38 N IOWA Ave · Atlantic City, NJ 08401

$599,990

6 bd · 3.0 ba · 2,278 sqft · SingleFamily public records · 126 Days on market

Built 1910

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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
• Rent growth +3.9/5.0
• Cash flow +3.4/30.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a turn key opportunity for great income. It is being offered without tenants and freshly painted. This grand old Duchess of a home sits on a beautiful wide avenue, Iowa Ave. It is just 2.5 blocks to the world famous Atlantic City Boardwalk and beach. Great restaurants, shopping and Casino action are just a short stroll away. We have given this grand old lady a total make over, you can start renting it tomorrow. .. .All new floors, windows, and beautiful bathrooms. The kitchen features all stainless steal appliances; microwave, refrigerator, and of course a gas stove. Add in the granite counter tops for a perfect kitchen. Each of the 3 units come equipped with climate controls split heater/air-conditioners. All apartments offer 2 bedrooms, a dinning area, kitchen, upgraded shower and bathroom, and living room.

Key facts

• Turn key opportunity
• Granite counter tops
• Parking

Tags

• TURN KEY OPPORTUNITY
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTER TOPS

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath single-family listed at $600k.

Deal economics

• At list price, monthly cash flow is $-2k ($-27k/yr) — negative.
• To cash-flow at today's rent, offer at most $200k (66.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $272k (54.6% below list).
• Recommended offer: $200k (66.7% below list) — sets the bar for cash-flow.
• Cap rate 2.6% vs local median 3.7% in Atlantic City — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; lower-income renter base — watch delinquency; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• At $2,721/mo this rent would consume 79% 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 $4k of loan paydown is wiped out by about $18k 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 126 days — a 12% lower offer ($528k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 19y 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 $205k; list at $600k implies a 193% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1910 — 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 $199,610 (66.7% 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 126 days. Have you received any prior offers? Is the seller open to a 67% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — 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. 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. 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?
10. 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.
11. 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.
12. 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: 0.45% ✗
• Cap rate: 2.61%
• Cash-on-cash: -13.14%
• DSCR: 0.42
• GRM: 18.4

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: -45.0%
• Equity multiple: -0.39×
• Total profit: $-234,297
• Equity at exit: $89,460

10-year hold

• IRR: -62.9%
• Equity multiple: -1.13×
• Total profit: $-358,495
• Equity at exit: $51,876

Cash invested: $167,997 (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: 18.4×

Monthly cashflow live

• Estimated rent: $2,721 medium
• Mortgage (P&I): −$3,146
• Tax from tax record: −$593 /mo · $7,118/yr
• Insurance: −$250
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$571
• Net cashflow: $-2,266

Break-even live

Break-even rent $5,590

Max offer price $199,610

Occupancy floor —

Sensitivity live

Price	-10% $-1,927	-5% $-2,097	+0% $-2,266	+5% $-2,436	+10% $-2,606
Rent	-10% $-2,481	-5% $-2,374	+0% $-2,266	+5% $-2,159	+10% $-2,051
Rate	-1.0pp $-1,964	-0.5pp $-2,114	base $-2,266	+0.5pp $-2,422	+1.0pp $-2,580

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: $149,998
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-19
   days on market $599,990 Active 126 DOM
2. 2026-06-18
   days on market $599,990 Active 125 DOM
3. 2026-06-17
   days on market $599,990 Active 124 DOM
4. 2026-06-16
   days on market $599,990 Active 123 DOM
5. 2026-06-15
   days on market $599,990 Active 122 DOM
6. 2026-06-14
   days on market $599,990 Active 120 DOM
7. 2026-06-13
   days on market $599,990 Active 119 DOM
8. 2026-06-10
   days on market $599,990 Active 117 DOM
9. 2026-06-09
   days on market $599,990 Active 116 DOM
10. 2026-06-08
    days on market $599,990 Active 115 DOM
11. 2026-06-07
    days on market $599,990 Active 114 DOM
12. 2026-06-02
    days on market $599,990 Active 109 DOM
13. 2026-06-01
    days on market $599,990 Active 108 DOM
14. 2026-05-31
    days on market $599,990 Active 107 DOM
15. 2026-05-30
    days on market $599,990 Active 106 DOM
16. 2026-04-17
    price $599,990 831-char remark

    Show marketing remark (831 chars)

    This is a turn key opportunity for great income. It is being offered without tenants and freshly painted. This grand old Duchess of a home sits on a beautiful wide avenue, Iowa Ave. It is just 2.5 blocks to the world famous Atlantic City Boardwalk and beach. Great restaurants, shopping and Casino action are just a short stroll away. We have given this grand old lady a total make over, you can start renting it tomorrow. .. .All new floors, windows, and beautiful bathrooms. The kitchen features all stainless steal appliances; microwave, refrigerator, and of course a gas stove. Add in the granite counter tops for a perfect kitchen. Each of the 3 units come equipped with climate controls split heater/air-conditioners. All apartments offer 2 bedrooms, a dinning area, kitchen, upgraded shower and bathroom, and living room.

