2521 Centennial Ave · Atlantic City, NJ 08401

$225,000

4 bd · 4.0 ba · 814 sqft · SingleFamily public records · 46 Days on market

Built 1900 Est $151k · 49% over

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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 +23.2/30.0
• DSCR +7.5/10.0
• 1% rule +6.0/10.0
• Rent growth +3.9/5.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

INVESTMENT OPPORTUNITY!! Recently updated duplex!! Each unit features 1 bedroom, 1 bath, living room and eat-in kitchen! Walking distance to Tropicana casino, local businesses and restaurants! Great opportunity to be rented or used as an AirBnB. Sold in "as-is" condition. Both units have tenants on month to month leases paying $700 a month. Currently only showing top unit any day from 9 to 11.

Key facts

• Listed 46 days

Tags

• RECENTLY RENOVATED DUPLEX

Property features AI

Finance

• Other: Lot dimensions approximately 23.5 x 38; Two total units (both 1-bedroom); total rooms in lower unit: 3
• Financial info: Annual taxes listed (available in source data)

Exterior

• Parking: No exterior parking; No garage
• Utilities: Public water; Public sewer; Gas water heater
• Home design: Duplex / multi-unit property (2 units); Property is listed for sale
• Exterior features: Vinyl siding; Not waterfront

Interior

• Kitchen: Gas stove; Refrigerator
• Bedrooms: Two 1-bedroom units (one on the lower level, one on the upper level)
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Window air conditioning units; Natural gas heating
• Interior features: Gas stove; Refrigerator

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-18 ($-218/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (1.4% below list).
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $218k (3.0% 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, crime F, amenities 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.
• Zoned schools: Texas Avenue School (math 10% / reading 26%, grade F, #1,049 of 1,303 statewide, top 81%, 498 students, 96% FRL); Atlantic City High School (math 12% / reading 32%, grade F, #346 of 399 statewide, top 88%, 1,764 students, 80% FRL) — zoned schools at 88% FRL track the district average.
• Market conditions: Rents rising fast (+5.5%/yr); 491 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $2,480/mo this rent would consume 72% 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 46 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 13y 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 $85k; list at $225k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1900 — 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 $218,250 (3.0% 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 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.10% ✓
• Cap rate: 8.47%
• Cash-on-cash: 7.78%
• DSCR: 1.35
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $150,590
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2522 Arctic #RR A Ave	0.08mi	3/1.0 (-1)	810 (-0%)	12mo	$150,000	$185	68
822 N Arkansas Ave Ave	0.60mi	3/1.0 (-1)	884 (+9%)	5mo	$140,000	$158	36

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: $-30,872
• Equity at exit: $33,548

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $690
• Equity at exit: $19,454

Cash invested: $63,000 (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 08401

• Home prices YoY: -7.0%
• Rents YoY: 5.5%
• Active inventory: 491
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,480 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$277 /mo · $3,326/yr
• Insurance: −$94
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $-18

Break-even live

Break-even rent $2,503

Max offer price $221,793

Occupancy floor 96%

Sensitivity live

Price	-10% $109	-5% $46	+0% $-18	+5% $-82	+10% $-146
Rent	-10% $-214	-5% $-116	+0% $-18	+5% $80	+10% $178
Rate	-1.0pp $95	-0.5pp $39	base $-18	+0.5pp $-76	+1.0pp $-136

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4 Italy Ter Atlantic City, NJ	3.0	1.0	1000	$2,300	$2.30	23d	1	0.18mi
1724 Atlantic Ave Unit A1 Atlantic City, NJ	3.0	1.0	950	$2,300	$2.42	23d	1	0.64mi
2021 Grant Ave Atlantic City, NJ	3.0	1.0	1011	$2,350	$2.32	23d	1	0.66mi
2015 Grant Ave Atlantic City, NJ	3.0	1.0	1056	$2,325	$2.20	23d	1	0.67mi
905 Keener Ave Atlantic City, NJ	3.0	1.0	1059	$1,900	$1.79	23d	1	0.69mi
3636 Winchester Ave Atlantic City, NJ	3.0	1.0	1094	$1,995	$1.82	23d	1	0.72mi
1510 N Arkansas Ave Atlantic City, NJ	3.0	2.0	1008	$2,750	$2.73	15d	1	1.01mi
1523 N Arkansas Ave Atlantic City, NJ	3.0	2.0	984	$2,500	$2.54	23d	1	1.05mi
31 N Virginia Ave Atlantic City, NJ	3.0	1.0	725	$2,230	$3.08	15d	1	1.21mi

