8 Cristina Ct

St. Augustine Shores, FL 32086

$137,000C-

2 bd · 2.0 ba · 920 sqft · Built 1981 · Condo · Active · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,721/mo
• Mortgage (P&I): −$718
• Tax + insurance: −$309
• HOA: −$410
• Vac / Maint / Mgmt: −$361
• Net cashflow: $-78/mo
• Annual: $-932/yr
• Cap rate: 6.19%
• Cash-on-cash: -0.35%
• DSCR: 0.98
• 1% rule: 1.26%
• Cash to close: $38,360

Investor read

• This is a 2-bed/2.0-bath condo listed at $137k.
• At list price, monthly cash flow is $-78 ($-932/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (10.0% below list).
• Meets the 1% rule at list price ($2k rent vs $137k).
• It's been on market 88 days — a 6% lower offer ($129k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (10.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $947 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• St. Johns (rural): math 75% / reading 73% proficiency, ranked #2 of 73 in FL (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 20% free/reduced lunch — higher-income household profile.
• Watch-outs: flood insurance adds $66/mo; HOA is 24% of rent.
• Market conditions: Rents flat; 400 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,575 units permitted in St. Johns County in 2024 (584 in 5+ unit buildings).
• St. Johns County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 13y ago; this cycle's ask is 25% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate 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 6.2% vs local median 3.4% in St. Augustine Shores — 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?
• It's been on market 88 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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.