27 Jardin de Mer Pl #27

Jacksonville Beach, FL 32250

$339,000D

3 bd · 2.0 ba · 1,500 sqft · Built 2003 · Condo · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,054/mo
• Mortgage (P&I): −$1,778
• Tax + insurance: −$509
• HOA: −$150
• Vac / Maint / Mgmt: −$641
• Net cashflow: $-25/mo
• Annual: $-297/yr
• Cap rate: 6.21%
• Cash-on-cash: -0.31%
• DSCR: 0.99
• 1% rule: 0.90%
• Cash to close: $94,920

Investor read

• This is a 3-bed/2.0-bath condo listed at $339k.
• At list price, monthly cash flow is $-25 ($-297/yr) — negative.
• To cash-flow at today's rent, offer at most $335k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $305k (9.9% below list).
• It's been on market 52 days — a 3% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $305k (9.9% 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 $10k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#40 in FL, #800 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute F, cost of living F.
• 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: San Pablo Elementary School (math 79% / reading 70%, grade A, #230 of 2,144 statewide, top 12%, 493 students, 27% FRL); Duncan U. Fletcher Middle School (math 69% / reading 64%, grade A-, #84 of 571 statewide, top 16%, 1,140 students, 33% FRL); Duncan U. Fletcher High School (math 32% / reading 57%, grade F, #237 of 667 statewide, top 36%, 2,067 students, 26% FRL) — zoned schools average 29% FRL vs 49% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 62% at this address vs 46% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Duval average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.0%/yr); 312 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 10y 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.2% vs local median 1.6% in Jacksonville Beach — 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.
• This rent runs 31% of the median local income ($118k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 52 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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.