18 N Sovereign Ave · Atlantic City, NJ 08401-3641

$625,000

None bd · None ba · 2,272 sqft · MultiFamily public records · 105 Days on market

Built 1940 Est $438k · 43% over

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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).

• Cash flow +13.2/30.0
• Appreciation +5.0/10.0
• DSCR +4.0/10.0
• 1% rule +3.6/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Legal 5 units with nonconformity, 100 % occupancy, close to school , transportation and casino. Great investment !

Key facts

• Close to school
• 100 occupancy
• 5 units

Tags

• 5 UNITS
• 100 OCCUPANCY
• CLOSE TO SCHOOL
• CLOSE TO TRANSPORTATION
• CLOSE TO CASINO

What this means for you Summary

Snapshot

• This is a multifamily listed at $625k.

Deal economics

• At list price, monthly cash flow is $-442 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $547k (12.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $535k (14.4% below list).
• Recommended offer: $535k (14.4% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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, crime F, amenities 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.
• Zoned schools: Sovereign Avenue School (math 16% / reading 34%, grade F, #862 of 1,303 statewide, top 67%, 698 students, 91% FRL); Atlantic City High School (math 12% / reading 32%, grade F, #346 of 399 statewide, top 88%, 1,764 students, 80% FRL) — zoned schools at 86% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($4k loan paydown + $19k appreciation (3.0% local appreciation)).
• Atlantic County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($569k) 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 $160k; list at $625k implies a 291% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1940 — 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 $535,000 (14.4% 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 105 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.11%
• DSCR: 1.00
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $438,496
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3625 Winchester Ave	0.22mi	7/—	2,232 (-2%)	4mo	$585,000	$262	84
213 N Montpelier Ave	0.20mi	2/2.0	2,100 (-8%)	13mo	$295,000	$140	67
509 N Elberon Ave	0.61mi	5/2.5	2,200 (-3%)	4mo	$424,900	$193	63
45 S Dover Ave	0.45mi	7/6.0	2,410 (+6%)	21mo	$539,888	$224	51
105 S Albion Ave	0.49mi	—/—	2,390 (+5%)	21mo	$675,000	$282	51
15 S Florida Ave	0.57mi	5/—	1,972 (-13%)	3mo	$265,000	$134	49
2321 Arctic Ave	0.64mi	—/—	2,525 (+11%)	6mo	$356,000	$141	47
115 N Delancy Pl	0.68mi	4/2.5	2,214 (-3%)	23mo	$151,000	$68	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.7%
• Equity multiple: 1.27×
• Total profit: $47,422
• Equity at exit: $281,027

10-year hold

• IRR: 7.9%
• Equity multiple: 2.19×
• Total profit: $208,793
• Equity at exit: $433,096

Cash invested: $175,000 (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 08401-3641

• Active inventory: 1
• Price-to-rent: 48.7×

Monthly cashflow live

• Estimated rent: $5,350 medium
• Mortgage (P&I): −$3,278
• Tax from tax record: −$704 /mo · $8,450/yr
• Insurance: −$260
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,124
• Net cashflow: $-442

Break-even live

Break-even rent $5,910

Max offer price $546,885

Occupancy floor —

Sensitivity live

Price	-10% $-88	-5% $-265	+0% $-442	+5% $-619	+10% $-796
Rent	-10% $-865	-5% $-654	+0% $-442	+5% $-231	+10% $-20
Rate	-1.0pp $-127	-0.5pp $-283	base $-442	+0.5pp $-604	+1.0pp $-769

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$5,350
Total (5 units)			$5,350

