48 N Pennsylvania Ave · Atlantic City, NJ 08401

$175,000

3 bd · 1.5 ba · 1,120 sqft · Townhouse · 73 Days on market

Built 1990 Average condition 1,119 sqft lot Est $232k · 25% under $300/mo HOA · 13% of rent

---

Why this score? — see what drove the C+ 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 +23.4/30.0
• ARV discount +15.0/15.0
• 1% rule +8.3/10.0
• DSCR +7.5/10.0
• Rent growth +3.9/5.0
• Livability +2.8/5.0
• Condition / age +2.8/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the perfect shore escape in Atlantic City! Ideally located in a low-tax area, this 3 bedroom townhome is just 2.5 blocks to the beach, boardwalk and the world famous Casinos and top notch dinning --putting you right in the heart of it all. Enjoy easy living with an HOA that covers water, sewer, floor insurance and parking. adding incredible value and peace of mind. Perfect as a primary residence, vacation home, or investment opportunity. Atlantic City is know for it's iconic boardwalk, beaches and nonstop entertainment, making it a sought--after destination year round. SPRING INTO THIS 3 - BEDROOM TOWNSHOME AND START ENJOYING YOUR SUMMER AT THE SHORE !!

Key facts

• Low-tax area
• Iconic boardwalk
• $300 HOA

Tags

• LOW-TAX AREA
• 2.5 BLOCKS TO THE BEACH
• ICONIC BOARDWALK

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $175k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $323 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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); 491 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $2,320/mo this rent would consume 68% 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 $1k of loan paydown is wiped out by about $5k 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 $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 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.

Recommended offer $164,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.33% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.91%
• DSCR: 1.35
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $231,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
526 PACIFIC Ave #1103	0.45mi	2/2.0 (-1)	1,129 (+1%)	1mo	$207,500	$184	70
600 Pacific Ave #B205	0.39mi	2/2.0 (-1)	1,136 (+1%)	5mo	$235,000	$207	69
526 Pacific Ave #1003	0.45mi	2/2.0 (-1)	1,127 (+1%)	3mo	$210,000	$186	69
600 Pacific Ave #C201	0.42mi	2/2.0 (-1)	1,136 (+1%)	7mo	$240,000	$211	65
526 Pacific Ave #1905	0.45mi	2/2.0 (-1)	1,060 (-5%)	0mo	$238,000	$225	63
24 Brooklyn Ave	0.42mi	3/1.0	1,024 (-9%)	3mo	$74,100	$72	62
526 Pacific Ave #1606	0.45mi	2/2.0 (-1)	1,200 (+7%)	5mo	$330,000	$275	56
526 Pacific Ave #2008	0.45mi	2/2.0 (-1)	1,060 (-5%)	11mo	$255,000	$241	54
722 Magellan Ave	0.62mi	3/1.0	1,059 (-5%)	10mo	$175,100	$165	51
600 PACIFIC Ave #A 203	0.39mi	2/2.0 (-1)	1,260 (+12%)	5mo	$195,000	$155	50
1525-C Morris Cain Pl	0.41mi	2/1.5 (-1)	952 (-15%)	9mo	$148,000	$155	43
30 Clipper Court Ct	0.64mi	3/2.5	1,258 (+12%)	6mo	$290,000	$231	41

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: -0.8%
• Equity multiple: 0.97×
• Total profit: $-1,528
• Equity at exit: $26,093

10-year hold

• IRR: 11.8%
• Equity multiple: 2.06×
• Total profit: $52,114
• Equity at exit: $15,131

Cash invested: $49,000 (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: 491
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $2,320 high
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$300
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $323

Break-even live

Break-even rent $1,911

Max offer price $175,000

Occupancy floor 81%

Sensitivity live

Price	-10% $444	-5% $384	+0% $323	+5% $263	+10% $202
Rent	-10% $140	-5% $232	+0% $323	+5% $415	+10% $506
Rate	-1.0pp $411	-0.5pp $368	base $323	+0.5pp $278	+1.0pp $232

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
31 N Virginia Ave Atlantic City, NJ	3.0	1.0	725	$2,230	$3.08	14d	1	0.12mi
848 Pacific Ave Unit 1014254P Atlantic City, NJ	1.0–2.0	2.0–3.0	1243	$2,413	$1.94	14d	2	0.30mi
526 Pacific Ave Atlantic City, NJ	2.0	2.0	1170	$2,400	$2.05	22d	4	0.45mi
1724 Atlantic Ave Unit B2 Atlantic City, NJ	2.0	1.0	750	$1,495	$1.99	22d	1	0.48mi
1724 Atlantic Ave Unit A1 Atlantic City, NJ	3.0	1.0	950	$2,300	$2.42	22d	1	0.48mi
122 Dewey Pl Atlantic City, NJ	3.0	1.0	1250	$2,700	$2.16	22d	1	0.77mi
101 Boardwalk Atlantic City, NJ	2.0	1.0	645	$2,700	$4.18	14d	3	0.79mi
1916 Magellan Ave Atlantic City, NJ	2.0	1.0	1478	$1,850	$1.25	22d	1	0.84mi
4 Italy Ter Atlantic City, NJ	3.0	1.0	1000	$2,300	$2.30	22d	1	0.92mi
905 Keener Ave Atlantic City, NJ	3.0	1.0	1059	$1,900	$1.79	22d	1	0.94mi
2015 Grant Ave Atlantic City, NJ	3.0	1.0	1056	$2,325	$2.20	22d	1	0.94mi
2021 Grant Ave Atlantic City, NJ	3.0	1.0	1011	$2,350	$2.32	22d	1	0.95mi
1510 N Arkansas Ave Atlantic City, NJ	3.0	2.0	1008	$2,750	$2.73	14d	1	1.38mi
1523 N Arkansas Ave Atlantic City, NJ	3.0	2.0	984	$2,500	$2.54	22d	1	1.41mi
1532 Emerson Pl Fl Front Atlantic City, NJ	3.0	2.0	1200	$2,400	$2.00	14d	1	1.44mi
100 N Chelsea Ave Unit 1 Atlantic City, NJ	3.0	1.0	1200	$15,000	$12.50	22d	1	1.48mi

