2 S Hartford Ave #D3 · Atlantic City, NJ 08401

$109,900

1 bd · 1.0 ba · 456 sqft · Condo public records · 62 Days on market

Built 1960 $379/mo HOA · 22% of rent

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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 +25.6/30.0
• 1% rule +10.0/10.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 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

This Quintessentially Charming Boutique Condo is just a block from the desirable AC Beach and Boards and Boasts an Ocean view from the Bathroom and a Park view from the Bedroom-This 1BR 1BA unit is just full of Character-Open concept Kitchen and LR/DR area gives a spacious feel-Laundry area on site-located in Stockton University district-this is a fantastic opportunity for the savvy buyer or investor-VACANT AND EASY TO SHOW

Key facts

• Open concept kitchen
• University district
• Laundry area on site

Tags

• OPEN CONCEPT KITCHEN
• LAUNDRY AREA ON SITE
• UNIVERSITY DISTRICT

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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); 491 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• At $1,736/mo this rent would consume 51% 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 $760 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 15 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.
• Current owner paid $82k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $103,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 1.58% ✓
• Cap rate: 9.13%
• Cash-on-cash: 10.13%
• DSCR: 1.45
• GRM: 5.3

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: 2.8%
• Equity multiple: 1.11×
• Total profit: $3,486
• Equity at exit: $16,386

10-year hold

• IRR: 15.5%
• Equity multiple: 2.46×
• Total profit: $44,820
• Equity at exit: $9,502

Cash invested: $30,772 (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: 5.3×

Monthly cashflow live

• Estimated rent: $1,736 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$111 /mo · $1,332/yr
• Insurance: −$46
• HOA: −$379
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $260

Break-even live

Break-even rent $1,408

Max offer price $109,900

Occupancy floor 80%

Sensitivity live

Price	-10% $322	-5% $291	+0% $260	+5% $229	+10% $197
Rent	-10% $122	-5% $191	+0% $260	+5% $328	+10% $397
Rate	-1.0pp $315	-0.5pp $288	base $260	+0.5pp $231	+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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3501 Pacific Ave Atlantic City, NJ	—	1.0	236	$3,625	$15.36	14d	2	0.06mi
108 S Montpelier Ave #414 Atlantic City, NJ	—	1.0	266	$4,000	$15.04	22d	1	0.24mi

HOA detail condo

• Monthly dues: $379 · $4,548/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-15
   days on market $109,900 Active 62 DOM
2. 2026-06-14
   days on market $109,900 Active 60 DOM
3. 2026-06-13
   days on market $109,900 Active 59 DOM
4. 2026-06-10
   days on market $109,900 Active 57 DOM
5. 2026-06-09
   days on market $109,900 Active 56 DOM
6. 2026-06-08
   days on market $109,900 Active 55 DOM
7. 2026-06-07
   days on market $109,900 Active 54 DOM
8. 2026-06-02
   days on market $109,900 Active 49 DOM
9. 2026-06-01
   days on market $109,900 Active 48 DOM
10. 2026-05-31
    days on market $109,900 Active 47 DOM
11. 2026-05-30
    days on market $109,900 Active 46 DOM
12. 2026-04-14
    listed $109,900 Active 428-char remark

    Show marketing remark (428 chars)

    This Quintessentially Charming Boutique Condo is just a block from the desirable AC Beach and Boards and Boasts an Ocean view from the Bathroom and a Park view from the Bedroom-This 1BR 1BA unit is just full of Character-Open concept Kitchen and LR/DR area gives a spacious feel-Laundry area on site-located in Stockton University district-this is a fantastic opportunity for the savvy buyer or investor-VACANT AND EASY TO SHOW

13. 2025-09-09
    historical
14. 2025-06-17
    price $124,900
15. 2025-05-22
    price $129,900
16. 2025-04-01
    price $134,900
17. 2025-03-27
    listed $139,900 Active
18. 2025-02-26
    historical $1,550
19. 2025-02-07
    price $1,550
20. 2025-02-05
    price $1,650
21. 2025-01-31
    listed $1,500
22. 2024-11-19
    historical $1,500
23. 2024-11-02
    listed $1,500
24. 2024-03-14
    historical $1,500
25. 2024-02-04
    listed $1,500
26. 2024-02-04
    historical $1,500
27. 2024-02-01
    listed $1,500
28. 2022-11-30
    historical
29. 2022-10-03
    soldstatus $82,000
30. 2022-09-07
    listed $150,000 Active
31. 2022-08-31
    historical
32. 2022-08-26
    status Active
33. 2022-08-25
    historical
34. 2022-08-25
    listed $149,900 Active
35. 2022-06-15
    soldstatus $82,000 Sold
36. 2022-05-04
    historical Under Contract
37. 2021-08-13
    listed $89,900 Active
38. 2016-12-30
    historical Under Contract
39. 2016-12-24
    historical
40. 2016-10-21
    listed $45,000 Active
41. 2016-03-17
    historical Under Contract
42. 2016-03-12
    historical
43. 2015-07-06
    price $45,000
44. 2015-07-06
    status Active
45. 2015-07-06
    historical
46. 2014-07-01
    listed $50,000 Active
47. 2007-02-07
    soldstatus $129,900
48. 2007-02-02
    soldstatus $129,900
49. 2006-08-05
    historical
50. 2006-06-26
    listed $129,900

