1003 N Michigan Ave Ave · Atlantic City, NJ 08401

$160,000

2 bd · 1.0 ba · 1,024 sqft · SingleFamily public records · 142 Days on market

Built 1900 Est $188k · 15% under

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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 +30.0/30.0
• ARV discount +14.3/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• 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

Why rent when you can own? For qualified buyers, special financing programs may allow zero down payment and an estimated monthly payment of approximately $1,321, including principal, interest, taxes, and insurance (PITI). Buyer eligibility, loan program availability, interest rates, taxes, and insurance are subject to change and lender approval. Welcome to 1003 N. Michigan Ave, a beautifully updated 2-bedroom, 1-bath townhouse offering modern finishes and move-in-ready condition. The home features a bright open-concept layout, luxury vinyl plank flooring throughout, new windows, LED lighting, and a fully renovated kitchen with new appliances. The new bathroom includes a stylish tile step-in

Key facts

• Led lighting
• Completely renovated
• Open-concept layout

Tags

• COMPLETELY RENOVATED
• OPEN-CONCEPT LAYOUT
• LUXURY VINYL PLANK FLOORING
• NEW WINDOWS
• LED LIGHTING
• FULLY RENOVATED KITCHEN

Property features AI

Finance

• Other: Lead-based paint disclosure on file; Seller's property condition statement on file

Exterior

• Parking: One exterior parking space; No garage
• Utilities: Public water; Public sewer
• Home design: Property offered for sale
• Exterior features: Patio; Lot dimensions approximately 16 x 90; Zoned R-1; Less than 1 acre; Not waterfront

Interior

• Kitchen: Eat-in kitchen layout
• Bedrooms: 5 rooms total
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric air conditioning; Multi-zoned A/C; Electric heating; Heat pump
• Interior features: Tile flooring; Dining area; Eat-in kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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); 482 active listings in the ZIP; 22 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 $2,141/mo this rent would consume 62% 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 $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $160k implies a 814% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1900 — 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 $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
9. 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.
10. 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: 1.34% ✓
• Cap rate: 11.18%
• Cash-on-cash: 17.45%
• DSCR: 1.78
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $188,416
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1003 N Michigan Ave Ave	0.00mi	2/1.0	1,024 (0%)	0mo	$160,000	$156	100
2021 Grant Ave	0.07mi	3/1.0 (+1)	1,011 (-1%)	4mo	$125,000	$124	86
2018 Horace Bryant Jr Dr	0.24mi	3/1.5 (+1)	1,032 (+1%)	2mo	$297,000	$288	79
1044 N Ohio Ave	0.08mi	3/1.0 (+1)	1,132 (+10%)	1mo	$168,000	$148	73
407 N Dr Martin Luther King Blvd	0.37mi	3/1.5 (+1)	1,042 (+2%)	1mo	$170,000	$163	72
1510 N Arkansas Ave	0.44mi	3/2.0 (+1)	1,008 (-2%)	1mo	$275,000	$273	67
822 N Arkansas Ave Ave	0.12mi	3/1.0 (+1)	884 (-14%)	5mo	$140,000	$158	62
1810 Bishop Richard Allen Ave	0.35mi	3/1.0 (+1)	1,148 (+12%)	4mo	$135,000	$118	55
1825 Beach Ave	0.70mi	3/1.0 (+1)	1,073 (+5%)	4mo	$250,000	$233	51
1825 Madison Ave	0.75mi	2/2.0	1,075 (+5%)	4mo	$240,000	$223	50
345 Ocean Ave	0.60mi	3/1.0 (+1)	922 (-10%)	2mo	$170,000	$184	49
1946 Murray Ave	0.68mi	3/2.0 (+1)	896 (-12%)	7mo	$410,000	$458	33

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: -3.3%
• Equity multiple: 0.87×
• Total profit: $-5,776
• Equity at exit: $23,857

10-year hold

• IRR: 9.7%
• Equity multiple: 1.86×
• Total profit: $38,502
• Equity at exit: $13,834

Cash invested: $44,800 (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: 6.2×

Monthly cashflow live

• Estimated rent: $2,141 high
• Mortgage (P&I): −$839
• Tax from tax record: −$134 /mo · $1,609/yr
• Insurance: −$67
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$450
• Net cashflow: $225

Break-even live

Break-even rent $1,856

Max offer price $160,000

Occupancy floor 84%

Sensitivity live

Price	-10% $316	-5% $270	+0% $225	+5% $180	+10% $134
Rent	-10% $56	-5% $140	+0% $225	+5% $310	+10% $394
Rate	-1.0pp $306	-0.5pp $266	base $225	+0.5pp $184	+1.0pp $141