HOA detail

• Monthly dues: $300 · $3,600/yr
• Likely covers: watersewer

Listing history 18 events

1. 2026-06-21
   days on market $175,000 Active 73 DOM
2. 2026-06-19
   days on market $175,000 Active 71 DOM
3. 2026-06-18
   days on market $175,000 Active 70 DOM
4. 2026-06-17
   days on market $175,000 Active 69 DOM
5. 2026-06-16
   days on market $175,000 Active 68 DOM
6. 2026-06-15
   days on market $175,000 Active 67 DOM
7. 2026-06-14
   days on market $175,000 Active 65 DOM
8. 2026-06-13
   days on market $175,000 Active 64 DOM
9. 2026-06-10
   days on market $175,000 Active 62 DOM
10. 2026-06-09
    days on market $175,000 Active 61 DOM
11. 2026-06-08
    days on market $175,000 Active 60 DOM
12. 2026-06-07
    days on market $175,000 Active 59 DOM
13. 2026-06-02
    days on market $175,000 Active 54 DOM
14. 2026-06-01
    days on market $175,000 Active 53 DOM
15. 2026-05-31
    days on market $175,000 Active 52 DOM
16. 2026-05-30
    days on market $175,000 Active 51 DOM
17. 2026-04-09
    listed $175,000 Active 672-char remark

    Show marketing remark (672 chars)

    Welcome to the perfect shore escape in Atlantic City! Ideally located in a low-tax area, this 3 bedroom townhome is just 2.5 blocks to the beach, boardwalk and the world famous Casinos and top notch dinning --putting you right in the heart of it all. Enjoy easy living with an HOA that covers water, sewer, floor insurance and parking. adding incredible value and peace of mind. Perfect as a primary residence, vacation home, or investment opportunity. Atlantic City is know for it's iconic boardwalk, beaches and nonstop entertainment, making it a sought--after destination year round. SPRING INTO THIS 3 - BEDROOM TOWNSHOME AND START ENJOYING YOUR SUMMER AT THE SHORE !!

18. 2026-04-09
    listed $175,000 Active 672-char remark

    Show marketing remark (672 chars)

    Welcome to the perfect shore escape in Atlantic City! Ideally located in a low-tax area, this 3 bedroom townhome is just 2.5 blocks to the beach, boardwalk and the world famous Casinos and top notch dinning --putting you right in the heart of it all. Enjoy easy living with an HOA that covers water, sewer, floor insurance and parking. adding incredible value and peace of mind. Perfect as a primary residence, vacation home, or investment opportunity. Atlantic City is know for it's iconic boardwalk, beaches and nonstop entertainment, making it a sought--after destination year round. SPRING INTO THIS 3 - BEDROOM TOWNSHOME AND START ENJOYING YOUR SUMMER AT THE SHORE !!

ⓘ 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: $27,836
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$2,227
• − Management: −$2,227
• − HOA: −$3,600
• − Depreciation: −$5,091
• Taxable income: $1,388
• Est. tax owed @ 24.0%: −$333
• After-tax cash flow: $3,544/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 · 12 photos

Average 55/100 Cosmetic rehab

This 3-bedroom townhome in Atlantic City is in average condition with some cosmetic updates needed. It offers a great location and potential for value appreciation with minor improvements.

Repairs flagged

• Minor kitchen backsplash — slight wear
• Minor bathroom fixtures — standard fixtures

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace carpet — improves comfort and reduces maintenance
• Both update kitchen backsplash — modernizes the space and adds value
• Both update bathroom fixtures — modernizes the space and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen backsplash · slight wear	Minor	$500–3,000
bathroom fixtures · standard fixtures	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace carpet — improves comfort and reduces maintenance ↑
• Both update kitchen backsplash — modernizes the space and adds value ↑
• Both update bathroom fixtures — modernizes the space and adds value ↑

ⓘ 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
• 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

+0.0% since first listed

2 events — show timeline

• 2026-04-09 Listed $175,000 BRIGHT MLS
• 2026-04-09 Listed $175,000 SJSRMLS