2614 College St #1-4

Jacksonville, FL 32204

$535,000D

16 bd · 16.0 ba · 2,892 sqft · Built 1942 · MultiFamily · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,660/mo
• Mortgage (P&I): −$2,806
• Tax + insurance: −$892
• HOA: −$0
• Vac / Maint / Mgmt: −$979
• Net cashflow: $-16/mo
• Annual: $-190/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.13%
• DSCR: 0.99
• 1% rule: 0.87%
• Cash to close: $149,800

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $535k. Condition is rated average.
• At list price, monthly cash flow is $-16 ($-190/yr) — negative. Per door: $-4/mo.
• To cash-flow at today's rent, offer at most $533k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $466k (12.9% below list).
• It's been on market 58 days — a 3% lower offer ($519k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $466k (12.9% 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 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: Central Riverside Elementary School (math 62% / reading 62%, grade B, #608 of 2,144 statewide, top 29%, 353 students, 56% FRL); Joseph Stilwell Middle School (math 31% / reading 33%, grade F, #448 of 571 statewide, top 79%, 612 students, 68% FRL); Riverside High School (math 24% / reading 39%, grade F, #424 of 667 statewide, top 64%, 1,567 students, 60% FRL).
• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.7%/yr); 78 active listings in the ZIP; 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 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.3% 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.
• At $4,660/mo this rent would consume 86% of the median local household income ($65k/yr) (locally 866% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 58 days. Have you received any prior offers? Is the seller open to a 13% 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 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and peeling
• Major: exterior paint — Peeling and faded