423 N Tennessee Ave · Atlantic City, NJ 08401

$162,900

None bd · 3.0 ba · 2,702 sqft · SingleFamily public records · 134 Days on market

Built 1920

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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 +17.9/30.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 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

Large multifamily in Atlantic City featuring 3 kitchens, 8 bedrooms and 3 bathrooms. Located close to casinos, boardwalk and beaches. This property offers huge potential for rental income, Incredible opportunity in the boardwalk empire! Come check this one out!

Key facts

• Listed 133 days

What this means for you Summary

Snapshot

• This is a ?-bed/3.0-bath single-family listed at $163k.

Deal economics

• At list price, monthly cash flow is $-288 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (16.9% below list).
• Meets the 1% rule at list price ($2k rent vs $163k).
• Recommended offer: $135k (16.9% below list) — sets the bar for cash-flow.
• Cap rate 7.3% 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, 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; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• At $2,056/mo this rent would consume 60% 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 $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 134 days — a 12% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $18k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; flood insurance adds $427/mo; built in 1920 — 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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,335 (16.9% 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 134 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.26% ✓
• Cap rate: 7.31%
• Cash-on-cash: 3.63%
• DSCR: 1.16
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $724,136
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
312 N Massachusetts Ave	0.66mi	4/3.0	2,500 (-8%)	3mo	$325,000	$130	54
541 N New Jersey Ave	0.55mi	5/4.0	2,560 (-5%)	15mo	$685,000	$268	49
1201 N Ohio Ave	0.60mi	4/2.5	2,475 (-8%)	13mo	$399,900	$162	45
739 N Massachusetts Ave	0.67mi	4/3.5	2,500 (-8%)	23mo	$850,000	$340	35

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: -24.0%
• Equity multiple: 0.15×
• Total profit: $-38,905
• Equity at exit: $24,289

10-year hold

• IRR: -9.6%
• Equity multiple: 0.29×
• Total profit: $-32,346
• Equity at exit: $14,085

Cash invested: $45,612 (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: 6.6×

Monthly cashflow live

• Estimated rent: $2,056 medium
• Mortgage (P&I): −$854
• Tax from tax record: −$564 /mo · $6,767/yr
• Insurance: −$68
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $-288

Break-even live

Break-even rent $2,421

Max offer price $135,335

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: $40,725
• Closing costs: $4,887
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
326 N Tennessee Ave Unit 2 Atlantic City, NJ	3.0	1.0	1815	$2,200	$1.21	13d	1	0.06mi
2402 Auburn Ter Unit B Atlantic City, NJ	3.0	1.0	1893	$2,000	$1.06	21d	1	0.87mi

Listing history 23 events

1. 2026-06-19
   days on market $162,900 Under Contract 134 DOM
2. 2026-06-18
   days on market $162,900 Under Contract 133 DOM
3. 2026-06-17
   days on market $162,900 Under Contract 132 DOM
4. 2026-06-16
   days on market $162,900 Under Contract 131 DOM
5. 2026-06-15
   days on market $162,900 Under Contract 130 DOM
6. 2026-06-14
   days on market $162,900 Under Contract 128 DOM
7. 2026-06-13
   days on market $162,900 Under Contract 127 DOM
8. 2026-06-10
   days on market $162,900 Under Contract 125 DOM
9. 2026-06-09
   days on market $162,900 Under Contract 124 DOM
10. 2026-06-08
    days on market $162,900 Under Contract 123 DOM
11. 2026-06-07
    days on market $162,900 Under Contract 122 DOM
12. 2026-06-03
    status $162,900 Under Contract 117 DOM
13. 2026-06-02
    days on market $162,900 Active 117 DOM
14. 2026-06-01
    days on market $162,900 Active 116 DOM
15. 2026-05-31
    days on market $162,900 Active 115 DOM
16. 2026-05-30
    days on market $162,900 Active 114 DOM
17. 2026-05-08
    price $162,900 261-char remark

    Show marketing remark (261 chars)

    Large multifamily in Atlantic City featuring 3 kitchens, 8 bedrooms and 3 bathrooms. Located close to casinos, boardwalk and beaches. This property offers huge potential for rental income, Incredible opportunity in the boardwalk empire! Come check this one out!

