3101 Boardwalk Unit 3003A-1 · Atlantic City, NJ 08401

$219,000

1 bd · 1.5 ba · 872 sqft · Condo · 78 Days on market

Built 1986 Good condition $394/mo HOA · 16% of rent

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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).

• Cash flow +12.8/30.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Condition / age +4.0/5.0
• Rent growth +3.9/5.0
• DSCR +3.8/10.0
• Livability +2.8/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Key facts

• $394 HOA
• 679 garage spots
• Community pool

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $219k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-19 ($-231/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (1.3% below list).
• Meets the 1% rule at list price ($2k rent vs $219k).
• Recommended offer: $206k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.2% 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; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• At $2,390/mo this rent would consume 70% 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 $2k of loan paydown is wiped out by about $7k 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 78 days — a 6% lower offer ($206k) is reasonable based on typical stale-listing flexibility.

Recommended offer $205,860 (6.0% 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 78 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.09% ✓
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• 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: -13.3%
• Equity multiple: 0.51×
• Total profit: $-30,220
• Equity at exit: $32,654

10-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $85
• Equity at exit: $18,935

Cash invested: $61,320 (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: $2,390 high
• Mortgage (P&I): −$1,148
• Tax est. 1.5%: −$274 /mo · $3,285/yr
• Insurance: −$91
• HOA: −$394
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $-19

Break-even live

Break-even rent $2,415

Max offer price $216,219

Occupancy floor 96%

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3101 Boardwalk Unit 1110-2 Atlantic City, NJ	1.0	1.5	872	$14,500	$16.63	21d	1	0.06mi
2834 Atlantic Ave Atlantic City, NJ	1.0	1.0	639	$1,675	$2.62	21d	3	0.25mi
2834 Atlantic Ave Atlantic City, NJ	1.0	1.0	823	$1,688	$2.05	13d	3	0.25mi
38 N Boston Ave Unit B Atlantic City, NJ	2.0	2.0	800	$2,400	$3.00	13d	1	0.33mi
3813 Atlantic Ave Unit 1309001P Atlantic City, NJ	1.0	2.0	592	$4,333	$7.32	13d	1	0.42mi
108 Lincoln Pl Apt A4 Atlantic City, NJ	2.0	1.0	800	$5,000	$6.25	21d	1	0.42mi
3851 Boardwalk Atlantic City, NJ	2.0	1.0–2.0	785	$19,700	$25.10	21d	5	0.42mi
21 S Windsor Ave Unit b1 Atlantic City, NJ	2.0	1.0	640	$1,650	$2.58	13d	1	0.61mi
101 S Raleigh Ave Atlantic City, NJ	2.0	1.0	735	$10,125	$13.78	13d	7	0.67mi
1724 Atlantic Ave Unit B2 Atlantic City, NJ	2.0	1.0	750	$1,495	$1.99	21d	1	1.04mi
1710 Atlantic Ave Apt A Atlantic City, NJ	2.0	1.0	600	$4,500	$7.50	21d	1	1.06mi
5101 Ventnor Ave Unit 2 Ventnor City, NJ	2.0	1.0	1000	$1,950	$1.95	13d	1	1.26mi
5200 Boardwalk Unit 10A Ventnor City, NJ	1.0	2.0	1104	$21,000	$19.02	13d	1	1.32mi
23 S Little Rock Ave Unit 2 Ventnor City, NJ	2.0	2.0	1000	$2,500	$2.50	43d	1	1.36mi
101 S Victoria Ave Unit B1 Ventnor City, NJ	1.0	1.0	550	$2,100	$3.82	13d	1	1.39mi

HOA detail condo

• Monthly dues: $394 · $4,728/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-19
   days on market $219,000 Active 78 DOM
2. 2026-06-18
   days on market $219,000 Active 77 DOM
3. 2026-06-17
   days on market $219,000 Active 76 DOM
4. 2026-06-16
   days on market $219,000 Active 75 DOM
5. 2026-06-15
   days on market $219,000 Active 74 DOM
6. 2026-06-14
   days on market $219,000 Active 72 DOM
7. 2026-06-13
   days on market $219,000 Active 71 DOM
8. 2026-06-10
   days on market $219,000 Active 69 DOM
9. 2026-06-09
   days on market $219,000 Active 68 DOM
10. 2026-06-08
    days on market $219,000 Active 67 DOM
11. 2026-06-07
    days on market $219,000 Active 66 DOM
12. 2026-06-02
    days on market $219,000 Active 61 DOM
13. 2026-06-01
    days on market $219,000 Active 60 DOM
14. 2026-05-31
    days on market $219,000 Active 59 DOM
15. 2026-05-30
    days on market $219,000 Active 58 DOM
16. 2026-04-02
    listed $219,000 Active

ⓘ 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: $28,682
• − Mortgage interest: −$12,267
• − Property taxes: −$3,285
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,295
• − Management: −$2,295
• − HOA: −$4,728
• − Depreciation: −$6,371
• Taxable loss: −$3,653
• Est. tax savings @ 24.0%: +$877
• After-tax cash flow: $646/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

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

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated design	Minor	$500–3,000
bathroom fixtures · dated design	Minor	$500–3,000
kitchen appliances · functional but dated	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• 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 ↑

ⓘ 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

1 event — show timeline

• 2026-04-02 Listed $219,000 BRIGHT MLS