24 N Washington Ave · Margate City, NJ 08402

$999,999

4 bd · 3.0 ba · 1,955 sqft · Other · 1 Days on market

Built 1984 Excellent condition

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Why this score? — see what drove the B 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 +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Condition / age +5.0/5.0
• Schools +4.8/10.0
• Rent growth +4.7/5.0
• Livability +3.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Completely Renovated in 2025 with High End Finishes This NEWLY RENOVATED property is in the HEART OF MARGATE - WALKING DISTANCE TO EVERYTHING

Key facts

• High end finishes
• Completely renovated
• Built 1984

Tags

• COMPLETELY RENOVATED
• HIGH END FINISHES
• WALKING DISTANCE TO EVERYTHING

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $1000k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1000k).
• Cap rate 10.3% 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; 14 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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 $12,927/mo this rent would consume 127% 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 $7k of loan paydown is wiped out by about $30k 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 $280k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

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 $999,999

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.29% ✓
• Cap rate: 10.25%
• Cash-on-cash: 14.15%
• DSCR: 1.63
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 7.7%
• Equity multiple: 1.32×
• Total profit: $89,829
• Equity at exit: $149,103

10-year hold

• IRR: 21.1%
• Equity multiple: 3.24×
• Total profit: $626,778
• Equity at exit: $86,462

Cash invested: $280,000 (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: 6.4×

Monthly cashflow live

• Estimated rent: $12,927 medium
• Mortgage (P&I): −$5,244
• Tax est. 1.5%: −$1,250 /mo · $15,000/yr
• Insurance: −$417
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,715
• Net cashflow: $2,875

Break-even live

Break-even rent $9,288

Max offer price $999,999

Occupancy floor 73%

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 S Decatur Ave Unit 9/15-10/31 Margate City, NJ	4.0	3.0	1732	$7,000	$4.04	43d	1	0.15mi
9406 Amherst Ave Margate City, NJ	4.0	4.0	2554	$47,000	$18.40	21d	1	0.22mi
204 N Union Ave Margate City, NJ	5.0	4.0	2393	$5,000	$2.09	43d	1	0.29mi
201 N Coolidge Ave Unit A1 Margate City, NJ	3.0	2.0	1258	$35,000	$27.82	44d	1	0.30mi
8606 Monmouth Ave Unit August 9/13 Margate City, NJ	4.0	3.5	2430	$20,000	$8.23	43d	1	0.53mi
2 N Frontenac Ave Margate City, NJ	3.0	2.5	1850	$17,000	$9.19	21d	1	0.97mi
8208 Lagoon Dr Margate City, NJ	4.0	2.5	2480	$18,000	$7.26	13d	1	1.06mi
200 N Essex Ave Margate City, NJ	4.0	3.0	1570	$15,000	$9.55	43d	1	1.08mi
106 S Essex Ave Margate City, NJ	5.0	3.0	2034	$9,500	$4.67	21d	1	1.09mi
307 N Essex Ave Margate City, NJ	4.0	2.0	1561	$1,800	$1.15	43d	1	1.12mi
107 N Douglas Ave Margate City, NJ	5.0	3.5	2312	$36,000	$15.57	43d	1	1.13mi
107 N Douglas Ave Unit AUGUST Margate City, NJ	5.0	3.5	2312	$33,000	$14.27	21d	1	1.13mi
7701 Atlantic Ave Margate City, NJ	1.0–3.0	2.0–3.0	1660	$75,000	$45.18	43d	4	1.16mi
119 N Belmont Ave Unit June 2026 Margate City, NJ	4.0	2.5	2044	$10,000	$4.89	13d	1	1.32mi

Listing history 1 events

1. 2026-05-26
   listed $999,999 Active

ⓘ 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 10/10 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: $155,121
• − Mortgage interest: −$56,015
• − Property taxes: −$15,000
• − Insurance: −$10,118
• − Repairs & maintenance: −$12,410
• − Management: −$12,410
• − Depreciation: −$29,091
• Taxable income: $20,077
• Est. tax owed @ 24.0%: −$4,818
• After-tax cash flow: $29,680/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.

Condition & rehab AI · 1 photo

Excellent 100/100 None rehab

This property is completely renovated and move-in ready, located in the heart of Margate with walking distance to everything.

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

1 event — show timeline

• 2026-05-26 Listed $999,999 FSBO.com