Listing history 37 events

1. 2026-06-21
   days on market $225,000 Active 46 DOM
2. 2026-06-19
   days on market $225,000 Active 44 DOM
3. 2026-06-18
   days on market $225,000 Active 43 DOM
4. 2026-06-17
   days on market $225,000 Active 42 DOM
5. 2026-06-16
   days on market $225,000 Active 41 DOM
6. 2026-06-15
   days on market $225,000 Active 40 DOM
7. 2026-06-14
   days on market $225,000 Active 38 DOM
8. 2026-06-13
   days on market $225,000 Active 37 DOM
9. 2026-06-10
   days on market $225,000 Active 35 DOM
10. 2026-06-09
    days on market $225,000 Active 34 DOM
11. 2026-06-08
    days on market $225,000 Active 33 DOM
12. 2026-06-07
    days on market $225,000 Active 32 DOM
13. 2026-06-02
    days on market $225,000 Active 27 DOM
14. 2026-06-01
    days on market $225,000 Active 26 DOM
15. 2026-05-31
    days on market $225,000 Active 25 DOM
16. 2026-05-30
    days on market $225,000 Active 24 DOM
17. 2026-05-06
    listed $225,000 Active 518-char remark
18. 2021-10-15
    soldstatus $85,000
19. 2021-08-02
    soldstatus $85,000 Sold 406-char remark

    Show marketing remark (406 chars)

    INVESTMENT OPPORTUNITY!! Recently updated duplex!! Each unit features 1 bedroom, 1 bath, living room and eat-in kitchen! Walking distance to Tropicana casino, local businesses and restaurants! Great opportunity to be rented or used as an AirBnB. Sold in "as-is" condition. Both units have tenants on month to month leases paying $700 a month. Currently only showing top unit any day from 9 to 11.

20. 2021-06-08
    historical Under Contract 406-char remark

    Show marketing remark (406 chars)

    INVESTMENT OPPORTUNITY!! Recently updated duplex!! Each unit features 1 bedroom, 1 bath, living room and eat-in kitchen! Walking distance to Tropicana casino, local businesses and restaurants! Great opportunity to be rented or used as an AirBnB. Sold in "as-is" condition. Both units have tenants on month to month leases paying $700 a month. Currently only showing top unit any day from 9 to 11.

21. 2020-11-17
    listed $87,000 Active 406-char remark

    Show marketing remark (406 chars)

    INVESTMENT OPPORTUNITY!! Recently updated duplex!! Each unit features 1 bedroom, 1 bath, living room and eat-in kitchen! Walking distance to Tropicana casino, local businesses and restaurants! Great opportunity to be rented or used as an AirBnB. Sold in "as-is" condition. Both units have tenants on month to month leases paying $700 a month. Currently only showing top unit any day from 9 to 11.

22. 2020-10-31
    historical

    Show marketing remark (449 chars)

    Recently Renovated duplex in the heart of Atlantic City. Live in one unit and rent out the other or rent out both for investment income. Property was previously rented for $650 per month per unit prior to the renovations. This is a great opportunity for additional income as an AirBnb. Walking distances to the Tropicana and dozens of restaurants and businesses. Less than a mile to the bus and train stations. 3 blocks from the boardwalk and beach.

23. 2020-09-19
    price $87,000

    Show marketing remark (449 chars)

    Recently Renovated duplex in the heart of Atlantic City. Live in one unit and rent out the other or rent out both for investment income. Property was previously rented for $650 per month per unit prior to the renovations. This is a great opportunity for additional income as an AirBnb. Walking distances to the Tropicana and dozens of restaurants and businesses. Less than a mile to the bus and train stations. 3 blocks from the boardwalk and beach.

24. 2020-07-04
    price $89,000

    Show marketing remark (449 chars)

    Recently Renovated duplex in the heart of Atlantic City. Live in one unit and rent out the other or rent out both for investment income. Property was previously rented for $650 per month per unit prior to the renovations. This is a great opportunity for additional income as an AirBnb. Walking distances to the Tropicana and dozens of restaurants and businesses. Less than a mile to the bus and train stations. 3 blocks from the boardwalk and beach.

