1052 Grove St #3 · Newark, NJ 07111-4276

$625,000

9 bd · 8.1 ba · — sqft · MultiFamily · 91 Days on market

Built 1913 Fair condition 3,049 sqft lot

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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 +19.8/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +5.2/10.0
• Appreciation +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.1/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Rare 3-Family Opportunity! unique property boasts 8 bedrooms, 4 bathrooms, and a spacious deck perfect for outdoor entertaining. Features include:Full walkout basement with finished space and storage, Home office an extra room, full bath, laundry hookup 1st floor: 3 bedroom, 1 full bath, laundry, kitchen, living room2nd floor: 4 bedrooms, 4 bathrooms, kitchen3rd floor: 3 bedrooms, 2 bathrooms, kitchenCurrently operating as a lucrative Airbnb (always fully booked)Prime location in Irvington, near shops, schools, transportation, bus terminal, and the 280 parkwaySold 'As Is' will be deliver vacant at closing, is a fantastic investment opportunity! dont miss this out

Key facts

• Spacious deck
• Laundry hookup
• Prime location

Tags

• SPACIOUS DECK
• FULL WALKOUT BASEMENT
• HOME OFFICE
• LAUNDRY HOOKUP
• PRIME LOCATION

Property features AI

Finance

• Other: Owner pays water; tenants pay electric and gas (each unit)
• Financial info: 3 total residential units; Net operating income, gross operating income, and operating expenses reported as 0 (remarks reference expenses)

Exterior

• Parking: Off-street parking
• Security: Carbon monoxide detectors in each unit; Smoke detectors in each unit
• Utilities: All utilities underground; Public water; Public sewer
• Home design: 3‑story multiunit building
• Construction: Asphalt shingle roof; Year built listed as approximate
• Exterior features: Deck; Brick and vinyl siding

Interior

• Kitchen: Unit 1: Gas range/oven, refrigerator, kitchen exhaust fan; Unit 2: Gas range/oven, refrigerator, kitchen exhaust fan (eat-in kitchen); Unit 3: Gas range/oven, refrigerator, kitchen exhaust fan
• Bedrooms: Unit 1: 3 bedrooms (2 levels); Unit 2: 4 bedrooms (1 level); Unit 3: 3 bedrooms (1 level)
• Bathrooms: 8 full bathrooms total; Unit 1: 2 bathrooms; Unit 2: 4 bathrooms; Unit 3: 2 bathrooms
• Heating & cooling: Three heating units with natural gas fuel; Wall A/C unit(s)
• Interior features: Finished full walkout basement; 13 total rooms
• Laundry & utility: Unit 1 includes a utility room

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/2.7-bath units multifamily listed at $625k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $739 ($9k/yr) — positive. Per door: $246/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $625k).
• Recommended offer: $569k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 3.0% in Newark — 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 67/100 on livability (#343 in NJ) — a middle-class / working-renter tenant base. Strengths: commute A+, amenities A-; Watch: schools D+, housing D+, crime F.
• Irvington Public School District (suburban): math 4% / reading 23% proficiency, ranked #465 of 472 in NJ (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 1 active listings in the ZIP; 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($4k loan paydown + $19k appreciation (3.0% local appreciation)).
• Essex County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $175k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($569k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $568,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.02% ✓
• Cap rate: 7.71%
• Cash-on-cash: 5.07%
• DSCR: 1.23
• GRM: 8.1

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
92 Harrison Pl	0.22mi	8/3.5 (-1)	—	3mo	$677,000	—	55
100 Hopkins Pl	0.27mi	9/3.0	—	3mo	$730,000	—	52
67 Wainwright St	0.47mi	8/7.0 (-1)	—	8mo	$999,000	—	50
913 19th St	0.43mi	8/4.0 (-1)	—	1mo	$820,000	—	46
30 Fabyan Pl	0.43mi	8/4.5 (-1)	—	3mo	$875,000	—	46
787 S 17th St	0.70mi	9/6.0	—	3mo	$815,000	—	44
85-87 Montgomery Ave	0.47mi	9/3.0	3,384	3mo	$715,000	$211	43
822 19th St	0.59mi	8/5.0 (-1)	—	2mo	$780,000	—	41
471 Hawthorne Ave	0.59mi	8/4.0 (-1)	—	4mo	$900,000	—	36
129 Dewey St	0.65mi	9/3.0	—	3mo	$700,000	—	35
882-884 S 16th	0.60mi	8/4.0 (-1)	—	9mo	$690,000	—	32
251-253 Wainwright St	0.73mi	9/4.0	—	7mo	$740,000	—	31

