1658 W 10 St

Jacksonville, FL 32209

$429,900D-

8 bd · 6.0 ba · 2,860 sqft · Built 1962 · MultiFamily · Active · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,689/mo
• Mortgage (P&I): −$2,254
• Tax + insurance: −$716
• HOA: −$0
• Vac / Maint / Mgmt: −$775
• Net cashflow: $-57/mo
• Annual: $-680/yr
• Cap rate: 6.13%
• Cash-on-cash: -0.56%
• DSCR: 0.97
• 1% rule: 0.86%
• Cash to close: $120,372

Investor read

• This is a 8-bed/6.0-bath multifamily listed at $430k. Condition is rated poor.
• At list price, monthly cash flow is $-57 ($-680/yr) — negative.
• To cash-flow at today's rent, offer at most $422k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $369k (14.2% below list).
• It's been on market 78 days — a 6% lower offer ($404k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $369k (14.2% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Duval County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 24y 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 $35k; list at $430k implies a 1128% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% 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.
• At $3,689/mo this rent would consume 145% 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.

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 78 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?

Repairs flagged (vision-AI assessment)

• Major: Kitchen appliances — Older and worn, need replacement
• Major: Bathroom fixtures — Outdated and worn, need replacement
• Major: Paint — Worn and outdated, needs fresh coats
• Major: Siding — Worn and peeling, needs replacement
• Major: Landscaping — Overgrown and unkempt, needs trimming and planting