1805 Perry Pl

Jacksonville, FL 32207

$645,000F

4 bd · 3.0 ba · 1,878 sqft · Built 1918 · MultiFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,185/mo
• Mortgage (P&I): −$3,382
• Tax + insurance: −$745
• HOA: −$0
• Vac / Maint / Mgmt: −$879
• Net cashflow: $-821/mo
• Annual: $-9,855/yr
• Cap rate: 4.89%
• Cash-on-cash: -5.02%
• DSCR: 0.78
• 1% rule: 0.65%
• Cash to close: $180,600

Investor read

• This is a 1×2bd/1ba + 3×1bd/1ba units multifamily listed at $645k.
• At list price, monthly cash flow is $-821 ($-10k/yr) — negative. Per door: $-205/mo.
• To cash-flow at today's rent, offer at most $500k (22.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $418k (35.1% below list).
• It's been on market 41 days — a 3% lower offer ($626k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $418k (35.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k 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.
• Watch-outs: flood insurance adds $66/mo; built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.2%/yr); 219 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• Current owner paid $220k; list at $645k implies a 193% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.9% vs local median 4.0% in Jacksonville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $4,185/mo this rent would consume 77% of the median local household income ($65k/yr) (locally 1730% 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 41 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?