1815 Hummock Ave · Atlantic City, NJ 08401

$349,000

12 bd · 9.0 ba · 2,804 sqft · SingleFamily public records · 16 Days on market

Built 1900

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Why this score? — see what drove the F 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 +8.2/30.0
• ARV discount +7.5/15.0
• Rent growth +3.9/5.0
• Livability +2.8/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fully occupied duplex rented for 31k annually! Makes a great investment property for any real estate portfolio!

Key facts

• Fully rented triplex
• Prime location
• Listed 16 days

Tags

• FULLY RENTED TRIPLEX
• IMMEDIATE RENTAL INCOME
• INCOME PRODUCING PROPERTY
• PRIME LOCATION

Property features AI

Finance

• Other: Annual taxes reported (details withheld from feature list)
• Financial info: Total reported annual income: $33,840; Building contains 8 units total (including three 2-bedroom units); Rental information listed as yearly

Exterior

• Parking: Off-site parking available; No on-site garage
• Utilities: Public water; Public sewer; Separate electric and gas meters; Gas water heater
• Home design: Multi-unit property (8 units); Some units located on lower and upper levels; Property is for sale
• Construction: Brick and vinyl exterior; Property older than 25 years
• Exterior features: Curbs; Deck; Sidewalks; Combination storms/screens

Interior

• Kitchen: Electric stove; Microwave; Refrigerator
• Bedrooms: Unit mix includes one-bedroom and two-bedroom units (examples: 1-bed units and 2-bed units across building)
• Bathrooms: One bathroom in listed unit examples
• Heating & cooling: Window air-conditioning units; Electric heating; Natural gas heating
• Interior features: Den/TV room; Dining area; Dining room; Living room; Pantry
• Laundry & utility: Separate electric and gas meters; Gas water heater

What this means for you Summary

Snapshot

• This is a 12-bed/9.0-bath single-family listed at $349k.

Deal economics

• At list price, monthly cash flow is $-755 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (38.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $270k (22.6% below list).
• Recommended offer: $216k (38.2% below list) — sets the bar for cash-flow.
• Cap rate 5.2% 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: New York Avenue School (math 3% / reading 13%, grade F, #1,270 of 1,303 statewide, top 98%, 571 students, 93% 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 87% FRL track the district average.
• Market conditions: Rents rising fast (+5.5%/yr); 491 active listings in the ZIP; lower-income renter base — watch delinquency; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• At $2,701/mo this rent would consume 79% 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 $10k 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 16 days — a 2% lower offer ($344k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y 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 $149k; list at $349k implies a 133% 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $215,643 (38.2% 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 1900 — 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. 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?
8. 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.
9. 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.
10. 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: 0.77% ✗
• Cap rate: 5.16%
• Cash-on-cash: -4.03%
• DSCR: 0.82
• GRM: 10.8

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: -29.2%
• Equity multiple: 0.00×
• Total profit: $-97,279
• Equity at exit: $52,037

10-year hold

• IRR: -19.5%
• Equity multiple: -0.18×
• Total profit: $-114,929
• Equity at exit: $30,175

Cash invested: $97,720 (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: 10.8×

Monthly cashflow live

• Estimated rent: $2,701 medium
• Mortgage (P&I): −$1,830
• Tax from tax record: −$486 /mo · $5,837/yr
• Insurance: −$145
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $-755

Break-even live

Break-even rent $3,656

Max offer price $215,643

Occupancy floor —

Sensitivity live

Price	-10% $-557	-5% $-656	+0% $-755	+5% $-854	+10% $-952
Rent	-10% $-968	-5% $-862	+0% $-755	+5% $-648	+10% $-542
Rate	-1.0pp $-579	-0.5pp $-666	base $-755	+0.5pp $-845	+1.0pp $-937

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $349,000 Active 16 DOM
2. 2026-06-02
   days on market $349,000 Active 12 DOM
3. 2026-06-01
   days on market $349,000 Active 11 DOM
4. 2026-05-31
   days on market $349,000 Active 10 DOM
5. 2026-05-30
   days on market $349,000 Active 9 DOM
6. 2026-05-21
   listed $349,000 Active
7. 2022-01-13
   soldstatus $149,475 Sold 111-char remark

   Show marketing remark (111 chars)

   Fully occupied duplex rented for 31k annually! Makes a great investment property for any real estate portfolio!

