3712 Winchester Ave · Atlantic City, NJ 08401

$398,000

4 bd · 2.4 ba · 1,296 sqft · SingleFamily public records · 34 Days on market

Built 1920

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +5.6/30.0
• Rent growth +3.9/5.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• 1% rule +0.8/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Legal Duplex. Both units renovated. New bathroom, new kitchen, new floor. This property is one block from Stockton University .

Key facts

• Walking distance
• Prime location
• 3 parking spots

Tags

• PRIME LOCATION
• WALKING DISTANCE
• STREET TO STREET PROPERTY
• AVAILABLE PARKING SPACES
• DOWNSTAIRS UNIT RENOVATED

Property features AI

Finance

• Other: Lot dimensions approximately 19.69 x 105
• Financial info: Property is offered for sale; Rental information: yearly

Exterior

• Parking: Exterior parking for three or more cars and parking pad; No garage
• Utilities: Public water; Public sewer; Electric and gas service
• Home design: Multi-family property with 2 units (suitable for multi-family + rooms)
• Construction: Brick and masonry/block exterior
• Exterior features: Patio; Porch; Sidewalks; Concrete driveway; No waterfront

Interior

• Kitchen: Gas stove; Refrigerator
• Bedrooms: Upper unit: 3 bedrooms; Basement unit: 2 bedrooms
• Bathrooms: Upper unit: 1 full bath and 1 half bath; Basement unit: 1 full bath
• Heating & cooling: Baseboard heating (natural gas); Window air conditioning units; Electric water heater
• Interior features: Finished full basement with outside entrance and 6+ ft. headroom; Combination storms/screens
• Laundry & utility: Separate meters for electric, gas, heat, and hot water

What this means for you Summary

Snapshot

• This is a 4-bed/2.4-bath single-family listed at $398k.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (55.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (41.9% below list).
• Recommended offer: $177k (55.6% below list) — sets the bar for cash-flow.

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); 482 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $2,311/mo this rent would consume 67% 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 $3k of loan paydown is wiped out by about $12k 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 34 days — a 3% lower offer ($386k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y 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 $180k; list at $398k implies a 121% gain — meaningful room to come down on a strong offer.

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 $176,828 (55.6% 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 34 days. Have you received any prior offers? Is the seller open to a 56% 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. 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: 0.58% ✗
• Cap rate: 3.80%
• Cash-on-cash: -8.89%
• DSCR: 0.60
• GRM: 14.4

CMA / ARV

• ARV (on-the-fly): $234,576
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 N Annapolis Ave	0.24mi	4/2.0	1,408 (+9%)	10mo	$225,000	$160	65
2913 Fairmount Ave	0.51mi	3/2.0 (-1)	1,332 (+3%)	5mo	$200,000	$150	61
103 N Columbia Ave	0.42mi	4/2.5	1,400 (+8%)	16mo	$290,000	$207	54
18 N Hartford Ave	0.12mi	3/1.5 (-1)	1,460 (+13%)	14mo	$245,000	$168	53
448 N Harrisburg	0.36mi	3/1.5 (-1)	1,167 (-10%)	9mo	$210,000	$180	51
121 N Raleigh Ave	0.35mi	3/1.5 (-1)	1,465 (+13%)	8mo	$265,000	$181	47
2910 Sunset Ave	0.52mi	3/2.0 (-1)	1,408 (+9%)	10mo	$260,000	$185	46
3 N Vassar Sq	0.71mi	3/2.5 (-1)	1,482 (+14%)	7mo	$750,000	$506	32

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: -38.4%
• Equity multiple: -0.24×
• Total profit: $-137,991
• Equity at exit: $59,343

10-year hold

• IRR: -39.5%
• Equity multiple: -0.76×
• Total profit: $-195,922
• Equity at exit: $34,412

Cash invested: $111,440 (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: 482
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $2,311 high
• Mortgage (P&I): −$2,087
• Tax from tax record: −$398 /mo · $4,779/yr
• Insurance: −$166
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$485
• Net cashflow: $-1,252

Break-even live

Break-even rent $3,896

Max offer price $176,828

Occupancy floor —

Sensitivity live

Price	-10% $-1,027	-5% $-1,139	+0% $-1,252	+5% $-1,365	+10% $-1,477
Rent	-10% $-1,435	-5% $-1,343	+0% $-1,252	+5% $-1,161	+10% $-1,069
Rate	-1.0pp $-1,052	-0.5pp $-1,151	base $-1,252	+0.5pp $-1,355	+1.0pp $-1,460

