9600 Amherst Ave #7 · Margate City, NJ 08402

$270,000

1 bd · 1.0 ba · 400 sqft · Condo · 106 Days on market

Built 1962 Fair condition $675/sqft · at area comps Est $276k · at est. $250/mo HOA · 3% of rent ↓ 4% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.5/15.0
• Schools +4.8/10.0
• Rent growth +4.7/5.0
• Livability +3.8/5.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Idyllic bay views on the second floor of this recently updated one-bedroom, one-bath condo in the Madison Bay condo in the Marina District. The $250 monthly condo fee includes water and sewer, insurance, and hot water, as well as an assigned parking spot and an on-site laundry room with storage space. Enjoy and relax dining at Steve and Cookies, Lamberti's, Sofia, and Tomatoes! The minimum number of days for a rental is 90.

Key facts

• On-site laundry room
• Storage space
• Bay views

Tags

• BAY VIEWS
• ASSIGNED PARKING SPOT
• ON-SITE LAUNDRY ROOM
• STORAGE SPACE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $270k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $270k).
• Recommended offer: $246k (9.0% below list) — sets the bar for market timing.
• Cap rate 22.0% vs local median 7.4% in Margate City — 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 75/100 on livability (#149 in NJ, #3,893 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Margate City School District (suburban): math 50% / reading 58% proficiency, ranked #113 of 472 in NJ (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+8.9%/yr); 147 active listings in the ZIP; high-income renter base; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• At $7,163/mo this rent would consume 71% of the median local household income ($122k/yr) (locally 23% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Atlantic County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $76k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $245,700 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
10. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
11. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
12. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
13. 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.
14. 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.
15. 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: 2.65% ✓
• Cap rate: 22.04%
• Cash-on-cash: 56.24%
• DSCR: 3.50
• GRM: 3.1

CMA / ARV

• ARV (median comp): $276,188
• List price: $270,000
• Delta: -2.24%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 53.5%
• Equity multiple: 3.55×
• Total profit: $193,108
• Equity at exit: $40,258

10-year hold

• IRR: 60.8%
• Equity multiple: 8.91×
• Total profit: $598,153
• Equity at exit: $23,345

Cash invested: $75,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 08402

• Rents YoY: 8.9%
• Active inventory: 147
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $7,163 medium
• Mortgage (P&I): −$1,416
• Tax est. 1.5%: −$338 /mo · $4,050/yr
• Insurance: −$112
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$250
• Vacancy / Maint / Mgmt: −$1,504
• Net cashflow: $3,116

Break-even live

Break-even rent $3,218

Max offer price $270,000

Occupancy floor 51%

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Likely covers: watersewerparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-19
   days on market $270,000 Active 106 DOM
2. 2026-06-18
   days on market $270,000 Active 105 DOM
3. 2026-06-17
   days on market $270,000 Active 104 DOM
4. 2026-06-16
   days on market $270,000 Active 103 DOM
5. 2026-06-15
   days on market $270,000 Active 102 DOM
6. 2026-06-14
   days on market $270,000 Active 100 DOM
7. 2026-06-13
   days on market $270,000 Active 99 DOM
8. 2026-06-10
   days on market $270,000 Active 97 DOM
9. 2026-06-09
   days on market $270,000 Active 96 DOM
10. 2026-06-08
    days on market $270,000 Active 95 DOM
11. 2026-06-07
    days on market $270,000 Active 94 DOM
12. 2026-06-05
    days on market $270,000 Active 91 DOM
13. 2026-06-03
    price $270,000 Active 89 DOM
14. 2026-06-02
    days on market $285,000 Active 89 DOM
15. 2026-06-01
    days on market $285,000 Active 88 DOM
16. 2026-05-31
    days on market $285,000 Active 87 DOM
17. 2026-05-30
    days on market $285,000 Active 86 DOM
18. 2026-04-16
    price $285,000 427-char remark

    Show marketing remark (427 chars)

    Idyllic bay views on the second floor of this recently updated one-bedroom, one-bath condo in the Madison Bay condo in the Marina District. The $250 monthly condo fee includes water and sewer, insurance, and hot water, as well as an assigned parking spot and an on-site laundry room with storage space. Enjoy and relax dining at Steve and Cookies, Lamberti's, Sofia, and Tomatoes! The minimum number of days for a rental is 90.

19. 2026-03-05
    listed $295,000 Active 427-char remark

    Show marketing remark (427 chars)

    Idyllic bay views on the second floor of this recently updated one-bedroom, one-bath condo in the Madison Bay condo in the Marina District. The $250 monthly condo fee includes water and sewer, insurance, and hot water, as well as an assigned parking spot and an on-site laundry room with storage space. Enjoy and relax dining at Steve and Cookies, Lamberti's, Sofia, and Tomatoes! The minimum number of days for a rental is 90.

20. 2026-01-21
    historical 347-char remark

    Show marketing remark (347 chars)

    Fantastic bay views from this one-bedroom, one bath recently updated Madison Bay Condo, and minutes from the bay, marinas, Steve and Cookies, Lamberti's, Tomatoes, and Sofia. The $250 monthly condo fee includes water, sewer, insurance, and hot water, as well as an off-street parking spot, an on-site laundry room, and storage space for each unit.

21. 2025-10-29
    status Active - Back on Market 347-char remark

    Show marketing remark (347 chars)

    Fantastic bay views from this one-bedroom, one bath recently updated Madison Bay Condo, and minutes from the bay, marinas, Steve and Cookies, Lamberti's, Tomatoes, and Sofia. The $250 monthly condo fee includes water, sewer, insurance, and hot water, as well as an off-street parking spot, an on-site laundry room, and storage space for each unit.

