27 N Rhode Island Ave · Atlantic City, NJ 08401-9990

$225,000

None bd · None ba · 2,242 sqft · SingleFamily public records · 1 Days on market

Built 1900

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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 +16.3/30.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• DSCR +5.0/10.0
• 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

Listing remarks MLS

Investor Opportunity – 4-Unit Multifamily Property (Sold As-Is) This 4-unit multifamily property has been fully gutted and is ready for your vision! The hard work has been started—now bring your plans and finish to your specifications. Perfect opportunity for an investor or contractor looking for a renovation project with great income potential. Property is being sold as-is, with the buyer responsible for all inspections, certifications, and repairs.

Key facts

• Fully gutted
• Income potential
• Renovation project

Tags

• 4 UNIT MULTIFAMILY PROPERTY
• FULLY GUTTED
• RENOVATION PROJECT
• INCOME POTENTIAL

Property features AI

Finance

• Other: Rental terms: Other (see remarks); Located in Boardwalk area; Marked 'Investers Alert' in address note; Not bank-owned/foreclosure
• Financial info: Listed for sale; Four-unit property; Annual taxes listed

Exterior

• Parking: No exterior parking; No garage
• Utilities: Public water; Public sewer; Separate electric and gas meters
• Home design: Suitable for multi-family use
• Exterior features: Lot dimensions approximately 29 x 107; Not waterfront

Interior

• Bedrooms: Multi-family with multiple rooms (suitable for multi-family + rooms)
• Heating & cooling: Natural gas heating
• Interior features: Basement with outside entrance; Natural gas heating

What this means for you Summary

Snapshot

• This is a single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-304 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $171k (23.9% below list).
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $171k (23.9% below list) — sets the bar for cash-flow.
• Cap rate 6.9% 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: 1 active listings in the ZIP; 6 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 $8k 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 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; flood insurance adds $427/mo; built in 1900 — 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 8→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,255 (23.9% 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
9. 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.
10. 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.
11. 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: 1.08% ✓
• Cap rate: 6.95%
• Cash-on-cash: 2.33%
• DSCR: 1.10
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $600,856
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
312 N Massachusetts Ave	0.28mi	4/3.0	2,500 (+12%)	3mo	$325,000	$130	65
554 N Connecticut Ave	0.56mi	3/3.0	1,986 (-11%)	2mo	$879,000	$443	54
851 N Massachusetts Ave	0.64mi	4/3.5	2,148 (-4%)	19mo	$555,000	$258	47
739 N Massachusetts Ave	0.53mi	4/3.5	2,500 (+12%)	23mo	$850,000	$340	37
541 N New Jersey Ave	0.60mi	5/4.0	2,560 (+14%)	16mo	$685,000	$268	36

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: 2.3%
• Equity multiple: 1.13×
• Total profit: $8,178
• Equity at exit: $101,170

10-year hold

• IRR: 5.9%
• Equity multiple: 1.90×
• Total profit: $56,923
• Equity at exit: $155,915

Cash invested: $63,000 (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 08401-9990

• Active inventory: 1
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,435 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$528 /mo · $6,334/yr
• Insurance: −$94
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$511
• Net cashflow: $-304

Break-even live

Break-even rent $2,820

Max offer price $171,255

Occupancy floor —

Sensitivity live

Price	-10% $-177	-5% $-241	+0% $-304	+5% $-368	+10% $-432
Rent	-10% $-497	-5% $-400	+0% $-304	+5% $-208	+10% $-112
Rate	-1.0pp $-191	-0.5pp $-247	base $-304	+0.5pp $-363	+1.0pp $-422

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
848 Pacific Ave Unit 1014254P Atlantic City, NJ	1.0–2.0	2.0–3.0	1243	$2,413	$1.94	14d	2	0.36mi
10 Starboard Ct #10 Atlantic City, NJ	3.0	2.5	1680	$2,400	$1.43	14d	1	0.50mi
326 N Tennessee Ave Unit 2 Atlantic City, NJ	3.0	1.0	1815	$2,200	$1.21	14d	1	0.84mi
5217 Harbor Beach Blvd Brigantine, NJ	3.0	2.5	2200	$2,900	$1.32	21d	1	1.05mi
1916 Magellan Ave Atlantic City, NJ	2.0	1.0	1478	$1,850	$1.25	21d	1	1.29mi
433 Albacore Ln Brigantine, NJ	3.0	2.5	1900	$2,750	$1.45	21d	1	1.49mi

Listing history 2 events

1. 2026-06-19
   remarks 477-char remark
2. 2026-06-19
   listed $225,000 Active 1 DOM

ⓘ 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: $6,334 · $528/mo
• Projected year-2 tax: $6,334 · $528/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 9/10 Extreme 8 d/yr ≥94°F today · 18 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: $29,223
• − Mortgage interest: −$12,603
• − Property taxes: −$6,334
• − Insurance: −$6,244
• − Repairs & maintenance: −$2,338
• − Management: −$2,338
• − Depreciation: −$6,545
• Taxable loss: −$7,180
• Est. tax savings @ 24.0%: +$1,723
• After-tax cash flow: $-1,928/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

+235.3% since first listed

33 events — show timeline

• 2026-06-18 Listed $225,000 SJSRMLS
• 2026-05-10 Listing Removed — SJSRMLS
• 2025-11-11 Listed $250,000 SJSRMLS
• 2022-05-04 Sold (Public Records) $200,000 Public Records
• 2021-05-27 Sold (Public Records) $115,000 Public Records
• 2020-10-31 Listing Removed — BRIGHT MLS
• 2020-10-28 Listing Removed — SJSRMLS
• 2020-09-01 Price Changed $119,900 SJSRMLS
• 2020-09-01 Price Changed $119,900 BRIGHT MLS
• 2020-03-23 Price Changed $124,900 SJSRMLS
• 2020-03-23 Price Changed $124,900 BRIGHT MLS
• 2020-03-19 Relisted — BRIGHT MLS
• 2020-03-19 Relisted — SJSRMLS
• 2020-03-03 Pending — BRIGHT MLS
• 2020-02-21 Contingent — SJSRMLS
• 2020-01-30 Listed $134,900 BRIGHT MLS
• 2019-12-12 Price Changed $134,900 SJSRMLS
• 2019-10-31 Listed $139,900 SJSRMLS
• 2016-05-31 Sold (MLS) $62,000 SJSRMLS
• 2016-04-19 Relisted — SJSRMLS
• 2016-04-08 Listing Removed — SJSRMLS
• 2016-04-01 Price Changed $74,900 SJSRMLS
• 2016-03-11 Price Changed $89,900 SJSRMLS
• 2016-03-01 Price Changed $99,900 SJSRMLS
• 2016-02-12 Price Changed $124,900 SJSRMLS
• 2016-01-29 Price Changed $139,900 SJSRMLS
• 2016-01-12 Listed $154,900 SJSRMLS
• 2005-12-12 Sold (Public Records) $423,000 Public Records
• 2005-12-01 Sold (MLS) $423,000 SJSRMLS
• 2005-07-10 Listing Removed — SJSRMLS
• 2005-05-23 Listed $449,900 SJSRMLS
• 2004-01-22 Sold (Public Records) $233,000 Public Records
• 1990-08-23 Sold (Public Records) $67,100 Public Records

Property tax history

-4.7%/yr

Latest (2025): $6,334 · -2.1% YoY. Source: county tax records.