ⓘ 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: $1,332 · $111/mo
• Projected year-2 tax: $2,034 · $170/mo
• Expected delta: +$702/yr (+$59/mo · 52.7%)

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

Taxation est. · year 1

• Rental income: $20,837
• − Mortgage interest: −$6,156
• − Property taxes: −$1,332
• − Insurance: −$550
• − Repairs & maintenance: −$1,667
• − Management: −$1,667
• − HOA: −$4,548
• − Depreciation: −$3,197
• Taxable income: $1,720
• Est. tax owed @ 24.0%: −$413
• After-tax cash flow: $2,703/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

+255.7% since first listed

44 events — show timeline

• 2026-04-14 Listed $109,900 SJSRMLS
• 2025-09-09 Listing Removed — BRIGHT MLS
• 2025-06-17 Price Changed $124,900 BRIGHT MLS
• 2025-05-22 Price Changed $129,900 BRIGHT MLS
• 2025-04-01 Price Changed $134,900 BRIGHT MLS
• 2025-03-27 Listed $139,900 BRIGHT MLS
• 2025-02-26 Rental Removed $1,550 TURBOTENANT
• 2025-02-07 Price Changed $1,550 TURBOTENANT
• 2025-02-05 Price Changed $1,650 TURBOTENANT
• 2025-01-31 Listed for Rent $1,500 TURBOTENANT
• 2024-11-19 Rental Removed $1,500 TURBOTENANT
• 2024-11-02 Listed for Rent $1,500 TURBOTENANT
• 2024-03-14 Rental Removed $1,500 APPFOLIO
• 2024-02-04 Listed for Rent $1,500 APPFOLIO
• 2024-02-04 Rental Removed $1,500 TURBOTENANT
• 2024-02-01 Listed for Rent $1,500 TURBOTENANT
• 2022-11-30 Listing Removed — SJSRMLS
• 2022-10-03 Sold (Public Records) $82,000 Public Records
• 2022-09-07 Listed $150,000 SJSRMLS
• 2022-08-31 Listing Removed — SJSRMLS
• 2022-08-26 Relisted — SJSRMLS
• 2022-08-25 Listed $149,900 SJSRMLS
• 2022-08-25 Listing Removed — SJSRMLS
• 2022-06-15 Sold (MLS) $82,000 SJSRMLS
• 2022-05-04 Contingent — SJSRMLS
• 2021-08-13 Listed $89,900 SJSRMLS
• 2016-12-30 Contingent — SJSRMLS
• 2016-12-24 Listing Removed — SJSRMLS
• 2016-10-21 Listed $45,000 SJSRMLS
• 2016-03-17 Contingent — SJSRMLS
• 2016-03-12 Listing Removed — SJSRMLS
• 2015-07-06 Price Changed $45,000 SJSRMLS
• 2015-07-06 Relisted — SJSRMLS
• 2015-07-06 Listing Removed — SJSRMLS
• 2014-07-01 Listed $50,000 SJSRMLS
• 2007-02-07 Sold (Public Records) $129,900 Public Records
• 2007-02-02 Sold (MLS) $129,900 SJSRMLS
• 2006-08-05 Listing Removed — SJSRMLS
• 2006-06-26 Listed $129,900 SJSRMLS
• 2005-12-20 Sold (Public Records) $115,000 Public Records
• 2005-11-30 Sold (MLS) $115,000 SJSRMLS
• 2005-09-22 Listing Removed — SJSRMLS
• 2005-08-23 Listed $120,000 SJSRMLS
• 1979-06-01 Sold (Public Records) $30,900 Public Records

Property tax history

-0.0%/yr

Latest (2025): $1,332 · -2.1% YoY. Source: county tax records.