1838 Morningside Ave · Atlantic City, NJ 08401-0000

$239,900

3 bd · 2.0 ba · 1,350 sqft · SingleFamily public records · 105 Days on market

Built 1966 Est $207k · 16% over ↓ 8% since listing

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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 +20.4/30.0
• DSCR +6.5/10.0
• 1% rule +5.1/10.0
• Appreciation +5.0/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.2/15.0

Listing remarks

Spacious Corner Property With Rare Double Lot — Welcome to a unique property with exceptional potential, located on the corner of Penrose Ave & Morningside Ave, with a second full lot extending all the way to Ohio Ave. The home sits on one parcel, and the attached, fully fenced additional lot—conveyed at closing—creates an expansive outdoor space rarely found in this area. The home offers 3 bedrooms, 2 full bathrooms, a laundry/utility room, and an open-concept flow between the kitchen, dining area, and living room. The layout feels comfortable and functional, with HVAC, a gas stove and oven, and an attached carport for covered parking. A well-maintained shed provide

Key facts

• Incredible lot size
• Rare double lot
• Open concept flow

Tags

• RARE DOUBLE LOT
• EXPANSIVE OUTDOOR SPACE
• ATTACHED FULLY FENCED LOT
• INCREDIBLE LOT SIZE
• OPEN CONCEPT FLOW

Property features AI

Exterior

• Parking: Carport; No garage
• Utilities: Public water; Public sewer; Gas water heater
• Home design: Brick exterior; For sale
• Construction: Brick construction; Slab foundation
• Exterior features: Deck; Fenced yard; Concrete driveway; Corner lot

Interior

• Kitchen: Gas stove
• Bedrooms: 7 rooms (includes bedrooms and living spaces)
• Flooring: Vinyl; Wall-to-wall carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Ceiling fan(s); Natural gas heating
• Interior features: Ceiling fans; Central air conditioning; Natural gas heating; Laundry/utility room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-116 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (8.6% below list).
• Meets the 1% rule at list price ($2k rent vs $240k).
• Recommended offer: $218k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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: 7 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $9k of equity ($2k loan paydown + $7k 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.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,309 (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 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 1.01% ✓
• Cap rate: 7.85%
• Cash-on-cash: 5.54%
• DSCR: 1.25
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $206,550
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1838 Morningside Ave	0.00mi	3/2.0	1,350 (0%)	0mo	$235,000	$174	100
1410 Emerson Ave	0.15mi	3/2.0	1,244 (-8%)	12mo	$300,000	$241	70
1428 Madison Ave	0.07mi	3/2.5	1,474 (+9%)	12mo	$155,000	$105	70
1932 Mckinley Ave Ave	0.50mi	3/2.0	1,369 (+1%)	6mo	$232,300	$170	69
704 N Michigan Ave	0.62mi	3/1.5	1,404 (+4%)	4mo	$215,000	$153	59
1115 N Ohio Ave	0.38mi	3/1.0	1,438 (+6%)	16mo	$149,000	$104	54
2018 Mckinley Ave	0.50mi	3/1.0	1,192 (-12%)	4mo	$97,000	$81	50
1552 W Riverside Dr	0.30mi	3/2.5	1,150 (-15%)	15mo	$450,000	$391	47
1910 Grant Ave	0.55mi	3/1.0	1,460 (+8%)	14mo	$100,000	$68	45
719 N Ohio Ave	0.57mi	4/2.0 (+1)	1,436 (+6%)	16mo	$1,570,000	$1,093	45
604 N Indiana Ave	0.67mi	3/1.5	1,476 (+9%)	14mo	$162,500	$110	39
811 N Arkansas Ave	0.56mi	3/1.0	1,200 (-11%)	15mo	$130,000	$108	39

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.6%
• Equity multiple: 1.32×
• Total profit: $21,760
• Equity at exit: $107,869

10-year hold

• IRR: 8.7%
• Equity multiple: 2.31×
• Total profit: $88,237
• Equity at exit: $166,240

Cash invested: $67,172 (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 08401-0000

• Active inventory: 7
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,418 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$242 /mo · $2,900/yr
• Insurance: −$100
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $-116

