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3101 Boardwalk Unit 3003A-1
D+ Composite 45.01
Why this score? — see what drove the D+ 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 +12.7/15.0
  • Cash flow +10.6/30.0
  • 1% rule +5.6/10.0
  • Condition / age +4.0/5.0
  • Rent growth +3.9/5.0
  • DSCR +3.1/10.0
  • Livability +2.8/5.0
  • Schools +2.4/10.0
  • Appreciation +0.0/10.0

$199,000

3101 Boardwalk Unit 3003A-1 · Atlantic City, NJ 08401
1 bd · 1.5 ba · 872 sqft · Condo · 174 Days on market
Built 1986 Good condition Garage $228/sqft · 12% below area Est $225k · 12% under $394/mo HOA · 19% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Key facts

  • $394 HOA
  • 679 garage spots
  • Community pool

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 1-bed/1.5-bath condo listed at $199k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $-98 ($-1k/yr) — negative.
  • To cash-flow at today's rent, offer at most $185k (7.1% below list).
  • Meets the 1% rule at list price ($2k rent vs $199k).
  • Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
  • Cap rate 5.7% vs local median 4.0% 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, crime F, amenities 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.
  • Zoned schools: Sovereign Avenue School (math 16% / reading 34%, grade F, #862 of 1,303 statewide, top 67%, 698 students, 91% FRL); Atlantic City High School (math 12% / reading 32%, grade F, #346 of 399 statewide, top 88%, 1,764 students, 80% FRL) — zoned schools at 86% FRL track the district average.
  • Market conditions: Rents rising fast (+5.5%/yr); 731 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
  • At $2,115/mo this rent would consume 62% of the median local household income ($41k/yr) — 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 174 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
Recommended offer $175,120 (12.0% 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 174 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
  3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
  4. 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?
  5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  7. 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?
  8. 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?
  9. 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?
  10. 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.
  11. 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.
  12. 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
1.06%
Cap rate
5.70%
Cash-on-cash
-2.12%
DSCR
0.91
GRM
7.8

CMA / ARV

ARV (median comp)
$225,220
List price
$199,000
Delta
-11.64%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 12 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
3101 Boardwalk #2303B-1 0.00mi 1/1.5 872 (0%) 2mo $180,000 $206 98
3101 Boardwalk #2403B-1 0.00mi 1/2.0 872 (0%) 3mo $125,000 $143 96
3101 Boardwalk #1404-1 0.00mi 1/1.5 978 (+12%) 1mo $165,000 $169 79
3101 Boardwalk #2409-2 0.00mi 1/1.5 1,060 (+22%) 1mo $265,000 $250 74
100 S Berkley Sq #2N 0.90mi 1/1.5 882 (+1%) 1mo $490,000 $556 62
2721 Boardwalk #1516 0.24mi 1/1.0 670 (-23%) 2mo $170,000 $254 60
3817 Ventnor #304 0.48mi 2/2.0 (+1) 1,021 (+17%) 1mo $85,000 $83 44
101 S Plaza Pl #501 0.93mi 1/1.0 970 (+11%) 3mo $284,500 $293 42
100 S Berkley Sq #17C 0.90mi 1/1.5 1,000 (+15%) 3mo $530,000 $530 38
100 S Berkley Sq #7D 0.90mi 1/2.0 1,000 (+15%) 2mo $500,000 $500 36
5000 Boardwalk #113 1.18mi 1/2.0 1,063 (+22%) 3mo $599,900 $564 36
1426 Mediterranean Unit A 1.34mi 2/1.0 (+1) 728 (-16%) 3mo $80,000 $110 31

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
-16.0%
Equity multiple
0.41×
Total profit
$-32,731
Equity at exit
$29,672
10-year hold
IRR
-2.7%
Equity multiple
0.79×
Total profit
$-11,686
Equity at exit
$17,206

Cash invested: $55,720 (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.

