3101 Boardwalk Ave #2802-2 · Atlantic City, NJ 08401

$208,800

2 bd · 2.0 ba · 1,278 sqft · Condo · 94 Days on market

Fair condition ↓ 10% since listing

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Rent growth +3.9/5.0
• Livability +2.8/5.0
• Condition / age +2.2/5.0
• Schools +1.4/10.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

3101 Boardwalk #2802-2 * * * * The Ocean Club offers resort-style amenities, including an indoor pool, fitness center, and 24/7 security. Just outside is the World Famous Atlantic City Boardwalk and beautiful beaches, with equisite dining, shopping, and entertainment just a short walk away. Do not miss out on this opportunity! Come check this one out! * * * Best Deal in the building!

Key facts

• Fitness center
• 24/7 security
• Indoor pool

Tags

• INDOOR POOL
• FITNESS CENTER
• 24/7 SECURITY

Property features AI

Finance

• Financial info: Property listed for sale; Bank-owned / foreclosure

Exterior

• Parking: Exterior parking (see remarks); Garage (see remarks)
• Utilities: Public sewer; Public water
• Home design: Condo unit in Ocean Club 2; Single-level unit; Building has more than 11 stories
• Exterior features: Pets allowed with restrictions; Not waterfront

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Other heating (see remarks)
• Interior features: Six rooms total; Heating listed as 'Other' (see remarks)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $209k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-976 ($-12k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $209k).
• Recommended offer: $190k (9.0% below list) — sets the bar for market timing.
• Cap rate 0.7% vs local median 3.7% in Atlantic City — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $2,275/mo this rent would consume 66% 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 $6k 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.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($190k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 58% of rent.

Recommended offer $190,008 (9.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 1.09% ✓
• Cap rate: 0.69%
• Cash-on-cash: -20.03%
• DSCR: 0.11
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -49.1%
• Equity multiple: -0.53×
• Total profit: $-89,215
• Equity at exit: $31,133

10-year hold

• IRR: -50.4%
• Equity multiple: -1.20×
• Total profit: $-128,696
• Equity at exit: $18,053

Cash invested: $58,464 (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: 7.6×

Monthly cashflow live

• Estimated rent: $2,275 high
• Mortgage (P&I): −$1,095
• Tax est. 1.5%: −$261 /mo · $3,132/yr
• Insurance: −$87
• HOA est. from 5 same-building comps: −$1,330
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $-976

Break-even live

Break-even rent $3,510

Max offer price $67,610

Occupancy floor —

Sensitivity live

Price	-10% $-831	-5% $-904	+0% $-976	+5% $-1,048	+10% $-1,120
Rent	-10% $-1,155	-5% $-1,066	+0% $-976	+5% $-886	+10% $-796
Rate	-1.0pp $-871	-0.5pp $-923	base $-976	+0.5pp $-1,030	+1.0pp $-1,085

