3101 Boardwalk # 1402-A-1 #1402-A - 1 · Atlantic City, NJ 08401

$179,000

1 bd · 1.5 ba · 872 sqft · Condo · 319 Days on market

Good condition $205/sqft · 21% below area Est $225k · 21% under $908/mo HOA · 43% of rent

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Why this score? — see what drove the D- 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 +15.0/15.0
• 1% rule +6.8/10.0
• Cash flow +4.3/30.0
• Condition / age +4.0/5.0
• Rent growth +3.9/5.0
• Livability +2.8/5.0
• Schools +2.4/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 1 bedroom, 1.5 bath condo with some ocean and bay views from the private balcony. The kitchen includes stainless-steel appliances. There is a TILED floor in the foyer. Vinyl floor in living room and bedroom needs repair. The washer/dryer has been replaced. Being sold "as is". The balcony will be accessible after repairs are completed. Ocean Club is a pet-friendly building (with restrictions). You'll have access to resort-style amenities including: a year- round swimming pool, wet & dry saunas, social rooms with Wi-Fi, a library with WiFi and 24/7 security. There is currently a wait-list for bike space and storage lockers. Parking includes a one-time lifetime fee of $500 for an unassigned space for your primary car. Additional vehicles may be accommodated but not a guaranteed space for a fee of $300. a year per car. The monthly Condo fee is $908.02 plus there is a special assessment of $395. making the total monthly fee of $1,302.62 Located just steps from the beach and boardwalk, and close to casinos, restaurants (both gourmet and casual), entertainment venues, and transportation. The surrounding area continues to grow with attractions like the Showboat Water Park, summer beach concerts, Stockton University expansion, miniature-golf, outlet shopping, and more. Note: Showings are not available online. Please call Showing Time at 800-746-9464 to schedule an appointment. Vacant and easy to show. Unit is also available for yearly rent at $2,000. a month.

Key facts

• Ocean and bay views
• Private balcony
• Tiled floor

Tags

• OCEAN AND BAY VIEWS
• PRIVATE BALCONY
• STAINLESS-STEEL APPLIANCES
• TILED FLOOR
• PET-FRIENDLY BUILDING
• RESORT-STYLE AMENITIES

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $179k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-474 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $110k (38.3% below list).
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $110k (38.3% below list) — sets the bar for cash-flow.
• Cap rate 3.1% vs local median 4.0% 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, 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: Rents rising fast (+5.5%/yr); 731 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• At $2,115/mo this rent would consume 62% of the median local household income ($41k/yr) — 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.

Negotiation context

• It's been on market 319 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask is 8850% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: HOA is 43% of rent.

Recommended offer $110,410 (38.3% 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 319 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 1.18% ✓
• Cap rate: 3.12%
• Cash-on-cash: -11.35%
• DSCR: 0.50
• GRM: 7.1

CMA / ARV

• ARV (median comp): $225,197
• List price: $179,000
• Delta: -20.51%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3101 Boardwalk #2303B-1	0.00mi	1/1.5	872 (0%)	2mo	$180,000	$206	98
3101 Boardwalk #2403B-1	0.00mi	1/2.0	872 (0%)	3mo	$125,000	$143	96
3101 Boardwalk #1404-1	0.00mi	1/1.5	978 (+12%)	1mo	$165,000	$169	79
3101 Boardwalk #2409-2	0.00mi	1/1.5	1,060 (+22%)	1mo	$265,000	$250	74
100 S Berkley Sq #2N	0.90mi	1/1.5	882 (+1%)	1mo	$490,000	$556	62
2721 Boardwalk #1516	0.24mi	1/1.0	670 (-23%)	2mo	$170,000	$254	60
3817 Ventnor #304	0.48mi	2/2.0 (+1)	1,021 (+17%)	1mo	$85,000	$83	44
101 S Plaza Pl #501	0.93mi	1/1.0	970 (+11%)	3mo	$284,500	$293	42
100 S Berkley Sq #17C	0.90mi	1/1.5	1,000 (+15%)	3mo	$530,000	$530	38
100 S Berkley Sq #7D	0.90mi	1/2.0	1,000 (+15%)	2mo	$500,000	$500	36
5000 Boardwalk #113	1.18mi	1/2.0	1,063 (+22%)	3mo	$599,900	$564	36
1426 Mediterranean Unit A	1.34mi	2/1.0 (+1)	728 (-16%)	3mo	$80,000	$110	31

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: -30.9%
• Equity multiple: -0.06×
• Total profit: $-53,108
• Equity at exit: $26,689

10-year hold

• IRR: -17.9%
• Equity multiple: -0.18×
• Total profit: $-58,966
• Equity at exit: $15,477

Cash invested: $50,120 (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 →

Active competition Active MLS

• For sale now: 11 active · 4 under contract
• Median asking: $199,000 ($228/sqft)
• Median days on market: 71 d
• This list price: 27% of active listings are priced below it
• ARV vs active asking: +13.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 08401

