24 B S Washington Ave · Margate City, NJ 08402

$999,999

4 bd · 3.0 ba · 1,955 sqft · Other · 1 Days on market

Built 1984

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Why this score? — see what drove the B- 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 +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Rent growth +4.7/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

THE RIGHT CHOICE!! This 3 bedroom 2 1/2 bath town home (no association fee) is located in the heart of Margate. Park your car and walk to everything this town has to offer. Beautiful beaches, fabulous restaurants, boutiques and places for your children or grandchildren to walk to(mini golf, ice cream). This home owner has just replaced all the carpets on stairs , hallways and living room and new tiled floor and sink in master bath. It has also has been freshly painted and is ready for the summer or all year long. This spacious home has a large eat-in kitchen with sliding glass doors to an out door deck for all of your barbecues. The living room is large and has room for all your family and friends to enjoy. On first level is a large laundry room that has access to an outside garden and enclosed outside shower. From the downstairs hall way is a huge storage area that could be possibly converted to an extra living space. Don't miss this for SUMMER 2020!

Key facts

• High end finishes
• Completely renovated
• Built 1984

Tags

• COMPLETELY RENOVATED
• HIGH END FINISHES
• WALKING DISTANCE TO EVERYTHING

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $1000k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1000k).
• Cap rate 10.3% vs local median 7.4% in Margate 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 75/100 on livability (#149 in NJ, #3,893 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety 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.
• Zoned schools: William H. Ross Iii School (math 37% / reading 62%, grade D, #256 of 1,303 statewide, top 22%, 184 students, 4% FRL); Eugene A. Tighe Middle School (math 57% / reading 57%, grade B, #51 of 431 statewide, top 12%, 152 students, 6% FRL) — zoned schools at 5% FRL track the district average.
• 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 46d 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 $12,927/mo this rent would consume 127% 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 $7k of loan paydown is wiped out by about $30k 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 $280k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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 $382k; list at $1000k implies a 162% gain — meaningful room to come down on a strong offer.

Recommended offer $999,999

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.29% ✓
• Cap rate: 10.25%
• Cash-on-cash: 14.15%
• DSCR: 1.63
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 10.0%
• Equity multiple: 1.42×
• Total profit: $116,733
• Equity at exit: $149,103

10-year hold

• IRR: 22.9%
• Equity multiple: 3.44×
• Total profit: $684,122
• Equity at exit: $86,462

Cash invested: $280,000 (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: 6.4×

Monthly cashflow live

• Estimated rent: $12,927 medium
• Mortgage (P&I): −$5,244
• Tax est. 1.5%: −$1,250 /mo · $15,000/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,715
• Net cashflow: $3,301

Break-even live

Break-even rent $8,748

Max offer price $999,999

Occupancy floor 69%

Sensitivity live

Price	-10% $3,992	-5% $3,647	+0% $3,301	+5% $2,956	+10% $2,610
Rent	-10% $2,280	-5% $2,791	+0% $3,301	+5% $3,812	+10% $4,323
Rate	-1.0pp $3,805	-0.5pp $3,556	base $3,301	+0.5pp $3,042	+1.0pp $2,779

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 S Decatur Ave Unit 9/15-10/31 Margate City, NJ	4.0	3.0	1732	$7,000	$4.04	46d	1	0.06mi
9406 Amherst Ave Margate City, NJ	4.0	4.0	2554	$47,000	$18.40	23d	1	0.39mi
204 N Union Ave Margate City, NJ	5.0	4.0	2393	$5,000	$2.09	46d	1	0.41mi
201 N Coolidge Ave Unit A1 Margate City, NJ	3.0	2.0	1258	$35,000	$27.82	46d	1	0.42mi
8606 Monmouth Ave Unit August 9/13 Margate City, NJ	4.0	3.5	2430	$20,000	$8.23	46d	1	0.60mi
2 N Frontenac Ave Margate City, NJ	3.0	2.5	1850	$17,000	$9.19	23d	1	0.97mi
106 S Essex Ave Margate City, NJ	5.0	3.0	2034	$9,500	$4.67	23d	1	1.05mi
200 N Essex Ave Margate City, NJ	4.0	3.0	1570	$15,000	$9.55	46d	1	1.12mi
7701 Atlantic Ave Margate City, NJ	1.0–3.0	2.0–3.0	1660	$75,000	$45.18	46d	4	1.13mi
107 N Douglas Ave Margate City, NJ	5.0	3.5	2312	$36,000	$15.57	46d	1	1.15mi
107 N Douglas Ave Unit AUGUST Margate City, NJ	5.0	3.5	2312	$33,000	$14.27	23d	1	1.15mi
307 N Essex Ave Margate City, NJ	4.0	2.0	1561	$1,800	$1.15	46d	1	1.17mi
8208 Lagoon Dr Margate City, NJ	4.0	2.5	2480	$18,000	$7.26	15d	1	1.18mi
119 N Belmont Ave Unit June 2026 Margate City, NJ	4.0	2.5	2044	$10,000	$4.89	15d	1	1.35mi

