499 M.L.K. Dr · Jersey City, NJ 07304

$650,000

4 bd · 3.0 ba · — sqft · MultiFamily · 26 Days on market

Built 1990 Poor condition ↓ 13% since listing

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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 +12.8/30.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• 1% rule +3.6/10.0
• Rent growth +3.3/5.0
• Schools +2.4/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

ActiveCommercial Coldwell Banker logo 9 Photos Map & amp; Location Street View This is a carousel with tiles that activate property listing cards. Use the previous and next buttons to navigate. 1/9 Don& apos; t miss this incredible investment opportunity in an up-and-coming neighborhood with great transit access. This mixed-use property features two residential units-each with 3 bedrooms and 1 bathroom-plus a street-level commercial storefront, ideal for retail, or office, . A full basement and backyard add even more potential. Located just a short walk to the Light Rail and major bus lines, this property offers convenience and visibility. While it needs significant renovations,

Key facts

• Great transit access
• Backyard
• Full basement

Tags

• INVESTMENT OPPORTUNITY
• MIXED-USE PROPERTY
• FULL BASEMENT
• BACKYARD
• GREAT TRANSIT ACCESS
• SHORT WALK TO LIGHT RAIL

Property features AI

Exterior

• Home design: Built in 1990
• Exterior features: Located in the Bergen-Lafayette neighborhood

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $650k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-56 ($-674/yr) — negative.
• To cash-flow at today's rent, offer at most $642k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $562k (13.6% below list).
• Recommended offer: $562k (13.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 1.8% in Jersey City — 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 77/100 on livability (#116 in NJ, #2,955 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Jersey City Public Schools (urban): math 16% / reading 38% proficiency, ranked #369 of 472 in NJ (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ollie Culbreth Jr. School (math 3% / reading 17%, grade F, #1,225 of 1,303 statewide, top 95%, 422 students, 67% FRL); Academy I (math 60% / reading 76%, grade A-, #14 of 431 statewide, top 3%, 403 students, 46% FRL); Lincoln High School (math 4% / reading 25%, grade F, #389 of 399 statewide, top 98%, 942 students, 62% FRL).
• Market conditions: Rents rising (+3.3%/yr); 206 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); 5,310 units permitted in Hudson County in 2024 (4,154 in 5+ unit buildings).
• At $5,615/mo this rent would consume 95% of the median local household income ($71k/yr) (locally 3598% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Hudson County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($640k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago 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.

Recommended offer $561,500 (13.6% below list)

Questions for the listing agent

1. 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?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.86% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.37%
• DSCR: 0.98
• GRM: 9.6

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 MONTICELLO Ave	0.08mi	5/4.0 (+1)	—	5mo	$873,000	—	71
85 UNION St	0.18mi	3/2.5 (-1)	—	3mo	$800,000	—	70
167 CLINTON Ave	0.27mi	5/2.0 (+1)	—	1mo	$600,000	—	65
241 RANDOLPH Ave	0.34mi	5/2.0 (+1)	—	3mo	$600,000	—	60
25 JEWETT Ave	0.53mi	4/3.5	—	1mo	$899,000	—	60
103 Claremont Ave	0.49mi	4/2.0	—	4mo	$305,000	—	57
129 CLERK St	0.45mi	5/2.0 (+1)	—	5mo	$575,000	—	53
338 BRAMHALL Ave	0.63mi	4/2.0	—	1mo	$563,000	—	53
32 STORMS Ave	0.62mi	5/3.0 (+1)	—	1mo	$618,000	—	53
107 RANDOLPH Ave	0.51mi	5/2.0 (+1)	—	3mo	$650,000	—	52
191 BOYD Ave	0.68mi	5/3.0 (+1)	—	3mo	$675,000	—	48
247 PACIFIC Ave	0.65mi	5/2.0 (+1)	—	2mo	$715,000	—	46

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 · 3.32% rent growth · sell at horizon

5-year hold

• IRR: -16.5%
• Equity multiple: 0.41×
• Total profit: $-107,006
• Equity at exit: $96,917

10-year hold

• IRR: -7.7%
• Equity multiple: 0.51×
• Total profit: $-89,949
• Equity at exit: $56,200

Cash invested: $182,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 6 Strongly Tenant-Friendly
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City Jersey City: 6 Strongly Tenant-Friendly · D+34

Rent Control Ordinance covers buildings 4+ units pre-1986.