Active competition Active MLS

For sale now
11 active · 4 under contract
Median asking
$199,000 ($228/sqft)
Median days on market
71 d
This list price
36% of active listings are priced below it
ARV vs active asking
+13.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 08401

Home prices YoY
-7.0%
Rents YoY
5.5%
Active inventory
731
Price-to-rent
7.8×

Monthly cashflow live

Estimated rent
$2,115 high interval (Pro) →
Mortgage (P&I)
$1,044
Tax est. 1.5%
$249 /mo · $2,985/yr
Insurance
$83
HOA
$394
Vacancy / Maint / Mgmt
$444
Net cashflow
$-98

Break-even live

Break-even rent $2,240
Max offer price $184,786
Occupancy floor 100%

Sensitivity live

Price -10% $39 -5% $-29 +0% $-98 +5% $-167 +10% $-236
Rent -10% $-265 -5% $-182 +0% $-98 +5% $-15 +10% $69
Rate -1.0pp $2 -0.5pp $-48 base $-98 +0.5pp $-150 +1.0pp $-202

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
$49,750
Closing costs
$5,970
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 28 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
3101 Boardwalk Unit 2502 Atlantic City, NJ 1.0 1.5 872 $2,000 $2.29 6d 1 0.02mi
3101 Boardwalk Unit 904-1 YEARLY!! Atlantic City, NJ 2.0 1.5 978 $2,450 $2.51 4d 1 0.02mi
3101 Boardwalk Unit 2802-A Atlantic City, NJ 1.0 1.5 872 $3,000 $3.44 0d 1 0.02mi
3101 Boardwalk Unit 1901-2 Atlantic City, NJ 2.0 1.5 1060 $2,700 $2.55 0d 1 0.02mi
3101 Boardwalk Unit 3209-2 Atlantic City, NJ 1.0 1.5 1000 $2,500 $2.50 0d 1 0.02mi
3101 Boardwalk Unit 1110-2 Atlantic City, NJ 1.0 1.5 872 $14,500 $16.63 116d 1 0.06mi
3531 Pacific Ave Apt 7 Atlantic City, NJ 1.0 1.0 750 $1,600 $2.13 6d 1 0.24mi
2834 Atlantic Ave Atlantic City, NJ 1.0 1.0 823 $1,688 $2.05 108d 3 0.25mi
2834 Atlantic Ave Atlantic City, NJ 1.0 1.0 639 $1,675 $2.62 116d 3 0.25mi
37 S Iowa Ave Atlantic City, NJ 1.0–2.0 1.0 950 $1,395 $1.47 6d 2 0.26mi
38 N Boston Ave Unit B Atlantic City, NJ 2.0 2.0 800 $2,200 $2.75 6d 1 0.33mi
38 N Boston Ave Unit A Atlantic City, NJ 2.0 2.0 800 $2,200 $2.75 0d 1 0.33mi
3813 Atlantic Ave Unit 1309001P Atlantic City, NJ 1.0 2.0 592 $4,333 $7.32 108d 1 0.42mi
108 Lincoln Pl Apt A4 Atlantic City, NJ 2.0 1.0 800 $5,000 $6.25 116d 1 0.42mi
3851 Boardwalk Atlantic City, NJ 2.0 1.0–2.0 785 $19,700 $25.10 116d 5 0.42mi
3817 Ventnor Ave #812 Atlantic City, NJ 1.0 1.0 525 $1,500 $2.86 6d 1 0.48mi
21 S Windsor Ave Unit b1 Atlantic City, NJ 2.0 1.0 640 $1,650 $2.58 108d 1 0.61mi
101 S Raleigh Ave Atlantic City, NJ 2.0 1.0 735 $10,125 $13.78 108d 7 0.67mi
1724 Atlantic Ave Unit B2 Atlantic City, NJ 2.0 1.0 750 $1,495 $1.99 116d 1 1.04mi
4800 Boardwalk #1807 Ventnor City, NJ 2.0 2.0 778 $2,000 $2.57 6d 1 1.05mi
4800 Boardwalk Ventnor City, NJ 1.0–2.0 1.5–2.0 789 $1,650 $2.09 4d 2 1.05mi
1710 Atlantic Ave Apt A Atlantic City, NJ 2.0 1.0 600 $4,500 $7.50 116d 1 1.06mi
5101 Ventnor Ave Unit 2 Ventnor City, NJ 2.0 1.0 1000 $1,800 $1.80 6d 1 1.26mi
5200 Boardwalk Unit 10A Ventnor City, NJ 1.0 2.0 1104 $21,000 $19.02 108d 1 1.32mi
19 S Weymouth Ave Apt 1A Ventnor City, NJ 2.0 1.0 1000 $1,995 $2.00 6d 1 1.32mi
23 S Little Rock Ave Unit 2 Ventnor City, NJ 2.0 2.0 1000 $2,500 $2.50 139d 1 1.36mi
101 S Victoria Ave Unit B1 Ventnor City, NJ 1.0 1.0 550 $2,100 $3.82 108d 1 1.39mi
101 S Victoria Ave Unit 31 Ventnor City, NJ 2.0 2.0 850 $2,200 $2.59 6d 1 1.39mi