Listing history 6 events

1. 2026-05-26
   listed $999,999 Active
2. 2023-07-24
   historical
3. 2020-07-17
   soldstatus $382,000 Sold 968-char remark

   Show marketing remark (968 chars)

   THE RIGHT CHOICE!! This 3 bedroom 2 1/2 bath town home (no association fee) is located in the heart of Margate. Park your car and walk to everything this town has to offer. Beautiful beaches, fabulous restaurants, boutiques and places for your children or grandchildren to walk to(mini golf, ice cream). This home owner has just replaced all the carpets on stairs , hallways and living room and new tiled floor and sink in master bath. It has also has been freshly painted and is ready for the summer or all year long. This spacious home has a large eat-in kitchen with sliding glass doors to an out door deck for all of your barbecues. The living room is large and has room for all your family and friends to enjoy. On first level is a large laundry room that has access to an outside garden and enclosed outside shower. From the downstairs hall way is a huge storage area that could be possibly converted to an extra living space. Don't miss this for SUMMER 2020!

4. 2020-06-28
   historical Under Contract 968-char remark

   Show marketing remark (968 chars)

   THE RIGHT CHOICE!! This 3 bedroom 2 1/2 bath town home (no association fee) is located in the heart of Margate. Park your car and walk to everything this town has to offer. Beautiful beaches, fabulous restaurants, boutiques and places for your children or grandchildren to walk to(mini golf, ice cream). This home owner has just replaced all the carpets on stairs , hallways and living room and new tiled floor and sink in master bath. It has also has been freshly painted and is ready for the summer or all year long. This spacious home has a large eat-in kitchen with sliding glass doors to an out door deck for all of your barbecues. The living room is large and has room for all your family and friends to enjoy. On first level is a large laundry room that has access to an outside garden and enclosed outside shower. From the downstairs hall way is a huge storage area that could be possibly converted to an extra living space. Don't miss this for SUMMER 2020!

5. 2020-05-26
   price $399,000 968-char remark

   Show marketing remark (968 chars)

   THE RIGHT CHOICE!! This 3 bedroom 2 1/2 bath town home (no association fee) is located in the heart of Margate. Park your car and walk to everything this town has to offer. Beautiful beaches, fabulous restaurants, boutiques and places for your children or grandchildren to walk to(mini golf, ice cream). This home owner has just replaced all the carpets on stairs , hallways and living room and new tiled floor and sink in master bath. It has also has been freshly painted and is ready for the summer or all year long. This spacious home has a large eat-in kitchen with sliding glass doors to an out door deck for all of your barbecues. The living room is large and has room for all your family and friends to enjoy. On first level is a large laundry room that has access to an outside garden and enclosed outside shower. From the downstairs hall way is a huge storage area that could be possibly converted to an extra living space. Don't miss this for SUMMER 2020!

6. 2020-01-27
   listed $439,000 Active 968-char remark

   Show marketing remark (968 chars)

   THE RIGHT CHOICE!! This 3 bedroom 2 1/2 bath town home (no association fee) is located in the heart of Margate. Park your car and walk to everything this town has to offer. Beautiful beaches, fabulous restaurants, boutiques and places for your children or grandchildren to walk to(mini golf, ice cream). This home owner has just replaced all the carpets on stairs , hallways and living room and new tiled floor and sink in master bath. It has also has been freshly painted and is ready for the summer or all year long. This spacious home has a large eat-in kitchen with sliding glass doors to an out door deck for all of your barbecues. The living room is large and has room for all your family and friends to enjoy. On first level is a large laundry room that has access to an outside garden and enclosed outside shower. From the downstairs hall way is a huge storage area that could be possibly converted to an extra living space. Don't miss this for SUMMER 2020!

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

Taxation est. · year 1

• Rental income: $155,121
• − Mortgage interest: −$56,015
• − Property taxes: −$15,000
• − Insurance: −$5,000
• − Repairs & maintenance: −$12,410
• − Management: −$12,410
• − Depreciation: −$29,091
• Taxable income: $25,195
• Est. tax owed @ 24.0%: −$6,047
• After-tax cash flow: $33,570/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: 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

+127.8% since first listed

6 events — show timeline

• 2026-05-26 Listed $999,999 FSBO.com
• 2023-07-24 Rental Removed — SJSRMLS
• 2020-07-17 Sold (MLS) $382,000 SJSRMLS
• 2020-06-28 Contingent — SJSRMLS
• 2020-05-26 Price Changed $399,000 SJSRMLS
• 2020-01-27 Listed $439,000 SJSRMLS