634 Harrison St

Jacksonville, FL 32220

$259,900D+

4 bd · 2.0 ba · 2,240 sqft · Built 2005 · Manufactured · Active · 86 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,234/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$372
• HOA: −$0
• Vac / Maint / Mgmt: −$469
• Net cashflow: $29/mo
• Annual: $353/yr
• Cap rate: 6.43%
• Cash-on-cash: 0.49%
• DSCR: 1.02
• 1% rule: 0.86%
• Cash to close: $72,772

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $260k.
• At list price, monthly cash flow is $29 ($353/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $223k (14.1% below list).
• It's been on market 86 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $223k (14.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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: Thomas Jefferson Elementary (math 60% / reading 55%, grade C+, #764 of 2,144 statewide, top 36%, 446 students, 57% FRL); Jean Ribault Middle School (math 28% / reading 24%, grade F, #506 of 571 statewide, top 89%, 679 students, 78% FRL); Edward H. White High School (math 31% / reading 25%, grade F, #464 of 667 statewide, top 70%, 1,538 students, 64% FRL) — zoned schools average 66% FRL vs 49% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 112 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 3 sale attempts since 4y 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 $70k; list at $260k implies a 271% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.4% 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.
• This rent runs 33% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 86 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.