22 S Washington Ave · Margate City, NJ 08402

$599,999

2 bd · 2.0 ba · 877 sqft · SingleFamily · 37 Days on market

Built 1989 $684/sqft · 25% below area Est $795k · 25% under $348/mo HOA · 4% of rent

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Why this score? — see what drove the A- 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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Schools +4.8/10.0
• Rent growth +4.7/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Six units Southside only 12 years old. Modern building. Good rental history. 100 % occupied. Roof top deck and off-street parking. SELLER IN PROCESS OF CHANGING FROM CONDO TO MULTI STATUS. CALL LISTING AGENT FOR DETAILS.

Key facts

• Large closet
• Updated kitchen
• Private ensuite bath

Tags

• UPDATED KITCHEN
• STAINLESS STEEL APPLIANCES
• SEPARATE LAUNDRY AREA
• LARGE CLOSET
• PRIVATE ENSUITE BATH
• EXTERIOR STORAGE SHED

Property features AI

Finance

• HOA & community: HOA fee $348 monthly

Exterior

• Parking: Assigned two-car exterior parking; No garage
• Utilities: Public water; Public sewer; Electric water heater
• Home design: For sale; CBD zoning; Lot under 1 acre
• Construction: Shingle and stone exterior; 25+ years old
• Exterior features: Outside shower; Shed; Concrete, shared driveway

Interior

• Kitchen: Disposal; Dishwasher; Gas stove; Microwave; Refrigerator; Self-cleaning oven
• Bedrooms: Unit 2 (address shows Unit 2)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Carbon monoxide detector; Smoke/fire alarm; Storage; Blinds; Partially furnished; Other (see remarks)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $600k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $600k).
• Recommended offer: $582k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 7.4% in Margate 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 75/100 on livability (#149 in NJ, #3,893 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Margate City School District (suburban): math 50% / reading 58% proficiency, ranked #113 of 472 in NJ (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+8.9%/yr); 147 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• At $8,793/mo this rent would consume 87% of the median local household income ($122k/yr) (locally 23% 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 $18k 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 + 8.0% rent growth), your $168k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($582k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 25y 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 $455k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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 $581,999 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.47% ✓
• Cap rate: 11.20%
• Cash-on-cash: 17.51%
• DSCR: 1.78
• GRM: 5.7

CMA / ARV

• ARV (median comp): $795,352
• List price: $599,999
• Delta: -24.56%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 11.1%
• Equity multiple: 1.47×
• Total profit: $78,838
• Equity at exit: $89,462

10-year hold

• IRR: 24.2%
• Equity multiple: 3.67×
• Total profit: $448,708
• Equity at exit: $51,877

Cash invested: $168,000 (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 08402

• Rents YoY: 8.9%
• Active inventory: 147
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $8,793 medium
• Mortgage (P&I): −$3,146
• Tax est. 1.5%: −$750 /mo · $9,000/yr
• Insurance: −$250
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$348
• Vacancy / Maint / Mgmt: −$1,846
• Net cashflow: $2,025

Break-even live

Break-even rent $6,229

Max offer price $599,999

Occupancy floor 72%

Sensitivity live

Price	-10% $2,440	-5% $2,233	+0% $2,025	+5% $1,818	+10% $1,611
Rent	-10% $1,331	-5% $1,678	+0% $2,025	+5% $2,373	+10% $2,720
Rate	-1.0pp $2,327	-0.5pp $2,178	base $2,025	+0.5pp $1,870	+1.0pp $1,712

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9400 Atlantic Ave Margate City, NJ	2.0	1.0–1.5	917	$28,000	$30.52	14d	6	0.09mi
9400 Atlantic Ave Margate City, NJ	1.0–2.0	1.0–1.5	1020	$26,000	$25.49	22d	4	0.09mi
9101 Atlantic Ave #106 Margate City, NJ	2.0	2.0	1108	$10,000	$9.03	45d	1	0.13mi
16 N Monroe Ave Unit B4 SUMMER Margate City, NJ	2.0	2.0	919	$28,000	$30.47	45d	1	0.29mi
16 N Monroe Ave Unit B4 JUNE Margate City, NJ	2.0	2.0	919	$6,000	$6.53	45d	1	0.29mi
16 N Monroe Ave Unit B4 AUG Margate City, NJ	2.0	2.0	919	$11,000	$11.97	45d	1	0.29mi
126 N Washington Ave Unit A Margate City, NJ	2.0	2.0	1100	$3,575	$3.25	45d	1	0.29mi
9500 Amherst Ave Unit B 7 Margate City, NJ	1.0	1.0	630	$15,000	$23.81	22d	1	0.40mi

