22 N IOWA Ave · Atlantic City, NJ 08401

$299,999

None bd · None ba · 1,834 sqft · SingleFamily public records · 31 Days on market

Built 1910

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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).

• Cash flow +12.8/30.0
• ARV discount +7.5/15.0
• Rent growth +3.9/5.0
• DSCR +3.8/10.0
• 1% rule +3.2/10.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bank has denied Short Sale - No Showings.

Key facts

• Separate utilities
• Income potential
• Convenient location

Tags

• INCOME POTENTIAL
• SEPARATE UTILITIES
• CONVENIENT LOCATION

Property features AI

Finance

• Financial info: Two-unit property; Annual taxes listed

Exterior

• Parking: No exterior parking; No garage
• Utilities: Public water; Public sewer; Gas water heater; Separate meters for electric, gas, heat and hot water
• Home design: Property offered for sale; Lot dimensions approximately 25 x 60; Not waterfront
• Exterior features: Porch; Combination storms/screens

Interior

• Kitchen: Gas stove
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Gas stove; Dining area; Unfinished basement

What this means for you Summary

Snapshot

• This is a single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $-455 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $220k (26.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $246k (17.9% below list).
• Recommended offer: $220k (26.8% below list) — sets the bar for cash-flow.
• Cap rate 6.2% 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; 10 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 $2,463/mo this rent would consume 72% 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 $2k of loan paydown is wiped out by about $9k 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 31 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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 $89k; list at $300k implies a 237% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1910 — 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 $219,535 (26.8% 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 31 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — 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. 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. 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?
9. 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.
10. 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.
11. 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: 0.82% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.41%
• DSCR: 0.98
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.52% rent growth · sell at horizon

5-year hold

• IRR: -24.1%
• Equity multiple: 0.15×
• Total profit: $-70,981
• Equity at exit: $44,731

10-year hold

• IRR: -12.7%
• Equity multiple: 0.16×
• Total profit: $-70,524
• Equity at exit: $25,938

Cash invested: $84,000 (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

• Home prices YoY: -7.0%
• Rents YoY: 5.5%
• Active inventory: 482
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,463 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$277 /mo · $3,323/yr
• Insurance: −$125
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $-455

Break-even live

Break-even rent $3,040

Max offer price $219,535

Occupancy floor —

Sensitivity live

Price	-10% $-286	-5% $-371	+0% $-455	+5% $-540	+10% $-625
Rent	-10% $-650	-5% $-553	+0% $-455	+5% $-358	+10% $-261
Rate	-1.0pp $-304	-0.5pp $-379	base $-455	+0.5pp $-533	+1.0pp $-612

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2402 Auburn Ter Unit B Atlantic City, NJ	3.0	1.0	1893	$2,000	$1.06	21d	1	0.26mi
3809 Ventnor Ave #6 Atlantic City, NJ	3.0	1.0	1500	$2,100	$1.40	21d	1	0.67mi
36 Chelsea Ct Atlantic City, NJ	3.0	2.5	2100	$3,300	$1.57	14d	1	0.75mi
3914 South Blvd Atlantic City, NJ	2.0	2.5	1700	$3,400	$2.00	21d	1	0.75mi
1916 Magellan Ave Atlantic City, NJ	2.0	1.0	1478	$1,850	$1.25	21d	1	0.84mi
326 N Tennessee Ave Unit 2 Atlantic City, NJ	3.0	1.0	1815	$2,200	$1.21	14d	1	1.08mi
100 S Berkley Sq Unit 4H Atlantic City, NJ	2.0	2.0	1520	$3,200	$2.11	21d	1	1.17mi
24 N Baton Rouge Ave Ventnor City, NJ	3.0	2.0	1350	$18,000	$13.33	14d	1	1.38mi
1 N Austin Ave Unit 1308998P Ventnor City, NJ	3.0	3.0	2195	$7,184	$3.27	21d	1	1.43mi
5000 Boardwalk #1009 Ventnor City, NJ	2.0	2.5	1893	$17,000	$8.98	21d	1	1.46mi

Listing history 20 events

1. 2026-06-19
   days on market $299,999 Under Contract 31 DOM
2. 2026-06-18
   days on market $299,999 Under Contract 30 DOM
3. 2026-06-17
   days on market $299,999 Under Contract 29 DOM
4. 2026-06-16
   days on market $299,999 Under Contract 28 DOM
5. 2026-06-15
   days on market $299,999 Under Contract 27 DOM
6. 2026-06-14
   days on market $299,999 Under Contract 25 DOM
7. 2026-06-13
   days on market $299,999 Under Contract 24 DOM
8. 2026-06-10
   days on market $299,999 Under Contract 22 DOM
9. 2026-06-09
   days on market $299,999 Under Contract 21 DOM
10. 2026-06-08
    days on market $299,999 Under Contract 20 DOM
11. 2026-06-07
    statusdays on market $299,999 Under Contract 19 DOM
12. 2026-06-02
    days on market $299,999 Active 14 DOM
13. 2026-06-01
    days on market $299,999 Active 13 DOM
14. 2026-05-31
    days on market $299,999 Active 12 DOM
15. 2026-05-30
    days on market $299,999 Active 11 DOM
16. 2026-05-19
    listed $299,999 Active 786-char remark
17. 2014-01-01
    historical 41-char remark

    Show marketing remark (41 chars)

    Bank has denied Short Sale - No Showings.

18. 2013-07-08
    listed $149,000 41-char remark

    Show marketing remark (41 chars)

    Bank has denied Short Sale - No Showings.

19. 2003-03-28
    soldstatus $89,000
20. 1991-08-23
    soldstatus $54,000

ⓘ 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: $3,323 · $277/mo
• Projected year-2 tax: $5,396 · $450/mo
• Expected delta: +$2,074/yr (+$173/mo · 62.4%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,562
• − Mortgage interest: −$16,805
• − Property taxes: −$3,323
• − Insurance: −$6,618
• − Repairs & maintenance: −$2,365
• − Management: −$2,365
• − Depreciation: −$8,727
• Taxable loss: −$10,641
• Est. tax savings @ 24.0%: +$2,554
• After-tax cash flow: $-2,912/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

+455.6% since first listed

6 events — show timeline

• 2026-06-03 Contingent — SJSRMLS
• 2026-05-19 Listed $299,999 SJSRMLS
• 2014-01-01 Listing Removed — SJSRMLS
• 2013-07-08 Listed $149,000 SJSRMLS
• 2003-03-28 Sold (Public Records) $89,000 Public Records
• 1991-08-23 Sold (Public Records) $54,000 Public Records

Property tax history

-1.3%/yr

Latest (2025): $3,323 · -2.1% YoY. Source: county tax records.