117 Golden Lake Loop

St. Augustine, FL 32084

$165,000D+

2 bd · 2.0 ba · 1,147 sqft · Built 2015 · Condo · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,747/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$266
• HOA: −$299
• Vac / Maint / Mgmt: −$367
• Net cashflow: $-50/mo
• Annual: $-598/yr
• Cap rate: 5.93%
• Cash-on-cash: -1.29%
• DSCR: 0.94
• 1% rule: 1.06%
• Cash to close: $46,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $165k.
• At list price, monthly cash flow is $-50 ($-598/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (5.3% below list).
• Meets the 1% rule at list price ($2k rent vs $165k).
• It's been on market 43 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $156k (5.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads: area grade D — 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.
• Zoned schools: Crookshank Elementary School (math 64% / reading 62%, grade B, #582 of 2,144 statewide, top 28%, 704 students, 64% FRL); R J Murray Middle School (math 54% / reading 54%, grade B-, #196 of 571 statewide, top 36%, 695 students, 50% FRL); St. Augustine High School (math 54% / reading 62%, grade C, #120 of 667 statewide, top 18%, 1,784 students, 38% FRL) — zoned schools average 50% FRL vs 20% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 58% at this address vs 74% district-wide (-16 pts) — the specific schools serving this property underperform the St. Johns average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 636 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 6 sale attempts since 11y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $132k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.1% in St. Augustine — 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 43 days. Have you received any prior offers? Is the seller open to a 5% 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.
• 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.