HOA detail

• Monthly dues: $348 · $4,176/yr

Listing history 28 events

1. 2026-06-19
   days on market $599,999 Active 37 DOM
2. 2026-06-18
   days on market $599,999 Active 36 DOM
3. 2026-06-17
   days on market $599,999 Active 35 DOM
4. 2026-06-16
   days on market $599,999 Active 34 DOM
5. 2026-06-15
   days on market $599,999 Active 33 DOM
6. 2026-06-14
   days on market $599,999 Active 31 DOM
7. 2026-06-13
   days on market $599,999 Active 30 DOM
8. 2026-06-10
   days on market $599,999 Active 28 DOM
9. 2026-06-09
   days on market $599,999 Active 27 DOM
10. 2026-06-08
    days on market $599,999 Active 26 DOM
11. 2026-06-07
    days on market $599,999 Active 25 DOM
12. 2026-06-05
    days on market $599,999 Active 22 DOM
13. 2026-06-02
    days on market $599,999 Active 20 DOM
14. 2026-06-01
    days on market $599,999 Active 19 DOM
15. 2026-05-31
    days on market $599,999 Active 18 DOM
16. 2026-05-30
    days on market $599,999 Active 17 DOM
17. 2026-05-15
    status Active 1046-char remark
18. 2026-05-14
    historical 1046-char remark
19. 2026-05-12
    listed $599,999 Active 1046-char remark
20. 2025-10-17
    historical $1,500
21. 2025-09-26
    price $1,500
22. 2025-06-17
    listed $1,650
23. 2024-10-01
    historical $1,850
24. 2024-07-04
    price $1,850
25. 2024-05-15
    listed $11,000
26. 2001-06-01
    historical 220-char remark

    Show marketing remark (220 chars)

    Six units Southside only 12 years old. Modern building. Good rental history. 100 % occupied. Roof top deck and off-street parking. SELLER IN PROCESS OF CHANGING FROM CONDO TO MULTI STATUS. CALL LISTING AGENT FOR DETAILS.

27. 2001-05-21
    soldstatus $455,000 220-char remark

    Show marketing remark (220 chars)

    Six units Southside only 12 years old. Modern building. Good rental history. 100 % occupied. Roof top deck and off-street parking. SELLER IN PROCESS OF CHANGING FROM CONDO TO MULTI STATUS. CALL LISTING AGENT FOR DETAILS.

28. 2001-03-16
    listed $499,000 220-char remark

    Show marketing remark (220 chars)

    Six units Southside only 12 years old. Modern building. Good rental history. 100 % occupied. Roof top deck and off-street parking. SELLER IN PROCESS OF CHANGING FROM CONDO TO MULTI STATUS. CALL LISTING AGENT FOR DETAILS.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥95°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: $105,512
• − Mortgage interest: −$33,609
• − Property taxes: −$9,000
• − Insurance: −$8,118
• − Repairs & maintenance: −$8,441
• − Management: −$8,441
• − HOA: −$4,176
• − Depreciation: −$17,455
• Taxable income: $16,272
• Est. tax owed @ 24.0%: −$3,905
• After-tax cash flow: $20,397/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: Margate City School District
• NCES district ID: 3409690
• Math proficiency: 50% ▼ -26.00%
• Reading proficiency: 58% ▼ -28.00%
• Median HH income: $67,112
• Composite: 47.71/100
• National rank: #2241
• State rank: #113 of 472 in NJ

Livability — Margate City

• Score: 75/100
• State rank: #149
• US rank: #3893

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A- Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Margate City, NJ
• County: Atlantic County · 143,611 people
• City population: 5,234
• Metro: Atlantic City-Hammonton, NJ
• Population (ZIP): 5,234
• Household income: $121,800
• Rent vs Own: 10.0% rent · 90.0% own
• Severe rent burden: 23.0

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: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Asian 2% Hispanic / Latino 2%
• Common ancestry: Scotch-Irish 9% Romanian 6% Lithuanian 2%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 92% English-only · Other Indo-European 2% Tagalog/Filipino 2% Spanish 1%

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: ▼ -625.70%
• Current HPI: 475.1366
• Rent YoY: ▲ 8.91%
• 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

+20.2% since first listed

12 events — show timeline

• 2026-05-15 Relisted — SJSRMLS
• 2026-05-14 Listing Removed — SJSRMLS
• 2026-05-12 Listed $599,999 SJSRMLS
• 2025-10-17 Rental Removed $1,500 SJSRMLS
• 2025-09-26 Price Changed $1,500 SJSRMLS
• 2025-06-17 Listed for Rent $1,650 SJSRMLS
• 2024-10-01 Rental Removed $1,850 SJSRMLS
• 2024-07-04 Price Changed $1,850 SJSRMLS
• 2024-05-15 Listed for Rent $11,000 SJSRMLS
• 2001-06-01 Listing Removed — SJSRMLS
• 2001-05-21 Sold (MLS) $455,000 SJSRMLS
• 2001-03-16 Listed $499,000 SJSRMLS