25. 2020-06-26
    status Active

    Show marketing remark (449 chars)

    Recently Renovated duplex in the heart of Atlantic City. Live in one unit and rent out the other or rent out both for investment income. Property was previously rented for $650 per month per unit prior to the renovations. This is a great opportunity for additional income as an AirBnb. Walking distances to the Tropicana and dozens of restaurants and businesses. Less than a mile to the bus and train stations. 3 blocks from the boardwalk and beach.

26. 2020-06-10
    historical Under Contract

    Show marketing remark (449 chars)

    Recently Renovated duplex in the heart of Atlantic City. Live in one unit and rent out the other or rent out both for investment income. Property was previously rented for $650 per month per unit prior to the renovations. This is a great opportunity for additional income as an AirBnb. Walking distances to the Tropicana and dozens of restaurants and businesses. Less than a mile to the bus and train stations. 3 blocks from the boardwalk and beach.

27. 2020-03-23
    price $94,000

    Show marketing remark (449 chars)

    Recently Renovated duplex in the heart of Atlantic City. Live in one unit and rent out the other or rent out both for investment income. Property was previously rented for $650 per month per unit prior to the renovations. This is a great opportunity for additional income as an AirBnb. Walking distances to the Tropicana and dozens of restaurants and businesses. Less than a mile to the bus and train stations. 3 blocks from the boardwalk and beach.

28. 2020-03-13
    listed $89,000 Active

    Show marketing remark (449 chars)

    Recently Renovated duplex in the heart of Atlantic City. Live in one unit and rent out the other or rent out both for investment income. Property was previously rented for $650 per month per unit prior to the renovations. This is a great opportunity for additional income as an AirBnb. Walking distances to the Tropicana and dozens of restaurants and businesses. Less than a mile to the bus and train stations. 3 blocks from the boardwalk and beach.

29. 2016-12-02
    historical
30. 2016-09-29
    status Active
31. 2016-09-06
    historical Under Contract - Continue to Show
32. 2016-08-21
    listed $50,000 Active
33. 2014-08-01
    historical
34. 2013-07-05
    listed $59,000
35. 2000-06-23
    soldstatus $43,000
36. 1998-05-18
    soldstatus $40,000
37. 1979-03-01
    soldstatus $12,000

ⓘ 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: $3,326 · $277/mo
• Projected year-2 tax: $4,464 · $372/mo
• Expected delta: +$1,138/yr (+$95/mo · 34.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 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: $29,760
• − Mortgage interest: −$12,603
• − Property taxes: −$3,326
• − Insurance: −$6,244
• − Repairs & maintenance: −$2,381
• − Management: −$2,381
• − Depreciation: −$6,545
• Taxable loss: −$3,720
• Est. tax savings @ 24.0%: +$893
• After-tax cash flow: $675/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

+1775.0% since first listed

21 events — show timeline

• 2026-05-06 Listed $225,000 SJSRMLS
• 2021-10-15 Sold (Public Records) $85,000 Public Records
• 2021-08-02 Sold (MLS) $85,000 SJSRMLS
• 2021-06-08 Contingent — SJSRMLS
• 2020-11-17 Listed $87,000 SJSRMLS
• 2020-10-31 Listing Removed — SJSRMLS
• 2020-09-19 Price Changed $87,000 SJSRMLS
• 2020-07-04 Price Changed $89,000 SJSRMLS
• 2020-06-26 Relisted — SJSRMLS
• 2020-06-10 Contingent — SJSRMLS
• 2020-03-23 Price Changed $94,000 SJSRMLS
• 2020-03-13 Listed $89,000 SJSRMLS
• 2016-12-02 Listing Removed — SJSRMLS
• 2016-09-29 Relisted — SJSRMLS
• 2016-09-06 Contingent — SJSRMLS
• 2016-08-21 Listed $50,000 SJSRMLS
• 2014-08-01 Listing Removed — SJSRMLS
• 2013-07-05 Listed $59,000 SJSRMLS
• 2000-06-23 Sold (Public Records) $43,000 Public Records
• 1998-05-18 Sold (Public Records) $40,000 Public Records
• 1979-03-01 Sold (Public Records) $12,000 Public Records

Property tax history

-2.1%/yr

Latest (2025): $3,326 · +25.6% YoY. Source: county tax records.