46 S Elberon Ave · Atlantic City, NJ 08401

$549,000

8 bd · 3.0 ba · 1,902 sqft · SingleFamily public records · 5 Days on market

Built 1900 Est $692k · 21% under

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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 +15.0/15.0
• Cash flow +4.2/30.0
• Rent growth +3.9/5.0
• 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

Investor alert! This spacious legal duplex in the sought-after Lower Chelsea section of Atlantic City is just 1.5 blocks from the beaches and boardwalk, making it a prime rental opportunity. The basement-level apartment has been recently renovated with new carpeting, fresh paint, and updated appliances, offering 2 bedrooms and 1 full bath. The main home upstairs features 6 bedrooms and 2 full baths with oversized bedrooms and plenty of space. With a strong rental market and endless possibilities, this property is perfect for investors—rent both units for maximum income, live in one and rent the other, or take advantage of the short-term rental market with Airbnb. Well-maintained with a new roof and ideally located, this duplex is a smart investment with excellent cash flow potential in one of Atlantic City’s most desirable neighborhoods.

Key facts

• Updated appliances
• Recently renovated
• New roof

Tags

• RECENTLY RENOVATED
• UPDATED APPLIANCES
• NEW ROOF
• SOUGHT-AFTER NEIGHBORHOOD

Property features AI

Finance

• Financial info: Two-unit property; Monthly rental information (see remarks)

Exterior

• Parking: No exterior parking; No garage
• Utilities: Public water; Public sewer; Separate electric and gas meters
• Home design: Zoned R-2; For sale
• Exterior features: Deck; Porch; Sidewalks

Interior

• Bedrooms: Unit 1 — 2 bedrooms (basement level); Unit 2 — 6 bedrooms
• Bathrooms: Unit 1 — 1 bathroom; Unit 2 — 2 bathrooms
• Heating & cooling: Natural gas heating
• Interior features: Natural gas heating

What this means for you Summary

Snapshot

• This is a 8-bed/3.0-bath single-family listed at $549k.

Deal economics

• At list price, monthly cash flow is $-1k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $288k (47.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $277k (49.6% below list).
• Recommended offer: $277k (49.6% below list) — sets the bar for 1% rule.

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 $2,767/mo this rent would consume 81% 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 $16k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 2y 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 $75k; list at $549k implies a 632% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $276,666 (49.6% 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.50% ✗
• Cap rate: 3.06%
• Cash-on-cash: -11.54%
• DSCR: 0.49
• GRM: 16.5

CMA / ARV

• ARV (on-the-fly): $692,328
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15 S Raleigh Ave	0.21mi	7/4.5 (-1)	1,897 (-0%)	21mo	$690,000	$364	61

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: -34.9%
• Equity multiple: -0.14×
• Total profit: $-175,950
• Equity at exit: $81,858

10-year hold

• IRR: -33.5%
• Equity multiple: -0.58×
• Total profit: $-243,518
• Equity at exit: $47,467

Cash invested: $153,720 (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: 16.5×

Monthly cashflow live

• Estimated rent: $2,767 medium
• Mortgage (P&I): −$2,879
• Tax from tax record: −$556 /mo · $6,672/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$581
• Net cashflow: $-1,478

Break-even live

Break-even rent $4,638

Max offer price $287,885

Occupancy floor —

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: $137,250
• Closing costs: $16,470
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-19
   days on market $549,000 Active 5 DOM
2. 2026-06-18
   days on market $549,000 Active 4 DOM
3. 2026-06-17
   days on market $549,000 Active 3 DOM
4. 2026-06-16
   days on market $549,000 Active 2 DOM
5. 2026-06-15
   remarks 693-char remark
6. 2026-06-15
   listed $549,000 Active 1 DOM

ⓘ 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: $6,672 · $556/mo
• Projected year-2 tax: $10,171 · $848/mo
• Expected delta: +$3,499/yr (+$292/mo · 52.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 56% 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,200
• − Mortgage interest: −$30,753
• − Property taxes: −$6,672
• − Insurance: −$2,745
• − Repairs & maintenance: −$2,656
• − Management: −$2,656
• − Depreciation: −$15,971
• Taxable loss: −$28,253
• Est. tax savings @ 24.0%: +$6,781
• After-tax cash flow: $-10,957/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

+632.0% since first listed

12 events — show timeline

• 2026-06-12 Listed $549,000 SJSRMLS
• 2026-04-22 Listing Removed — SJSRMLS
• 2025-12-03 Relisted — SJSRMLS
• 2025-11-22 Listing Removed — SJSRMLS
• 2025-08-21 Listed $549,000 SJSRMLS
• 2025-03-14 Contingent — SJSRMLS
• 2025-03-14 Listing Removed — SJSRMLS
• 2024-12-07 Listed $499,000 SJSRMLS
• 2024-11-16 Listing Removed — SJSRMLS
• 2024-09-26 Price Changed $559,000 SJSRMLS
• 2024-08-19 Listed $599,999 SJSRMLS
• 1982-01-01 Sold (Public Records) $75,000 Public Records

Property tax history

-3.0%/yr

Latest (2025): $6,672 · -2.1% YoY. Source: county tax records.