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 Keener Ave Atlantic City, NJ	3.0	1.0	1059	$1,900	$1.79	21d	1	0.08mi
2015 Grant Ave Atlantic City, NJ	3.0	1.0	1056	$2,325	$2.20	21d	1	0.10mi
2021 Grant Ave Atlantic City, NJ	3.0	1.0	1011	$2,350	$2.32	21d	1	0.10mi
1916 Magellan Ave Atlantic City, NJ	2.0	1.0	1478	$1,850	$1.25	21d	1	0.16mi
1510 N Arkansas Ave Atlantic City, NJ	3.0	2.0	1008	$2,750	$2.73	14d	1	0.41mi
1523 N Arkansas Ave Atlantic City, NJ	3.0	2.0	984	$2,500	$2.54	21d	1	0.45mi
1532 Emerson Pl Fl Front Atlantic City, NJ	3.0	2.0	1200	$2,400	$2.00	14d	1	0.47mi
4 Italy Ter Atlantic City, NJ	3.0	1.0	1000	$2,300	$2.30	21d	1	0.65mi
1914 N Missouri Ave Atlantic City, NJ	2.0	1.0	750	$1,795	$2.39	21d	1	0.74mi
1724 Atlantic Ave Unit A1 Atlantic City, NJ	3.0	1.0	950	$2,300	$2.42	21d	1	0.80mi
1724 Atlantic Ave Unit B2 Atlantic City, NJ	2.0	1.0	750	$1,495	$1.99	21d	1	0.80mi
31 N Virginia Ave Atlantic City, NJ	3.0	1.0	725	$1,998	$2.76	14d	1	1.03mi
2834 Atlantic Ave Atlantic City, NJ	1.0	1.0	823	$1,688	$2.05	14d	3	1.03mi
100 N Chelsea Ave Unit 1 Atlantic City, NJ	3.0	1.0	1200	$15,000	$12.50	21d	1	1.04mi
38 N Boston Ave Unit B Atlantic City, NJ	2.0	2.0	800	$2,400	$3.00	14d	1	1.19mi
3101 Boardwalk Unit 1110-2 Atlantic City, NJ	1.0	1.5	872	$14,500	$16.63	21d	1	1.22mi
848 Pacific Ave Unit 1014254P Atlantic City, NJ	1.0–2.0	2.0–3.0	1243	$2,413	$1.94	14d	2	1.27mi
3636 Winchester Ave Atlantic City, NJ	3.0	1.0	1094	$1,995	$1.82	21d	1	1.34mi
512 N Harrisburg Ave Atlantic City, NJ	3.0	2.0	1156	$2,800	$2.42	14d	1	1.36mi
526 Pacific Ave Atlantic City, NJ	2.0	2.0	1170	$2,400	$2.05	21d	4	1.40mi
351 N New Hampshire Ave Atlantic City, NJ	2.0	2.0	972	$1,948	$2.00	14d	3	1.45mi
3809 Ventnor Ave #6 Atlantic City, NJ	3.0	1.0	1500	$2,100	$1.40	21d	1	1.47mi

Listing history 31 events

1. 2026-06-18
   days on market $160,000 Under Contract 142 DOM
2. 2026-06-17
   days on market $160,000 Under Contract 141 DOM
3. 2026-06-16
   days on market $160,000 Under Contract 140 DOM
4. 2026-06-15
   days on market $160,000 Under Contract 139 DOM
5. 2026-06-14
   days on market $160,000 Under Contract 137 DOM
6. 2026-06-13
   days on market $160,000 Under Contract 136 DOM
7. 2026-06-10
   days on market $160,000 Under Contract 134 DOM
8. 2026-06-09
   days on market $160,000 Under Contract 133 DOM
9. 2026-06-08
   days on market $160,000 Under Contract 132 DOM
10. 2026-06-07
    days on market $160,000 Under Contract 131 DOM
11. 2026-06-02
    days on market $160,000 Under Contract 126 DOM
12. 2026-06-01
    days on market $160,000 Under Contract 125 DOM
13. 2026-05-31
    days on market $160,000 Under Contract 124 DOM
14. 2026-05-30
    days on market $160,000 Under Contract 123 DOM
15. 2026-05-06
    historical Under Contract
16. 2026-04-15
    price $160,000
17. 2026-03-27
    price $170,000
18. 2026-03-19
    status Active
19. 2026-03-03
    historical Under Contract
20. 2026-02-26
    status Active
21. 2026-02-26
    historical Under Contract
22. 2026-01-27
    listed $180,000 Active
23. 2020-10-19
    soldstatus $17,500
24. 2016-12-02
    historical
25. 2016-06-01
    listed $17,900 Active
26. 2016-05-06
    historical
27. 2016-04-28
    price $17,900
28. 2016-03-08
    price $19,000
29. 2016-02-08
    price $19,000
30. 2016-02-08
    price $24,900
31. 2015-11-04
    listed $24,900 Active

ⓘ 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: $1,609 · $134/mo
• Projected year-2 tax: $2,796 · $233/mo
• Expected delta: +$1,188/yr (+$99/mo · 73.8%)

ⓘ 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 3/10 Moderate
• 🌡 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: $25,692
• − Mortgage interest: −$8,962
• − Property taxes: −$1,609
• − Insurance: −$5,918
• − Repairs & maintenance: −$2,055
• − Management: −$2,055
• − Depreciation: −$4,655
• Taxable income: $436
• Est. tax owed @ 24.0%: −$105
• After-tax cash flow: $2,595/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

+542.6% since first listed

17 events — show timeline

• 2026-05-06 Contingent — SJSRMLS
• 2026-04-15 Price Changed $160,000 SJSRMLS
• 2026-03-27 Price Changed $170,000 SJSRMLS
• 2026-03-19 Relisted — SJSRMLS
• 2026-03-03 Contingent — SJSRMLS
• 2026-02-26 Relisted — SJSRMLS
• 2026-02-26 Contingent — SJSRMLS
• 2026-01-27 Listed $180,000 SJSRMLS
• 2020-10-19 Sold (Public Records) $17,500 Public Records
• 2016-12-02 Listing Removed — SJSRMLS
• 2016-06-01 Listed $17,900 SJSRMLS
• 2016-05-06 Listing Removed — SJSRMLS
• 2016-04-28 Price Changed $17,900 SJSRMLS
• 2016-03-08 Price Changed $19,000 SJSRMLS
• 2016-02-08 Price Changed $24,900 SJSRMLS
• 2016-02-08 Price Changed $19,000 SJSRMLS
• 2015-11-04 Listed $24,900 SJSRMLS

Property tax history

-9.5%/yr

Latest (2025): $1,609 · -2.1% YoY. Source: county tax records.