4497 White Ibis Ln

Green Cove Springs, FL 32043

$348,850F

5 bd · 2.0 ba · 1,657 sqft · Built 2026 · Land · Pending · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,471/mo
• Mortgage (P&I): −$1,829
• Tax + insurance: −$412
• HOA: −$8
• Vac / Maint / Mgmt: −$519
• Net cashflow: $-298/mo
• Annual: $-3,571/yr
• Cap rate: 5.27%
• Cash-on-cash: -3.66%
• DSCR: 0.84
• 1% rule: 0.71%
• Cash to close: $97,678

Investor read

• This is a 5-bed/2.0-bath land listed at $349k.
• At list price, monthly cash flow is $-298 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $296k (15.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $247k (29.2% below list).
• It's been on market 91 days — a 9% lower offer ($317k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $247k (29.2% 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 $10k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#245 in FL, #3,868 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Clay (suburban): math 58% / reading 59% proficiency, ranked #14 of 73 in FL (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Charles E. Bennett Elementary School (math 41% / reading 39%, grade F, #1,491 of 2,144 statewide, top 70%, 624 students, 100% FRL); Green Cove Springs Junior High School (math 63% / reading 60%, grade B+, #124 of 571 statewide, top 22%, 799 students, 38% FRL); Clay High School (math 37% / reading 53%, grade D-, #228 of 667 statewide, top 35%, 1,666 students, 43% FRL) — zoned schools average 60% FRL vs 35% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 885 active listings in the ZIP; solid renter incomes; 1,876 units permitted in Clay County in 2024 (14 in 5+ unit buildings).
• Clay County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Cap rate 5.3% vs local median 4.2% in Green Cove Springs — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 35% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 91 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.