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: 12.2%
• Equity multiple: 1.70×
• Total profit: $122,463
• Equity at exit: $281,027

10-year hold

• IRR: 14.3%
• Equity multiple: 3.12×
• Total profit: $370,211
• Equity at exit: $433,096

Cash invested: $175,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City Newark: 0 Strongly Tenant-Friendly · D+59

Rent control + strict just-cause.

Methodology + full state rankings →

ZIP-level market 07111-4276

• Active inventory: 1
• Price-to-rent: 24.4×

Monthly cashflow live

• Estimated rent: $6,403 high
• Mortgage (P&I): −$3,278
• Tax est. 1.5%: −$781 /mo · $9,375/yr
• Insurance: −$260
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,345
• Net cashflow: $739

Break-even live

Break-even rent $5,467

Max offer price $625,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	2.7	$6,402
Total (3 units)			$6,403

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: $156,250
• Closing costs: $18,750
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $625,000 Active 91 DOM
2. 2026-06-17
   days on market $625,000 Active 90 DOM
3. 2026-06-16
   days on market $625,000 Active 89 DOM
4. 2026-06-15
   days on market $625,000 Active 88 DOM
5. 2026-06-13
   days on market $625,000 Active 86 DOM
6. 2026-06-09
   days on market $625,000 Active 82 DOM
7. 2026-06-08
   days on market $625,000 Active 81 DOM
8. 2026-06-07
   days on market $625,000 Active 80 DOM
9. 2026-06-04
   days on market $625,000 Active 77 DOM
10. 2026-06-03
    days on market $625,000 Active 76 DOM
11. 2026-06-02
    pricedays on market $625,000 Active 75 DOM
12. 2026-06-01
    days on market $649,000 Active 74 DOM
13. 2026-05-31
    days on market $649,000 Active 73 DOM
14. 2026-03-19
    listed $649,000 Active

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,836
• − Mortgage interest: −$35,010
• − Property taxes: −$9,375
• − Insurance: −$3,125
• − Repairs & maintenance: −$6,147
• − Management: −$6,147
• − Depreciation: −$18,182
• Taxable loss: −$1,149
• Est. tax savings @ 24.0%: +$276
• After-tax cash flow: $9,145/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

Fair 45/100 Moderate rehab

The property is in fair condition with some minor repairs and maintenance needed. Painting and roof replacement would significantly enhance its value for both resale and rental.

Repairs flagged

• Minor Paint — The interior walls and exterior siding show some signs of wear and tear, indicating minor paint damage.
• Minor Roof — No visible signs of major damage, but some wear and tear may indicate the need for minor repairs.

Value-add opportunities

• Both Paint the exterior and interior walls — Fresh paint can significantly improve the curb appeal and interior aesthetics, enhancing both resale and rental value.
• Both Replace the roof — A new roof will address any potential water damage and improve the overall condition of the property, increasing its value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · The interior walls and exterior siding show some signs of wear and tear, indicating minor paint damage.	Minor	$500–3,000
Roof · No visible signs of major damage, but some wear and tear may indicate the need for minor repairs.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint the exterior and interior walls — Fresh paint can significantly improve the curb appeal and interior aesthetics, enhancing both resale and rental value. ↑
• Both Replace the roof — A new roof will address any potential water damage and improve the overall condition of the property, increasing its 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: Irvington Public School District
• NCES district ID: 3407680
• Math proficiency: 4% ▼ -10.00%
• Reading proficiency: 23% ▼ -4.00%
• Median HH income: $39,682
• Composite: 11.46/100
• National rank: #9705
• State rank: #465 of 472 in NJ

Livability — Newark

• Score: 67/100
• State rank: #343
• US rank: #11138

Category grades

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

Schools grade is shown separately in the Schools card above.

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

Price history

1 event — show timeline

• 2026-03-19 Listed $649,000 GSMLS