420 N Harrisburg Ave · Atlantic City, NJ 08401

$250,000

3 bd · 1.0 ba · 1,193 sqft · SingleFamily public records · 31 Days on market

Built 1920 Est $277k · 10% under

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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 +18.5/30.0
• ARV discount +11.9/15.0
• DSCR +5.8/10.0
• 1% rule +4.6/10.0
• Rent growth +3.9/5.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

STOP PAYING RENT. BE INDEPENDENT. BUY THIS CONVINIENTLY LOCATED HOUSE IN CHEALSEA HGTS. CLOSE TO SHOPPING CENTER, CASINOS, BAY, BEACH, ETC.

Key facts

• Built 1920
• Listed 31 days

Property features AI

Finance

• Other: Property listed for sale

Exterior

• Parking: No exterior parking; No garage
• Utilities: Public water; Public sewer
• Exterior features: Concrete driveway; Bulkheaded lot; Lot dimensions approximately 18 x 90; Zoned R-2; Not waterfront; Not in a floodplain

Interior

• Flooring: Hardwood
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Natural gas heating
• Interior features: Hardwood floors; 6 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-188 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (13.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $241k (3.6% below list).
• Recommended offer: $217k (13.3% below list) — sets the bar for cash-flow.
• Cap rate 7.4% 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, 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: Chelsea Heights School (math 13% / reading 32%, grade F, #934 of 1,303 statewide, top 72%, 269 students, 90% 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 85% FRL track the district average.
• Market conditions: Rents rising fast (+5.5%/yr); 491 active listings in the ZIP; 25 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 $2,410/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 $8k 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 31 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y ago 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.
• Current owner paid $193k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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 $216,731 (13.3% 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 31 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.96% ✗
• Cap rate: 7.44%
• Cash-on-cash: 4.08%
• DSCR: 1.18
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $276,776
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
448 N Harrisburg	0.05mi	3/1.5	1,167 (-2%)	9mo	$210,000	$180	85
322 N Trenton Ave	0.12mi	2/2.0 (-1)	1,248 (+5%)	6mo	$290,000	$232	73
42 N Annapolis Ave	0.36mi	3/1.5	1,086 (-9%)	4mo	$300,000	$276	63
600 N Dover Ave	0.25mi	3/1.5	1,088 (-9%)	12mo	$360,000	$331	61
3014 Howard Ave	0.56mi	3/1.0	1,100 (-8%)	12mo	$190,000	$173	50
2913 Fairmount Ave	0.62mi	3/2.0	1,332 (+12%)	5mo	$200,000	$150	44

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: -18.2%
• Equity multiple: 0.34×
• Total profit: $-45,982
• Equity at exit: $37,276

10-year hold

• IRR: -5.3%
• Equity multiple: 0.61×
• Total profit: $-27,365
• Equity at exit: $21,615

Cash invested: $70,000 (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: 8.6×

Monthly cashflow live

• Estimated rent: $2,410 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$250 /mo · $3,001/yr
• Insurance: −$104
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $-188

Break-even live

Break-even rent $2,648

Max offer price $216,731

Occupancy floor —

Sensitivity live

Price	-10% $-47	-5% $-118	+0% $-188	+5% $-259	+10% $-330
Rent	-10% $-379	-5% $-284	+0% $-188	+5% $-93	+10% $2
Rate	-1.0pp $-62	-0.5pp $-125	base $-188	+0.5pp $-253	+1.0pp $-319

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
512 N Harrisburg Ave Atlantic City, NJ	3.0	2.0	1156	$2,800	$2.42	15d	1	0.13mi
3636 Winchester Ave Atlantic City, NJ	3.0	1.0	1094	$1,995	$1.82	23d	1	0.33mi
3809 Ventnor Ave #6 Atlantic City, NJ	3.0	1.0	1500	$2,100	$1.40	23d	1	0.37mi
21 N Laclede Pl Atlantic City, NJ	3.0	1.0	1200	$2,000	$1.67	23d	1	0.40mi
38 N Boston Ave Unit B Atlantic City, NJ	2.0	2.0	800	$2,400	$3.00	15d	1	0.44mi
108 Lincoln Pl Apt A4 Atlantic City, NJ	2.0	1.0	800	$5,000	$6.25	23d	1	0.54mi
3851 Boardwalk Atlantic City, NJ	2.0	1.0–2.0	785	$27,500	$35.03	23d	5	0.57mi
100 N Chelsea Ave Unit 1 Atlantic City, NJ	3.0	1.0	1200	$15,000	$12.50	23d	1	0.57mi
101 S Raleigh Ave Atlantic City, NJ	2.0	1.0	735	$18,750	$25.51	15d	7	0.59mi
24 N Baton Rouge Ave Ventnor City, NJ	3.0	2.0	1350	$18,000	$13.33	15d	1	0.73mi
5101 Ventnor Ave Unit 2 Ventnor City, NJ	2.0	1.0	1000	$1,950	$1.95	15d	1	0.87mi
23 S Little Rock Ave Unit 2 Ventnor City, NJ	2.0	2.0	1000	$2,500	$2.50	45d	1	1.01mi
3 S Surrey Ave Unit 1309004P Ventnor City, NJ	3.0	2.0	1087	$8,055	$7.41	23d	1	1.05mi
3 S Surrey Ave Unit 1308991P Ventnor City, NJ	3.0	2.0	1087	$7,267	$6.69	45d	1	1.05mi
4 Italy Ter Atlantic City, NJ	3.0	1.0	1000	$2,300	$2.30	23d	1	1.11mi
228 N Dudley Ave Unit 1309013P Ventnor City, NJ	2.0	2.0	893	$3,886	$4.35	15d	1	1.24mi
205 N Dorset Ave Unit 2 Ventnor City, NJ	2.0	2.0	875	$2,300	$2.63	23d	1	1.26mi
1914 N Missouri Ave Atlantic City, NJ	2.0	1.0	750	$1,795	$2.39	23d	1	1.28mi
2021 Grant Ave Atlantic City, NJ	3.0	1.0	1011	$2,350	$2.32	23d	1	1.33mi
2015 Grant Ave Atlantic City, NJ	3.0	1.0	1056	$2,325	$2.20	23d	1	1.34mi
905 Keener Ave Atlantic City, NJ	3.0	1.0	1059	$1,900	$1.79	23d	1	1.35mi
1510 N Arkansas Ave Atlantic City, NJ	3.0	2.0	1008	$2,750	$2.73	15d	1	1.37mi
1523 N Arkansas Ave Atlantic City, NJ	3.0	2.0	984	$2,500	$2.54	23d	1	1.38mi
1532 Emerson Pl Fl Front Atlantic City, NJ	3.0	2.0	1200	$2,400	$2.00	15d	1	1.40mi
1916 Magellan Ave Atlantic City, NJ	2.0	1.0	1478	$1,850	$1.25	23d	1	1.40mi

