2040 Hamilton Ave · Atlantic City, NJ 08401

$219,900

3 bd · 2.0 ba · 1,305 sqft · SingleFamily public records · 29 Days on market

Built 1955 Est $253k · 13% under ↓ 19% since listing

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Why this score? — see what drove the C+ 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 +23.5/30.0
• ARV discount +13.4/15.0
• DSCR +7.6/10.0
• 1% rule +6.1/10.0
• 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

HURRY!! This corner lot ranch home has 3 good-sized bedrooms, 2 full bathrooms, and is located on a quiet street in the desirable Venice Park neighborhood. This master suite is gigantic with a very spacious walk-in closet. The wood stove heats the entire home during the winter season. The property sits on higher ground, and the previous owner didn't have flooding enter the home. The house needs some TLC, but overall, it has been well-maintained and is ready for a new owner to make it their home. If you are looking to buy a good home in a good area with super-low taxes, call NOW to schedule your private tour!

Key facts

• 2 parking spots
• Built 1955
• Listed 28 days

Property features AI

Finance

• Other: Not in a floodplain: Yes (property is in a floodplain)

Exterior

• Parking: Two outdoor parking spaces; No garage
• Utilities: Public water; Public sewer; Gas water heater
• Home design: Single-family residence (R-1 zoning); Beige exterior; Vinyl siding; Property is an estate; Age: 25+ years
• Construction: Vinyl exterior siding; Crawl space foundation
• Exterior features: Porch; Shed; Sidewalks; Property needs work; Corner lot

Interior

• Kitchen: Dishwasher; Gas stove; Refrigerator; Eat-in kitchen
• Bedrooms: All bedrooms on the main level; Master bedroom on the first floor
• Flooring: Hardwood; Tile; Vinyl; Wall-to-wall carpet
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Walk-in closet; Built-in fireplace and wood stove
• Laundry & utility: Washer; Dryer; Laundry/utility room on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-17 ($-205/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (1.4% below list).
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $217k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% 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; 13 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 $2,430/mo this rent would consume 71% 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 $7k 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 29 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1955 — 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 $216,601 (1.5% 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. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.11% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.98%
• DSCR: 1.36
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $253,170
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1542 Beach Ave	0.28mi	3/2.0	1,300 (-0%)	18mo	$300,000	$231	71
1540 Beach Ave	0.28mi	3/2.0	1,300 (-0%)	18mo	$300,000	$231	71
1410 Emerson Ave	0.41mi	3/2.0	1,244 (-5%)	12mo	$300,000	$241	63
1552 W Riverside Dr	0.31mi	3/2.5	1,150 (-12%)	15mo	$450,000	$391	51
1525 Emerson Ave	0.27mi	3/2.0	1,120 (-14%)	17mo	$217,000	$194	50
1428 Madison Ave	0.37mi	3/2.5	1,474 (+13%)	12mo	$155,000	$105	49
2018 Mckinley Ave	0.73mi	3/1.0	1,192 (-9%)	4mo	$97,000	$81	44
1044 N Ohio Ave	0.72mi	3/1.0	1,132 (-13%)	1mo	$168,000	$148	40
1115 N Ohio Ave	0.69mi	3/1.0	1,438 (+10%)	16mo	$149,000	$104	34

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: -13.2%
• Equity multiple: 0.51×
• Total profit: $-30,111
• Equity at exit: $32,788

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $862
• Equity at exit: $19,013

Cash invested: $61,572 (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: 7.5×

Monthly cashflow live

• Estimated rent: $2,430 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$265 /mo · $3,184/yr
• Insurance: −$92
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $-17

Break-even live

Break-even rent $2,452

Max offer price $216,885

Occupancy floor 96%

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1532 Emerson Pl Fl Front Atlantic City, NJ	3.0	2.0	1200	$2,400	$2.00	13d	1	0.27mi
1523 N Arkansas Ave Atlantic City, NJ	3.0	2.0	984	$2,500	$2.54	21d	1	0.29mi
1510 N Arkansas Ave Atlantic City, NJ	3.0	2.0	1008	$2,750	$2.73	13d	1	0.32mi
2021 Grant Ave Atlantic City, NJ	3.0	1.0	1011	$2,350	$2.32	21d	1	0.78mi
905 Keener Ave Atlantic City, NJ	3.0	1.0	1059	$1,900	$1.79	21d	1	0.78mi
2015 Grant Ave Atlantic City, NJ	3.0	1.0	1056	$2,325	$2.20	21d	1	0.78mi
1916 Magellan Ave Atlantic City, NJ	2.0	1.0	1478	$1,850	$1.25	21d	1	0.88mi
4 Italy Ter Atlantic City, NJ	3.0	1.0	1000	$2,300	$2.30	21d	1	1.21mi
512 N Harrisburg Ave Atlantic City, NJ	3.0	2.0	1156	$2,800	$2.42	13d	1	1.26mi
326 N Tennessee Ave Unit 2 Atlantic City, NJ	3.0	1.0	1815	$2,200	$1.21	13d	1	1.28mi
100 N Chelsea Ave Unit 1 Atlantic City, NJ	3.0	1.0	1200	$15,000	$12.50	21d	1	1.31mi
3914 South Blvd Atlantic City, NJ	2.0	2.5	1700	$3,400	$2.00	21d	1	1.47mi
3636 Winchester Ave Atlantic City, NJ	3.0	1.0	1094	$1,995	$1.82	21d	1	1.47mi

