1326 W 15th St

Jacksonville, FL 32209

$465,000F

8 bd · 4.0 ba · 2,704 sqft · Built 1956 · MultiFamily · Active · 186 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,791/mo
• Mortgage (P&I): −$2,439
• Tax + insurance: −$609
• HOA: −$0
• Vac / Maint / Mgmt: −$796
• Net cashflow: $-53/mo
• Annual: $-634/yr
• Cap rate: 6.16%
• Cash-on-cash: -0.49%
• DSCR: 0.98
• 1% rule: 0.82%
• Cash to close: $130,200

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $465k.
• At list price, monthly cash flow is $-53 ($-634/yr) — negative. Per door: $-13/mo.
• To cash-flow at today's rent, offer at most $456k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $379k (18.5% below list).
• It's been on market 186 days — a 12% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $379k (18.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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: Lake Shore Middle School (math 25% / reading 22%, grade F, #536 of 571 statewide, top 95%, 972 students, 75% FRL); William M. Raines High School (math 14% / reading 13%, grade F, #616 of 667 statewide, top 92%, 1,217 students, 78% FRL) — zoned schools average 77% FRL vs 49% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 18% at this address vs 46% district-wide (-27 pts) — the specific schools serving this property underperform the Duval average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.8%/yr); 399 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 7 sale attempts since 24y 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 $221k; list at $465k implies a 110% gain — meaningful room to come down on a strong offer.
• 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 6.2% 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.

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 186 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?