1534 Morgan St · Jacksonville, FL 32209

$429,000

8 bd · 4.0 ba · 2,776 sqft · MultiFamily public records · 51 Days on market

Built 1969 6,098 sqft lot Est $378k · 14% over

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Why this score? — see what drove the C- 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 +23.3/30.0
• DSCR +7.5/10.0
• 1% rule +4.8/10.0
• Livability +4.2/5.0
• Schools +3.9/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• ARV discount +1.4/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This quadplex in the heart of downtown offers the perfect blend of location, income potential, and versatility. Just steps from restaurants, shops, entertainment, and major employers, it provides both convenience for tenants and a desirable lifestyle for an owner-occupant. With four spacious units, the property is well-positioned to generate strong rental income, with the potential to achieve a cap rate of up to 13%. Investors will appreciate the steady cash flow and long-term growth, while owner-occupants have the unique opportunity to live in one unit and let the other rentals offset their mortgage. Whether you're looking to expand your portfolio with a high-performing asset or secure a home that helps pay for itself, this downtown quadplex is a rare find that combines prime location with financial upside.

Key facts

• Ample natural light
• Functional layout
• 6,098 sq ft lot

Tags

• FULLY RENOVATED EXTERIORS
• PARTIALLY RENOVATED INTERIORS
• FUNCTIONAL LAYOUT
• LOW-MAINTENANCE SYSTEMS
• INDIVIDUAL UNIT ACCESS
• AMPLE NATURAL LIGHT

Property features AI

Exterior

• Parking: Carport
• Utilities: Electricity available; Water available
• Home design: Quadruplex; Attached property
• Exterior features: Lot features: Other; Lot size approximately 0.14 acres; No private pool

Interior

• Kitchen: Refrigerator
• Bedrooms: 12 bedrooms
• Bathrooms: 4 full bathrooms
• Heating & cooling: Heating present (type listed as Other); Wall/window cooling units
• Interior features: Refrigerator included; Property used as an investment

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $429k.

Deal economics

• At list price, monthly cash flow is $788 ($9k/yr) — positive. Per door: $197/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $422k (1.6% below list).
• Recommended offer: $416k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 4.0% 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.

Location & tenants

• 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.
• Market conditions: Rents rising (+1.8%/yr); 394 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).
• At $4,221/mo this rent would consume 166% of the median local household income ($31k/yr) (locally 2921% 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.
• Duval County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($416k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 19y 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 $310k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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.

Recommended offer $416,130 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.98% ✗
• Cap rate: 8.50%
• Cash-on-cash: 7.88%
• DSCR: 1.35
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $377,536
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1550 Morgan St	0.02mi	8/4.0	2,776 (0%)	13mo	$377,500	$136	88

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.81% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.80×
• Total profit: $-24,497
• Equity at exit: $63,965

10-year hold

• IRR: 2.7%
• Equity multiple: 1.19×
• Total profit: $22,523
• Equity at exit: $37,092

Cash invested: $120,120 (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 32209

• Home prices YoY: -22.1%
• Rents YoY: 1.8%
• Active inventory: 394
• Price-to-rent: 33.9×

Monthly cashflow live

• Estimated rent: $4,221 high
• Mortgage (P&I): −$2,250
• Tax from tax record: −$118 /mo · $1,414/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$886
• Net cashflow: $788

Break-even live

Break-even rent $3,223

Max offer price $429,000

Occupancy floor 76%

Sensitivity live

Price	-10% $1,031	-5% $910	+0% $788	+5% $667	+10% $545
Rent	-10% $455	-5% $622	+0% $788	+5% $955	+10% $1,122
Rate	-1.0pp $1,004	-0.5pp $897	base $788	+0.5pp $677	+1.0pp $564

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$4,220
Total (4 units)			$4,221

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: $107,250
• Closing costs: $12,870
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1403 Steele St Jacksonville, FL	8.0	3.0	2800	$550	$0.20	3d	1	0.69mi

Listing history 38 events

1. 2026-06-02
   days on market $429,000 Active 51 DOM
2. 2026-06-01
   days on market $429,000 Active 50 DOM
3. 2026-05-31
   days on market $429,000 Active 49 DOM
4. 2026-05-04
   status Active
5. 2026-04-24
   status Pending
6. 2026-04-23
   price $429,000
7. 2026-04-21
   price $425,000
8. 2026-04-13
   price $419,000
9. 2026-04-13
   price $409,000
10. 2026-04-11
    historical $1,250
11. 2026-04-07
    price $405,000
12. 2026-04-02
    price $419,000
13. 2026-04-01
    listed $429,000 Active
14. 2026-03-14
    listed $1,250
15. 2026-01-07
    soldstatus $310,000
16. 2025-12-31
    soldstatus $310,000 Closed 826-char remark