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: $156,250
• Closing costs: $18,750
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36 Chelsea Ct Atlantic City, NJ	3.0	2.5	2100	$3,300	$1.57	16d	1	0.40mi
3914 South Blvd Atlantic City, NJ	2.0	2.5	1700	$3,400	$2.00	23d	1	0.40mi
2402 Auburn Ter Unit B Atlantic City, NJ	3.0	1.0	1893	$2,000	$1.06	23d	1	0.60mi
1 N Austin Ave Unit 1308998P Ventnor City, NJ	3.0	3.0	2195	$7,184	$3.27	23d	1	1.08mi
5000 Boardwalk #1009 Ventnor City, NJ	2.0	2.5	1893	$17,000	$8.98	23d	1	1.13mi
326 N Tennessee Ave Unit 2 Atlantic City, NJ	3.0	1.0	1815	$2,200	$1.21	16d	1	1.41mi
208 N Surrey Ave Ventnor City, NJ	3.0	2.5	2672	$50,000	$18.71	46d	1	1.47mi

Listing history 26 events

1. 2026-06-23
   days on market $625,000 Active 105 DOM
2. 2026-06-21
   days on market $625,000 Active 104 DOM
3. 2026-06-19
   days on market $625,000 Active 102 DOM
4. 2026-06-18
   days on market $625,000 Active 101 DOM
5. 2026-06-17
   days on market $625,000 Active 100 DOM
6. 2026-06-16
   days on market $625,000 Active 99 DOM
7. 2026-06-15
   days on market $625,000 Active 98 DOM
8. 2026-06-14
   days on market $625,000 Active 96 DOM
9. 2026-06-13
   days on market $625,000 Active 95 DOM
10. 2026-06-10
    days on market $625,000 Active 93 DOM
11. 2026-06-09
    days on market $625,000 Active 92 DOM
12. 2026-06-08
    days on market $625,000 Active 91 DOM
13. 2026-06-07
    days on market $625,000 Active 90 DOM
14. 2026-06-02
    days on market $625,000 Active 85 DOM
15. 2026-06-01
    days on market $625,000 Active 84 DOM
16. 2026-05-31
    days on market $625,000 Active 83 DOM
17. 2026-05-30
    days on market $625,000 Active 82 DOM
18. 2026-03-09
    listed $625,000 Active 114-char remark

    Show marketing remark (114 chars)

    Legal 5 units with nonconformity, 100 % occupancy, close to school , transportation and casino. Great investment !

19. 2026-01-01
    historical 78-char remark

    Show marketing remark (78 chars)

    Five units in AC, 100% occupancy, close to school, casino, and transportation.

20. 2025-03-07
    listed $625,000 Active 78-char remark

    Show marketing remark (78 chars)

    Five units in AC, 100% occupancy, close to school, casino, and transportation.

21. 2025-01-01
    historical
22. 2024-05-04
    listed $595,000 Active
23. 2011-06-07
    soldstatus $160,000
24. 2000-12-21
    soldstatus $170,000
25. 2000-12-08
    historical
26. 2000-04-13
    listed $185,000

ⓘ 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: $8,450 · $704/mo
• Projected year-2 tax: $12,006 · $1,001/mo
• Expected delta: +$3,556/yr (+$296/mo · 42.1%)

ⓘ 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: $64,200
• − Mortgage interest: −$35,010
• − Property taxes: −$8,450
• − Insurance: −$8,244
• − Repairs & maintenance: −$5,136
• − Management: −$5,136
• − Depreciation: −$18,182
• Taxable loss: −$15,957
• Est. tax savings @ 24.0%: +$3,830
• After-tax cash flow: $-1,477/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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+237.8% since first listed

9 events — show timeline

• 2026-03-09 Listed $625,000 SJSRMLS
• 2026-01-01 Listing Removed — SJSRMLS
• 2025-03-07 Listed $625,000 SJSRMLS
• 2025-01-01 Listing Removed — SJSRMLS
• 2024-05-04 Listed $595,000 SJSRMLS
• 2011-06-07 Sold (Public Records) $160,000 Public Records
• 2000-12-21 Sold (MLS) $170,000 SJSRMLS
• 2000-12-08 Listing Removed — SJSRMLS
• 2000-04-13 Listed $185,000 SJSRMLS

Property tax history

+0.1%/yr

Latest (2025): $8,450 · -2.1% YoY. Source: county tax records.