516 Drexel Ave · Atlantic City, NJ 08401

$139,900

3 bd · 1.5 ba · 1,152 sqft · SingleFamily public records · 13 Days on market

Built 1925 1,167 sqft lot Est $241k · 42% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

CALLING INVESTORS! This well-maintained 3-bedroom has 1.5 baths, SUPER LOW TAXES, and beautiful tile flooring throughout the entire living space. The property is located uptown, near the school, the famous Garden Basin, and 2 blocks from the beach. All of the bedrooms are a good size, and the mechanicals and roof are in good condition. No major repairs are needed for this property. If you are looking for a good investment in a developing area, add this property to your portfolio.

Key facts

• Located uptown
• Tile flooring
• Near the school

Tags

• TILE FLOORING
• LOCATED UPTOWN
• NEAR THE SCHOOL
• FAMOUS GARDEN BASIN
• 2 BLOCKS FROM THE BEACH
• MECHANICALS IN GOOD CONDITION

Property features AI

Exterior

• Parking: Detached carport (1 space); Total of 1 garage/parking space
• Utilities: Public water; Public sewer
• Home design: Brick construction; Pitched roof; Fee simple ownership; Year built: estimated
• Construction: Brick construction materials; Crawl space foundation; Pitched roof; Building not winterized
• Exterior features: Federal flood zone (A8); No tidal water; Pets allowed with no restrictions; Other structures above and below grade

Interior

• Kitchen: Stove; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Tile/brick flooring
• Bathrooms: One full bathroom; One half bathroom on a lower level
• Heating & cooling: Radiator heating; Window AC unit(s); Heating fuel: Natural gas and other
• Interior features: Insulated doors; Brick walls and ceilings; Tile/brick flooring; Living Room, Dining Room, Kitchen, Utility Room; Basement (other)
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 13.7% 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; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $2,313/mo this rent would consume 68% 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 $967 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $19k; list at $140k implies a 636% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1925 — 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $139,900

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
7. 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.
8. 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: 1.65% ✓
• Cap rate: 13.74%
• Cash-on-cash: 26.59%
• DSCR: 2.18
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $240,768
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
610 Drexel Ave	0.06mi	3/1.0	1,192 (+4%)	16mo	$1,570,000	$1,317	76
322 Madison Ave	0.20mi	3/1.5	1,104 (-4%)	10mo	$228,000	$207	76
110 N Vermont Ave	0.27mi	2/1.5 (-1)	1,200 (+4%)	2mo	$332,500	$277	74
324 Madison Ave	0.19mi	3/1.5	1,104 (-4%)	13mo	$231,000	$209	73
17 Clipper Ct	0.16mi	3/2.5	1,258 (+9%)	3mo	$265,000	$211	71
424 N Connecticut Ave	0.11mi	3/1.5	1,200 (+4%)	23mo	$139,900	$117	68
322 Beach Ave	0.24mi	3/1.5	1,104 (-4%)	22mo	$205,845	$186	64
1441 Caspian Ave	0.73mi	3/1.0	1,025 (-11%)	7mo	$142,000	$139	40
316 N New York Ave	0.73mi	3/1.5	1,044 (-9%)	15mo	$250,000	$239	38
356 N South Carolina Ave	0.58mi	3/1.0	1,000 (-13%)	16mo	$120,000	$120	36

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: 7.4%
• Equity multiple: 1.30×
• Total profit: $11,742
• Equity at exit: $20,860

10-year hold

• IRR: 19.4%
• Equity multiple: 2.88×
• Total profit: $73,589
• Equity at exit: $12,096

Cash invested: $39,172 (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: 5.0×

Monthly cashflow live

• Estimated rent: $2,313 high
• Mortgage (P&I): −$734
• Tax from tax record: −$168 /mo · $2,014/yr
• Insurance: −$58
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $441