    Show marketing remark (826 chars)

    This quadplex in the heart of downtown offers the perfect blend of location, income potential, and versatility. Just steps from restaurants, shops, entertainment, and major employers, it provides both convenience for tenants and a desirable lifestyle for an owner-occupant. With four spacious units, the property is well-positioned to generate strong rental income, with the potential to achieve a cap rate of up to 13%. Investors will appreciate the steady cash flow and long-term growth, while owner-occupants have the unique opportunity to live in one unit and let the other rentals offset their mortgage. Whether you're looking to expand your portfolio with a high-performing asset or secure a home that helps pay for itself, this downtown quadplex is a rare find that combines prime location with financial upside.

17. 2025-10-14
    historical Active Under Contract 826-char remark

    Show marketing remark (826 chars)

    This quadplex in the heart of downtown offers the perfect blend of location, income potential, and versatility. Just steps from restaurants, shops, entertainment, and major employers, it provides both convenience for tenants and a desirable lifestyle for an owner-occupant. With four spacious units, the property is well-positioned to generate strong rental income, with the potential to achieve a cap rate of up to 13%. Investors will appreciate the steady cash flow and long-term growth, while owner-occupants have the unique opportunity to live in one unit and let the other rentals offset their mortgage. Whether you're looking to expand your portfolio with a high-performing asset or secure a home that helps pay for itself, this downtown quadplex is a rare find that combines prime location with financial upside.

18. 2025-10-03
    status Active 826-char remark

    Show marketing remark (826 chars)

    This quadplex in the heart of downtown offers the perfect blend of location, income potential, and versatility. Just steps from restaurants, shops, entertainment, and major employers, it provides both convenience for tenants and a desirable lifestyle for an owner-occupant. With four spacious units, the property is well-positioned to generate strong rental income, with the potential to achieve a cap rate of up to 13%. Investors will appreciate the steady cash flow and long-term growth, while owner-occupants have the unique opportunity to live in one unit and let the other rentals offset their mortgage. Whether you're looking to expand your portfolio with a high-performing asset or secure a home that helps pay for itself, this downtown quadplex is a rare find that combines prime location with financial upside.

19. 2025-09-26
    historical Active Under Contract 826-char remark

    Show marketing remark (826 chars)

    This quadplex in the heart of downtown offers the perfect blend of location, income potential, and versatility. Just steps from restaurants, shops, entertainment, and major employers, it provides both convenience for tenants and a desirable lifestyle for an owner-occupant. With four spacious units, the property is well-positioned to generate strong rental income, with the potential to achieve a cap rate of up to 13%. Investors will appreciate the steady cash flow and long-term growth, while owner-occupants have the unique opportunity to live in one unit and let the other rentals offset their mortgage. Whether you're looking to expand your portfolio with a high-performing asset or secure a home that helps pay for itself, this downtown quadplex is a rare find that combines prime location with financial upside.

20. 2025-09-21
    listed $330,000 Active 826-char remark

    Show marketing remark (826 chars)

    This quadplex in the heart of downtown offers the perfect blend of location, income potential, and versatility. Just steps from restaurants, shops, entertainment, and major employers, it provides both convenience for tenants and a desirable lifestyle for an owner-occupant. With four spacious units, the property is well-positioned to generate strong rental income, with the potential to achieve a cap rate of up to 13%. Investors will appreciate the steady cash flow and long-term growth, while owner-occupants have the unique opportunity to live in one unit and let the other rentals offset their mortgage. Whether you're looking to expand your portfolio with a high-performing asset or secure a home that helps pay for itself, this downtown quadplex is a rare find that combines prime location with financial upside.

21. 2025-05-05
    historical $695
22. 2025-05-04
    listed $695
23. 2025-05-04
    historical $695
24. 2025-05-01
    listed $695
25. 2024-03-05
    soldstatus $900,000
26. 2024-02-26
    soldstatus $307,050 Closed 132-char remark

    Show marketing remark (132 chars)

    All units are 3/1 with newer kitchens, stove, refrig., window a/c with heat. and vinyl plank flooring. Lots of parking for tenants.

27. 2024-01-09
    status Pending 132-char remark

    Show marketing remark (132 chars)

    All units are 3/1 with newer kitchens, stove, refrig., window a/c with heat. and vinyl plank flooring. Lots of parking for tenants.

28. 2023-12-21
    listed $335,000 Active 132-char remark

    Show marketing remark (132 chars)

    All units are 3/1 with newer kitchens, stove, refrig., window a/c with heat. and vinyl plank flooring. Lots of parking for tenants.

