Score
0Jersey City, NJ
249 Pacific Ave
800K
5 beds
3 baths
05 bd • 3 ba • 0 sf
This analysis was generated on 1/22/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$799,999
Price/Sq.Ft
$∞
Year Built
1927
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
The property at 249 Pacific Ave, Jersey City, NJ offers several attractive features:
1. Location: Prime location near Liberty State Park, minutes away from light rail and Grove Street PATH station, providing excellent connectivity.
2. Investment Potential: With a price of $799,999 for a 5-bedroom, 3-bathroom multi-family home, it presents a solid investment opportunity. The current rental rates in Jersey City (2023 data) show potential for good returns:
- Two-bedroom: $2,088/month
- Three-bedroom: $2,578/month
- Four-bedroom: $2,805/month
3. Property Type: As a 2-family house, it offers flexibility for owner-occupants to live in one unit and rent out the other, or for investors to maximize rental income.
4. Recent Renovations: The second unit has been recently renovated, reducing immediate maintenance costs.
5. Climate Resilience: Minimal flood risk (1/10) and fire risk (1/10), which is excellent for long-term property value and lower insurance costs.
6. Historical Appreciation: Significant long-term appreciation from $77,250 in 1993 to the current price of $799,999, showing a 936% increase over 32 years (about 7.5% annualized).
7. School Proximity: Close to schools, with Rev. Dr. Ercel F. Webb School (PK-5) just 0.3 miles away.
8. Outdoor Space: Access to a backyard, which is a valuable feature in urban settings.
9. Market Position: The recent price reductions (5.9% and 5.6%) suggest room for negotiation, potentially allowing buyers to secure the property below the initial asking price.
The Bad
1. Age of the Property: Built in 1927, the house is nearly 100 years old, which may lead to higher maintenance costs and potential system upgrades.
2. Lack of Square Footage Data: The listing doesn't provide the square footage, making it difficult to assess the price per square foot and compare it to market averages.
3. Extended Time on Market: With 78 days on the market and two price reductions, there might be underlying issues or the property may be overpriced for its condition.
4. Climate Risks: While flood and fire risks are low, there's a severe heat risk (7/10) and major wind risk (6/10), which could impact comfort and insurance costs.
5. School Ratings: Nearby schools have average to poor ratings (5/10 for elementary and middle, 1/10 for high school), which may deter families with children.
6. Outdated Systems: The property uses radiators for heating and window units for cooling, which may be less efficient than modern HVAC systems.
7. Limited Parking: No mention of dedicated parking, which can be a significant drawback in urban areas like Jersey City.
8. Potential Zoning Restrictions: As a multi-family property, there may be specific zoning laws or regulations that could limit future modifications or use changes.
9. Higher Insurance Costs: The estimated annual insurance of $2,879.99 is relatively high, likely due to the property's age and multi-family status.
The Ugly
1. Potential Hidden Costs: Given the age of the property (built in 1927), there could be significant hidden issues such as:
- Outdated electrical systems (potential cost: $8,000 - $15,000 for full rewiring)
- Plumbing problems (potential cost: $5,000 - $20,000 for major repairs)
- Foundation issues (potential cost: $5,000 - $50,000+ depending on severity)
- Asbestos or lead paint remediation (potential cost: $10,000 - $30,000)
2. High Property Taxes: New Jersey is known for high property taxes. While specific data isn't provided, annual property taxes could easily exceed $15,000 - $20,000 for a property of this value in Jersey City.
3. Rental Income vs. Expenses:
- Potential rental income (based on 2023 data): ~$5,000/month ($60,000/year)
- Estimated annual expenses:
* Mortgage (assuming 20% down, 4% interest): ~$36,000
* Property taxes (estimated): ~$18,000
* Insurance: $2,880
* Maintenance (1% of property value): $8,000
* Total: ~$64,880
This could result in negative cash flow for investors.
