2985 Snell St

Jacksonville, FL 32218

$234,999F

3 bd · 2.5 ba · 1,200 sqft · Built 2026 · SingleFamily · Active · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,726/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$392
• HOA: −$0
• Vac / Maint / Mgmt: −$363
• Net cashflow: $-260/mo
• Annual: $-3,123/yr
• Cap rate: 4.96%
• Cash-on-cash: -4.75%
• DSCR: 0.79
• 1% rule: 0.73%
• Cash to close: $65,800

Investor read

• This is a 3-bed/2.5-bath single-family listed at $235k. Condition is rated excellent.
• At list price, monthly cash flow is $-260 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (16.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (26.5% below list).
• It's been on market 103 days — a 9% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $173k (26.5% 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 $7k 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.
• Zoned schools: Highlands Elementary School (math 32% / reading 27%, grade F, #1,896 of 2,144 statewide, top 90%, 475 students, 78% FRL); Oceanway School (math 34% / reading 33%, grade F, #428 of 571 statewide, top 76%, 927 students, 51% FRL); First Coast High School (math 18% / reading 33%, grade F, #499 of 667 statewide, top 75%, 2,117 students, 49% FRL).
• Zoned-school proficiency averages 30% at this address vs 46% district-wide (-16 pts) — the specific schools serving this property underperform the Duval average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.4%/yr); 931 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals lingering (median 52d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 73% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 3 sale attempts; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% 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.

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 103 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• 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?
• 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.