Break-even live

Break-even rent $2,565

Max offer price $219,370

Occupancy floor 100%

Sensitivity live

Price	-10% $20	-5% $-48	+0% $-116	+5% $-184	+10% $-252
Rent	-10% $-307	-5% $-212	+0% $-116	+5% $-21	+10% $75
Rate	-1.0pp $5	-0.5pp $-55	base $-116	+0.5pp $-178	+1.0pp $-242

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1532 Emerson Pl Fl Front Atlantic City, NJ	3.0	2.0	1200	$2,400	$2.00	14d	1	0.13mi
1523 N Arkansas Ave Atlantic City, NJ	3.0	2.0	984	$2,500	$2.54	22d	1	0.13mi
1510 N Arkansas Ave Atlantic City, NJ	3.0	2.0	1008	$2,750	$2.73	14d	1	0.14mi
905 Keener Ave Atlantic City, NJ	3.0	1.0	1059	$1,900	$1.79	22d	1	0.51mi
2015 Grant Ave Atlantic City, NJ	3.0	1.0	1056	$2,325	$2.20	22d	1	0.52mi
2021 Grant Ave Atlantic City, NJ	3.0	1.0	1011	$2,350	$2.32	22d	1	0.52mi
1916 Magellan Ave Atlantic City, NJ	2.0	1.0	1478	$1,850	$1.25	22d	1	0.59mi
326 N Tennessee Ave Unit 2 Atlantic City, NJ	3.0	1.0	1815	$2,200	$1.21	14d	1	0.95mi
4 Italy Ter Atlantic City, NJ	3.0	1.0	1000	$2,300	$2.30	22d	1	1.05mi
1724 Atlantic Ave Unit A1 Atlantic City, NJ	3.0	1.0	950	$2,300	$2.42	22d	1	1.24mi
100 N Chelsea Ave Unit 1 Atlantic City, NJ	3.0	1.0	1200	$15,000	$12.50	22d	1	1.30mi
31 N Virginia Ave Atlantic City, NJ	3.0	1.0	725	$2,230	$3.08	14d	1	1.40mi
512 N Harrisburg Ave Atlantic City, NJ	3.0	2.0	1156	$2,800	$2.42	14d	1	1.44mi

Listing history 17 events

1. 2026-06-18
   days on market $239,900 Under Contract 105 DOM
2. 2026-06-17
   days on market $239,900 Under Contract 104 DOM
3. 2026-06-16
   days on market $239,900 Under Contract 103 DOM
4. 2026-06-15
   days on market $239,900 Under Contract 102 DOM
5. 2026-06-14
   days on market $239,900 Under Contract 100 DOM
6. 2026-06-13
   days on market $239,900 Under Contract 99 DOM
7. 2026-06-10
   days on market $239,900 Under Contract 97 DOM
8. 2026-06-09
   days on market $239,900 Under Contract 96 DOM
9. 2026-06-08
   days on market $239,900 Under Contract 95 DOM
10. 2026-06-07
    days on market $239,900 Under Contract 94 DOM
11. 2026-06-02
    days on market $239,900 Under Contract 89 DOM
12. 2026-06-01
    days on market $239,900 Under Contract 88 DOM
13. 2026-05-31
    days on market $239,900 Under Contract 87 DOM
14. 2026-05-30
    days on market $239,900 Under Contract 86 DOM
15. 2026-03-31
    historical Under Contract
16. 2026-03-18
    price $239,900
17. 2026-03-04
    listed $259,900 Active

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

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $2,900 · $242/mo
• Projected year-2 tax: $4,437 · $370/mo
• Expected delta: +$1,537/yr (+$128/mo · 53.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,013
• − Mortgage interest: −$13,438
• − Property taxes: −$2,900
• − Insurance: −$6,318
• − Repairs & maintenance: −$2,321
• − Management: −$2,321
• − Depreciation: −$6,979
• Taxable loss: −$5,264
• Est. tax savings @ 24.0%: +$1,263
• After-tax cash flow: $-131/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.

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

-7.7% since first listed

3 events — show timeline

• 2026-03-31 Contingent — SJSRMLS
• 2026-03-18 Price Changed $239,900 SJSRMLS
• 2026-03-04 Listed $259,900 SJSRMLS

Property tax history

-3.3%/yr

Latest (2025): $2,900 · -2.1% YoY. Source: county tax records.