Listing history 28 events

1. 2026-06-19
   days on market $219,900 Under Contract 29 DOM
2. 2026-06-18
   days on market $219,900 Under Contract 28 DOM
3. 2026-06-17
   days on market $219,900 Under Contract 27 DOM
4. 2026-06-16
   days on market $219,900 Under Contract 26 DOM
5. 2026-06-15
   days on market $219,900 Under Contract 25 DOM
6. 2026-06-14
   days on market $219,900 Under Contract 23 DOM
7. 2026-06-13
   days on market $219,900 Under Contract 22 DOM
8. 2026-06-10
   days on market $219,900 Under Contract 20 DOM
9. 2026-06-09
   days on market $219,900 Under Contract 19 DOM
10. 2026-06-08
    days on market $219,900 Under Contract 18 DOM
11. 2026-06-07
    days on market $219,900 Under Contract 17 DOM
12. 2026-06-02
    days on market $219,900 Under Contract 12 DOM
13. 2026-06-01
    days on market $219,900 Under Contract 11 DOM
14. 2026-05-31
    days on market $219,900 Under Contract 10 DOM
15. 2026-05-30
    days on market $219,900 Under Contract 9 DOM
16. 2026-05-21
    listed Under Contract
17. 2026-05-21
    listed $219,900
18. 2026-05-05
    historical

    Show marketing remark (615 chars)

    HURRY!! This corner lot ranch home has 3 good-sized bedrooms, 2 full bathrooms, and is located on a quiet street in the desirable Venice Park neighborhood. This master suite is gigantic with a very spacious walk-in closet. The wood stove heats the entire home during the winter season. The property sits on higher ground, and the previous owner didn't have flooding enter the home. The house needs some TLC, but overall, it has been well-maintained and is ready for a new owner to make it their home. If you are looking to buy a good home in a good area with super-low taxes, call NOW to schedule your private tour!

19. 2026-05-05
    historical 615-char remark

    Show marketing remark (615 chars)

    HURRY!! This corner lot ranch home has 3 good-sized bedrooms, 2 full bathrooms, and is located on a quiet street in the desirable Venice Park neighborhood. This master suite is gigantic with a very spacious walk-in closet. The wood stove heats the entire home during the winter season. The property sits on higher ground, and the previous owner didn't have flooding enter the home. The house needs some TLC, but overall, it has been well-maintained and is ready for a new owner to make it their home. If you are looking to buy a good home in a good area with super-low taxes, call NOW to schedule your private tour!

20. 2026-04-20
    price $229,900 615-char remark

    Show marketing remark (615 chars)

    HURRY!! This corner lot ranch home has 3 good-sized bedrooms, 2 full bathrooms, and is located on a quiet street in the desirable Venice Park neighborhood. This master suite is gigantic with a very spacious walk-in closet. The wood stove heats the entire home during the winter season. The property sits on higher ground, and the previous owner didn't have flooding enter the home. The house needs some TLC, but overall, it has been well-maintained and is ready for a new owner to make it their home. If you are looking to buy a good home in a good area with super-low taxes, call NOW to schedule your private tour!

21. 2026-04-20
    price $229,900

    Show marketing remark (615 chars)

    HURRY!! This corner lot ranch home has 3 good-sized bedrooms, 2 full bathrooms, and is located on a quiet street in the desirable Venice Park neighborhood. This master suite is gigantic with a very spacious walk-in closet. The wood stove heats the entire home during the winter season. The property sits on higher ground, and the previous owner didn't have flooding enter the home. The house needs some TLC, but overall, it has been well-maintained and is ready for a new owner to make it their home. If you are looking to buy a good home in a good area with super-low taxes, call NOW to schedule your private tour!

