655 Absecon #618 · Atlantic City, NJ 08401-2565

$63,000

None bd · 1.0 ba · — sqft · Condo · 8 Days on market

Built 1950 Excellent condition $317/mo HOA · 15% of rent

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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
• Appreciation +5.0/10.0
• Condition / age +5.0/5.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Schools +1.4/10.0

Listing remarks

This unit is move in ready for new buyer to live in or as an investor. Located on the 6th floor of this elevator building. Newly renovation studio apartment, freshly painted featuring kitchen with new dishwasher installed in 2026, full bathroom and open floor plan with sliding doors that leads to a balcony to enjoy the beautiful views of the City. This unit also features a new washer and dryer 2026, new furnace 2026, new water tank 2026, There is a A/C split unit and Heat pump installed in 2026.

Key facts

• Open floor plan
• Full bathroom
• Balcony

Tags

• ELEVATOR BUILDING
• NEW DISHWASHER
• FULL BATHROOM
• OPEN FLOOR PLAN
• SLIDING DOORS
• BALCONY

Property features AI

Finance

• HOA & community: Monthly association fee; HOA covers common area and exterior maintenance, sewer, water, trash collection, and snow removal; Elevator in building

Exterior

• Parking: 1 parking space; Common driveway with exclusive parking lot
• Utilities: All underground utilities; Water served by association; Sewer served by association
• Home design: One-floor unit; Approximate construction year; Renovated in 2026; Unit on the 6th floor
• Construction: Brick siding; Approximate year built; Renovated in 2026
• Exterior features: Patio; Sidewalk; Brick exterior; Roof details listed in remarks

Interior

• Kitchen: Dishwasher; Electric range/oven; Refrigerator
• Bedrooms: Located on 6th floor
• Flooring: Laminate; Vinyl/linoleum
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump (electric); Ductless split AC
• Interior features: Carbon monoxide detector; Smoke detector; Fire extinguisher; Community living
• Laundry & utility: Stackable washer/dryer; Electric water heater (from furnace)

What this means for you Summary

Snapshot

• This is a ?-bed/1.0-bath condo listed at $63k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $877 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $63k).
• Cap rate 23.0% 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: 1 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($436 loan paydown + $2k appreciation (3.0% local appreciation)).
• 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 + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,000

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 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: 3.27% ✓
• Cap rate: 22.99%
• Cash-on-cash: 59.65%
• DSCR: 3.65
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 64.7%
• Equity multiple: 4.61×
• Total profit: $63,662
• Equity at exit: $28,328

10-year hold

• IRR: 64.2%
• Equity multiple: 9.43×
• Total profit: $148,682
• Equity at exit: $43,656

Cash invested: $17,640 (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 08401-2565

• Active inventory: 1
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $2,062 high
• Mortgage (P&I): −$330
• Tax est. 1.5%: −$79 /mo · $945/yr
• Insurance: −$26
• HOA: −$317
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $877