29. 2021-09-13
    historical
30. 2021-08-31
    listed $250,000 Active
31. 2018-05-21
    soldstatus $130,000
32. 2018-05-17
    soldstatus $130,000 Sold
33. 2018-04-19
    status Pending
34. 2018-04-12
    status Pending
35. 2018-04-12
    listed $136,000 Active
36. 2018-04-12
    historical
37. 2008-11-30
    historical
38. 2007-12-19
    listed $175,000

ⓘ 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: $1,414 · $118/mo
• Projected year-2 tax: $3,561 · $297/mo
• Expected delta: +$2,147/yr (+$179/mo · 151.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,652
• − Mortgage interest: −$24,031
• − Property taxes: −$1,414
• − Insurance: −$2,145
• − Repairs & maintenance: −$4,052
• − Management: −$4,052
• − Depreciation: −$12,480
• Taxable income: $2,478
• Est. tax owed @ 24.0%: −$595
• After-tax cash flow: $8,865/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: Duval
• NCES district ID: 1200480
• Math proficiency: 46% ▼ -11.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $48,987
• Composite: 38.97/100
• National rank: #4076
• State rank: #48 of 73 in FL

Livability — Jacksonville

• Score: 83/100
• State rank: #50
• US rank: #911

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jacksonville, FL
• County: Duval County · 1,015,274 people
• City population: 979,034
• Metro: Jacksonville, FL
• Population (ZIP): 34,657
• Household income: $30,514
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2921.0

Population outlook (Duval County) Hauer SSP2

• Today (2025): 1,013,010 people
• By 2030: 1,059,228 · +4.6%
• By 2040: 1,141,439 · +12.7%
• By 2050: 1,205,258 · +19.0%
• By 2075: 1,324,282 · +30.7%
• By 2100: 1,319,620 · +30.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (88%)
• Race & ethnicity: Black 88% White 5% Hispanic / Latino 5% Two or more races 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Hispanic 1% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4% French/Haitian/Cajun 1%

Political lean MEDSL · Duval

• 2024 margin: Toss-up / Even · D 48.7% · R 50.1% · Other 1.2%
• 2008→2024 swing: +0.4pp no change · 2008: -1.9pp · 2024: -1.5pp
• All cycles: 2024: R+1.5 2020: D+3.8 2016: R+1.5 2012: R+3.6 2008: R+1.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.92%
• Current HPI: 189.5977
• Rent YoY: ▲ 1.81%
• 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

+145.1% since first listed

35 events — show timeline

• 2026-05-04 Relisted — realMLS
• 2026-04-24 Pending — realMLS
• 2026-04-23 Price Changed $429,000 realMLS
• 2026-04-21 Price Changed $425,000 realMLS
• 2026-04-13 Price Changed $419,000 realMLS
• 2026-04-13 Price Changed $409,000 realMLS
• 2026-04-11 Rental Removed $1,250 SHOWMOJO
• 2026-04-07 Price Changed $405,000 realMLS
• 2026-04-02 Price Changed $419,000 realMLS
• 2026-04-01 Listed $429,000 realMLS
• 2026-03-14 Listed for Rent $1,250 SHOWMOJO
• 2026-01-07 Sold (Public Records) $310,000 Public Records
• 2025-12-31 Sold (MLS) $310,000 realMLS
• 2025-10-14 Contingent — realMLS
• 2025-10-03 Relisted — realMLS
• 2025-09-26 Contingent — realMLS
• 2025-09-21 Listed $330,000 realMLS
• 2025-05-05 Rental Removed $695 SHOWMOJO2
• 2025-05-04 Listed for Rent $695 SHOWMOJO2
• 2025-05-04 Rental Removed $695 SHOWMOJO2
• 2025-05-01 Listed for Rent $695 SHOWMOJO2
• 2024-03-05 Sold (Public Records) $900,000 Public Records
• 2024-02-26 Sold (MLS) $307,050 realMLS
• 2024-01-09 Pending — realMLS
• 2023-12-21 Listed $335,000 realMLS
• 2021-09-13 Listing Removed — realMLS
• 2021-08-31 Listed $250,000 realMLS
• 2018-05-21 Sold (Public Records) $130,000 Public Records
• 2018-05-17 Sold (MLS) $130,000 realMLS
• 2018-04-19 Pending — realMLS
• 2018-04-12 Pending — realMLS
• 2018-04-12 Listing Removed — realMLS
• 2018-04-12 Listed $136,000 realMLS
• 2008-11-30 Listing Removed — realMLS
• 2007-12-19 Listed $175,000 realMLS

Property tax history

-0.9%/yr

Latest (2025): $1,414 · -59.1% YoY. Source: county tax records.