48 Larchmont Terrace, Newark NJ 07106

This parcel is assessed at $277,100 against a neighbouring median of $147,600 — 1.88 times. Comparables: 42 Larchmont Terrace at $136,700 ($5,107), 54 Larchmont Terrace at $158,500 ($5,922). Either the assessment is wrong, in which case there is an appeal worth filing, or the neighbours are under-assessed and this parcel carries a tax load its block does not. Either way it is a real expense difference against the comparables you would sell into.

The property appears under 2 MLS numbers (0000001, 0000002) and 2 agents (Brokerage A, Brokerage B). Dual listings carry different data on each side — square footage, unit counts and rent projections routinely disagree — and it is not always clear which agent can actually bind the seller. Reconcile the two before relying on any field from either.

The building dates from 1915, squarely inside the pre-1978 lead-paint regime. Pre-1978 single-family, two-family, and multiple rental dwellings must be inspected for lead-based paint hazards at tenant turnover or every three years, whichever comes first. In buildings of two or three dwelling units, the inspection also reaches common areas. A lead-safe certificate is valid for three years. Penalties reach $1,000/week after a 30-day cure period. Budget the inspection and any remediation into the turnover cost of every non-exempt pre-1978 unit, not into a one-off line at closing. For a multiple dwelling, verify the DCA registration and the two most recent cyclical inspection records before underwriting the ten-year carve-out. Deleading where it is required runs into five figures per unit in the strictest states, and refusing to rent to families with children is illegal discrimination — so this is a cost to budget, not one to avoid.

The listing states 10,998 sq ft against the assessor's 3,020 — a difference of 264%. Do not let anyone model off the larger figure: price per square foot, rent per square foot and any renovation budget all change materially with it. The assessor's measurement is the one to underwrite on.

The bedroom segment this property's income depends on is softening, not tightening: 3BR at $2,200, −6% year on year (Zumper — Lower Vailsburg). Falling rents in the relevant segment mean the projected income is a ceiling rather than a floor, and they compound with any rent-growth cap the municipality imposes.

The immediate block does not read as rental stock: 44-46 Larchmont Terrace is tax-exempt church, 58 Larchmont Terrace is city-owned vacant parcel, 42 Larchmont Terrace is single family, 54 Larchmont Terrace is single family. That matters for resale rather than for the rent roll — you would be selling a multi-family into a street of owner-occupiers, exempt parcels and vacant lots, and owner-occupiers do not price a building off its income. It also means the comparable sales an appraiser reaches for will be single-family.

The listing carries placeholder numbers where real data should be: MLS sub-field = 999; MLS sub-field = 9999. These are the values an agent enters when the field is unknown, and they propagate straight into any model built off the listing. Treat every unverified figure in this listing — square footage, rents, taxes, unit count — as unreliable until it is confirmed against a primary record.

The building dates from 1915. Pre-1940 construction routinely carries original or near-original electrical and plumbing, an uninsulated envelope that makes heating expensive, and structural detail that a standard inspection may not reach. Insurance quotes on old frame construction run well above the figures used in generic underwriting — treat any assumed premium as provisional until a real quote arrives. Repairs and capital reserves on a building this age belong at the top of their range, not the middle.

Whether rent control binds on this property is genuinely contested — the available sources disagree. The lesser of 4% or the CPI change from 15 months before the proposed increase to three months before it. 4% is a hard ceiling. There is no general vacancy decontrol: the cap applies irrespective of a change of tenant or a change of ownership, so buying the building does not reset the rents. Exemptions exist but must be perfected by application: New construction — §19:2-18.1, up to 30 years from completion. Must be perfected by application to the Rent Control Board. A dwelling vacant for at least 18 months may receive a five-year exemption if the Rent Control Board finds that rehabilitation exceeded 50% of fair market value and the dwelling received a certificate of occupancy and meets applicable codes. Substantial rehabilitation — §19:2-18.3, where rehab cost exceeds 50% of fair market value and a new certificate of occupancy issues, applied for within two years of the first permit. Also must be perfected by application. Newark Municipal Code §19:2 says all "multiple dwellings" are subject to rent control and defines that term to include a building with one or more rented apartments. DCA's 2026 survey instead records a 3+ unit threshold. Because those official sources disagree about one- and two-family coverage, no numeric threshold is asserted here; confirm the property with the Division of Rent Control before underwriting the cap. The cap applies regardless of a change of tenant or a change of ownership: §19:2 contains no general vacancy decontrol provision, so buying the building does not reset its rents. DCA's 2026 survey lists owner-occupied housing with four units or fewer as exempt. The current code defines an owner-occupied dwelling as four units or fewer with the owner in one unit, but does not list that category among the chapter's exempt dwellings. Confirm both coverage and any owner-occupied exemption with the Division of Rent Control, 973-733-3675, before underwriting either conclusion.

The 2023-12-04 sale at $700,000 sits 63.7% above the average of the sales either side of it ($427,500). This arithmetic does not establish market value or whether a sale was arm's-length. Verify transaction terms, condition and market changes at each date before using any of these prices as a comparable.

The parcel is assessed at $277,100, 40% of the $699,500 asking price, carrying a $11,081 bill. A revaluation has been ordered with no implementation date set. A revaluation moves every assessment toward market **and** resets the rate proportionally, so it is not automatically a tax rise — but a parcel assessed this far below its price gains more than the average parcel does, and the bill moves with it. Applying the published effective rate to the purchase price gives roughly $12,906 a year, about $1,825 more than the $11,081 you would be underwriting. Read every cap rate on this property as pre-reset and stress-test it.

The parcel traded 3 times in the 4 years up to its most recent sale: 2023-05-23 $355,000 → 2023-12-04 $700,000 → 2026-06-30 $500,000. Frequent transfers warrant checking ownership relationships, property changes and sale conditions. They do not establish why owners sold or which price represents current market value.

None of the listing sources say whether the 2 units are separately metered. It is frequently undisclosed, and it is never volunteered when the answer is no. There are 2 heating systems, which suggests separate HVAC — but separate HVAC is not the same as separate meters. Shared meters mean the landlord carries water, sewer and possibly gas and electric for every unit, and cannot bill it back without a sub-metering installation.