22. 2025-09-27
    historical Under Contract 347-char remark

    Show marketing remark (347 chars)

    Fantastic bay views from this one-bedroom, one bath recently updated Madison Bay Condo, and minutes from the bay, marinas, Steve and Cookies, Lamberti's, Tomatoes, and Sofia. The $250 monthly condo fee includes water, sewer, insurance, and hot water, as well as an off-street parking spot, an on-site laundry room, and storage space for each unit.

23. 2025-09-14
    historical 347-char remark

    Show marketing remark (347 chars)

    Fantastic bay views from this one-bedroom, one bath recently updated Madison Bay Condo, and minutes from the bay, marinas, Steve and Cookies, Lamberti's, Tomatoes, and Sofia. The $250 monthly condo fee includes water, sewer, insurance, and hot water, as well as an off-street parking spot, an on-site laundry room, and storage space for each unit.

24. 2025-09-04
    listed $297,000 Active 347-char remark

    Show marketing remark (347 chars)

    Fantastic bay views from this one-bedroom, one bath recently updated Madison Bay Condo, and minutes from the bay, marinas, Steve and Cookies, Lamberti's, Tomatoes, and Sofia. The $250 monthly condo fee includes water, sewer, insurance, and hot water, as well as an off-street parking spot, an on-site laundry room, and storage space for each unit.

ⓘ 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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $85,956
• − Mortgage interest: −$15,124
• − Property taxes: −$4,050
• − Insurance: −$6,469
• − Repairs & maintenance: −$6,876
• − Management: −$6,876
• − HOA: −$3,000
• − Depreciation: −$7,855
• Taxable income: $35,706
• Est. tax owed @ 24.0%: −$8,569
• After-tax cash flow: $28,827/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 40/100 Cosmetic rehab

This one-bedroom, one-bath condo in the Madison Bay Condo in the Marina District has average condition and requires some cosmetic repairs and maintenance. Painting and updating the interior, along with window treatments and HVAC maintenance, can significantly increase its resale and rental value.

Repairs flagged

• Minor Kitchen countertops — Visible wear and tear on the countertops
• Minor Bathroom tiles — Some wear and discoloration on the tiles
• Minor Exterior siding — Weathered appearance with some discoloration
• Minor Interior paint — Faded paint in some areas
• Minor Window frames — Some wear visible on the window frames
• Minor HVAC units — Some wear visible on the units

Value-add opportunities

• Resale Painting and updating the interior — Fresh paint can significantly improve the home's appearance and appeal to potential buyers
• Rental Window treatments — New window treatments can enhance the home's curb appeal and make it more attractive to renters
• Both HVAC system maintenance — Regular maintenance ensures the HVAC system is running efficiently and can prevent costly repairs

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops · Visible wear and tear on the countertops	Minor	$500–3,000
Bathroom tiles · Some wear and discoloration on the tiles	Minor	$500–3,000
Exterior siding · Weathered appearance with some discoloration	Minor	$500–3,000
Interior paint · Faded paint in some areas	Minor	$500–3,000
Window frames · Some wear visible on the window frames	Minor	$500–3,000
HVAC units · Some wear visible on the units	Minor	$500–3,000
Total estimated repair cost · 6 items		$3,000–18,000

Value-add ROI direction

• Resale Painting and updating the interior — Fresh paint can significantly improve the home's appearance and appeal to potential buyers ↑
• Rental Window treatments — New window treatments can enhance the home's curb appeal and make it more attractive to renters ↑
• Both HVAC system maintenance — Regular maintenance ensures the HVAC system is running efficiently and can prevent costly repairs ↑

ⓘ 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: Margate City School District
• NCES district ID: 3409690
• Math proficiency: 50% ▼ -26.00%
• Reading proficiency: 58% ▼ -28.00%
• Median HH income: $67,112
• Composite: 47.71/100
• National rank: #2241
• State rank: #113 of 472 in NJ

Livability — Margate City

• Score: 75/100
• State rank: #149
• US rank: #3893

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Margate City, NJ
• County: Atlantic County · 143,611 people
• City population: 5,234
• Metro: Atlantic City-Hammonton, NJ
• Population (ZIP): 5,234
• Household income: $121,800
• Rent vs Own: 10.0% rent · 90.0% own
• Severe rent burden: 23.0

Population outlook (Atlantic County) Hauer SSP2

• Today (2025): 268,948 people
• By 2030: 264,497 · -1.7%
• By 2040: 252,261 · -6.2%
• By 2050: 237,846 · -11.6%
• By 2075: 210,650 · -21.7%
• By 2100: 180,234 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Asian 2% Hispanic / Latino 2%
• Common ancestry: Scotch-Irish 9% Romanian 6% Lithuanian 2%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 92% English-only · Other Indo-European 2% Tagalog/Filipino 2% Spanish 1%

Political lean MEDSL · Atlantic

• 2024 margin: Toss-up / Even · D 47.7% · R 50.7% · Other 1.6%
• 2008→2024 swing: -18.1pp toward R · 2008: 15.1pp · 2024: -3.0pp
• All cycles: 2024: R+3.0 2020: D+6.7 2016: D+6.2 2012: D+17.2 2008: D+15.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -625.70%
• Current HPI: 475.1366
• Rent YoY: ▲ 8.91%
• Metro: Atlantic City-Hammonton, NJ
• 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

-4.0% since first listed

7 events — show timeline

• 2026-04-16 Price Changed $285,000 SJSRMLS
• 2026-03-05 Listed $295,000 SJSRMLS
• 2026-01-21 Listing Removed — SJSRMLS
• 2025-10-29 Relisted — SJSRMLS
• 2025-09-27 Contingent — SJSRMLS
• 2025-09-14 Listing Removed — SJSRMLS
• 2025-09-04 Listed $297,000 SJSRMLS