4. Major Systems Replacement: Given the age, major systems may need replacement soon:
- Roof replacement (potential cost: $15,000 - $25,000)
- HVAC system installation (potential cost: $10,000 - $20,000)
5. Renovation Costs: While one unit is renovated, the other may need updates to command market rents. A full renovation could cost $50,000 - $100,000+.
6. Zoning and Compliance Issues: Older multi-family properties may not meet current building codes, potentially requiring costly updates to comply with modern standards.
7. Environmental Concerns: The moderate air quality risk (4/10) and severe heat risk (7/10) could necessitate additional expenses for air purification systems and improved insulation/cooling.
8. Market Volatility: The Jersey City market, influenced by New York City, can be volatile. A downturn could significantly impact property value and rental income.
9. Financing Challenges: Multi-family properties often have stricter lending requirements, potentially leading to higher interest rates or larger down payment requirements.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for:
1. Experienced Real Estate Investors: Those familiar with multi-family properties and comfortable managing tenants and potential renovations.
2. High-Income Professionals: Individuals or couples with a combined annual income of $200,000+ who can manage the high costs of ownership and potential negative cash flow in the short term.
3. Long-term Investors: Those looking for long-term appreciation potential in a prime Jersey City location, willing to hold the property for 10+ years.
4. Owner-Occupants with Rental Income Goals: Families or individuals who want to live in one unit and rent out the other to offset housing costs.
5. Renovation Enthusiasts: Buyers who have the skills or resources to update and improve the property over time, potentially increasing its value and rental income.
6. Urban Lifestyle Seekers: Those who prioritize proximity to public transportation, parks, and urban amenities over newer construction or larger living spaces.
7. Commuters to New York City: Professionals who work in NYC but prefer the potentially lower costs and different atmosphere of Jersey City.
8. Risk-Tolerant Investors: Those comfortable with the potential for market fluctuations and the complexities of managing an older, multi-family property.
Not For
This property is not suitable for:
1. First-time Homebuyers: The complexities of a multi-family property and potential hidden costs make this challenging for inexperienced buyers.
2. Low to Moderate Income Households: With a price of $799,999 and high ongoing costs, this property requires substantial income and savings.
3. Families Prioritizing Top-Rated Schools: With nearby schools rated 5/10 or lower, this may not be ideal for families focused on education.
4. Those Seeking Move-in Ready Homes: The age and potential need for updates make this unsuitable for buyers wanting a turnkey property.
5. Risk-Averse Investors: The potential for negative cash flow and high maintenance costs make this property too risky for conservative investors.
6. Buyers with Limited Time or DIY Skills: Managing and maintaining an older, multi-family property requires significant time and either hands-on skills or the budget to hire professionals frequently.
7. Those with Accessibility Needs: As an older, multi-story building, it may not be suitable for individuals requiring single-level living or modern accessibility features.
8. Short-term Investors: The high transaction costs and current market conditions make this property less suitable for quick flips or short-term holds.
9. Luxury Home Seekers: While well-located, this property may not offer the high-end finishes or modern amenities that luxury buyers often seek.
10. Those Sensitive to Climate Risks: The severe heat risk (7/10) and major wind risk (6/10) may be concerning for individuals particularly worried about climate change impacts.
Demographics
Area Median Income
$60,787
Property History
Price History
Ownership Timeline
$0Cash Purchase
Dec 22, 2020Luz Wilson, Estate Of Leo WilsonDaniel Wilson, Leo Xavier Wilson
Intrafamily Transfer
Non-Arm's Length Transactions
$0Cash Purchase
Sep 2, 2016Leo WilsonLeo Cornell Wilson
Deed
Non-Arm's Length Transactions
$77,250Financed
Aug 27, 1993John HawrilukLeo Wilson, Martha Wilson
Deed
Standard Sale (Purchase/Resales)
Property Taxes
$10,808
2024 Tax Assessment
0.6%from previous year
Assessed Value$484,000
Tax Rate2.23%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
4.3/10
AverageMiddle
3.8/10
Below AverageHigh
4.0/10
AverageFinancials
Monthly Costs
Market Rent (5 bed)
Get a detailed estimate on Zillow$1,765
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