28 N Washington Ave Unit B · Margate City, NJ 08402

$1,200,000

4 bd · 3.5 ba · 2,235 sqft · Townhouse · 57 Days on market

Built 1984 Good condition 2,792 sqft lot $537/sqft · at area comps Est $1165k · at est.

---

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 +21.7/30.0
• DSCR +6.9/10.0
• ARV discount +6.2/15.0
• 1% rule +5.7/10.0
• Schools +4.8/10.0
• Rent growth +4.7/5.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Your chance to own a beautifully renovated townhome in Margate’s highly desirable Marina District. This first-block North location offers the perfect blend of coastal charm and convenience, just moments from local favorites like Memories, Tomatoes, and Steve & Cookie’s, as well as shopping and the beach—truly an unbeatable setting. The exterior features four off-street parking spaces, a spacious deck ideal for entertaining, a ground-level patio with storage, and an outdoor shower with both hot and cold water. Inside, the first level offers a welcoming foyer, a generous laundry room, and a private primary suite complete with an ensuite bath. The main living level is d

Key facts

• Ground-level patio
• Spacious deck
• Outdoor shower

Tags

• RENOVATED TOWNHOME
• OFF-STREET PARKING SPACES
• SPACIOUS DECK
• GROUND-LEVEL PATIO
• OUTDOOR SHOWER
• PRIVATE PRIMARY SUITE

Property features AI

Finance

• Other: Above-grade finished living area reported as 2,235 (source: assessor); No basement; Pets allowed with no pet restrictions; Structure includes above grade and below grade elements

Exterior

• Parking: Concrete driveway with four parking spaces; Total of four garage/parking spaces
• Utilities: Public water; Public sewer; Natural gas available; Electric cooling
• Home design: End-of-row townhouse; Effective year of major renovation: 2023; Fee simple ownership
• Construction: Frame construction; Foundation: other; Building not winterized; Year built source: assessor
• Exterior features: Deck(s); Patio(s); Wrap-around outdoor living space; Outside shower; Lot dimensions approximately 44.70 x 62.50; Federal flood zone

Interior

• Kitchen: Dishwasher; Disposal; Freezer; Microwave; Electric oven/range; Refrigerator; Stainless steel appliances
• Bedrooms: Four bedrooms on the main level
• Flooring: Luxury vinyl plank
• Bathrooms: Three full bathrooms and one half bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric); Natural gas hot water
• Interior features: Fireplace with brick surround and wood-burning design; Outside shower; Excellent property condition; Not furnished
• Laundry & utility: Stacked washer and dryer

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath townhouse listed at $1.20M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.20M).
• Recommended offer: $1.16M (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 75/100 on livability (#149 in NJ, #3,893 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Margate City School District (suburban): math 50% / reading 58% proficiency, ranked #113 of 472 in NJ (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+8.9%/yr); 147 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• At $12,820/mo this rent would consume 126% of the median local household income ($122k/yr) (locally 23% 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 $8k of loan paydown is wiped out by about $36k 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 + 8.0% rent growth), your $336k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($1.16M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: 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 $1,164,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 1.07% ✓
• Cap rate: 8.13%
• Cash-on-cash: 6.55%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

• ARV (median comp): $1,165,154
• List price: $1,200,000
• Delta: 2.99%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20B N Washington Ave	0.02mi	4/3.5	2,235 (0%)	3mo	$960,000	$430	97
5 N Monroe Ave #A	0.20mi	4/3.5	2,332 (+4%)	11mo	$1,650,000	$708	74
112 N Monroe Ave #B	0.23mi	4/3.5	2,208 (-1%)	19mo	$1,400,000	$634	72
9614 Winchester Ave #A	0.16mi	4/3.5	2,400 (+7%)	21mo	$1,675,000	$698	62
214 N Decatur Ave #B	0.18mi	4/3.0	2,025 (-9%)	18mo	$999,900	$494	59
104 S Monroe Ave	0.30mi	3/3.0 (-1)	2,004 (-10%)	4mo	$1,350,000	$674	58
25 S Adams Ave #1	0.19mi	3/3.0 (-1)	2,000 (-10%)	18mo	$975,000	$488	52
118 N Monroe Ave #A	0.23mi	3/2.5 (-1)	1,980 (-11%)	13mo	$1,149,999	$581	50
9100 Atlantic Ave	0.29mi	4/4.5	2,518 (+13%)	20mo	$1,790,000	$711	45
9614 Winchester INGROUND POOL Ave #B	0.71mi	4/3.5	2,400 (+7%)	19mo	$1,850,000	$771	39
405 N Pembroke Ave	0.55mi	3/2.5 (-1)	2,016 (-10%)	21mo	$290,000	$144	31

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.89×
• Total profit: $-36,526
• Equity at exit: $178,924

10-year hold

• IRR: 12.0%
• Equity multiple: 2.17×
• Total profit: $393,941
• Equity at exit: $103,754

Cash invested: $336,000 (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 08402

• Rents YoY: 8.9%
• Active inventory: 147
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $12,820 medium
• Mortgage (P&I): −$6,293
• Tax est. 1.5%: −$1,500 /mo · $18,000/yr
• Insurance: −$500
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,692
• Net cashflow: $1,409