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: $99,500
• Closing costs: $11,940
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3809 Ventnor Ave #6 Atlantic City, NJ	3.0	1.0	1500	$2,100	$1.40	21d	1	0.08mi
3636 Winchester Ave Atlantic City, NJ	3.0	1.0	1094	$1,995	$1.82	21d	1	0.09mi
21 N Laclede Pl Atlantic City, NJ	3.0	1.0	1200	$2,000	$1.67	21d	1	0.28mi
512 N Harrisburg Ave Atlantic City, NJ	3.0	2.0	1156	$2,800	$2.42	14d	1	0.42mi
100 N Chelsea Ave Unit 1 Atlantic City, NJ	3.0	1.0	1200	$15,000	$12.50	21d	1	0.42mi
24 N Baton Rouge Ave Ventnor City, NJ	3.0	2.0	1350	$18,000	$13.33	14d	1	0.73mi
4 Italy Ter Atlantic City, NJ	3.0	1.0	1000	$2,300	$2.30	21d	1	0.99mi
3 S Surrey Ave Unit 1309004P Ventnor City, NJ	3.0	2.0	1087	$8,055	$7.41	21d	1	1.05mi
3 S Surrey Ave Unit 1308991P Ventnor City, NJ	3.0	2.0	1087	$7,267	$6.69	44d	1	1.05mi
610A N Victoria Ave Ventnor City, NJ	3.0	2.5	1800	$2,550	$1.42	21d	1	1.28mi
2021 Grant Ave Atlantic City, NJ	3.0	1.0	1011	$2,350	$2.32	21d	1	1.33mi
2015 Grant Ave Atlantic City, NJ	3.0	1.0	1056	$2,325	$2.20	21d	1	1.34mi
905 Keener Ave Atlantic City, NJ	3.0	1.0	1059	$1,900	$1.79	21d	1	1.36mi
406 N Dorset Ave Ventnor City, NJ	4.0	1.5	1568	$13,000	$8.29	14d	1	1.41mi
1724 Atlantic Ave Unit A1 Atlantic City, NJ	3.0	1.0	950	$2,300	$2.42	21d	1	1.43mi
1510 N Arkansas Ave Atlantic City, NJ	3.0	2.0	1008	$2,750	$2.73	14d	1	1.47mi
1523 N Arkansas Ave Atlantic City, NJ	3.0	2.0	984	$2,500	$2.54	21d	1	1.49mi

Listing history 26 events

1. 2026-06-19
   days on market $398,000 Under Contract 34 DOM
2. 2026-06-18
   days on market $398,000 Under Contract 33 DOM
3. 2026-06-17
   days on market $398,000 Under Contract 32 DOM
4. 2026-06-16
   days on market $398,000 Under Contract 31 DOM
5. 2026-06-15
   days on market $398,000 Under Contract 30 DOM
6. 2026-06-14
   days on market $398,000 Under Contract 28 DOM
7. 2026-06-13
   days on market $398,000 Under Contract 27 DOM
8. 2026-06-10
   days on market $398,000 Under Contract 25 DOM
9. 2026-06-09
   days on market $398,000 Under Contract 24 DOM
10. 2026-06-08
    days on market $398,000 Under Contract 23 DOM
11. 2026-06-07
    days on market $398,000 Under Contract 22 DOM
12. 2026-06-02
    days on market $398,000 Under Contract 17 DOM
13. 2026-06-01
    statusdays on market $398,000 Under Contract 16 DOM
14. 2026-05-31
    days on market $398,000 Active 15 DOM
15. 2026-05-30
    days on market $398,000 Active 14 DOM
16. 2026-05-16
    listed $398,000 Active 362-char remark
17. 2021-03-26
    soldstatus $180,000 Sold 127-char remark

    Show marketing remark (127 chars)

    Legal Duplex. Both units renovated. New bathroom, new kitchen, new floor. This property is one block from Stockton University .

18. 2021-02-20
    historical Under Contract 127-char remark

    Show marketing remark (127 chars)

    Legal Duplex. Both units renovated. New bathroom, new kitchen, new floor. This property is one block from Stockton University .

19. 2020-10-13
    price $199,900 127-char remark

    Show marketing remark (127 chars)

    Legal Duplex. Both units renovated. New bathroom, new kitchen, new floor. This property is one block from Stockton University .

20. 2020-09-10
    listed $209,000 Active 127-char remark

    Show marketing remark (127 chars)

    Legal Duplex. Both units renovated. New bathroom, new kitchen, new floor. This property is one block from Stockton University .

21. 2020-09-03
    historical

    Show marketing remark (99 chars)

    PARKING FOR UP TO 4 CARS BEHIND THE HOUSE. property is owner by a licensed real estate salesperson.

22. 2019-09-27
    listed $234,900 Active

    Show marketing remark (99 chars)

    PARKING FOR UP TO 4 CARS BEHIND THE HOUSE. property is owner by a licensed real estate salesperson.

23. 2000-12-06
    soldstatus $115,000
24. 2000-11-22
    soldstatus $115,000
25. 2000-09-19
    historical
26. 2000-06-13
    listed $135,000

ⓘ 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: $4,779 · $398/mo
• Projected year-2 tax: $7,345 · $612/mo
• Expected delta: +$2,565/yr (+$214/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: $27,734
• − Mortgage interest: −$22,294
• − Property taxes: −$4,779
• − Insurance: −$7,108
• − Repairs & maintenance: −$2,219
• − Management: −$2,219
• − Depreciation: −$11,578
• Taxable loss: −$22,464
• Est. tax savings @ 24.0%: +$5,391
• After-tax cash flow: $-9,633/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

+194.8% since first listed

12 events — show timeline

• 2026-06-01 Contingent — SJSRMLS
• 2026-05-16 Listed $398,000 SJSRMLS
• 2021-03-26 Sold (MLS) $180,000 SJSRMLS
• 2021-02-20 Contingent — SJSRMLS
• 2020-10-13 Price Changed $199,900 SJSRMLS
• 2020-09-10 Listed $209,000 SJSRMLS
• 2020-09-03 Listing Removed — SJSRMLS
• 2019-09-27 Listed $234,900 SJSRMLS
• 2000-12-06 Sold (Public Records) $115,000 Public Records
• 2000-11-22 Sold (MLS) $115,000 SJSRMLS
• 2000-09-19 Listing Removed — SJSRMLS
• 2000-06-13 Listed $135,000 SJSRMLS

Property tax history

+1.2%/yr

Latest (2025): $4,779 · -2.1% YoY. Source: county tax records.