3101 Boardwalk #2002-2 · Atlantic City, NJ 08401

$159,000

1 bd · 1.5 ba · 872 sqft · Condo · 146 Days on market

Built 1985 $908/mo HOA · 38% of rent ↓ 6% since listing

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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).

• 1% rule +10.0/10.0
• Cash flow +9.2/30.0
• ARV discount +7.5/15.0
• Rent growth +3.9/5.0
• Livability +2.8/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

This well-appointed “Reno” model one-bedroom residence offers approximately 872 square feet of comfortable living space at The Jersey Shore. Located on the interior side between both towers, this unit provides a quieter setting to enjoy the benefits of oceanfront living. The apartment is in excellent condition with a thoughtfully designed floor plan that maximizes space and functionality. The kitchen and living areas flow nicely for everyday living or entertaining, and the spacious bedroom offers ample closet space. Appliances are newer and in great shape, and the unit presents a move-in-ready opportunity with room to add personal touches if desired. The heat pump for heat and A

Key facts

• Brand-new pool deck
• Indoor pool
• $908 HOA

Tags

• MOVE-IN-READY OPPORTUNITY
• RESORT-STYLE AMENITIES
• BRAND-NEW POOL DECK
• INDOOR POOL
• FULLY EQUIPPED FITNESS CENTER
• SAUNA AND STEAM ROOMS

Property features AI

Finance

• Other: Pets allowed
• HOA & community: Monthly association fee (amount provided); Association covers amenities, hot water, pool, sewer, trash and water; Association managed by on-site professionals; Community amenities include pool, sauna, whirlpool/spa, clubhouse/clubroom, elevator, cable TV

Exterior

• Parking: One-car garage (see remarks); No exterior parking
• Utilities: Public water; Public sewer
• Home design: Condo unit in Ocean Club 2; Single-level unit; Located in an 11+ story building; Building older than 25 years; Not waterfront
• Construction: Condominium construction
• Exterior features: Outside shower; Enclosed/covered porch

Interior

• Kitchen: Dishwasher; Electric stove; Self-cleaning oven; Microwave; Refrigerator
• Bedrooms: Unit has multiple rooms (total 5)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning (electric); Electric heating; Forced air; Heat pump
• Interior features: Furnished; Window blinds
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $-119 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (10.8% below list).
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $140k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.4% 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); 491 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $2,390/mo this rent would consume 70% 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 146 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 38% of rent.

Recommended offer $139,920 (12.0% 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 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.50% ✓
• Cap rate: 5.40%
• Cash-on-cash: -3.20%
• DSCR: 0.86
• GRM: 5.5

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: -16.0%
• Equity multiple: 0.40×
• Total profit: $-26,510
• Equity at exit: $23,707

10-year hold

• IRR: -1.0%
• Equity multiple: 0.92×
• Total profit: $-3,549
• Equity at exit: $13,747

Cash invested: $44,520 (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: 491
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,390 high
• Mortgage (P&I): −$834
• Tax est. 1.5%: −$199 /mo · $2,385/yr
• Insurance: −$66
• HOA: −$908
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $-119

Break-even live

Break-even rent $2,540

Max offer price $141,843

Occupancy floor 100%

Sensitivity live

Price	-10% $-9	-5% $-64	+0% $-119	+5% $-174	+10% $-228
Rent	-10% $-307	-5% $-213	+0% $-119	+5% $-24	+10% $70
Rate	-1.0pp $-38	-0.5pp $-78	base $-119	+0.5pp $-160	+1.0pp $-202

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3101 Boardwalk Unit 1110-2 Atlantic City, NJ	1.0	1.5	872	$14,500	$16.63	22d	1	0.06mi
2834 Atlantic Ave Atlantic City, NJ	1.0	1.0	639	$1,675	$2.62	22d	3	0.25mi
2834 Atlantic Ave Atlantic City, NJ	1.0	1.0	823	$1,688	$2.05	14d	3	0.25mi
38 N Boston Ave Unit B Atlantic City, NJ	2.0	2.0	800	$2,400	$3.00	14d	1	0.33mi
3813 Atlantic Ave Unit 1309001P Atlantic City, NJ	1.0	2.0	592	$4,333	$7.32	14d	1	0.42mi
108 Lincoln Pl Apt A4 Atlantic City, NJ	2.0	1.0	800	$5,000	$6.25	22d	1	0.42mi
3851 Boardwalk Atlantic City, NJ	2.0	1.0–2.0	785	$19,700	$25.10	22d	5	0.42mi
21 S Windsor Ave Unit b1 Atlantic City, NJ	2.0	1.0	640	$1,650	$2.58	14d	1	0.61mi
101 S Raleigh Ave Atlantic City, NJ	2.0	1.0	735	$10,125	$13.78	14d	7	0.67mi
1724 Atlantic Ave Unit B2 Atlantic City, NJ	2.0	1.0	750	$1,495	$1.99	22d	1	1.04mi
1710 Atlantic Ave Apt A Atlantic City, NJ	2.0	1.0	600	$4,500	$7.50	22d	1	1.06mi
5101 Ventnor Ave Unit 2 Ventnor City, NJ	2.0	1.0	1000	$1,950	$1.95	14d	1	1.26mi
5200 Boardwalk Unit 10A Ventnor City, NJ	1.0	2.0	1104	$21,000	$19.02	14d	1	1.32mi
23 S Little Rock Ave Unit 2 Ventnor City, NJ	2.0	2.0	1000	$2,500	$2.50	45d	1	1.36mi
101 S Victoria Ave Unit B1 Ventnor City, NJ	1.0	1.0	550	$2,100	$3.82	14d	1	1.39mi

HOA detail condo

• Monthly dues: $908 · $10,896/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-16
   days on market $159,000 Under Contract 146 DOM
2. 2026-06-15
   days on market $159,000 Under Contract 145 DOM
3. 2026-06-14
   days on market $159,000 Under Contract 143 DOM
4. 2026-06-13
   days on market $159,000 Under Contract 142 DOM
5. 2026-06-10
   days on market $159,000 Under Contract 140 DOM
6. 2026-06-09
   days on market $159,000 Under Contract 139 DOM
7. 2026-06-08
   days on market $159,000 Under Contract 138 DOM
8. 2026-06-07
   days on market $159,000 Under Contract 137 DOM
9. 2026-06-02
   days on market $159,000 Under Contract 132 DOM
10. 2026-06-01
    days on market $159,000 Under Contract 131 DOM
11. 2026-05-31
    remarks 687-char remark
12. 2026-05-31
    listed $159,000 Under Contract 130 DOM

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

Taxation est. · year 1

• Rental income: $28,682
• − Mortgage interest: −$8,906
• − Property taxes: −$2,385
• − Insurance: −$795
• − Repairs & maintenance: −$2,295
• − Management: −$2,295
• − HOA: −$10,896
• − Depreciation: −$4,625
• Taxable loss: −$3,515
• Est. tax savings @ 24.0%: +$844
• After-tax cash flow: $-579/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

-5.9% since first listed

3 events — show timeline

• 2026-05-27 Contingent — SJSRMLS
• 2026-03-14 Price Changed $159,000 SJSRMLS
• 2026-01-17 Listed $169,000 SJSRMLS