358 N Connecticut Ave · Atlantic City, NJ 08401

$124,000

4 bd · 1.0 ba · 1,450 sqft · SingleFamily public records · 43 Days on market

Built 1900 1,742 sqft lot

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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 +7.5/15.0
• Rent growth +3.9/5.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity Knocks! 4 bedroom, 1 Full Bath Colonial in highly sought neighborhood in Atlantic City. Buyer responsible for smoke cert & CCO

Key facts

• 1,742 sq ft lot
• Built 1900
• Listed 43 days

Property features AI

Finance

• Financial info: Fee simple ownership

Exterior

• Utilities: Public water; Public sewer
• Home design: Detached property; Estimated year built
• Construction: Block and vinyl siding construction; Block foundation
• Exterior features: Above-grade other structures

Interior

• Bedrooms: Four bedrooms on the upper level; Total of 4 bedrooms
• Bathrooms: One full bathroom
• Heating & cooling: Hot water heating; Natural gas heating and hot water
• Interior features: Estimated living area; Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $124k.

Deal economics

• At list price, monthly cash flow is $600 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $124k).
• Recommended offer: $120k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.2% vs local median 3.7% in Atlantic 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 55/100 on livability (#525 in NJ) — a working-class tenant base; expect higher turnover. Strengths: health & safety A; Watch: commute D, schools F, crime F.
• Atlantic City School District (urban): math 9% / reading 26% proficiency, ranked #454 of 472 in NJ (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.5%/yr); 482 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• At $2,507/mo this rent would consume 73% of the median local household income ($41k/yr) (locally 3414% 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 $857 of loan paydown is wiped out by about $4k 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 + 5.5% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($120k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $120,280 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.02% ✓
• Cap rate: 16.23%
• Cash-on-cash: 35.47%
• DSCR: 2.58
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $305,950
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
500B Caspian Ave	0.11mi	3/1.5 (-1)	1,374 (-5%)	16mo	$311,999	$227	65
407 Grammercy Pl	0.31mi	3/1.5 (-1)	1,416 (-2%)	13mo	$345,000	$244	64
103 Chesapeake Bay Ct	0.32mi	3/2.0 (-1)	1,434 (-1%)	16mo	$300,000	$209	61
114 N Maryland Ave	0.33mi	4/2.5	1,422 (-2%)	17mo	$290,000	$204	61
710 Sewell Ave	0.18mi	3/1.5 (-1)	1,546 (+7%)	16mo	$162,500	$105	61
126 N New Hampshire Ave	0.38mi	3/2.5 (-1)	1,452 (+0%)	16mo	$501,495	$345	58
304 Madison Ave	0.30mi	3/2.5 (-1)	1,452 (+0%)	22mo	$240,000	$165	56
34 N Congress Ave Ave	0.32mi	3/2.0 (-1)	1,340 (-8%)	9mo	$275,000	$205	56
17 Clipper Ct	0.20mi	3/2.5 (-1)	1,258 (-13%)	3mo	$265,000	$211	55
531 Melrose Ave	0.08mi	3/2.0 (-1)	1,568 (+8%)	23mo	$290,000	$185	54
611 N Connecticut Ave	0.25mi	3/2.5 (-1)	1,592 (+10%)	9mo	$420,000	$264	54
26 N New Hampshire Ave	0.42mi	3/2.5 (-1)	1,500 (+3%)	22mo	$490,000	$327	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.52% rent growth · sell at horizon

5-year hold

• IRR: 17.1%
• Equity multiple: 1.72×
• Total profit: $24,988
• Equity at exit: $18,489

10-year hold

• IRR: 28.0%
• Equity multiple: 3.90×
• Total profit: $100,575
• Equity at exit: $10,721

Cash invested: $34,720 (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 08401

• Home prices YoY: -7.0%
• Rents YoY: 5.5%
• Active inventory: 482
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $2,507 high
• Mortgage (P&I): −$650
• Tax from tax record: −$252 /mo · $3,028/yr
• Insurance: −$52
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$527
• Net cashflow: $600