22. 2026-02-18
    price $239,900 615-char remark

    Show marketing remark (615 chars)

    HURRY!! This corner lot ranch home has 3 good-sized bedrooms, 2 full bathrooms, and is located on a quiet street in the desirable Venice Park neighborhood. This master suite is gigantic with a very spacious walk-in closet. The wood stove heats the entire home during the winter season. The property sits on higher ground, and the previous owner didn't have flooding enter the home. The house needs some TLC, but overall, it has been well-maintained and is ready for a new owner to make it their home. If you are looking to buy a good home in a good area with super-low taxes, call NOW to schedule your private tour!

23. 2026-02-17
    price $239,900
24. 2025-12-29
    price $249,900 615-char remark

    Show marketing remark (615 chars)

    HURRY!! This corner lot ranch home has 3 good-sized bedrooms, 2 full bathrooms, and is located on a quiet street in the desirable Venice Park neighborhood. This master suite is gigantic with a very spacious walk-in closet. The wood stove heats the entire home during the winter season. The property sits on higher ground, and the previous owner didn't have flooding enter the home. The house needs some TLC, but overall, it has been well-maintained and is ready for a new owner to make it their home. If you are looking to buy a good home in a good area with super-low taxes, call NOW to schedule your private tour!

25. 2025-12-29
    price $249,900

    Show marketing remark (615 chars)

    HURRY!! This corner lot ranch home has 3 good-sized bedrooms, 2 full bathrooms, and is located on a quiet street in the desirable Venice Park neighborhood. This master suite is gigantic with a very spacious walk-in closet. The wood stove heats the entire home during the winter season. The property sits on higher ground, and the previous owner didn't have flooding enter the home. The house needs some TLC, but overall, it has been well-maintained and is ready for a new owner to make it their home. If you are looking to buy a good home in a good area with super-low taxes, call NOW to schedule your private tour!

26. 2025-12-04
    listed $269,900 Active
27. 2025-12-01
    historical

    Show marketing remark (615 chars)

    HURRY!! This corner lot ranch home has 3 good-sized bedrooms, 2 full bathrooms, and is located on a quiet street in the desirable Venice Park neighborhood. This master suite is gigantic with a very spacious walk-in closet. The wood stove heats the entire home during the winter season. The property sits on higher ground, and the previous owner didn't have flooding enter the home. The house needs some TLC, but overall, it has been well-maintained and is ready for a new owner to make it their home. If you are looking to buy a good home in a good area with super-low taxes, call NOW to schedule your private tour!

28. 2025-12-01
    listed $269,900 Active 615-char remark

    Show marketing remark (615 chars)

    HURRY!! This corner lot ranch home has 3 good-sized bedrooms, 2 full bathrooms, and is located on a quiet street in the desirable Venice Park neighborhood. This master suite is gigantic with a very spacious walk-in closet. The wood stove heats the entire home during the winter season. The property sits on higher ground, and the previous owner didn't have flooding enter the home. The house needs some TLC, but overall, it has been well-maintained and is ready for a new owner to make it their home. If you are looking to buy a good home in a good area with super-low taxes, call NOW to schedule your private tour!

ⓘ 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: $3,184 · $265/mo
• Projected year-2 tax: $4,330 · $361/mo
• Expected delta: +$1,146/yr (+$95/mo · 36.0%)

ⓘ 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 3/10 Moderate
• 🌡 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,159
• − Mortgage interest: −$12,318
• − Property taxes: −$3,184
• − Insurance: −$6,218
• − Repairs & maintenance: −$2,333
• − Management: −$2,333
• − Depreciation: −$6,397
• Taxable loss: −$3,624
• Est. tax savings @ 24.0%: +$870
• After-tax cash flow: $665/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

-18.5% since first listed

13 events — show timeline

• 2026-05-21 Listed — SJSRMLS
• 2026-05-21 Listed $219,900 SJSRMLS
• 2026-05-05 Listing Removed — SJSRMLS
• 2026-05-05 Listing Removed — BRIGHT MLS
• 2026-04-20 Price Changed $229,900 SJSRMLS
• 2026-04-20 Price Changed $229,900 BRIGHT MLS
• 2026-02-18 Price Changed $239,900 SJSRMLS
• 2026-02-17 Price Changed $239,900 BRIGHT MLS
• 2025-12-29 Price Changed $249,900 SJSRMLS
• 2025-12-29 Price Changed $249,900 BRIGHT MLS
• 2025-12-04 Listed $269,900 BRIGHT MLS
• 2025-12-01 Coming Soon — BRIGHT MLS
• 2025-12-01 Listed $269,900 SJSRMLS

Property tax history

-1.7%/yr

Latest (2025): $3,184 · -2.2% YoY. Source: county tax records.