417 Adelaide Dr

Fruit Cove, FL 32259

$529,900D-

5 bd · 3.0 ba · 3,331 sqft · Built 2011 · SingleFamily · Pending · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,472/mo
• Mortgage (P&I): −$2,779
• Tax + insurance: −$782
• HOA: −$5
• Vac / Maint / Mgmt: −$729
• Net cashflow: $-823/mo
• Annual: $-9,877/yr
• Cap rate: 4.43%
• Cash-on-cash: -6.66%
• DSCR: 0.70
• 1% rule: 0.66%
• Cash to close: $148,372

Investor read

• This is a 5-bed/3.0-bath single-family listed at $530k.
• At list price, monthly cash flow is $-823 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $384k (27.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $347k (34.5% below list).
• It's been on market 48 days — a 3% lower offer ($514k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $347k (34.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#469 in FL) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• 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.
• Market conditions: Rents flat; 762 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 6 sale attempts since 15y 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 $255k; list at $530k implies a 108% gain — meaningful room to come down on a strong offer.
• 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 4.4% vs local median 2.9% in Fruit Cove — 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.

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 48 days. Have you received any prior offers? Is the seller open to a 34% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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.
• 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.