Break-even live

Break-even rent $1,755

Max offer price $139,900

Occupancy floor 76%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
351 N New Hampshire Ave Atlantic City, NJ	2.0	2.0	972	$1,948	$2.00	13d	3	0.34mi
31 N Virginia Ave Atlantic City, NJ	3.0	1.0	725	$2,230	$3.08	13d	1	0.41mi
526 Pacific Ave Atlantic City, NJ	2.0	2.0	1170	$2,400	$2.05	21d	4	0.51mi
848 Pacific Ave Unit 1014254P Atlantic City, NJ	1.0–2.0	2.0–3.0	1243	$2,413	$1.94	13d	2	0.53mi
122 Dewey Pl Atlantic City, NJ	3.0	1.0	1250	$2,700	$2.16	21d	1	0.64mi
101 Boardwalk Atlantic City, NJ	2.0	1.0	645	$2,700	$4.18	13d	3	0.70mi
1724 Atlantic Ave Unit B2 Atlantic City, NJ	2.0	1.0	750	$1,495	$1.99	21d	1	0.97mi
1724 Atlantic Ave Unit A1 Atlantic City, NJ	3.0	1.0	950	$2,300	$2.42	21d	1	0.97mi
1916 Magellan Ave Atlantic City, NJ	2.0	1.0	1478	$1,850	$1.25	21d	1	1.06mi
905 Keener Ave Atlantic City, NJ	3.0	1.0	1059	$1,900	$1.79	21d	1	1.14mi
2015 Grant Ave Atlantic City, NJ	3.0	1.0	1056	$2,325	$2.20	21d	1	1.15mi
2021 Grant Ave Atlantic City, NJ	3.0	1.0	1011	$2,350	$2.32	21d	1	1.16mi
4 Italy Ter Atlantic City, NJ	3.0	1.0	1000	$2,300	$2.30	21d	1	1.34mi
1510 N Arkansas Ave Atlantic City, NJ	3.0	2.0	1008	$2,750	$2.73	13d	1	1.47mi
1523 N Arkansas Ave Atlantic City, NJ	3.0	2.0	984	$2,500	$2.54	21d	1	1.50mi

Listing history 6 events

1. 2026-05-19
   status Pending

   Show marketing remark (484 chars)

   CALLING INVESTORS! This well-maintained 3-bedroom has 1.5 baths, SUPER LOW TAXES, and beautiful tile flooring throughout the entire living space. The property is located uptown, near the school, the famous Garden Basin, and 2 blocks from the beach. All of the bedrooms are a good size, and the mechanicals and roof are in good condition. No major repairs are needed for this property. If you are looking for a good investment in a developing area, add this property to your portfolio.

2. 2026-05-19
   historical Under Contract 484-char remark

   Show marketing remark (484 chars)

   CALLING INVESTORS! This well-maintained 3-bedroom has 1.5 baths, SUPER LOW TAXES, and beautiful tile flooring throughout the entire living space. The property is located uptown, near the school, the famous Garden Basin, and 2 blocks from the beach. All of the bedrooms are a good size, and the mechanicals and roof are in good condition. No major repairs are needed for this property. If you are looking for a good investment in a developing area, add this property to your portfolio.

3. 2026-05-06
   listed $139,900 Active

   Show marketing remark (484 chars)

   CALLING INVESTORS! This well-maintained 3-bedroom has 1.5 baths, SUPER LOW TAXES, and beautiful tile flooring throughout the entire living space. The property is located uptown, near the school, the famous Garden Basin, and 2 blocks from the beach. All of the bedrooms are a good size, and the mechanicals and roof are in good condition. No major repairs are needed for this property. If you are looking for a good investment in a developing area, add this property to your portfolio.

4. 2026-05-06
   listed $139,900 Active 484-char remark

   Show marketing remark (484 chars)

   CALLING INVESTORS! This well-maintained 3-bedroom has 1.5 baths, SUPER LOW TAXES, and beautiful tile flooring throughout the entire living space. The property is located uptown, near the school, the famous Garden Basin, and 2 blocks from the beach. All of the bedrooms are a good size, and the mechanicals and roof are in good condition. No major repairs are needed for this property. If you are looking for a good investment in a developing area, add this property to your portfolio.

5. 1998-12-10
   soldstatus $19,000
6. 1991-08-08
   soldstatus $32,000

ⓘ 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: $2,014 · $168/mo
• Projected year-2 tax: $2,749 · $229/mo
• Expected delta: +$735/yr (+$61/mo · 36.5%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥94°F today · 18 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: $27,762
• − Mortgage interest: −$7,837
• − Property taxes: −$2,014
• − Insurance: −$5,818
• − Repairs & maintenance: −$2,221
• − Management: −$2,221
• − Depreciation: −$4,070
• Taxable income: $3,581
• Est. tax owed @ 24.0%: −$859
• After-tax cash flow: $4,436/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

+337.2% since first listed

6 events — show timeline

• 2026-05-19 Pending — BRIGHT MLS
• 2026-05-19 Contingent — SJSRMLS
• 2026-05-06 Listed $139,900 SJSRMLS
• 2026-05-06 Listed $139,900 BRIGHT MLS
• 1998-12-10 Sold (Public Records) $19,000 Public Records
• 1991-08-08 Sold (Public Records) $32,000 Public Records

Property tax history

-1.4%/yr

Latest (2025): $2,014 · -2.1% YoY. Source: county tax records.