apartment for sale in Chatham — $3250K | Dwelfy

Deals · 228 Main Street #0, Chatham, NJ 07928

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Loses money — only works at a lower price

Rented normally, it costs you $20,285 a month. That is $243,419 a year, every year you hold it.

The rent is our own estimate, not a signed tenancy. The shortfall is not a data problem: at this price, on these costs, the rent does not cover what it takes to hold it. It only works if you are buying for the capital growth, or buying it cheaper.

228 Main Street #0, Chatham, NJ 07928 · 10,252 sqft · $317/sqft

APARTMENTListed 10d ago

$3,250,000

Why it works

1.26% return before costs — around the area average for this property type
Nothing here is unusual enough, in either direction, to be a reason on its own.

Why to be cautious

1.26% return — below what most lenders require
Most lenders want the rent to cover about 1.25× the stressed mortgage payment. At this yield it may not.A bigger deposit fixes the lender test — it does not fix the return. See the lender's view →
Monthly profit −$20,285/mo — you would top this up heavily, every month, from your own income
You would be topping it up every month, from your own income, for as long as you hold it.That can still be the plan if you are buying for capital growth — but it should be a decision, not a surprise. Try your own numbers →
No rent comparables — estimate is a rule-of-thumb fallback, not market data. Verify the rent locally before offering.

What would have to be true?
No offer works back from a stand-in rent
Every price on this card is that rent inverted. This listing’s rent is a wider-area figure rather than a like-for-like comparison of nearby rentals, and a price worked back from it would be quoted to the $5,000 on evidence that cannot carry it.
rent is a wider-area stand-in

Is it a good location?
Chatham
We hold no schools, flood or crime reading for this address yet — open for the map and what we do have. An absence here is a gap in our record, not a clean bill.
mapped to a point, not an address

What can we answer in this market?
6 of 11 questions 5 need data we do not hold in this market yet
3 of them run on numbers you set yourself, so they stay amber however good they look.
Coverage, not a verdict

Ready to move on this deal?

Generates an offer pack with your numbers & sources — take it to the agent.

Listing seen …

What if…

Standard rental on an Assured Shorthold Tenancy. Single household, market rent, paid monthly direct to landlord (or via agent).

You keep-$20,285/mo

All-in cash$948,620

PaybackNever

Offer

Deposit

Mortgage rate

Standard rental

Rent

Empty weeks a year

Doing it up

Estimated, not surveyed — nobody has been inside.

More assumptions9

Mortgage term

Stress rate

Solicitor + survey

Lender fees

Letting agent

Insurance

Maintenance

Service charge

Ground rent

Where these figures came from15

Offer the asking price$3,250,000Asking price from listing

Deposit a typical assumption25%Standard 75% LTV for rental

Mortgage rate a typical assumption7.00%5-year fixed (market average) — 7.00% (as of 2026-05).

Rent worked out from local rents$3,415/moEstimated rent from few comparables — verify.

Empty weeks a year a typical assumption2 wksTypical voids for rental

Doing it up a general default, not this property$0No condition data in this market — no works assumed. Add a figure if the listing needs them.

Mortgage term a general default, not this property30 yrs

Stress rate a typical assumption8.00%Fed base + 2pp stress (8.0%)

Solicitor + survey a typical figure, not a quote$4,225Leasehold flat — $3,125 legal + $1,100 survey

Lender fees a typical figure, not a quote$49,7502% product fee on $2,437,500 loan + $1,000 booking fee

Letting agent a typical assumption10%Typical rental agency rate

Insurance a typical figure, not a quote$40/moTypical building+landlord cover for $400K+

Maintenance a typical figure, not a quote$67/moSemi/flat: $67/mo proxy

Service charge a typical figure, not a quote$150/moLeasehold fallback: $1,800/yr proxy — confirm with managing agent

Ground rent a typical figure, not a quote$25/moLeasehold fallback: $300/yr proxy — confirm in lease

These are this page’s own derivation notes, unedited. A figure marked a typical figure, not a quote is our model of a cost for a property of this kind in this area — not a price anybody has given you, and the first thing worth replacing with a real one.

Notes

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List price$3,250,000

Rented normally, it costs you $20,285 a month. That is $243,419 a year, every year you hold it.

What if I change my assumptions?The dialsAt the asking price, 25% deposit, 7.00%Change any of these 15 and every card on this page changes with it.◧ worked out from local rents

What will it cost me to buy?Breakdown$948,620And about $1,217,096 more over five years, because it loses $20,285 every month you hold it — before any repair. That already assumes the rent never falls.$948,620 to buy itdeposit · purchase costs · legal · fees◧ 25% deposit, typical fees

How big is it, really?The workingOne figure, and nothing checking it 10,252 sq ftOnly the agent’s figure exists for this house. Open for what that means.□ area unchecked — agent’s own

Is it a good location?Open the mapChathamWe hold no schools, flood or crime reading for this address yet — open for the map and what we do have. An absence here is a gap in our record, not a clean bill.■ mapped to a point, not an address

Is there anything that stops it?The checksWe do not screen letting restrictions in this marketThese are UK rules and we run no equivalent here. Not checked — never as clear.4 do not apply to this property■ listing last seen 19 Sep 2026

What can we answer in this market?6 of 11 questions 5 need data we do not hold in this market yet3 of them run on numbers you set yourself, so they stay amber however good they look.□ Coverage, not a verdict

Is it a good location?
Chatham
We hold no schools, flood or crime reading for this address yet — open for the map and what we do have. An absence here is a gap in our record, not a clean bill.
mapped to a point, not an address

What can we answer in this market?
6 of 11 questions 5 need data we do not hold in this market yet
3 of them run on numbers you set yourself, so they stay amber however good they look.
Coverage, not a verdict