17. 2026-02-14
    listed $624,990 Active 831-char remark

    Show marketing remark (831 chars)

    This is a turn key opportunity for great income. It is being offered without tenants and freshly painted. This grand old Duchess of a home sits on a beautiful wide avenue, Iowa Ave. It is just 2.5 blocks to the world famous Atlantic City Boardwalk and beach. Great restaurants, shopping and Casino action are just a short stroll away. We have given this grand old lady a total make over, you can start renting it tomorrow. .. .All new floors, windows, and beautiful bathrooms. The kitchen features all stainless steal appliances; microwave, refrigerator, and of course a gas stove. Add in the granite counter tops for a perfect kitchen. Each of the 3 units come equipped with climate controls split heater/air-conditioners. All apartments offer 2 bedrooms, a dinning area, kitchen, upgraded shower and bathroom, and living room.

18. 2025-09-02
    historical 767-char remark

    Show marketing remark (767 chars)

    A practical new TRIPLEX . This grand old Duchess of a home sits on a beautiful wide avenue, Iowa Ave. It is just 2.5 blocks to the world famous Atlantic City Board walk and beach. Great restaurants, shopping and Casino action are just a short stroll away. We have given this grand old lady a total make over. .. .All brand new floors, windows, and beautiful bathrooms. The kitchen features all stainless steal appliances; microwave, refrigerator, and of course a gas stove. Add in the granite counter tops for a perfect kitchen. Each of the 3 units come equipped with climate controls split heater/air-conditioners. All apartments offer 2 bedrooms, a dinning area, kitchen, upgraded shower and bathroom, and living room. So pick your pleasure 1st, 2ed or 3red floor

19. 2025-02-25
    listed $699,990 Active 767-char remark

    Show marketing remark (767 chars)

    A practical new TRIPLEX . This grand old Duchess of a home sits on a beautiful wide avenue, Iowa Ave. It is just 2.5 blocks to the world famous Atlantic City Board walk and beach. Great restaurants, shopping and Casino action are just a short stroll away. We have given this grand old lady a total make over. .. .All brand new floors, windows, and beautiful bathrooms. The kitchen features all stainless steal appliances; microwave, refrigerator, and of course a gas stove. Add in the granite counter tops for a perfect kitchen. Each of the 3 units come equipped with climate controls split heater/air-conditioners. All apartments offer 2 bedrooms, a dinning area, kitchen, upgraded shower and bathroom, and living room. So pick your pleasure 1st, 2ed or 3red floor

20. 2020-03-25
    soldstatus $205,000 Sold
21. 2020-02-05
    historical Under Contract
22. 2019-12-06
    listed $275,000 Active
23. 2017-07-20
    soldstatus $92,500 Sold
24. 2017-07-12
    historical Under Contract
25. 2017-06-02
    listed $72,500 Active
26. 2014-08-24
    historical
27. 2013-04-17
    listed $190,000
28. 2013-03-01
    historical
29. 2012-03-02
    listed $360,000
30. 2011-06-23
    historical
31. 2010-06-22
    listed $379,000
32. 2007-08-29
    soldstatus $410,000
33. 2007-08-16
    soldstatus $410,000
34. 2007-06-20
    historical
35. 2007-02-23
    listed $425,000

ⓘ 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: $7,118 · $593/mo
• Projected year-2 tax: $11,029 · $919/mo
• Expected delta: +$3,911/yr (+$326/mo · 54.9%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,653
• − Mortgage interest: −$33,609
• − Property taxes: −$7,118
• − Insurance: −$8,118
• − Repairs & maintenance: −$2,612
• − Management: −$2,612
• − Depreciation: −$17,454
• Taxable loss: −$38,871
• Est. tax savings @ 24.0%: +$9,329
• After-tax cash flow: $-17,869/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

+41.2% since first listed

20 events — show timeline

• 2026-04-17 Price Changed $599,990 SJSRMLS
• 2026-02-14 Listed $624,990 SJSRMLS
• 2025-09-02 Listing Removed — SJSRMLS
• 2025-02-25 Listed $699,990 SJSRMLS
• 2020-03-25 Sold (MLS) $205,000 SJSRMLS
• 2020-02-05 Contingent — SJSRMLS
• 2019-12-06 Listed $275,000 SJSRMLS
• 2017-07-20 Sold (MLS) $92,500 SJSRMLS
• 2017-07-12 Contingent — SJSRMLS
• 2017-06-02 Listed $72,500 SJSRMLS
• 2014-08-24 Listing Removed — SJSRMLS
• 2013-04-17 Listed $190,000 SJSRMLS
• 2013-03-01 Listing Removed — SJSRMLS
• 2012-03-02 Listed $360,000 SJSRMLS
• 2011-06-23 Listing Removed — SJSRMLS
• 2010-06-22 Listed $379,000 SJSRMLS
• 2007-08-29 Sold (Public Records) $410,000 Public Records
• 2007-08-16 Sold (MLS) $410,000 SJSRMLS
• 2007-06-20 Listing Removed — SJSRMLS
• 2007-02-23 Listed $425,000 SJSRMLS

Property tax history

-3.8%/yr

Latest (2025): $7,118 · -2.1% YoY. Source: county tax records.