18. 2026-04-08
    price $171,950 261-char remark

    Show marketing remark (261 chars)

    Large multifamily in Atlantic City featuring 3 kitchens, 8 bedrooms and 3 bathrooms. Located close to casinos, boardwalk and beaches. This property offers huge potential for rental income, Incredible opportunity in the boardwalk empire! Come check this one out!

19. 2026-03-31
    status Active 261-char remark

    Show marketing remark (261 chars)

    Large multifamily in Atlantic City featuring 3 kitchens, 8 bedrooms and 3 bathrooms. Located close to casinos, boardwalk and beaches. This property offers huge potential for rental income, Incredible opportunity in the boardwalk empire! Come check this one out!

20. 2026-02-26
    historical Under Contract 261-char remark

    Show marketing remark (261 chars)

    Large multifamily in Atlantic City featuring 3 kitchens, 8 bedrooms and 3 bathrooms. Located close to casinos, boardwalk and beaches. This property offers huge potential for rental income, Incredible opportunity in the boardwalk empire! Come check this one out!

21. 2026-02-05
    listed $181,000 Active 261-char remark

    Show marketing remark (261 chars)

    Large multifamily in Atlantic City featuring 3 kitchens, 8 bedrooms and 3 bathrooms. Located close to casinos, boardwalk and beaches. This property offers huge potential for rental income, Incredible opportunity in the boardwalk empire! Come check this one out!

22. 2025-07-26
    historical 671-char remark

    Show marketing remark (671 chars)

    Investor Alert!!! This multi-family property boasts 24 rooms, including 7 bedrooms, 3 full bathrooms, and 1 half bathroom, making it ideal for diverse living arrangements. Featuring 3 fully equipped kitchens and ample storage space, the property is both practical and versatile. Located on a 3,875-square-foot lot, it stretches between North Tennessee Avenue and North Ocean Avenue, offering convenient dual access. Situated less than a mile from the Atlantic Ocean, residents can enjoy the benefits of coastal living with easy beach access. This property offers incredible potential for rental income, in a spacious multi-family complex perfect for generating cash flow.

23. 2024-12-23
    listed $429,000 Active 671-char remark

    Show marketing remark (671 chars)

    Investor Alert!!! This multi-family property boasts 24 rooms, including 7 bedrooms, 3 full bathrooms, and 1 half bathroom, making it ideal for diverse living arrangements. Featuring 3 fully equipped kitchens and ample storage space, the property is both practical and versatile. Located on a 3,875-square-foot lot, it stretches between North Tennessee Avenue and North Ocean Avenue, offering convenient dual access. Situated less than a mile from the Atlantic Ocean, residents can enjoy the benefits of coastal living with easy beach access. This property offers incredible potential for rental income, in a spacious multi-family complex perfect for generating cash flow.

ⓘ 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: $6,767 · $564/mo
• Projected year-2 tax: $6,767 · $564/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥94°F today · 17 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: $24,671
• − Mortgage interest: −$9,125
• − Property taxes: −$6,767
• − Insurance: −$5,933
• − Repairs & maintenance: −$1,974
• − Management: −$1,974
• − Depreciation: −$4,739
• Taxable loss: −$5,840
• Est. tax savings @ 24.0%: +$1,402
• After-tax cash flow: $-2,059/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

-62.0% since first listed

7 events — show timeline

• 2026-05-08 Price Changed $162,900 SJSRMLS
• 2026-04-08 Price Changed $171,950 SJSRMLS
• 2026-03-31 Relisted — SJSRMLS
• 2026-02-26 Contingent — SJSRMLS
• 2026-02-05 Listed $181,000 SJSRMLS
• 2025-07-26 Listing Removed — SJSRMLS
• 2024-12-23 Listed $429,000 SJSRMLS

Property tax history

-3.3%/yr

Latest (2025): $6,767 · -2.1% YoY. Source: county tax records.