1562 Morgan St · Jacksonville, FL 32209

$410,000

8 bd · 4.0 ba · 2,776 sqft · MultiFamily public records · 155 Days on market

Built 1971 6,098 sqft lot Est $378k · 9% over

---

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 +22.0/30.0
• DSCR +7.0/10.0
• 1% rule +4.5/10.0
• Livability +4.2/5.0
• Schools +3.9/10.0
• ARV discount +3.6/15.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 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

Concrete block, all 3/1 units with updated kitchen cabinets, vinyl plank flooring and window heat/cool units.

Key facts

• 6,098 sq ft lot
• Built 1971
• Listed 155 days

Property features AI

Finance

• Other: Designed for multi-family residential occupancy
• Financial info: Tax information available

Exterior

• Parking: Off-street parking; Parking lot
• Security: Leased security system
• Utilities: Public sewer; Sewer connected
• Home design: Quadruplex; Two levels; Single building
• Construction: Concrete construction
• Exterior features: Cleared lot; Asphalt city street frontage; Security system (leased)

Interior

• Bedrooms: 8 bedrooms total
• Bathrooms: 4 full bathrooms
• Heating & cooling: Wall/window air conditioning units; No central heating
• Interior features: Multi-family use
• Laundry & utility: Unfurnished units

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $410k.

Deal economics

• At list price, monthly cash flow is $651 ($8k/yr) — positive. Per door: $163/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 $391k (4.6% below list).
• Recommended offer: $361k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 $3,911/mo this rent would consume 154% 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 $12k 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 155 days — a 12% lower offer ($361k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y ago; this cycle's ask is 9% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $307k; 34% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $360,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% 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 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.95% ✗
• Cap rate: 8.20%
• Cash-on-cash: 6.80%
• DSCR: 1.30
• GRM: 8.7

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: -7.1%
• Equity multiple: 0.74×
• Total profit: $-29,789
• Equity at exit: $61,132

10-year hold

• IRR: 1.1%
• Equity multiple: 1.07×
• Total profit: $8,161
• Equity at exit: $35,449

Cash invested: $114,800 (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: 34.9×

Monthly cashflow live

• Estimated rent: $3,911 high
• Mortgage (P&I): −$2,150
• Tax from tax record: −$118 /mo · $1,414/yr
• Insurance: −$171
• HOA: −$0
• Vacancy / Maint / Mgmt: −$821
• Net cashflow: $651

Break-even live

Break-even rent $3,087

Max offer price $410,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,912
Total (4 units)			$3,911

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: $102,500
• Closing costs: $12,300
• 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	0.71mi

Listing history 31 events

1. 2026-06-18
   days on market $410,000 Active 155 DOM
2. 2026-06-17
   days on market $410,000 Active 154 DOM
3. 2026-06-16
   days on market $410,000 Active 153 DOM
4. 2026-06-15
   days on market $410,000 Active 152 DOM
5. 2026-06-10
   days on market $410,000 Active 146 DOM
6. 2026-06-08
   days on market $410,000 Active 145 DOM
7. 2026-06-08
   days on market $410,000 Active 144 DOM
8. 2026-06-03
   days on market $410,000 Active 140 DOM
9. 2026-06-02
   days on market $410,000 Active 139 DOM
10. 2026-06-01
    days on market $410,000 Active 138 DOM
11. 2026-05-31
    days on market $410,000 Active 137 DOM
12. 2026-04-21
    status Active
13. 2026-02-24
    price $410,000
14. 2026-01-14
    historical Active Under Contract
15. 2026-01-14
    listed $375,000 Active
16. 2024-02-26
    soldstatus $307,050 Closed 109-char remark

    Show marketing remark (109 chars)

    Concrete block, all 3/1 units with updated kitchen cabinets, vinyl plank flooring and window heat/cool units.

17. 2024-01-09
    status Pending 109-char remark

    Show marketing remark (109 chars)

    Concrete block, all 3/1 units with updated kitchen cabinets, vinyl plank flooring and window heat/cool units.

18. 2023-12-21
    listed $335,000 Active 109-char remark

    Show marketing remark (109 chars)

    Concrete block, all 3/1 units with updated kitchen cabinets, vinyl plank flooring and window heat/cool units.

19. 2021-09-13
    historical 122-char remark

    Show marketing remark (122 chars)

    GREAT INVESTMENT! Concrete block 4-plex, all 2 bedrooms and 1 bathrooms. Close to downtown. Tenant occupied. Selling AS-IS

20. 2021-09-02
    price $265,000 122-char remark

    Show marketing remark (122 chars)

    GREAT INVESTMENT! Concrete block 4-plex, all 2 bedrooms and 1 bathrooms. Close to downtown. Tenant occupied. Selling AS-IS

21. 2021-09-02
    price $250,000 122-char remark

    Show marketing remark (122 chars)

    GREAT INVESTMENT! Concrete block 4-plex, all 2 bedrooms and 1 bathrooms. Close to downtown. Tenant occupied. Selling AS-IS

22. 2021-08-31
    listed $270,000 Active 122-char remark

    Show marketing remark (122 chars)

    GREAT INVESTMENT! Concrete block 4-plex, all 2 bedrooms and 1 bathrooms. Close to downtown. Tenant occupied. Selling AS-IS

23. 2018-05-21
    soldstatus $130,000
24. 2018-05-17
    soldstatus $130,000 Sold
25. 2018-04-19
    status Pending
26. 2018-04-12
    status Pending
27. 2018-04-12
    historical
28. 2018-04-12
    listed $136,000 Active
29. 2008-11-30
    historical
30. 2007-12-19
    listed $175,000
31. 1994-08-03
    soldstatus $49,900

ⓘ 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: $3,403 · $284/mo
• Expected delta: +$1,989/yr (+$166/mo · 140.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 21 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: $46,932
• − Mortgage interest: −$22,966
• − Property taxes: −$1,414
• − Insurance: −$2,050
• − Repairs & maintenance: −$3,755
• − Management: −$3,755
• − Depreciation: −$11,927
• Taxable income: $1,066
• Est. tax owed @ 24.0%: −$256
• After-tax cash flow: $7,556/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

+721.6% since first listed

20 events — show timeline

• 2026-04-21 Relisted — realMLS
• 2026-02-24 Price Changed $410,000 realMLS
• 2026-01-14 Contingent — realMLS
• 2026-01-14 Listed $375,000 realMLS
• 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
• 2021-09-02 Price Changed $265,000 realMLS
• 2021-09-02 Price Changed $250,000 realMLS
• 2021-08-31 Listed $270,000 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 Listed $136,000 realMLS
• 2018-04-12 Listing Removed — realMLS
• 2008-11-30 Listing Removed — realMLS
• 2007-12-19 Listed $175,000 realMLS
• 1994-08-03 Sold (Public Records) $49,900 Public Records

Property tax history

-1.1%/yr

Latest (2025): $1,414 · -59.6% YoY. Source: county tax records.