Listing history 23 events

1. 2026-06-21
   days on market $250,000 Under Contract 31 DOM
2. 2026-06-19
   days on market $250,000 Under Contract 29 DOM
3. 2026-06-18
   days on market $250,000 Under Contract 28 DOM
4. 2026-06-17
   days on market $250,000 Under Contract 27 DOM
5. 2026-06-16
   days on market $250,000 Under Contract 26 DOM
6. 2026-06-15
   days on market $250,000 Under Contract 25 DOM
7. 2026-06-14
   days on market $250,000 Under Contract 23 DOM
8. 2026-06-13
   statusdays on market $250,000 Under Contract 22 DOM
9. 2026-06-10
   days on market $250,000 Active 20 DOM
10. 2026-06-09
    days on market $250,000 Active 19 DOM
11. 2026-06-08
    statusdays on market $250,000 Active 18 DOM
12. 2026-06-07
    statusdays on market $250,000 Under Contract 17 DOM
13. 2026-06-02
    days on market $250,000 Active 12 DOM
14. 2026-06-01
    days on market $250,000 Active 11 DOM
15. 2026-05-31
    days on market $250,000 Active 10 DOM
16. 2026-05-30
    days on market $250,000 Active 9 DOM
17. 2026-05-20
    listed $250,000 Active
18. 2007-09-07
    soldstatus $193,000
19. 2005-01-26
    soldstatus $104,000
20. 2001-07-12
    soldstatus $70,000
21. 2001-06-29
    soldstatus $70,000 139-char remark

    Show marketing remark (139 chars)

    STOP PAYING RENT. BE INDEPENDENT. BUY THIS CONVINIENTLY LOCATED HOUSE IN CHEALSEA HGTS. CLOSE TO SHOPPING CENTER, CASINOS, BAY, BEACH, ETC.

22. 2001-02-13
    listed $74,900 139-char remark

    Show marketing remark (139 chars)

    STOP PAYING RENT. BE INDEPENDENT. BUY THIS CONVINIENTLY LOCATED HOUSE IN CHEALSEA HGTS. CLOSE TO SHOPPING CENTER, CASINOS, BAY, BEACH, ETC.

23. 1990-11-19
    soldstatus $66,000

ⓘ 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: $3,001 · $250/mo
• Projected year-2 tax: $4,613 · $384/mo
• Expected delta: +$1,612/yr (+$134/mo · 53.7%)

ⓘ 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 1/10 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,914
• − Mortgage interest: −$14,004
• − Property taxes: −$3,001
• − Insurance: −$6,368
• − Repairs & maintenance: −$2,313
• − Management: −$2,313
• − Depreciation: −$7,273
• Taxable loss: −$6,358
• Est. tax savings @ 24.0%: +$1,526
• After-tax cash flow: $-734/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
• 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

+278.8% since first listed

7 events — show timeline

• 2026-05-20 Listed $250,000 SJSRMLS
• 2007-09-07 Sold (Public Records) $193,000 Public Records
• 2005-01-26 Sold (Public Records) $104,000 Public Records
• 2001-07-12 Sold (Public Records) $70,000 Public Records
• 2001-06-29 Sold (MLS) $70,000 SJSRMLS
• 2001-02-13 Listed $74,900 SJSRMLS
• 1990-11-19 Sold (Public Records) $66,000 Public Records

Property tax history

-2.6%/yr

Latest (2025): $3,001 · -2.1% YoY. Source: county tax records.