13249 Spartina Grass Dr

Jacksonville, FL 32218

$199,000D

3 bd · 3.0 ba · 1,660 sqft · Built 2020 · Townhouse · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,975/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$439
• HOA: −$300
• Vac / Maint / Mgmt: −$415
• Net cashflow: $-222/mo
• Annual: $-2,669/yr
• Cap rate: 4.95%
• Cash-on-cash: -4.79%
• DSCR: 0.79
• 1% rule: 0.99%
• Cash to close: $55,720

Investor read

• This is a 3-bed/3.0-bath townhouse listed at $199k. Condition is rated good.
• At list price, monthly cash flow is $-222 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (19.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (0.7% below list).
• It's been on market 79 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $160k (19.7% below list) — sets the bar for cash-flow.
• 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.
• 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: Biscayne Elementary School (math 58% / reading 39%, grade D, #1,152 of 2,144 statewide, top 55%, 796 students, 62% FRL); Highlands Middle School (math 31% / reading 21%, grade F, #506 of 571 statewide, top 89%, 697 students, 73% FRL); First Coast High School (math 18% / reading 33%, grade F, #499 of 667 statewide, top 75%, 2,117 students, 49% FRL).
• Zoned-school proficiency averages 33% at this address vs 46% district-wide (-12 pts) — the specific schools serving this property underperform the Duval average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.4%/yr); 1117 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 68d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% vs local median 4.0% in Jacksonville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 34% of the median local income ($70k/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?
• It's been on market 79 days. Have you received any prior offers? Is the seller open to a 20% 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.