6 Lorraine RdSummitNJ07901
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Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Investment Highlights
Rental property for sale in Summit at 6 Lorraine Rd, Summit, NJ, 07901 priced at $1,895,000 converts $6,396/mo rent into after a $9,275/mo obligation. Total monthly income equals $6,396/mo. Return on cash invested prints 6.47% in year one, and rental yield reads 4.05% against a $1,895,000 entry. Equity gained on principal adds $12,228/yr, while 5% annual appreciation compiles into $523,554 by year five. Five-year ROI reaches 31.94% and total cumulative return in cash sums $196,121. For leverage, Ziffy Mortgage’s DSCR loan bases approval on $6,396/mo property income covering a $9,275/mo payment, not borrower’s personal income.
Single Family
Built in 1934
6,969 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 07901, Summit, NJ area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 8,523 (100%) |
| Owner Occupied HU | 5,655 (66.3%) |
| Renter Occupied HU | 2,439 (28.6%) |
| Vacant Housing Units | 429 ( 5.0%) |
| Median Home Value | $997,958 |
| Average Home Value | $1,178,497 |
Housing Distribution
Address Breakdown
Residential
8,706
Single Family
8,027
Multi-Family
679
Businesses
870
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Listed by: Marjorie Callahan • Lois Schneider Realtor
Mls Name: GSMLS
Mls ID: #4003518