All Forum Posts by: Mark Rawls

@Michael Muniak Florida is a great place to live with many advantages. I've done lots of research in the Jacksonville market down through south of Daytona and there are very few 2, 3, & 4 unit multifamily properties in good areas as a general rule. @Gregg Cohen & @Kristin Kiddy are both very knowledgeable and 100% correct as far as the markets they reference. I will say there a quite a few duplexes in Palm Coast in B areas. However they are priced fairly high and go fast. Palm coast is also more of a commuter town and the rents are low compared to St. Augustine (North) or Ormond (South). Happy hunting!  

Did you hear from anyone on this? I was wondering about this as well and remembered someone saying something about it other that giving the city 1,000 to 1,500 and paying a plumber 4,000 to 6,000.

Thank you for the heads up @Jack Bobeck! I just drove by that property yesterday when looking at something on the MLS. That's certainly a big property. I've seen property in the area sell at 200$/sq. foot but that's top of the range on a very well done property in a healthy market. I'd figure a sale price of 480K would be a better number. So using the .70 test, even at a 520K sale price the rehab would only need to be 84K. Would that be realistic? Doesn't sound like it to me on that 100 year old 2600 sq foot house.

It really depends on what your goals are:

Best shot at appreciation or cash flow? The more working class blue collar type neighborhoods are west and southwest of the Riverside / Avondale / Murray Hill neighborhoods. There are many houses that need light to medium rehab to get good long term income. However with how spread out Jacksonville is, these areas are unlikely to appreciate much over inflation with exception to the forced equity you add. Murray Hill, Springfield, Mixon Town, and Brooklyn (JAX) have been up and coming but that's already priced in to the market. It is possible that the areas on the outskirts of Ortega, Avondale, and Murray Hill will appreciate more as the aforementioned areas are already expensive.  

Good morning Shaz, 

I'm from the Jacksonville FL area. The small multi family market in Jacksonville is a little small. The property taxes in ducal are lower than average, and there is lots of land except in certain areas so SFR cash flows well. If you're looking at that asset type riverside and JAX beach are good places to look. However both are hot areas of town so the cap rates are not the best.

The west side of Jacksonville has a rediculous ammount of variation. Without knowing where they are, no one will have a clue what the ARV is.

For example Look at the sale price of a recently updated 3/2 1,200 ft^2 in 32005 near the river (Riverside) , and then compare a recently updated 3/2 1,200 ft^2 in 32210 only a few miles west. 

I realize I'm referring to SFH instead of multifamily, but Jacksonville does not have nearly as much multifamily as you will see in other markets.

@David Wurzel

Welcome to BP, I'm a fellow newbie in the Jacksonville/ Daytona area. 

When did you miss the Real Estate License test by one point? You should definitely try it again as I know multiple succesful Florida RE agents who had trouble there first time! 

Do you have an area in mind yet?

@Joe Glick

Welcome to BP, I'm new myself and getting ready to jump in to the Jacksonville market! I'm originally from Jacksonville Beach and am looking forward to connecting with other investors/BP members in the area. Tons of great information on this site. Any areas your looking at/ currently investing in?

@Larry Fried

That would be great, thank you!

I'm interested in whomever you are using as a property manager as well

@Terrence Rivers, If you are happy with them please let me know via message or here as I am looking to purchase an SFR in Jacksonville the next few months, and as I am in Daytona I need a good management company/manager. I don't mind paying for good services, but I do want to make sure whomever is professional and someone I can establish a longterm business relationship with. I have heard a couple recommendations here on BP. But not as many who are actually using them.