8. 2021-06-02
   historical Under Contract 111-char remark

   Show marketing remark (111 chars)

   Fully occupied duplex rented for 31k annually! Makes a great investment property for any real estate portfolio!

9. 2021-04-25
   listed $174,900 Active 111-char remark

   Show marketing remark (111 chars)

   Fully occupied duplex rented for 31k annually! Makes a great investment property for any real estate portfolio!

10. 2012-05-21
    soldstatus $60,000 192-char remark

    Show marketing remark (192 chars)

    100% Occupied Triplex comprised of two 1/BR units and one 2/BR unit. Separate gas/electric meters. Convenient location - close to shopping, casinos and beach. Subject to third party approval.

11. 2012-03-30
    historical 192-char remark

    Show marketing remark (192 chars)

    100% Occupied Triplex comprised of two 1/BR units and one 2/BR unit. Separate gas/electric meters. Convenient location - close to shopping, casinos and beach. Subject to third party approval.

12. 2011-02-28
    listed $99,000 192-char remark

    Show marketing remark (192 chars)

    100% Occupied Triplex comprised of two 1/BR units and one 2/BR unit. Separate gas/electric meters. Convenient location - close to shopping, casinos and beach. Subject to third party approval.

13. 2011-01-31
    historical
14. 2010-09-05
    listed $199,000
15. 2010-09-05
    historical
16. 2009-11-04
    listed $275,000
17. 2005-11-10
    soldstatus $235,000
18. 2005-11-04
    soldstatus $235,000
19. 2005-08-18
    historical
20. 2005-08-03
    listed $235,000
21. 1987-12-24
    soldstatus $32,000
22. 1979-10-01
    soldstatus $61,000

ⓘ 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: $5,837 · $486/mo
• Projected year-2 tax: $7,264 · $605/mo
• Expected delta: +$1,426/yr (+$119/mo · 24.4%)

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

Taxation est. · year 1

• Rental income: $32,410
• − Mortgage interest: −$19,549
• − Property taxes: −$5,837
• − Insurance: −$6,864
• − Repairs & maintenance: −$2,593
• − Management: −$2,593
• − Depreciation: −$10,153
• Taxable loss: −$15,178
• Est. tax savings @ 24.0%: +$3,643
• After-tax cash flow: $-5,416/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

+472.1% since first listed

17 events — show timeline

• 2026-05-21 Listed $349,000 SJSRMLS
• 2022-01-13 Sold (MLS) $149,475 SJSRMLS
• 2021-06-02 Contingent — SJSRMLS
• 2021-04-25 Listed $174,900 SJSRMLS
• 2012-05-21 Sold (MLS) $60,000 SJSRMLS
• 2012-03-30 Listing Removed — SJSRMLS
• 2011-02-28 Listed $99,000 SJSRMLS
• 2011-01-31 Listing Removed — SJSRMLS
• 2010-09-05 Listing Removed — SJSRMLS
• 2010-09-05 Listed $199,000 SJSRMLS
• 2009-11-04 Listed $275,000 SJSRMLS
• 2005-11-10 Sold (Public Records) $235,000 Public Records
• 2005-11-04 Sold (MLS) $235,000 SJSRMLS
• 2005-08-18 Listing Removed — SJSRMLS
• 2005-08-03 Listed $235,000 SJSRMLS
• 1987-12-24 Sold (Public Records) $32,000 Public Records
• 1979-10-01 Sold (Public Records) $61,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $5,837 · -2.1% YoY. Source: county tax records.