• Home prices YoY: -7.0%
• Rents YoY: 5.5%
• Active inventory: 731
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,115 high
• Mortgage (P&I): −$939
• Tax est. 1.5%: −$224 /mo · $2,685/yr
• Insurance: −$75
• HOA: −$908
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $-474

Break-even live

Break-even rent $2,715

Max offer price $110,410

Occupancy floor —

Sensitivity live

Price	-10% $-350	-5% $-412	+0% $-474	+5% $-536	+10% $-598
Rent	-10% $-641	-5% $-558	+0% $-474	+5% $-390	+10% $-307
Rate	-1.0pp $-384	-0.5pp $-428	base $-474	+0.5pp $-520	+1.0pp $-568

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: $44,750
• Closing costs: $5,370
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3101 Boardwalk Unit 2502 Atlantic City, NJ	1.0	1.5	872	$2,000	$2.29	6d	1	0.02mi
3101 Boardwalk Unit 904-1 YEARLY!! Atlantic City, NJ	2.0	1.5	978	$2,450	$2.51	4d	1	0.02mi
3101 Boardwalk Unit 2802-A Atlantic City, NJ	1.0	1.5	872	$3,000	$3.44	0d	1	0.02mi
3101 Boardwalk Unit 1901-2 Atlantic City, NJ	2.0	1.5	1060	$2,700	$2.55	0d	1	0.02mi
3101 Boardwalk Unit 3209-2 Atlantic City, NJ	1.0	1.5	1000	$2,500	$2.50	0d	1	0.02mi
3101 Boardwalk Unit 1110-2 Atlantic City, NJ	1.0	1.5	872	$14,500	$16.63	116d	1	0.06mi
3531 Pacific Ave Apt 7 Atlantic City, NJ	1.0	1.0	750	$1,600	$2.13	6d	1	0.24mi
2834 Atlantic Ave Atlantic City, NJ	1.0	1.0	823	$1,688	$2.05	108d	3	0.25mi
2834 Atlantic Ave Atlantic City, NJ	1.0	1.0	639	$1,675	$2.62	116d	3	0.25mi
37 S Iowa Ave Atlantic City, NJ	1.0–2.0	1.0	950	$1,395	$1.47	6d	2	0.26mi
38 N Boston Ave Unit B Atlantic City, NJ	2.0	2.0	800	$2,200	$2.75	6d	1	0.33mi
38 N Boston Ave Unit A Atlantic City, NJ	2.0	2.0	800	$2,200	$2.75	0d	1	0.33mi
3813 Atlantic Ave Unit 1309001P Atlantic City, NJ	1.0	2.0	592	$4,333	$7.32	108d	1	0.42mi
108 Lincoln Pl Apt A4 Atlantic City, NJ	2.0	1.0	800	$5,000	$6.25	116d	1	0.42mi
3851 Boardwalk Atlantic City, NJ	2.0	1.0–2.0	785	$19,700	$25.10	116d	5	0.42mi
3817 Ventnor Ave #812 Atlantic City, NJ	1.0	1.0	525	$1,500	$2.86	6d	1	0.48mi
21 S Windsor Ave Unit b1 Atlantic City, NJ	2.0	1.0	640	$1,650	$2.58	108d	1	0.61mi
101 S Raleigh Ave Atlantic City, NJ	2.0	1.0	735	$10,125	$13.78	108d	7	0.67mi
1724 Atlantic Ave Unit B2 Atlantic City, NJ	2.0	1.0	750	$1,495	$1.99	116d	1	1.04mi
4800 Boardwalk #1807 Ventnor City, NJ	2.0	2.0	778	$2,000	$2.57	6d	1	1.05mi
4800 Boardwalk Ventnor City, NJ	1.0–2.0	1.5–2.0	789	$1,650	$2.09	4d	2	1.05mi
1710 Atlantic Ave Apt A Atlantic City, NJ	2.0	1.0	600	$4,500	$7.50	116d	1	1.06mi
5101 Ventnor Ave Unit 2 Ventnor City, NJ	2.0	1.0	1000	$1,800	$1.80	6d	1	1.26mi
5200 Boardwalk Unit 10A Ventnor City, NJ	1.0	2.0	1104	$21,000	$19.02	108d	1	1.32mi
19 S Weymouth Ave Apt 1A Ventnor City, NJ	2.0	1.0	1000	$1,995	$2.00	6d	1	1.32mi
23 S Little Rock Ave Unit 2 Ventnor City, NJ	2.0	2.0	1000	$2,500	$2.50	139d	1	1.36mi
101 S Victoria Ave Unit B1 Ventnor City, NJ	1.0	1.0	550	$2,100	$3.82	108d	1	1.39mi
101 S Victoria Ave Unit 31 Ventnor City, NJ	2.0	2.0	850	$2,200	$2.59	6d	1	1.39mi

HOA detail $908/mo · $10,896/yr condo

• Likely covers: waterinternetpoolsecurity
• ⚠ Special-assessment mentions:

  …but not a guaranteed space for a fee of $300. a year per car. The monthly Condo fee is $908.02 plus there is a special assessment of $395. making the total monthly fee of $1,302.62 Located just steps from the beach and boardwalk, and close to…

