2525 Thames St · Jacksonville, FL 32209

$200,000

4 bd · 2.0 ba · 1,890 sqft · MultiFamily public records · 84 Days on market

Built 1959 3,484 sqft lot Est $227k · 12% under

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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 +21.5/30.0
• ARV discount +12.8/15.0
• DSCR +6.9/10.0
• 1% rule +5.4/10.0
• Livability +4.2/5.0
• Schools +3.9/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Great investment opportunity in Jacksonville! This multi-family property features approximately 1,890 square feet of living space with 4 bedrooms and 2 bathrooms, offering strong potential for rental income or multi-generational living. Built in 1959, the property sits on a 3,584 sq ft lot and includes two residential units, making it an excellent addition to an investor's portfolio. Conveniently located near major roadways, schools, and local amenities, providing easy access to downtown Jacksonville and surrounding areas. With the right vision and updates, this property has the potential to generate steady income and long-term value. Don't miss this opportunity to own a versatile property

Key facts

• 3,484 sq ft lot
• Built 1959
• Listed 84 days

Property features AI

Finance

• HOA & community: Not a senior community

Exterior

• Parking: Assigned parking
• Utilities: Public sewer; Electricity available and connected; Water available; Sewer available
• Home design: Duplex (multi-family); Two levels; Entry level: 1; Faces west; Property attached
• Construction: Block construction; Shingle roof; 1 building; 2 stories
• Exterior features: City street frontage; Paved road; Lot features: Other

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: 4 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: No heating; No cooling
• Interior features: Balcony; Unfurnished

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $300 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 4.0% in Jacksonville — 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 83/100 on livability (#50 in FL, #911 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Duval (urban): math 46% / reading 45% proficiency, ranked #48 of 73 in FL (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Matthew W. Gilbert Middle School (math 26% / reading 17%, grade F, #553 of 571 statewide, top 97%, 688 students, 86% FRL); William M. Raines High School (math 14% / reading 13%, grade F, #616 of 667 statewide, top 92%, 1,217 students, 78% FRL) — zoned schools average 82% FRL vs 49% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 18% at this address vs 46% district-wide (-28 pts) — the specific schools serving this property underperform the Duval average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.8%/yr); 394 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 6,503 units permitted in Duval County in 2024 (1,131 in 5+ unit buildings).
• At $2,071/mo this rent would consume 81% of the median local household income ($31k/yr) (locally 2921% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Duval County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $188,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 8.10%
• Cash-on-cash: 6.44%
• DSCR: 1.29
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $226,800
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
429 W 18 St	0.52mi	5/3.0 (+1)	1,924 (+2%)	23mo	$230,000	$120	44
3902 Stuart St	0.67mi	4/4.0	1,978 (+5%)	15mo	$169,500	$86	41
218 W 11th St	0.73mi	3/2.0 (-1)	1,724 (-9%)	10mo	$350,000	$203	38

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 · 1.81% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-15,727
• Equity at exit: $29,821

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $1,130
• Equity at exit: $17,292

Cash invested: $56,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32209

• Home prices YoY: -22.1%
• Rents YoY: 1.8%
• Active inventory: 394
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $2,071 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$204 /mo · $2,443/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $300

Break-even live

Break-even rent $1,691

Max offer price $200,000

Occupancy floor 80%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,072
Total (2 units)			$2,071

