35 S Spray · Atlantic City, NJ 08401

$255,000

5 bd · 2.5 ba · 1,372 sqft · SingleFamily public records · 119 Days on market

Built 1910 Est $192k · 33% 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 +22.9/30.0
• DSCR +7.4/10.0
• 1% rule +5.9/10.0
• 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

Investors delight. This 5 bedroom house can easily be used as a 7 bedroom home with bedrooms on the main, second and third floor. Owner currently receives steady rent from reliable tenants. Location good place for an Air B N B, especially for those visiting the casinos and beach for the summer. The owner has made many updates throughout the house. Flooring consists of newer tile and wooden floors. The owner also had solar paneling installed on the roof. Come check out this house today. It will not last long. Property being sold " As Is".

Key facts

• Newer tile
• Wooden floors
• Solar paneling

Tags

• SOLAR PANELING
• NEWER TILE
• WOODEN FLOORS

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath single-family listed at $255k.

Deal economics

• At list price, monthly cash flow is $23 ($274/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $255k).
• Recommended offer: $232k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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); 482 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• At $2,777/mo this rent would consume 81% 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 $8k 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 119 days — a 9% lower offer ($232k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $165k; list at $255k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1910 — 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 $232,050 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.09% ✓
• Cap rate: 8.41%
• Cash-on-cash: 7.55%
• DSCR: 1.34
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $192,080
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32 S Bellevue Ave	0.06mi	4/2.0 (-1)	1,432 (+4%)	9mo	$200,000	$140	75

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: -12.2%
• Equity multiple: 0.55×
• Total profit: $-32,357
• Equity at exit: $38,021

10-year hold

• IRR: 1.1%
• Equity multiple: 1.09×
• Total profit: $6,078
• Equity at exit: $22,048

Cash invested: $71,400 (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: 7.7×

Monthly cashflow live

• Estimated rent: $2,777 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$301 /mo · $3,613/yr
• Insurance: −$106
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $23

Break-even live

Break-even rent $2,748

Max offer price $255,000

Occupancy floor 94%

Sensitivity live

Price	-10% $167	-5% $95	+0% $23	+5% $-49	+10% $-122
Rent	-10% $-197	-5% $-87	+0% $23	+5% $133	+10% $242
Rate	-1.0pp $151	-0.5pp $88	base $23	+0.5pp $-43	+1.0pp $-110

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1216 N Ohio Ave Atlantic City, NJ	5.0	2.0	1355	$2,900	$2.14	21d	1	1.15mi

Listing history 20 events

1. 2026-06-19
   days on market $255,000 Active 119 DOM
2. 2026-06-18
   days on market $255,000 Active 118 DOM
3. 2026-06-17
   days on market $255,000 Active 117 DOM
4. 2026-06-16
   days on market $255,000 Active 116 DOM
5. 2026-06-15
   days on market $255,000 Active 115 DOM
6. 2026-06-14
   days on market $255,000 Active 113 DOM
7. 2026-06-13
   days on market $255,000 Active 112 DOM
8. 2026-06-10
   days on market $255,000 Active 110 DOM
9. 2026-06-09
   days on market $255,000 Active 109 DOM
10. 2026-06-08
    days on market $255,000 Active 108 DOM
11. 2026-06-07
    days on market $255,000 Active 107 DOM
12. 2026-06-02
    days on market $255,000 Active 102 DOM
13. 2026-06-01
    days on market $255,000 Active 101 DOM
14. 2026-05-31
    days on market $255,000 Active 100 DOM
15. 2026-05-30
    days on market $255,000 Active 99 DOM
16. 2026-03-14
    price $255,000 553-char remark

    Show marketing remark (553 chars)

    Investors delight. This 5 bedroom house can easily be used as a 7 bedroom home with bedrooms on the main, second and third floor. Owner currently receives steady rent from reliable tenants. Location good place for an Air B N B, especially for those visiting the casinos and beach for the summer. The owner has made many updates throughout the house. Flooring consists of newer tile and wooden floors. The owner also had solar paneling installed on the roof. Come check out this house today. It will not last long. Property being sold " As Is".

17. 2026-02-12
    listed $250,000 Active 553-char remark

    Show marketing remark (553 chars)

    Investors delight. This 5 bedroom house can easily be used as a 7 bedroom home with bedrooms on the main, second and third floor. Owner currently receives steady rent from reliable tenants. Location good place for an Air B N B, especially for those visiting the casinos and beach for the summer. The owner has made many updates throughout the house. Flooring consists of newer tile and wooden floors. The owner also had solar paneling installed on the roof. Come check out this house today. It will not last long. Property being sold " As Is".

18. 2005-01-11
    soldstatus $165,000
19. 2000-08-04
    soldstatus $16,500
20. 1988-12-16
    soldstatus $756,000

ⓘ 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: $3,613 · $301/mo
• Projected year-2 tax: $4,981 · $415/mo
• Expected delta: +$1,368/yr (+$114/mo · 37.9%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 59% 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: $33,326
• − Mortgage interest: −$14,284
• − Property taxes: −$3,613
• − Insurance: −$6,394
• − Repairs & maintenance: −$2,666
• − Management: −$2,666
• − Depreciation: −$7,418
• Taxable loss: −$3,715
• Est. tax savings @ 24.0%: +$892
• After-tax cash flow: $1,165/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

-66.3% since first listed

5 events — show timeline

• 2026-03-14 Price Changed $255,000 SJSRMLS
• 2026-02-12 Listed $250,000 SJSRMLS
• 2005-01-11 Sold (Public Records) $165,000 Public Records
• 2000-08-04 Sold (Public Records) $16,500 Public Records
• 1988-12-16 Sold (Public Records) $756,000 Public Records

Property tax history

-0.6%/yr

Latest (2025): $3,613 · -2.1% YoY. Source: county tax records.