Methodology + full state rankings →

ZIP-level market 07304

• Home prices YoY: -34.5%
• Rents YoY: 3.3%
• Active inventory: 206
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $5,615 high
• Mortgage (P&I): −$3,409
• Tax est. 1.5%: −$812 /mo · $9,750/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,179
• Net cashflow: $-56

Break-even live

Break-even rent $5,686

Max offer price $641,874

Occupancy floor 96%

Sensitivity live

Price	-10% $393	-5% $168	+0% $-56	+5% $-281	+10% $-505
Rent	-10% $-500	-5% $-278	+0% $-56	+5% $166	+10% $387
Rate	-1.0pp $271	-0.5pp $109	base $-56	+0.5pp $-225	+1.0pp $-396

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$5,616
Total (2 units)			$5,615

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
66 Atlantic St #1 Jersey City, NJ	3.0	1.0	—	$2,500	—	26d	1	0.06mi
148 Union St Unit 1/2 Jersey City, NJ	3.0	2.0	1466	$3,800	$2.59	4d	1	0.08mi
533 Martin Luther King Dr Unit A Jersey City, NJ	3.0	2.0	1300	$4,100	$3.15	9d	1	0.08mi
62 Oak St Unit 2 Jersey City, NJ	3.0	2.5	—	$3,200	—	1d	1	0.12mi
765 Ocean Ave Unit 1 Jersey City, NJ	3.0	2.5	—	$3,200	—	26d	1	0.19mi
291 Forrest St Unit 1 Jersey City, NJ	3.0	2.0	1600	$2,800	$1.75	26d	1	0.19mi
114 Oak St Unit 3 Jersey City, NJ	3.0	2.0	1100	$3,100	$2.82	26d	1	0.21mi
114 Oak St Unit 1 Jersey City, NJ	3.0	2.0	1100	$3,100	$2.82	26d	1	0.21mi
103 Virginia Ave Unit 2 Jersey City, NJ	3.0	1.0	—	$2,800	—	3d	1	0.26mi
3 Minerva St Jersey City, NJ	3.0	2.5	—	$3,500	—	26d	1	0.27mi
145 Harrison Ave #301 Jersey City, NJ	3.0	1.0	—	$2,100	—	0d	1	0.28mi
35 Lexington Ave Unit 2 Jersey City, NJ	3.0	1.0	—	$2,700	—	5d	1	0.28mi
18 Boyd Ave Unit 2 Jersey City, NJ	3.0	1.0	—	$2,500	—	4d	1	0.29mi
38 Clendenny Ave Unit 1R Jersey City, NJ	3.0	1.0	1000	$2,500	$2.50	26d	1	0.29mi
202 Clerk St Unit 2 Jersey City, NJ	4.0	1.0	—	$3,000	—	26d	1	0.32mi
13 Union St Unit 2 Jersey City, NJ	3.0	2.0	1500	$2,600	$1.73	26d	1	0.33mi
10 McDougall St Unit A Jersey City, NJ	4.0	1.0	—	$2,800	—	26d	1	0.33mi
708 Ocean Ave Jersey City, NJ	4.0	2.0	—	$3,550	—	26d	1	0.33mi
187 Clerk St Jersey City, NJ	4.0	1.0	—	$2,450	—	26d	1	0.33mi
187 Clerk St #2 Jersey City, NJ	3.0	1.0	—	$2,350	—	18d	1	0.33mi
290 Randolph Ave Unit 2 Jersey City, NJ	3.0	1.0	—	$3,000	—	26d	1	0.34mi
294 Randolph Ave Unit 2 Jersey City, NJ	3.0	2.0	—	$2,750	—	26d	1	0.34mi
312 Randolph Ave Unit 1 Jersey City, NJ	3.0	2.0	1350	$2,750	$2.04	26d	1	0.35mi
65 Clendenny Ave Unit 1st floor Jersey City, NJ	3.0	2.0	—	$2,375	—	26d	1	0.35mi
85 Kearney Ave Unit 3 Jersey City, NJ	3.0	1.0	—	$2,350	—	26d	1	0.36mi
85 Kearney Ave Unit 3 Jersey City, NJ	3.0	1.0	—	$2,350	—	8d	1	0.36mi
81 Crescent Ave Unit 1470338P Jersey City, NJ	3.0	2.0	1797	$7,265	$4.04	9d	1	0.37mi
41 Bentley Ave #1 Jersey City, NJ	3.0	3.5	2165	$5,500	$2.54	14d	1	0.37mi
203 Harrison Ave #33 Jersey City, NJ	3.0	1.0	796	$2,350	$2.95	4d	1	0.38mi
166 Carteret Ave Unit 1 Jersey City, NJ	4.0	1.0	1100	$2,700	$2.45	26d	1	0.38mi
5 Kearney Ave Unit 5 Jersey City, NJ	3.0	1.0	1300	$2,700	$2.08	26d	1	0.39mi
215 Harrison Ave Unit 1 Jersey City, NJ	3.0	2.0	—	$3,200	—	3d	1	0.39mi
37 Astor Pl Unit 1 Jersey City, NJ	3.0	2.0	1300	$3,600	$2.77	7d	1	0.40mi
37 Astor Pl Unit 1 Jersey City, NJ	3.0	2.0	1300	$3,150	$2.42	4d	1	0.40mi
37 Astor Pl Unit 1 Jersey City, NJ	3.0	2.0	—	$3,150	—	21d	1	0.40mi
37 Astor Pl Unit 2 Jersey City, NJ	3.0	2.0	—	$3,200	—	21d	1	0.40mi
37 Astor Pl Unit 2 Jersey City, NJ	3.0	2.0	—	$3,600	—	23d	1	0.40mi
37 Astor Pl Unit 2 Jersey City, NJ	3.0	2.0	1300	$3,600	$2.77	4d	1	0.40mi
223 Harrison Ave #2 Jersey City, NJ	3.0	1.0	—	$2,400	—	26d	1	0.41mi
49 Belmont Ave #1 Jersey City, NJ	3.0	3.0	1500	$3,800	$2.53	26d	1	0.41mi