Property features AI

Finance

Other
Pets allowed (cats and dogs)Washer/dryer hook up in unitCross streets: Pacific, Chelsea, MontplierDirections: Pacific Ave to Montplier and ChelseaBus stop within one mile
HOA & community
Monthly condo fee of $394.60On-site professional managementHOA covers common area maintenance, exterior building maintenance, pest control, management, sauna, security gate, sewer, trash and waterBuilding amenities include billiard room, concierge, elevator, exercise/fitness room, game room, gated community, hot tub, meeting room, indoor pool and sauna

Exterior

Parking
Covered parking in parking garageGarage door openerInside access to garageTotal garage/parking spaces: 679 (parking garage)
Utilities
Public waterPublic sewerMunicipal trash not provided
Home design
Condominium unit/flatHi-rise building (9+ floors)Building name: OCEAN CLUBEntry on level 30
Construction
Built using asphalt, block, concrete, Dryvit, masonry and metal sidingBuilding is not winterized
Exterior features
Community poolFederal flood zoneProperty manager on siteAbove-grade and below-grade structures notedTidal water: No

Interior

Bedrooms
One bedroom on the main level
Bathrooms
One full bathroomOne half bathroom
Heating & cooling
Heat pump with electric backupCentral air conditioningElectric heating fuelTankless hot water
Interior features
Tub/showerCeiling fan(s)Traditional floor planTwo or more common wallsNo basement
Laundry & utility
Washer/dryer hookups in unit

HOA detail $394/mo · $4,728/yr condo

Assessments
None detected in remarks — confirm with the listing agent.