Break-even live

Break-even rent $1,748

Max offer price $124,000

Occupancy floor 71%

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: $31,000
• Closing costs: $3,720
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10 Starboard Ct #10 Atlantic City, NJ	3.0	2.5	1680	$2,400	$1.43	13d	1	0.32mi
31 N Virginia Ave Atlantic City, NJ	3.0	1.0	725	$2,230	$3.08	13d	1	0.40mi
326 N Tennessee Ave Unit 2 Atlantic City, NJ	3.0	1.0	1815	$2,200	$1.21	13d	1	0.59mi
122 Dewey Pl Atlantic City, NJ	3.0	1.0	1250	$2,700	$2.16	21d	1	0.68mi
1724 Atlantic Ave Unit A1 Atlantic City, NJ	3.0	1.0	950	$2,300	$2.42	21d	1	0.94mi
905 Keener Ave Atlantic City, NJ	3.0	1.0	1059	$1,900	$1.79	21d	1	1.09mi
2015 Grant Ave Atlantic City, NJ	3.0	1.0	1056	$2,325	$2.20	21d	1	1.10mi
2021 Grant Ave Atlantic City, NJ	3.0	1.0	1011	$2,350	$2.32	21d	1	1.11mi
1216 N Ohio Ave Atlantic City, NJ	5.0	2.0	1355	$2,900	$2.14	21d	1	1.11mi
4 Italy Ter Atlantic City, NJ	3.0	1.0	1000	$2,300	$2.30	21d	1	1.30mi
1510 N Arkansas Ave Atlantic City, NJ	3.0	2.0	1008	$2,750	$2.73	13d	1	1.42mi
1523 N Arkansas Ave Atlantic City, NJ	3.0	2.0	984	$2,500	$2.54	21d	1	1.45mi
1532 Emerson Pl Fl Front Atlantic City, NJ	3.0	2.0	1200	$2,400	$2.00	13d	1	1.46mi

Listing history 21 events

1. 2026-05-22
   status Pending
2. 2026-05-07
   historical Active Under Contract

   Show marketing remark (144 chars)

   Opportunity Knocks! 4 bedroom, 1 Full Bath Colonial in highly sought neighborhood in Atlantic City. Buyer responsible for smoke cert & CCO

3. 2026-05-07
   status Pending 144-char remark

   Show marketing remark (144 chars)

   Opportunity Knocks! 4 bedroom, 1 Full Bath Colonial in highly sought neighborhood in Atlantic City. Buyer responsible for smoke cert & CCO

4. 2026-04-10
   status Active

   Show marketing remark (144 chars)

   Opportunity Knocks! 4 bedroom, 1 Full Bath Colonial in highly sought neighborhood in Atlantic City. Buyer responsible for smoke cert & CCO

5. 2026-04-10
   status Active 144-char remark

   Show marketing remark (144 chars)

   Opportunity Knocks! 4 bedroom, 1 Full Bath Colonial in highly sought neighborhood in Atlantic City. Buyer responsible for smoke cert & CCO

6. 2026-03-31
   soldstatus $150,000
7. 2026-03-16
   historical Withdrawn/Temp Off Market 145-char remark

   Show marketing remark (145 chars)

   Opportunity Knocks! 4 Bedroom, 1 Full Bath Colonial in highly sought neighborhood of Atlantic City. Buyer responsible for Smoke Cert & CCO

8. 2026-02-13
   historical Active Under Contract

   Show marketing remark (144 chars)

   Opportunity Knocks! 4 bedroom, 1 Full Bath Colonial in highly sought neighborhood in Atlantic City. Buyer responsible for smoke cert & CCO

9. 2026-02-13
   status Pending 144-char remark

   Show marketing remark (144 chars)

   Opportunity Knocks! 4 bedroom, 1 Full Bath Colonial in highly sought neighborhood in Atlantic City. Buyer responsible for smoke cert & CCO

10. 2026-01-28
    listed $124,000 Active

    Show marketing remark (145 chars)

    Opportunity Knocks! 4 Bedroom, 1 Full Bath Colonial in highly sought neighborhood of Atlantic City. Buyer responsible for Smoke Cert & CCO