Break-even live

Break-even rent $11,037

Max offer price $1,200,000

Occupancy floor 84%

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9411 Winchester Ave Margate City, NJ	5.0	3.5	2776	$11,500	$4.14	43d	1	0.08mi
16 S Decatur Ave Unit 9/15-10/31 Margate City, NJ	4.0	3.0	1732	$7,000	$4.04	43d	1	0.15mi
9406 Amherst Ave Margate City, NJ	4.0	4.0	2554	$47,000	$18.40	21d	1	0.22mi
204 N Union Ave Margate City, NJ	5.0	4.0	2393	$5,000	$2.09	43d	1	0.29mi
8606 Monmouth Ave Unit August 9/13 Margate City, NJ	4.0	3.5	2430	$20,000	$8.23	43d	1	0.53mi
2 N Frontenac Ave Margate City, NJ	3.0	2.5	1850	$17,000	$9.19	21d	1	0.97mi
8208 Lagoon Dr Margate City, NJ	4.0	2.5	2480	$18,000	$7.26	13d	1	1.06mi
200 N Essex Ave Margate City, NJ	4.0	3.0	1570	$15,000	$9.55	43d	1	1.08mi
106 S Essex Ave Margate City, NJ	5.0	3.0	2034	$9,500	$4.67	21d	1	1.09mi
307 N Essex Ave Margate City, NJ	4.0	2.0	1561	$1,800	$1.15	43d	1	1.12mi
107 N Douglas Ave Margate City, NJ	5.0	3.5	2312	$36,000	$15.57	43d	1	1.13mi
107 N Douglas Ave Unit AUGUST Margate City, NJ	5.0	3.5	2312	$33,000	$14.27	21d	1	1.13mi
7701 Atlantic Ave Margate City, NJ	1.0–3.0	2.0–3.0	1660	$75,000	$45.18	43d	4	1.16mi
119 N Belmont Ave Unit June 2026 Margate City, NJ	4.0	2.5	2044	$10,000	$4.89	13d	1	1.32mi

Listing history 20 events

1. 2026-06-19
   days on market $1,200,000 Active 57 DOM
2. 2026-06-18
   days on market $1,200,000 Active 56 DOM
3. 2026-06-17
   days on market $1,200,000 Active 55 DOM
4. 2026-06-16
   days on market $1,200,000 Active 54 DOM
5. 2026-06-15
   days on market $1,200,000 Active 53 DOM
6. 2026-06-14
   days on market $1,200,000 Active 51 DOM
7. 2026-06-13
   days on market $1,200,000 Active 50 DOM
8. 2026-06-10
   days on market $1,200,000 Active 48 DOM
9. 2026-06-09
   days on market $1,200,000 Active 47 DOM
10. 2026-06-08
    days on market $1,200,000 Active 46 DOM
11. 2026-06-07
    days on market $1,200,000 Active 45 DOM
12. 2026-06-05
    days on market $1,200,000 Active 42 DOM
13. 2026-06-02
    days on market $1,200,000 Active 40 DOM
14. 2026-06-01
    days on market $1,200,000 Active 39 DOM
15. 2026-05-31
    days on market $1,200,000 Active 38 DOM
16. 2026-05-30
    days on market $1,200,000 Active 37 DOM
17. 2026-04-23
    listed $1,200,000 Active 1581-char remark
18. 2025-04-17
    historical $10,000
19. 2025-03-13
    price $10,000
20. 2025-03-01
    listed $12,000

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥95°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $153,845
• − Mortgage interest: −$67,219
• − Property taxes: −$18,000
• − Insurance: −$11,118
• − Repairs & maintenance: −$12,308
• − Management: −$12,308
• − Depreciation: −$34,909
• Taxable loss: −$2,017
• Est. tax savings @ 24.0%: +$484
• After-tax cash flow: $17,388/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 beautifully renovated townhome in Margate's Marina District is move-in ready with modern updates and a great location.

Value-add opportunities

• Resale Painting the exterior brick — Enhances curb appeal
• Both Landscaping improvements — Enhances curb appeal and adds value
• Resale New flooring in bathrooms — Modernizes the space
• Resale New kitchen appliances — Modernizes the space

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting the exterior brick — Enhances curb appeal ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Resale New flooring in bathrooms — Modernizes the space ↑
• Resale New kitchen appliances — Modernizes the space ↑

ⓘ 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: Margate City School District
• NCES district ID: 3409690
• Math proficiency: 50% ▼ -26.00%
• Reading proficiency: 58% ▼ -28.00%
• Median HH income: $67,112
• Composite: 47.71/100
• National rank: #2241
• State rank: #113 of 472 in NJ

Livability — Margate City

• Score: 75/100
• State rank: #149
• US rank: #3893

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A- Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Margate City, NJ
• County: Atlantic County · 143,611 people
• City population: 5,234
• Metro: Atlantic City-Hammonton, NJ
• Population (ZIP): 5,234
• Household income: $121,800
• Rent vs Own: 10.0% rent · 90.0% own
• Severe rent burden: 23.0

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: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Asian 2% Hispanic / Latino 2%
• Common ancestry: Scotch-Irish 9% Romanian 6% Lithuanian 2%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 92% English-only · Other Indo-European 2% Tagalog/Filipino 2% Spanish 1%

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: ▼ -625.70%
• Current HPI: 475.1366
• Rent YoY: ▲ 8.91%
• 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

+9900.0% since first listed

4 events — show timeline

• 2026-04-23 Listed $1,200,000 BRIGHT MLS
• 2025-04-17 Rental Removed $10,000 SJSRMLS
• 2025-03-13 Price Changed $10,000 SJSRMLS
• 2025-03-01 Listed for Rent $12,000 SJSRMLS