311 W Ashley St #806

Jacksonville, FL 32202

$87,000D

1 bd · 1.0 ba · 456 sqft · Built 1949 · Condo · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,218/mo
• Mortgage (P&I): −$456
• Tax + insurance: −$146
• HOA: −$440
• Vac / Maint / Mgmt: −$256
• Net cashflow: $-80/mo
• Annual: $-960/yr
• Cap rate: 5.19%
• Cash-on-cash: -3.94%
• DSCR: 0.82
• 1% rule: 1.40%
• Cash to close: $24,360

Investor read

• This is a 1-bed/1.0-bath condo listed at $87k.
• At list price, monthly cash flow is $-80 ($-960/yr) — negative.
• To cash-flow at today's rent, offer at most $73k (16.3% below list).
• Meets the 1% rule at list price ($1k rent vs $87k).
• It's been on market 23 days — a 2% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (16.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-0.9%/yr); year-one equity from $601 of loan paydown is wiped out by about $829 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+.
• 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: John E. Ford K-8 School (math 31% / reading 36%, grade F, #1,758 of 2,144 statewide, top 83%, 622 students, 58% FRL); Matthew W. Gilbert Middle School (math 26% / reading 17%, grade F, #553 of 571 statewide, top 97%, 688 students, 86% FRL); Andrew Jackson High School (math 30% / reading 26%, grade F, #464 of 667 statewide, top 70%, 870 students, 54% FRL) — zoned schools average 66% FRL vs 49% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 46% district-wide (-18 pts) — the specific schools serving this property underperform the Duval average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 36% of rent; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents falling (-3.0%/yr); 36 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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).
• Duval County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 20 sale attempts since 20y ago; this cycle's ask has dropped $8k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.2% vs local median 3.9% 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.
• This rent runs 42% of the median local income ($35k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.