Listing history 50 events

1. 2026-09-24
   days on market $179,000 Active 319 DOM
2. 2026-09-22
   days on market $179,000 Active 318 DOM
3. 2026-09-20
   days on market $179,000 Active 316 DOM
4. 2026-09-19
   days on market $179,000 Active 315 DOM
5. 2026-09-18
   days on market $179,000 Active 314 DOM
6. 2026-09-17
   days on market $179,000 Active 313 DOM
7. 2026-09-16
   days on market $179,000 Active 312 DOM
8. 2026-09-15
   days on market $179,000 Active 311 DOM
9. 2026-09-14
   days on market $179,000 Active 310 DOM
10. 2026-09-13
    days on market $179,000 Active 309 DOM
11. 2026-09-12
    days on market $179,000 Active 308 DOM
12. 2026-09-11
    days on market $179,000 Active 307 DOM
13. 2026-09-05
    days on market $179,000 Active 301 DOM
14. 2026-09-04
    days on market $179,000 Active 300 DOM
15. 2026-09-03
    days on market $179,000 Active 299 DOM
16. 2026-08-30
    days on market $179,000 Active 295 DOM
17. 2026-08-29
    days on market $179,000 Active 294 DOM
18. 2026-08-28
    days on market $179,000 Active 293 DOM
19. 2026-08-27
    days on market $179,000 Active 292 DOM
20. 2026-08-25
    days on market $179,000 Active 290 DOM
21. 2026-08-24
    days on market $179,000 Active 289 DOM
22. 2026-08-23
    days on market $179,000 Active 288 DOM
23. 2026-08-22
    days on market $179,000 Active 287 DOM
24. 2026-08-21
    days on market $179,000 Active 286 DOM
25. 2026-08-20
    days on market $179,000 Active 285 DOM
26. 2026-08-19
    days on market $179,000 Active 284 DOM
27. 2026-08-18
    days on market $179,000 Active 283 DOM
28. 2026-08-17
    days on market $179,000 Active 282 DOM
29. 2026-08-16
    days on market $179,000 Active 281 DOM
30. 2026-08-15
    days on market $179,000 Active 280 DOM
31. 2026-08-15
    days on market $179,000 Active 279 DOM
32. 2026-08-13
    days on market $179,000 Active 278 DOM
33. 2026-08-12
    days on market $179,000 Active 277 DOM
34. 2026-08-11
    days on market $179,000 Active 276 DOM
35. 2026-08-10
    days on market $179,000 Active 275 DOM
36. 2026-08-09
    days on market $179,000 Active 274 DOM
37. 2026-08-08
    days on market $179,000 Active 273 DOM
38. 2026-08-07
    days on market $179,000 Active 272 DOM
39. 2026-08-06
    days on market $179,000 Active 271 DOM
40. 2026-08-05
    days on market $179,000 Active 270 DOM
41. 2026-08-04
    days on market $179,000 Active 269 DOM
42. 2026-08-03
    days on market $179,000 Active 268 DOM
43. 2026-07-31
    days on market $179,000 Active 265 DOM
44. 2026-07-29
    days on market $179,000 Active 263 DOM
45. 2026-07-27
    days on market $179,000 Active 261 DOM
46. 2026-07-25
    days on market $179,000 Active 259 DOM
47. 2026-07-24
    days on market $179,000 Active 258 DOM
48. 2026-07-23
    days on market $179,000 Active 257 DOM
49. 2026-07-22
    days on market $179,000 Active 256 DOM
50. 2026-07-21
    days on market $179,000 Active 255 DOM

ⓘ 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: $25,383
• − Mortgage interest: −$10,027
• − Property taxes: −$2,685
• − Insurance: −$895
• − Repairs & maintenance: −$2,031
• − Management: −$2,031
• − HOA: −$10,896
• − Depreciation: −$5,207
• Taxable loss: −$8,389
• Est. tax savings @ 24.0%: +$2,013
• After-tax cash flow: $-3,675/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $4,360–$13,080 screening

This 1-bedroom, 1.5-bath condo is in good condition with modern amenities and ocean views. Minor updates to flooring and interior paint would significantly enhance its value.

Value-add opportunities

• Both Replace carpet in living room and bedroom — Improves aesthetics and comfort ↑
• Both Paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replace blinds with energy-efficient window treatments — Reduces energy consumption and enhances curb appeal ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 24/100

Zoned Schools

Elementary Sovereign Avenue School F NJ #862/1,303 Nat'l #29,899/41,679 High Atlantic City High School F NJ #346/399 Nat'l #13,673/17,239

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

D Composite livability gradescore 55/100

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 · 268,948 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: 13% of renters

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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%

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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%

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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

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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

-98.9% since first listed

5 events — show timeline

• 2026-04-13 Rental Removed $2,000 SJSRMLS
• 2026-03-06 Listed for Rent $2,000 SJSRMLS
• 2025-12-04 Rental Removed $2,000 SJSRMLS
• 2025-11-09 Listed for Rent $2,000 SJSRMLS
• 2025-11-08 Listed $179,000 SJSRMLS