103 Trout River Dr, Jacksonville, FL 32208

Property Overview Address: 103 Trout River Dr, Jacksonville, FL Units: 15 Multifamily Units , 12 -1br/1ba, and 3-2br/1ba. Type: Riverfront Value-Add Asset Year Built: 1950 Property currently vacant. Condition: Exterior renovated; interiors require full rehab. Some units are down to the studs while some units are not far from being operational. Conservative Underwriting Assumptions Market Rent: $1,300/unit/month Gross Potential Rent: $234,000 annually Vacancy (5%): ($11,700) Effective Gross Income: $222,300 Expense Ratio (36%): ($80,028) Net Operating Income (NOI) $142,000 (rounded, conservative) Cap Rate Justification Applied cap rates reflect: Older vintage (1950 construction) Small multifamily (15 units) Jacksonville investor expectations Conservative lender underwriting Cap Rate Range: 6.75% – 7.25% Value Conclusion (Stabilized) At 6.75% Cap: $2.10M At 7.25% Cap: $1.96M Conservative Appraised Value (Lender-Supported) $1.85M – $1.95M This range reflects additional conservatism for: Execution risk (interior rehab) Lease-up timeline Older asset profile DSCR LOAN ANALYSIS (2026 MARKET CONDITIONS) Assumptions Interest Rate: 7.25% Amortization: 30 years DSCR Requirement: 1.25x Maximum Annual Debt Service NOI ÷ DSCR = $142,000 ÷ 1.25 = $113,600 Loan Sizing At 7.25%, 30-year amortization: Loan Constant ˜ 0.082 Loan Amount = $113,600 ÷ 0.082 = $1,385,000 Loan Proceeds Summary Estimated Loan Proceeds: ~$1.35M – $1.40M Loan-to-Value (at $1.9M): ~70%–73% Investor / Lender Takeaway Conservative rents (no upside assumed) Realistic expense load for vintage asset Cap rate not aggressive DSCR supports strong, financeable value Conclusion: The $1.85M – $1.95M valuation range is well-supported by income fundamentals and current lending standards.