720 Walnut St · Green Cove Springs, FL 32043

$429,500

4 bd · 2.0 ba · 3,368 sqft · MultiFamily public records · 13 Days on market

Built 1939 0.25 ac lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Livability +3.8/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Historic Quadruplex + CBD Zoning. This is not just a multi-family investment -- it's a platform. CBD zoning unlocks multiple exit and value-add strategies: • Keep as residential multi-family: Stable cash-flowing quadruplex in a high-demand rental corridor , near Spring Park and the St. Johns River. • Convert to professional office or retail: CBD zoning permits commercial pivots -- law, medical, boutique retail, and more. • Mixed-use redevelopment: Ground-floor commercial with residential above -- a true ''missing middle'' asset in the Historic District. • Residential-style financing still available: 4-unit status qualifies for conventional mortgage terms despite commerci

Key facts

• Picnic area
• Cbd zoning
• Off-street parking

Tags

• CBD ZONING
• HIGH-DEMAND RENTAL CORRIDOR
• GROUND-FLOOR COMMERCIAL
• COMMUNITY FRONT PORCH
• PICNIC AREA
• OFF-STREET PARKING

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public sewer; Cable available
• Home design: Quadruplex (multi-family); Faces south
• Construction: Vinyl siding; Metal roof
• Exterior features: Historic area; Paved road access

Interior

• Bedrooms: 8 bedrooms
• Flooring: Carpet
• Bathrooms: 4 full bathrooms
• Heating & cooling: Heating provided; Wall/window air conditioning units
• Interior features: Carpet flooring
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $430k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $563/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $430k).
• Cap rate 12.6% vs local median 4.2% in Green Cove Springs — 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 75/100 on livability (#245 in FL, #3,868 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Clay (suburban): math 58% / reading 59% proficiency, ranked #14 of 73 in FL (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Charles E. Bennett Elementary School (math 41% / reading 39%, grade F, #1,491 of 2,144 statewide, top 70%, 624 students, 100% FRL); Green Cove Springs Junior High School (math 63% / reading 60%, grade B+, #124 of 571 statewide, top 22%, 799 students, 38% FRL); Clay High School (math 37% / reading 53%, grade D-, #228 of 667 statewide, top 35%, 1,666 students, 43% FRL) — zoned schools average 60% FRL vs 35% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 885 active listings in the ZIP; solid renter incomes; 1,876 units permitted in Clay County in 2024 (14 in 5+ unit buildings).
• At $6,753/mo this rent would consume 96% of the median local household income ($84k/yr) (locally 449% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Clay County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.5% rent growth), your $120k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $330k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $429,500

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.57% ✓
• Cap rate: 12.58%
• Cash-on-cash: 22.46%
• DSCR: 2.00
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.46% rent growth · sell at horizon

5-year hold

• IRR: 12.3%
• Equity multiple: 1.47×
• Total profit: $57,083
• Equity at exit: $64,040

10-year hold

• IRR: 19.1%
• Equity multiple: 2.41×
• Total profit: $169,339
• Equity at exit: $37,135

Cash invested: $120,260 (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 32043

• Home prices YoY: -26.3%
• Rents YoY: 0.5%
• Active inventory: 885
• Price-to-rent: 21.2×

Monthly cashflow live

• Estimated rent: $6,753 high
• Mortgage (P&I): −$2,252
• Tax from tax record: −$653 /mo · $7,836/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,418
• Net cashflow: $2,251

Break-even live

Break-even rent $3,904

Max offer price $429,500

Occupancy floor 62%

Sensitivity live

Price	-10% $2,494	-5% $2,372	+0% $2,251	+5% $2,129	+10% $2,007
Rent	-10% $1,717	-5% $1,984	+0% $2,251	+5% $2,517	+10% $2,784
Rate	-1.0pp $2,467	-0.5pp $2,360	base $2,251	+0.5pp $2,139	+1.0pp $2,026

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,752
Total (4 units)			$6,753

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: $107,375
• Closing costs: $12,885
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $429,500 Active 13 DOM
2. 2026-06-17
   days on market $429,500 Active 12 DOM
3. 2026-06-16
   days on market $429,500 Active 11 DOM
4. 2026-06-15
   days on market $429,500 Active 10 DOM
5. 2026-06-13
   days on market $429,500 Active 8 DOM
6. 2026-06-13
   days on market $429,500 Active 7 DOM
7. 2026-06-09
   days on market $429,500 Active 4 DOM
8. 2026-06-08
   days on market $429,500 Active 3 DOM
9. 2026-06-07
   remarks 679-char remark
10. 2026-06-07
    listed $429,500 Active 2 DOM

ⓘ 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: $7,836 · $653/mo
• Projected year-2 tax: $7,836 · $653/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $81,036
• − Mortgage interest: −$24,059
• − Property taxes: −$7,836
• − Insurance: −$2,148
• − Repairs & maintenance: −$6,483
• − Management: −$6,483
• − Depreciation: −$12,495
• Taxable income: $21,533
• Est. tax owed @ 24.0%: −$5,168
• After-tax cash flow: $21,839/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: Clay
• NCES district ID: 1200300
• Math proficiency: 58% ▼ -8.00%
• Reading proficiency: 59% ▼ -3.00%
• Median HH income: $59,379
• Composite: 50.73/100
• National rank: #1815
• State rank: #14 of 73 in FL

Livability — Green Cove Springs

• Score: 75/100
• State rank: #245
• US rank: #3868

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Green Cove Springs, FL
• County: Clay County · 208,450 people
• City population: 34,562
• Metro: Jacksonville, FL
• Population (ZIP): 34,562
• Household income: $84,145
• Rent vs Own: 21.3% rent · 78.7% own
• Severe rent burden: 449.0

Population outlook (Clay County) Hauer SSP2

• Today (2025): 230,495 people
• By 2030: 242,427 · +5.2%
• By 2040: 262,244 · +13.8%
• By 2050: 275,148 · +19.4%
• By 2075: 295,397 · +28.2%
• By 2100: 287,592 · +24.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 10% Two or more races 7% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Clay

• 2024 margin: Solid R (+39.3) · D 29.9% · R 69.2%
• 2008→2024 swing: +3.6pp toward D · 2008: -42.8pp · 2024: -39.3pp
• All cycles: 2024: R+39.3 2020: R+37.1 2016: R+44.3 2012: R+45.8 2008: R+42.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.34%
• Current HPI: 301.3212
• Rent YoY: ▲ 0.46%
• 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

+529.8% since first listed

5 events — show timeline

• 2026-06-05 Listed $429,500 realMLS
• 2022-02-03 Price Changed $1,000 RENT.
• 2022-01-11 Sold (Public Records) $330,000 Public Records
• 1991-07-05 Sold (Public Records) $65,000 Public Records
• 1990-05-24 Sold (Public Records) $68,200 Public Records

Property tax history

+16.3%/yr

Latest (2025): $7,836 · -6.7% YoY. Source: county tax records.