Listing history 18 events

1. 2026-06-21
   days on market $650,000 Active 26 DOM
2. 2026-06-18
   days on market $650,000 Active 23 DOM
3. 2026-06-17
   days on market $650,000 Active 22 DOM
4. 2026-06-16
   days on market $650,000 Active 21 DOM
5. 2026-06-15
   days on market $650,000 Active 20 DOM
6. 2026-06-13
   days on market $650,000 Active 18 DOM
7. 2026-06-13
   days on market $650,000 Active 17 DOM
8. 2026-06-09
   days on market $650,000 Active 14 DOM
9. 2026-06-08
   days on market $650,000 Active 13 DOM
10. 2026-06-07
    days on market $650,000 Active 12 DOM
11. 2026-06-04
    days on market $650,000 Active 9 DOM
12. 2026-06-03
    days on market $650,000 Active 8 DOM
13. 2026-06-02
    days on market $650,000 Active 7 DOM
14. 2026-06-01
    days on market $650,000 Active 6 DOM
15. 2026-05-31
    days on market $650,000 Active 5 DOM
16. 2026-05-26
    listed $650,000 Active
17. 2023-06-15
    historical
18. 2022-06-15
    listed $750,000 Active

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

Taxation est. · year 1

• Rental income: $67,380
• − Mortgage interest: −$36,410
• − Property taxes: −$9,750
• − Insurance: −$3,250
• − Repairs & maintenance: −$5,390
• − Management: −$5,390
• − Depreciation: −$18,909
• Taxable loss: −$11,720
• Est. tax savings @ 24.0%: +$2,813
• After-tax cash flow: $2,139/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 · 1 photo

Poor 20/100 Extensive rehab

This property requires extensive exterior and interior renovations to become move-in ready and increase its value.

Repairs flagged

• Major exterior siding — Severe weathering and peeling
• Major exterior paint — Significant peeling and discoloration
• Major interior walls — No photos, but likely in poor condition

Value-add opportunities

• Both exterior siding and paint — Enhances curb appeal and property value
• Both interior updates — Improves living conditions and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering and peeling	Major	$15,000–50,000
exterior paint · Significant peeling and discoloration	Major	$15,000–50,000
interior walls · No photos, but likely in poor condition	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both exterior siding and paint — Enhances curb appeal and property value ↑
• Both interior updates — Improves living conditions and rental appeal ↑

ⓘ 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: Jersey City Public Schools
• NCES district ID: 3407830
• Math proficiency: 16% ▼ -17.00%
• Reading proficiency: 38% ▼ -11.00%
• Median HH income: $58,431
• Composite: 24.43/100
• National rank: #7678
• State rank: #369 of 472 in NJ

Livability — Jersey City

• Score: 77/100
• State rank: #116
• US rank: #2955

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jersey City, NJ
• County: Hudson County · 718,323 people
• City population: 294,078
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 51,306
• Household income: $70,986
• Rent vs Own: 75.9% rent · 24.1% own
• Severe rent burden: 3598.0

Population outlook (Hudson County) Hauer SSP2

• Today (2025): 771,834 people
• By 2030: 818,028 · +6.0%
• By 2040: 907,866 · +17.6%
• By 2050: 994,480 · +28.8%
• By 2075: 1,163,301 · +50.7%
• By 2100: 1,254,703 · +62.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Black 33% Hispanic / Latino 28% White 20% Two or more races 15% Asian 14%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Dominican 10%
• Common ancestry: Scotch-Irish 1% Hispanic 1% Romanian 1%
• Foreign-born: 36% · Canada, Vietnam, China
• Languages at home: 52% English-only · Spanish 22% Arabic 8% Tagalog/Filipino 5%

Political lean MEDSL · Hudson

• 2024 margin: Strong D (+28.1) · D 62.6% · R 34.6% · Other 2.8%
• 2008→2024 swing: -18.7pp toward R · 2008: 46.7pp · 2024: 28.1pp
• All cycles: 2024: D+28.1 2020: D+46.2 2016: D+51.8 2012: D+55.7 2008: D+46.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -212.51%
• Current HPI: 402.9557
• Rent YoY: ▲ 3.32%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• 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

-13.3% since first listed

3 events — show timeline

• 2026-05-26 Listed $650,000 FSBO.com
• 2023-06-15 Delisted — NJMLS
• 2022-06-15 Listed $750,000 NJMLS