Rental Property Investor · North Fork, NY · Member since 2016 · 1k+ posts · 631 votes
Hi,
We are preparing our offering price in this neighborhood (north of Jax Heights) on a block with a bunch of quads. The seller wants to unload it after a year, he reno'd one unit and the other 3 are uninhabitable bc he started them. Says there is a tenant coming into the completed unit for $600. Area rents could conservatively get $525 - $600, depending. All in about $140K. (Awaiting another rehab est today). In a C neighborhood.
Real Estate Investor · Miami, FL · Member since 2013 · 474 posts · 214 votes
9y
Don't know it too well but it's probably a fine area. North a little bit to Normandy west of 295 are very nice, relatively new, subdivisions and retail. It's a nice looking, very affordable, part of town.
That said, I don't invest there. We invest in the desirable areas of the urban core where I see almost no competition from new supply if demand continues to grow. I'll assume that your area will be good for cash-flow only and you wouldn't anticipate any appreciation above city averages.
Real Estate Investor · Miami, FL · Member since 2013 · 474 posts · 214 votes
9y
Don't know it too well but it's probably a fine area. North a little bit to Normandy west of 295 are very nice, relatively new, subdivisions and retail. It's a nice looking, very affordable, part of town.
That said, I don't invest there. We invest in the desirable areas of the urban core where I see almost no competition from new supply if demand continues to grow. I'll assume that your area will be good for cash-flow only and you wouldn't anticipate any appreciation above city averages.
Real Estate Agent · Jacksonville, FL · Member since 2016 · 51 posts · 14 votes
9y
Nancy,
I am a realtor. I would love to give a better assessment if you are able to provided an exact location. I also do property management, especially in these areas. I am not soliciting just trying to help.
Real Estate Investor · Miami, FL · Member since 2013 · 474 posts · 214 votes
9y
@Gerald Smith Sure, add me to your list if you'd like. Email on profile. We are pretty well-versed in Riverside, Avondale, Murray Hill, Lakeshore, San Marco and St Nicholas (and also Brooklyn if you can somehow find something there). We are beginning to set our sights on Springfield but still learning and processing the area.
Property Manager · Northeast Florida · Member since 2015 · 135 posts · 76 votes
9y
Daryl Scott -an investor. He is well versed in that area and is well connected on the Northside. PM me if you would like his number or google him as he is licensed. Good Luck!
Rental Property Investor · North Fork, NY · Member since 2016 · 1k+ posts · 631 votes
9y
Thanks for responding. @Kimberly G. Are you investing in the Jax area too? @Jeffrey Wardlow I will be vetting pm's so let's connect. Thanks for reaching out. @Maxwell Lee I'm not familiar with neighborhoods in the Urban Core yet- are your holding there class A's or B's sfh or multis?
Real Estate Investor · Miami, FL · Member since 2013 · 474 posts · 214 votes
9y
Well tbh since you ask I really can't distinguish confidently between A and B. I've been investing for almost 4 years now and discuss neighborhoods with folks all over the country using these labels, but really I just speak very subjectively and don't know if there's a clear delineation between A and B. Now C and D I think I can grasp the overall vibe.
So to answer you as best I can, I'd say pretty much everything we have is B class. Some are borderline A but most of the ones that were probably A class were ones we flipped. For the urban core, generally speaking I think Avondale is A and large portions of San Marco and Riverside would be A as well. Murray Hill and Springfield will run between B and C. We have SFH and small MFH.
Property Manager · Northeast Florida · Member since 2015 · 135 posts · 76 votes
9y
@Nancy Bachety Yes, I am invested in Jacksonville in a Class C area both are SFR that I rent furnished which enables me to capture class A & B tenants to them for their short stays. I am looking for a Duplex/Tri/Quad to be our next investment here. I need to wrap up a deal in DC first. Regarding the Northside, I am not update to date with growth as I just moved back to jax after being gone for many years. I am curious with all the chatter... new shopping and amazon is about to move in. I am happy to help so private message me with your contact info and we can chat. I'll drive out to it and facetime you if that helps as I am curious myself about the area. I can call Mr Scott and get his feedback as well for you.
@Maxwell Lee, I could help you clear up some key points w regards to classifying a property. Avondale is a Class B area at best with pockets of class C by boone park & FCCJ. Being a historic district w/ homes 80-100+yrs old the homes are value-add deals with high CapX (Class A have low capx being newer homes, community amenities and great schools and higher rents). In Avondale the schools are questionable after elementary with that said... New Florida law - OPEN school districts start for next school term. It will be interesting to see how that rolls out for us landlords. I would live in Avondale no doubt but only if it meant I can drive my child over to St johns co for school where they are now. Which is exactly what St Johns Co is worried about but that's a whole new thread of conversation and for a different forum than BP. Good Luck and hope that helps clarify the classes of properties on the westside!
Real Estate Investor · Miami, FL · Member since 2013 · 474 posts · 214 votes
9y
@Kimberly G. Thanks for some clarifications. I've always thought of neighborhoods having a separate class ranking from properties, so I was thinking the majority of Avondale is an A neighborhood with B assets. The homes are mostly gorgeous but you are right, almost entirely prewar. Re: schools, I did not think about that. I only thought of the overall desirability, which puts Avondale at or near the top for the entire city. Very good consideration. Only West Avondale has a highly rated elementary school, so it's not even the entire neighborhood lol. That said, I wonder if Jax has any A neighborhoods by your criteria...there aren't any in all of Duval County that have good schools from K-12.