1527 Naldo Ave

Jacksonville, FL 32207

$399,900C-

4 bd · 2.0 ba · 2,080 sqft · Built 1926 · MultiFamily · Active · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,561/mo
• Mortgage (P&I): −$2,097
• Tax + insurance: −$725
• HOA: −$0
• Vac / Maint / Mgmt: −$748
• Net cashflow: $-9/mo
• Annual: $-108/yr
• Cap rate: 6.47%
• Cash-on-cash: 0.62%
• DSCR: 1.03
• 1% rule: 0.89%
• Cash to close: $111,972

Investor read

• This is a 2 × 2-bed/0.5-bath units multifamily listed at $400k.
• At list price, monthly cash flow is $-9 ($-108/yr) — negative. Per door: $-5/mo.
• To cash-flow at today's rent, offer at most $398k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $356k (11.0% below list).
• It's been on market 90 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $356k (11.0% 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 $12k 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: Hendricks Avenue Elementary School (math 72% / reading 74%, grade A, #271 of 2,144 statewide, top 13%, 614 students, 24% FRL); Alfred I. Dupont Middle School (math 23% / reading 24%, grade F, #536 of 571 statewide, top 95%, 641 students, 59% FRL); Samuel W. Wolfson High School (math 48% / reading 70%, grade C+, #113 of 667 statewide, top 17%, 922 students, 20% FRL) — zoned schools average 34% FRL vs 49% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $66/mo; built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.2%/yr); 226 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 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.
• 3 sale attempts; this cycle's ask has dropped $75k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; list at $400k implies a 2252% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; 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.
• Cap rate 6.5% vs local median 3.9% 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 $3,561/mo this rent would consume 66% 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 90 days. Have you received any prior offers? Is the seller open to a 11% 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 1926 — 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?
• 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.