54591 Dornbush Rd

Nassau Village-Ratliff, FL 32011

$254,000D+

3 bd · 2.0 ba · 1,305 sqft · Built 1991 · SingleFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,522/mo
• Mortgage (P&I): −$1,332
• Tax + insurance: −$202
• HOA: −$0
• Vac / Maint / Mgmt: −$320
• Net cashflow: $-331/mo
• Annual: $-3,971/yr
• Cap rate: 4.73%
• Cash-on-cash: -5.58%
• DSCR: 0.75
• 1% rule: 0.60%
• Cash to close: $71,120

Investor read

• This is a 3-bed/2.0-bath single-family listed at $254k.
• At list price, monthly cash flow is $-331 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (23.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (40.1% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $152k (40.1% below list) — sets the bar for 1% rule.
• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Nassau (town): math 74% / reading 65% proficiency, ranked #4 of 73 in FL (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Callahan Elementary School (658 students, 51% FRL); Callahan Middle School (math 79% / reading 65%, grade A, #52 of 571 statewide, top 10%, 705 students, 46% FRL); West Nassau County High School (math 39% / reading 55%, grade D-, #207 of 667 statewide, top 32%, 974 students, 40% FRL).
• Market conditions: 103 active listings in the ZIP; 953 units permitted in Nassau County in 2024 (24 in 5+ unit buildings).
• Nassau County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $170k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major 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 4.7% vs local median 2.1% in Nassau Village-Ratliff — 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?
• 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.
• 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.