Listing history 50 events

  1. 2026-09-24
    days on market $199,000 Active 174 DOM
  2. 2026-09-22
    days on market $199,000 Active 173 DOM
  3. 2026-09-20
    days on market $199,000 Active 171 DOM
  4. 2026-09-19
    days on market $199,000 Active 170 DOM
  5. 2026-09-18
    days on market $199,000 Active 169 DOM
  6. 2026-09-17
    days on market $199,000 Active 168 DOM
  7. 2026-09-16
    days on market $199,000 Active 167 DOM
  8. 2026-09-15
    days on market $199,000 Active 166 DOM
  9. 2026-09-14
    days on market $199,000 Active 165 DOM
  10. 2026-09-13
    days on market $199,000 Active 164 DOM
  11. 2026-09-12
    days on market $199,000 Active 163 DOM
  12. 2026-09-11
    days on market $199,000 Active 162 DOM
  13. 2026-09-05
    days on market $199,000 Active 156 DOM
  14. 2026-09-04
    days on market $199,000 Active 155 DOM
  15. 2026-09-03
    days on market $199,000 Active 154 DOM
  16. 2026-08-30
    days on market $199,000 Active 150 DOM
  17. 2026-08-29
    days on market $199,000 Active 149 DOM
  18. 2026-08-28
    days on market $199,000 Active 148 DOM
  19. 2026-08-27
    days on market $199,000 Active 147 DOM
  20. 2026-08-25
    days on market $199,000 Active 145 DOM
  21. 2026-08-24
    days on market $199,000 Active 144 DOM
  22. 2026-08-23
    days on market $199,000 Active 143 DOM
  23. 2026-08-22
    days on market $199,000 Active 142 DOM
  24. 2026-08-21
    days on market $199,000 Active 141 DOM
  25. 2026-08-20
    days on market $199,000 Active 140 DOM
  26. 2026-08-19
    days on market $199,000 Active 139 DOM
  27. 2026-08-18
    days on market $199,000 Active 138 DOM
  28. 2026-08-17
    days on market $199,000 Active 137 DOM
  29. 2026-08-16
    days on market $199,000 Active 136 DOM
  30. 2026-08-15
    days on market $199,000 Active 135 DOM
  31. 2026-08-15
    days on market $199,000 Active 134 DOM
  32. 2026-08-13
    days on market $199,000 Active 133 DOM
  33. 2026-08-12
    days on market $199,000 Active 132 DOM
  34. 2026-08-11
    days on market $199,000 Active 131 DOM
  35. 2026-08-10
    days on market $199,000 Active 130 DOM
  36. 2026-08-09
    days on market $199,000 Active 129 DOM
  37. 2026-08-08
    days on market $199,000 Active 128 DOM
  38. 2026-08-07
    days on market $199,000 Active 127 DOM
  39. 2026-08-06
    days on market $199,000 Active 126 DOM
  40. 2026-08-05
    days on market $199,000 Active 125 DOM
  41. 2026-08-04
    days on market $199,000 Active 124 DOM
  42. 2026-08-03
    days on market $199,000 Active 123 DOM
  43. 2026-07-31
    days on market $199,000 Active 120 DOM
  44. 2026-07-29
    pricedays on market $199,000 Active 118 DOM
  45. 2026-07-27
    days on market $219,000 Active 116 DOM
  46. 2026-07-25
    days on market $219,000 Active 114 DOM
  47. 2026-07-24
    days on market $219,000 Active 113 DOM
  48. 2026-07-23
    days on market $219,000 Active 112 DOM
  49. 2026-07-22
    days on market $219,000 Active 111 DOM
  50. 2026-07-21
    days on market $219,000 Active 110 DOM

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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$25,383
− Mortgage interest
−$11,147
− Property taxes
−$2,985
− Insurance
−$995
− Repairs & maintenance
−$2,031
− Management
−$2,031
− HOA
−$4,728
− Depreciation
−$5,789
Taxable loss
−$4,323
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$1,037
After-tax cash flow
$-141/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

Good 80/100 Cosmetic rehab Est. rehab $4,360–$13,080 screening

This well-maintained, oceanfront condo is in good condition with a good view and a good location. It has some cosmetic updates needed to modernize the kitchen and bathroom.

Repairs flagged

  • Minor kitchen cabinets — dated design
  • Minor bathroom fixtures — dated design
  • Minor kitchen appliances — functional but dated

Value-add opportunities

  • Both update kitchen cabinets and appliances — modernizing kitchen will appeal to buyers and renters
  • Both update bathroom fixtures — modernizing bathroom will appeal to buyers and renters
  • Both paint interior walls — fresh paint will improve curb appeal and interior aesthetics
  • Both replace carpeting — new carpet will improve comfort and curb appeal

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 24/100

Zoned Schools

Elementary Sovereign Avenue School F NJ #862/1,303 Nat'l #29,899/41,679 High Atlantic City High School F NJ #346/399 Nat'l #13,673/17,239

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
D Composite livability gradescore 55/100

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 · 268,948 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
13% of renters

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

Price history

1 event — show timeline
  • 2026-04-02 Listed $219,000 BRIGHT MLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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