offers a good condition with minimal repairs needed. The property's curb appeal and interior can be further enhanced with landscaping and a fresh coat of paint, making it an attractive investment.

Value-add opportunities

• Both landscaping — enhances curb appeal and rental value
• Both paint — refreshes the exterior and interior, improving resale value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and rental value ↑
• Both paint — refreshes the exterior and interior, improving resale value ↑

ⓘ 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: Randolph Township School District
• NCES district ID: 3413650
• Math proficiency: 31% ▼ -24.00%
• Reading proficiency: 57% ▼ -15.00%
• Median HH income: $120,964
• Composite: 44.49/100
• National rank: #2798
• State rank: #141 of 472 in NJ

Livability — Randolph

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

No demographic data for this ZIP.

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