102 Zoratoa Ave

St. Augustine, FL 32080

$535,000D+

3 bd · 2.0 ba · 1,800 sqft · Built 1948 · SingleFamily · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,700/mo
• Mortgage (P&I): −$2,806
• Tax + insurance: −$1,369
• HOA: −$0
• Vac / Maint / Mgmt: −$987
• Net cashflow: $-462/mo
• Annual: $-5,543/yr
• Cap rate: 6.21%
• Cash-on-cash: -0.28%
• DSCR: 0.99
• 1% rule: 0.88%
• Cash to close: $149,800

Investor read

• This is a 3-bed/2.0-bath single-family listed at $535k.
• At list price, monthly cash flow is $-462 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $453k (15.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $470k (12.2% below list).
• It's been on market 53 days — a 3% lower offer ($519k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $453k (15.3% below list) — sets the bar for cash-flow.
• 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Zoned schools: R. B. Hunt Elementary School (math 76% / reading 80%, grade A, #149 of 2,144 statewide, top 8%, 585 students, 26% FRL); Sebastian Middle School (math 59% / reading 59%, grade B, #144 of 571 statewide, top 26%, 654 students, 42% FRL); St. Augustine High School (math 54% / reading 62%, grade C, #120 of 667 statewide, top 18%, 1,784 students, 38% FRL) — zoned schools average 35% FRL vs 20% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $427/mo; built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-1.0%/yr); 534 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• 5 sale attempts since 6y 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 $418k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 3.1% in St. Augustine — 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 $4,700/mo this rent would consume 61% of the median local household income ($93k/yr) (locally 417% 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 53 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.