Triplexes and Quadplexes in Jacksonville?

Question

Hi All,

With my new job, I would be allowed to relocate to Jacksonville. My main goal is
to buy a 3-4 plex that I can live in for a year before buying a 2nd one.
Does Jacksonville have a decent inventory of 3-4 plexes where this
strategy would be viable for me? Is there a certain neighborhood or suburb of the
city where a majority of them are? Any advice would be hugely appreciated!

Mark Fries · Answer

@Kyle H.

Riverside, avondale, murray hill or san marco will be the areas to look into.

Jack Bobeck · Answer

Prices are too high for me. Here is an example, just went on the market. Sold for 433,000 in 2019 and now they want $495,000 for a triplex at 1520 Donald Street in Jacksonville, FL. There are 5 bedrooms and 3 units. So each unit runs about $165k each.

The rents for a 2 bedroom are about 1200 a month. So if the 2 beds are 1200 each and the 1 bedroom is 800, you have 3200 of rent coming in, and over 10 months (keep 1 month for taxes, in this case you need 2.5 months as they are $7,200) and 1 month for incidentals, you are left with 8.5 months of rent or $27,200. Say you are generous and put down the 100k for the 20%, you are down to $396k, it will take 15 years if property taxes don't rise and we are not including insurance either, to pay this off.

How many other deals could you do over 15 years or worse, 180 months? This is a perfect ask the owner to hold some of the paper, but you need to run solid numbers to figure taxes rise 3-5% in the historic district each year, and then insurance up and down based on hurricanes and claims. The property is over 100 years old too, what else does it need?

Brett Nissen · Answer

I am a local agent as well, and did a “house hack” with a duplex in Avondale with my first investment property. There are a few areas in Jax that are perfect for the strategy, but it does depend on budget. Feel free to reach out privately, as I can provide more input!

Jack Bobeck · Answer

Most listings on the MLS is going to be retail. People are asking for the same price per door as SFH in the neighborhoods. I'd also look at commercial realtors, like Sid Jones, he often has a number of multifamily and he knows the MFH market really well. Best of luck to you! Many of the items Sid has shown me are between retail and wholesale.

Lillie Hernandez · Answer

Hi Kyle!

I’m a Realtor and investor in this city. Would you happen to have an idea how much you’re looking to spend per unit? Based on that amount I can help determine the neighborhood you’re looking to reside in. Let me know or send me a pm!

Vladut Bujoreanu · Answer

^ what Jack said, and for the areas that you can get a live-in (Mark) where the numbers would work you want to be aware of certain expenses exclusive to that area (cap ex. for wood frame repairs, pest control, flood insurance, building leveling) on top of zoning things too (think historical areas, preservation societies)

Triplexes and Quadplexes in Jacksonville?

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