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1029 W 25th St Unit 1 Jacksonville, FL	5.0	2.0	1410	$2,200	$1.56	23d	1	0.47mi
1025 W 25th St Unit 1 Jacksonville, FL	5.0	2.0	1500	$2,000	$1.33	23d	1	0.47mi
1031 W 26th St Jacksonville, FL	3.0	2.0	1261	$1,445	$1.15	23d	1	0.52mi
1149 W 28th St Jacksonville, FL	4.0	2.0	1344	$1,302	$0.97	23d	1	0.65mi
1511 W 15th St Jacksonville, FL	5.0	3.0	1720	$2,100	$1.22	23d	1	0.68mi
1288 W 28th St Jacksonville, FL	4.0	1.5	1449	$1,267	$0.87	13d	1	0.70mi
1931 Silver St Jacksonville, FL	3.0	2.0	2132	$2,600	$1.22	23d	1	0.82mi
421 Golfair Blvd Jacksonville, FL	4.0	2.5	1761	$1,381	$0.78	16d	1	0.84mi
1355 Grothe St Jacksonville, FL	4.0	1.0	1312	$1,350	$1.03	17d	1	0.84mi
1619 Whitner St Jacksonville, FL	3.0	2.0	1547	$1,150	$0.74	1d	1	0.86mi
30 W 12th St Jacksonville, FL	4.0	3.0	1792	$2,580	$1.44	1d	1	0.87mi
118 W 28th St Jacksonville, FL	3.0	2.0	1332	$1,250	$0.94	23d	1	0.98mi
146 W 6th St Jacksonville, FL	3.0	1.0	1600	$1,475	$0.92	19d	1	0.99mi
1514 Silver St Jacksonville, FL	3.0	2.0	1726	$2,275	$1.32	23d	1	0.99mi
326 Basswood St Jacksonville, FL	3.0	2.0	1317	$1,550	$1.18	23d	1	0.99mi
1730 W 19th St Jacksonville, FL	3.0	2.0	1323	$1,100	$0.83	1d	1	0.99mi
26 W 27th St Jacksonville, FL	3.0	2.0	1512	$1,300	$0.86	23d	1	1.03mi
1708 W 24th St Jacksonville, FL	3.0	2.0	1428	$1,250	$0.88	7d	1	1.03mi
1587 W 30th St Jacksonville, FL	3.0	1.0	1363	$1,450	$1.06	14d	1	1.07mi
55 E 9th St Jacksonville, FL	3.0	1.5	1246	$1,675	$1.34	14d	1	1.07mi
1744 W 28th St Jacksonville, FL	3.0	2.0	1556	$1,750	$1.12	23d	1	1.16mi
643 Linwood Ave Jacksonville, FL	3.0	2.0	1232	$1,325	$1.08	2d	1	1.18mi
28 W 33rd St Jacksonville, FL	4.0	1.0	1395	$898	$0.64	7d	1	1.18mi
1837 W 28th St Jacksonville, FL	3.0	2.0	1333	$1,600	$1.20	23d	1	1.25mi
1781 W 3rd St Jacksonville, FL	4.0	2.0	1632	$650	$0.40	23d	1	1.29mi
1545 Union St W Jacksonville, FL	3.0	2.0	1253	$1,400	$1.12	2d	1	1.33mi
1926 Walnut St Jacksonville, FL	3.0	2.0	1338	$1,418	$1.06	14d	1	1.33mi
331 W 40th St Jacksonville, FL	4.0	2.0	1536	$1,375	$0.90	3d	1	1.34mi
1607 Logan St Jacksonville, FL	4.0	2.0	1232	$1,800	$1.46	23d	1	1.38mi
1348 Crestwood St Jacksonville, FL	3.0	1.0	1300	$1,100	$0.85	23d	1	1.41mi
424 Walnut Ct Jacksonville, FL	3.0	2.0	1530	$1,688	$1.10	14d	1	1.43mi
424 Walnut Ct Jacksonville, FL	3.0	2.0	1530	$1,688	$1.10	14d	1	1.43mi

Listing history 13 events

1. 2026-06-18
   days on market $200,000 Active 84 DOM
2. 2026-06-17
   days on market $200,000 Active 83 DOM
3. 2026-06-16
   days on market $200,000 Active 82 DOM
4. 2026-06-15
   days on market $200,000 Active 81 DOM
5. 2026-06-13
   pricedays on market $200,000 Active 78 DOM
6. 2026-06-10
   days on market $210,000 Active 75 DOM
7. 2026-06-08
   days on market $210,000 Active 74 DOM
8. 2026-06-07
   days on market $210,000 Active 73 DOM
9. 2026-06-03
   days on market $210,000 Active 69 DOM
10. 2026-06-02
    days on market $210,000 Active 68 DOM
11. 2026-06-01
    days on market $210,000 Active 67 DOM
12. 2026-05-31
    days on market $210,000 Active 66 DOM
13. 2026-03-26
    listed $210,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $2,443 · $204/mo
• Projected year-2 tax: $2,443 · $204/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,852
• − Mortgage interest: −$11,203
• − Property taxes: −$2,443
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,988
• − Management: −$1,988
• − Depreciation: −$5,818
• Taxable income: $411
• Est. tax owed @ 24.0%: −$99
• After-tax cash flow: $3,505/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: Duval
• NCES district ID: 1200480
• Math proficiency: 46% ▼ -11.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $48,987
• Composite: 38.97/100
• National rank: #4076
• State rank: #48 of 73 in FL

Livability — Jacksonville

• Score: 83/100
• State rank: #50
• US rank: #911

Category grades

Amenities A+ Commute A+ Cost of living A Crime C Employment C Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jacksonville, FL
• County: Duval County · 1,015,274 people
• City population: 979,034
• Metro: Jacksonville, FL
• Population (ZIP): 34,657
• Household income: $30,514
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2921.0

Population outlook (Duval County) Hauer SSP2

• Today (2025): 1,013,010 people
• By 2030: 1,059,228 · +4.6%
• By 2040: 1,141,439 · +12.7%
• By 2050: 1,205,258 · +19.0%
• By 2075: 1,324,282 · +30.7%
• By 2100: 1,319,620 · +30.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (88%)
• Race & ethnicity: Black 88% White 5% Hispanic / Latino 5% Two or more races 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Hispanic 1% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4% French/Haitian/Cajun 1%

Political lean MEDSL · Duval

• 2024 margin: Toss-up / Even · D 48.7% · R 50.1% · Other 1.2%
• 2008→2024 swing: +0.4pp no change · 2008: -1.9pp · 2024: -1.5pp
• All cycles: 2024: R+1.5 2020: D+3.8 2016: R+1.5 2012: R+3.6 2008: R+1.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.92%
• Current HPI: 189.5977
• Rent YoY: ▲ 1.81%
• Metro: Jacksonville, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

1 event — show timeline

• 2026-03-26 Listed $210,000 realMLS

Property tax history

+16.6%/yr

Latest (2025): $2,443 · +25.5% YoY. Source: county tax records.