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: $52,200
• Closing costs: $6,264
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 N Chelsea Ave Unit 1 Atlantic City, NJ	3.0	1.0	1200	$15,000	$12.50	21d	1	0.32mi
3851 Boardwalk Atlantic City, NJ	2.0	1.0–2.0	785	$27,500	$35.03	21d	5	0.42mi
3636 Winchester Ave Atlantic City, NJ	3.0	1.0	1094	$1,995	$1.82	21d	1	0.43mi
3809 Ventnor Ave #6 Atlantic City, NJ	3.0	1.0	1500	$2,100	$1.40	21d	1	0.46mi
3914 South Blvd Atlantic City, NJ	2.0	2.5	1700	$3,400	$2.00	21d	1	0.63mi
101 S Raleigh Ave Atlantic City, NJ	2.0	1.0	735	$18,750	$25.51	14d	7	0.67mi
4 Italy Ter Atlantic City, NJ	3.0	1.0	1000	$2,300	$2.30	21d	1	0.69mi
21 N Laclede Pl Atlantic City, NJ	3.0	1.0	1200	$2,000	$1.67	21d	1	0.69mi
512 N Harrisburg Ave Atlantic City, NJ	3.0	2.0	1156	$2,800	$2.42	14d	1	0.85mi
100 S Berkley Sq Unit 4H Atlantic City, NJ	2.0	2.0	1520	$3,200	$2.11	21d	1	0.88mi
1724 Atlantic Ave Unit A1 Atlantic City, NJ	3.0	1.0	950	$2,300	$2.42	21d	1	1.04mi
24 N Baton Rouge Ave Ventnor City, NJ	3.0	2.0	1350	$18,000	$13.33	14d	1	1.15mi
2021 Grant Ave Atlantic City, NJ	3.0	1.0	1011	$2,350	$2.32	21d	1	1.18mi
2015 Grant Ave Atlantic City, NJ	3.0	1.0	1056	$2,325	$2.20	21d	1	1.19mi
1916 Magellan Ave Atlantic City, NJ	2.0	1.0	1478	$1,850	$1.25	21d	1	1.20mi
905 Keener Ave Atlantic City, NJ	3.0	1.0	1059	$1,900	$1.79	21d	1	1.21mi
5101 Ventnor Ave Unit 2 Ventnor City, NJ	2.0	1.0	1000	$1,950	$1.95	14d	1	1.26mi
5200 Boardwalk Unit 10A Ventnor City, NJ	1.0	2.0	1104	$21,000	$19.02	14d	1	1.32mi
23 S Little Rock Ave Unit 2 Ventnor City, NJ	2.0	2.0	1000	$2,500	$2.50	44d	1	1.36mi
326 N Tennessee Ave Unit 2 Atlantic City, NJ	3.0	1.0	1815	$2,200	$1.21	14d	1	1.41mi
3 S Surrey Ave Unit 1308991P Ventnor City, NJ	3.0	2.0	1087	$7,267	$6.69	44d	1	1.43mi
3 S Surrey Ave Unit 1309004P Ventnor City, NJ	3.0	2.0	1087	$8,055	$7.41	21d	1	1.43mi
1510 N Arkansas Ave Atlantic City, NJ	3.0	2.0	1008	$2,750	$2.73	14d	1	1.47mi
1523 N Arkansas Ave Atlantic City, NJ	3.0	2.0	984	$2,500	$2.54	21d	1	1.50mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-19
   days on market $208,800 Active 94 DOM
2. 2026-06-18
   days on market $208,800 Active 93 DOM
3. 2026-06-17
   days on market $208,800 Active 92 DOM
4. 2026-06-16
   days on market $208,800 Active 91 DOM
5. 2026-06-15
   days on market $208,800 Active 90 DOM
6. 2026-06-14
   days on market $208,800 Active 88 DOM
7. 2026-06-13
   days on market $208,800 Active 87 DOM
8. 2026-06-10
   days on market $208,800 Active 85 DOM
9. 2026-06-09
   days on market $208,800 Active 84 DOM
10. 2026-06-08
    days on market $208,800 Active 83 DOM
11. 2026-06-07
    days on market $208,800 Active 82 DOM
12. 2026-06-02
    days on market $208,800 Active 77 DOM
13. 2026-06-01
    days on market $208,800 Active 76 DOM
14. 2026-05-31
    remarks 391-char remark
15. 2026-05-31
    listed $208,800 Active 75 DOM

ⓘ 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: $27,300
• − Mortgage interest: −$11,696
• − Property taxes: −$3,132
• − Insurance: −$1,044
• − Repairs & maintenance: −$2,184
• − Management: −$2,184
• − HOA: −$15,960
• − Depreciation: −$6,074
• Taxable loss: −$14,974
• Est. tax savings @ 24.0%: +$3,594
• After-tax cash flow: $-8,115/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

Fair 45/100 Moderate rehab

This condo requires moderate renovations to update the kitchen and bathroom, and improve the landscaping. The location and amenities are strong, but the current condition detracts from its value.

Repairs flagged

• Major kitchen cabinets — severely dated and worn
• Major bathroom fixtures — dated and small
• Major landscaping — bare lawn and lack of landscaping

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing the kitchen would increase both resale and rental value
• Both update bathroom fixtures — modernizing the bathroom would increase both resale and rental value
• Both landscape the exterior — improving the curb appeal would increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely dated and worn	Major	$15,000–50,000
bathroom fixtures · dated and small	Major	$15,000–50,000
landscaping · bare lawn and lack of landscaping	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing the kitchen would increase both resale and rental value ↑
• Both update bathroom fixtures — modernizing the bathroom would increase both resale and rental value ↑
• Both landscape the exterior — improving the curb appeal would increase both resale and rental 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

-10.0% since first listed

3 events — show timeline

• 2026-05-19 Price Changed $208,800 SJSRMLS
• 2026-04-17 Price Changed $220,400 SJSRMLS
• 2026-03-17 Listed $232,000 SJSRMLS