155 Boracay Cir

Jacksonville, FL 32259

$279,000D

3 bd · 2.5 ba · 1,751 sqft · Built 2022 · SingleFamily · Active · 155 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,531/mo
• Mortgage (P&I): −$1,463
• Tax + insurance: −$674
• HOA: −$596
• Vac / Maint / Mgmt: −$532
• Net cashflow: $-733/mo
• Annual: $-8,794/yr
• Cap rate: 3.14%
• Cash-on-cash: -11.26%
• DSCR: 0.50
• 1% rule: 0.91%
• Cash to close: $78,120

Investor read

• This is a 3-bed/2.5-bath single-family listed at $279k. Condition is rated good.
• At list price, monthly cash flow is $-733 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (46.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $253k (9.3% below list).
• It's been on market 155 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (46.4% below list) — sets the bar for cash-flow.
• 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.
• Location reads 83/100 on livability (#50 in FL, #911 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• St. Johns (rural): math 75% / reading 73% proficiency, ranked #2 of 73 in FL (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Palencia Elementary School (math 82% / reading 80%, grade A+, #95 of 2,144 statewide, top 5%, 781 students, 15% FRL); Pacetti Bay Middle School (math 77% / reading 72%, grade A, #40 of 571 statewide, top 7%, 1,443 students, 18% FRL); Allen D Nease Senior High School (math 72% / reading 78%, grade A-, #40 of 667 statewide, top 6%, 2,214 students, 4% FRL).
• Watch-outs: HOA is 24% of rent.
• Market conditions: Rents flat; 938 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 53d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 5,575 units permitted in St. Johns County in 2024 (584 in 5+ unit buildings).
• St. Johns County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.1% vs local median 4.0% in Jacksonville — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• 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?
• It's been on market 155 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.