Break-even live

Break-even rent $952

Max offer price $63,000

Occupancy floor 52%

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: $15,750
• Closing costs: $1,890
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
435 N Tennessee Ave Atlantic City, NJ	3.0	1.5	—	$2,200	—	21d	1	0.21mi
519 N New York Ave Atlantic City, NJ	3.0	1.5	—	$2,400	—	21d	1	0.26mi
326 N Tennessee Ave Unit 2 Atlantic City, NJ	3.0	1.0	1815	$2,200	$1.21	13d	1	0.28mi
322 N Tennessee Ave Unit A Atlantic City, NJ	2.0	1.0	—	$1,900	—	13d	1	0.29mi
506 New Jersey Ave Unit 2 Atlantic City, NJ	3.0	2.0	—	$2,350	—	21d	1	0.33mi
709 Adriatic Ave Unit 3 Atlantic City, NJ	3.0	1.0	—	$1,900	—	21d	1	0.35mi
709 Adriatic Ave Unit 1 Atlantic City, NJ	2.0	1.0	—	$1,600	—	21d	1	0.35mi
821 Baltic Ave Unit 3rd Atlantic City, NJ	2.0	1.0	—	$1,600	—	21d	1	0.41mi
1109 Arctic Ave Atlantic City, NJ	2.0	1.0	—	$1,800	—	21d	1	0.46mi
1017 Arctic Ave Unit 1 Atlantic City, NJ	1.0	1.0	—	$1,500	—	21d	1	0.46mi
130 N Delaware Ave Atlantic City, NJ	3.0	1.0	—	$2,375	—	21d	1	0.48mi
811 N Indiana Ave Atlantic City, NJ	3.0	1.0	—	$2,000	—	13d	1	0.50mi
522 N Indiana Ave Unit 2 Atlantic City, NJ	3.0	1.0	—	$1,900	—	21d	1	0.51mi
31 N Virginia Ave Atlantic City, NJ	3.0	1.0	725	$1,998	$2.76	13d	1	0.53mi
38 N Maryland Ave Unit 2nd floor Atlantic City, NJ	2.0	1.5	—	$1,800	—	13d	1	0.53mi
711 N Ohio Ave Unit 2 Atlantic City, NJ	2.0	1.0	—	$2,100	—	21d	1	0.56mi
711 N Ohio Ave Unit 1 Atlantic City, NJ	2.0	1.0	—	$2,200	—	21d	1	0.56mi
901 N Ohio Ave Unit 2 Atlantic City, NJ	2.0	1.0	—	$1,785	—	21d	1	0.57mi
65 Anchorage Ct Atlantic City, NJ	2.0	2.5	—	$1,995	—	21d	1	0.59mi
325 N Ohio Ave Atlantic City, NJ	3.0	2.0	—	$2,700	—	21d	1	0.59mi
1916 Magellan Ave Atlantic City, NJ	2.0	1.0	1478	$1,850	$1.25	21d	1	0.60mi
120 N Congress Ave Unit A First Floor Atlantic City, NJ	3.0	1.0	—	$2,200	—	21d	1	0.61mi
1056 N Ohio Ave Atlantic City, NJ	3.0	1.0	—	$2,225	—	21d	1	0.62mi
46 N Connecticut Ave Unit 201 Atlantic City, NJ	2.0	1.0	—	$1,900	—	21d	1	0.63mi
10 Starboard Ct #10 Atlantic City, NJ	3.0	2.5	1680	$2,400	$1.43	13d	1	0.66mi
2004 McKinley Ave Atlantic City, NJ	3.0	1.0	—	$2,250	—	21d	1	0.67mi
905 Keener Ave Atlantic City, NJ	3.0	1.0	1059	$1,900	$1.79	21d	1	0.67mi
33 S North Carolina Ave Atlantic City, NJ	3.0	1.0	—	$2,450	—	21d	1	0.68mi
2011 Caspian Ave Atlantic City, NJ	3.0	1.0	—	$2,100	—	21d	1	0.68mi
2015 Grant Ave Atlantic City, NJ	3.0	1.0	1056	$2,325	$2.20	21d	1	0.68mi
128 N Rhode Island Ave Atlantic City, NJ	3.0	1.5	—	$1,995	—	21d	1	0.69mi
902 Keener Ave Atlantic City, NJ	3.0	1.5	—	$2,300	—	21d	1	0.69mi
2021 Grant Ave Atlantic City, NJ	3.0	1.0	1011	$2,350	$2.32	21d	1	0.69mi
822 N Arkansas Ave Atlantic City, NJ	3.0	1.0	—	$2,100	—	21d	1	0.73mi
526 Atlantic Ave Unit 6 Atlantic City, NJ	1.0	1.0	—	$1,700	—	21d	1	0.75mi
1710 Atlantic Ave Apt A Atlantic City, NJ	2.0	1.0	600	$4,500	$7.50	21d	1	0.75mi
848 Pacific Ave Unit 1014254P Atlantic City, NJ	1.0–2.0	2.0–3.0	1243	$2,413	$1.94	13d	2	0.77mi
1724 Atlantic Ave Unit A1 Atlantic City, NJ	3.0	1.0	950	$2,300	$2.42	21d	1	0.77mi
1724 Atlantic Ave Unit B2 Atlantic City, NJ	2.0	1.0	750	$1,495	$1.99	21d	1	0.77mi
351 N New Hampshire Ave Atlantic City, NJ	2.0	2.0	972	$1,948	$2.00	13d	3	0.79mi

HOA detail condo

• Monthly dues: $317 · $3,804/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-07
   statusdays on market $63,000 Under Contract 8 DOM
2. 2026-06-02
   days on market $63,000 Active 7 DOM
3. 2026-06-01
   days on market $63,000 Active 6 DOM
4. 2026-05-31
   days on market $63,000 Active 5 DOM
5. 2026-05-30
   days on market $63,000 Active 4 DOM
6. 2026-05-26
   listed $63,000 Active
7. 2025-09-17
   historical $950
8. 2025-08-24
   listed $950

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

Taxation est. · year 1

• Rental income: $24,748
• − Mortgage interest: −$3,529
• − Property taxes: −$945
• − Insurance: −$315
• − Repairs & maintenance: −$1,980
• − Management: −$1,980
• − HOA: −$3,804
• − Depreciation: −$1,833
• Taxable income: $10,362
• Est. tax owed @ 24.0%: −$2,487
• After-tax cash flow: $8,035/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 · 3 photos

Excellent 100/100 None rehab

This multi-family unit is move-in ready with a newly renovated interior, including new appliances, flooring, and HVAC, and is located in a well-maintained building with a good exterior condition.

Value-add opportunities

• Resale New appliances — New appliances enhance the home's appeal to potential buyers.
• Rental Landscaping improvements — Landscaping enhances curb appeal and tenant satisfaction.

Renovation cost estimate screening

Value-add ROI direction

• Resale New appliances — New appliances enhance the home's appeal to potential buyers. ↑
• Rental Landscaping improvements — Landscaping enhances curb appeal and tenant satisfaction. ↑

ⓘ 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: 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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

3 events — show timeline

• 2026-05-26 Listed $63,000 GSMLS
• 2025-09-17 Rental Removed $950 SJSRMLS
• 2025-08-24 Listed for Rent $950 SJSRMLS