11. 2026-01-28
    listed $124,000 Active 144-char remark

    Show marketing remark (145 chars)

    Opportunity Knocks! 4 Bedroom, 1 Full Bath Colonial in highly sought neighborhood of Atlantic City. Buyer responsible for Smoke Cert & CCO

12. 2026-01-28
    listed $124,000 Active 145-char remark

    Show marketing remark (145 chars)

    Opportunity Knocks! 4 Bedroom, 1 Full Bath Colonial in highly sought neighborhood of Atlantic City. Buyer responsible for Smoke Cert & CCO

13. 2019-07-22
    historical Under Contract
14. 2019-07-15
    historical
15. 2019-06-11
    price $49,900
16. 2019-04-04
    listed $54,900 Active
17. 2019-03-21
    historical
18. 2018-12-08
    price $69,900
19. 2018-09-20
    listed $85,000 Active
20. 2013-07-03
    historical
21. 2013-03-05
    listed $135,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $3,028 · $252/mo
• Projected year-2 tax: $3,058 · $255/mo
• Expected delta: +$30/yr (+$2/mo · 1.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,087
• − Mortgage interest: −$6,946
• − Property taxes: −$3,028
• − Insurance: −$5,738
• − Repairs & maintenance: −$2,407
• − Management: −$2,407
• − Depreciation: −$3,607
• Taxable income: $5,952
• Est. tax owed @ 24.0%: −$1,429
• After-tax cash flow: $5,770/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.

Schools (NCES district)

• District: Atlantic City School District
• NCES district ID: 3400960
• Math proficiency: 9% ▼ -12.00%
• Reading proficiency: 26% ▼ -6.00%
• Median HH income: $27,842
• Composite: 13.66/100
• National rank: #9504
• State rank: #454 of 472 in NJ

Livability — Atlantic City

• Score: 55/100
• State rank: #525
• US rank: #23095

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Atlantic City, NJ
• County: Atlantic County · 143,611 people
• City population: 38,925
• Metro: Atlantic City-Hammonton, NJ
• Population (ZIP): 38,925
• Household income: $41,126
• Rent vs Own: 69.8% rent · 30.2% own
• Severe rent burden: 3414.0

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Hispanic / Latino 32% Black 32% Asian 16% White 16% Two or more races 11% Native American 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 8% Dominican 8%
• Common ancestry: Romanian 1% Scotch-Irish 1%
• Foreign-born: 29% · Canada, Vietnam, Jamaica
• Languages at home: 52% English-only · Spanish 30% Other Indo-European 8% Vietnamese 3%

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: ▼ -26.82%
• Current HPI: 353.7827
• Rent YoY: ▲ 5.52%
• 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

+11.1% since first listed

21 events — show timeline

• 2026-05-22 Pending — BRIGHT MLS
• 2026-05-07 Contingent — BRIGHT MLS
• 2026-05-07 Pending — MOMLS
• 2026-04-10 Relisted — BRIGHT MLS
• 2026-04-10 Relisted — MOMLS
• 2026-03-31 Sold (Public Records) $150,000 Public Records
• 2026-03-16 Delisted — CMCMLS
• 2026-02-13 Contingent — BRIGHT MLS
• 2026-02-13 Pending — MOMLS
• 2026-01-28 Listed $124,000 CMCMLS
• 2026-01-28 Listed $124,000 MOMLS
• 2026-01-28 Listed $124,000 BRIGHT MLS
• 2019-07-22 Contingent — SJSRMLS
• 2019-07-15 Listing Removed — SJSRMLS
• 2019-06-11 Price Changed $49,900 SJSRMLS
• 2019-04-04 Listed $54,900 SJSRMLS
• 2019-03-21 Listing Removed — SJSRMLS
• 2018-12-08 Price Changed $69,900 SJSRMLS
• 2018-09-20 Listed $85,000 SJSRMLS
• 2013-07-03 Listing Removed — SJSRMLS
• 2013-03-05 Listed $135,000 SJSRMLS

Property tax history

-3.6%/yr

Latest (2025): $3,028 · -2.1% YoY. Source: county tax records.