Jacksonville is Florida's most affordable large rental market, with a huge land area, a steady military presence and rent relative to value that often works better than in South Florida or Tampa. That combination makes it one of the easier Florida markets to carry a full cash-out refinance.
In short: Yes. LendingStreet finances DSCR cash-out refinances on Jacksonville-area rentals up to 75% LTV, qualifying on the property's rent with no tax returns or W-2s. The rent must cover principal, interest, Duval County taxes, wind and hazard insurance and any flood or HOA costs at the 1.0x standard minimum. Loans start at $150,000, LLC borrowers are standard and the minimum credit score is 620.
Northeast Florida prices rose in 2021 and 2022 with the rest of the state, then leveled off as new subdivisions in St. Johns, Clay and Nassau counties added supply. Compared with Miami or Tampa, Jacksonville's starting prices were lower and the swings milder.
Investors who bought single-family rentals in Arlington, the Westside, Northside, Mandarin or Orange Park before 2021 often have solid equity. Rent relative to value is typically stronger here than in other large Florida metros, which is why the example below clears the minimum ratio at full leverage.
Naval Air Station Jacksonville, Naval Station Mayport and Naval Submarine Base Kings Bay just across the Georgia line bring a steady stream of service members and civilian staff, many of whom rent. Neighborhoods near NAS Jax on the Westside and Orange Park, and near Mayport in Atlantic Beach and the Arlington area, see steady demand.
Military leases often include clauses allowing early termination on orders. That is normal and does not usually affect a DSCR refinance, which uses the lease rent or the appraiser's market rent estimate. Timing the appraisal after a new lease is signed helps if the property turns over frequently.
The City of Jacksonville and Duval County are consolidated, which makes Jacksonville one of the largest cities by land area in the country. Most of Duval falls under one set of city-county taxes, though the beach cities and Baldwin have their own rates. St. Johns, Clay and Nassau counties set their own rates and often include CDD assessments in newer subdivisions.
Rentals do not get Florida's homestead exemption or Save Our Homes cap, so use the current bill rather than a seller's homesteaded figure. Florida's documentary stamp and intangible taxes can also apply on a refinance, often based on new money. Ask the title company for an estimate.
Jacksonville has historically seen fewer direct hurricane landfalls than South Florida, but it is still a Florida insurance market, and premiums have risen. Areas near the St. Johns River, its tributaries and the beaches have mapped flood zones, and Hurricane Irma in 2017 flooded parts of San Marco, Riverside and Ortega.
If the property is in a special flood hazard area, flood insurance is required and counts in the payment. A newer roof and a wind mitigation report can lower the wind and hazard premium.
This example is illustrative and not a quote. An investor owns a three-bedroom house on the Westside near NAS Jax, appraised at $310,000 with $130,000 owed. It leases for $2,400 a month. Taxes are about $330 a month and insurance about $260.
At 75% LTV the new loan is $232,500, leaving $102,500 after the payoff and before closing costs. On 30-year amortization, principal and interest is about $1,586. The full payment is about $2,176, for a DSCR of about 1.10x. A $120 flood policy would bring the ratio to about 1.05x.
| Item | Amount |
|---|---|
| Appraised value | $310,000 |
| Loan at 75% LTV | $232,500 |
| Existing loan payoff | $130,000 |
| Cash before closing costs | $102,500 |
| Principal and interest (30 years) | About $1,586 |
| Taxes, insurance and any HOA (monthly) | $590 |
| Total monthly payment | About $2,176 |
| Monthly rent | $2,400 |
| DSCR | About 1.10x |
Riverside, Avondale, Springfield and San Marco have historic homes, bungalows and a good number of older duplexes and fourplexes, some in historic districts with design review for exterior work. Arlington, the Westside and the Northside have a large stock of mid-century block homes that rent well relative to price.
Values in some older neighborhoods fall near the $150,000 minimum loan amount. A duplex, fourplex or higher-value house often fits better. Two to four unit properties qualify on combined rent, and 5 to 8 unit buildings can qualify on residential programs at a lower maximum LTV that varies by program.
Jacksonville Beach, Neptune Beach, Atlantic Beach and nearby St. Augustine draw vacation demand. Florida largely limits new local STR bans, but cities still regulate registration, parking and occupancy. Some DSCR programs can qualify a short-term rental on projected income; confirm local rules and tax registrations first.
Jacksonville investors often use the lower price level to scale. Equity from one or two well-located rentals can fund down payments on several more houses in the same part of town, where you already know the tenants, contractors and rents.
Have these on hand before you apply.
Yes. We finance DSCR cash-out refinances on non-owner-occupied rentals across Jacksonville and Northeast Florida, up to 75% LTV, from $150,000.
Generally no. Military clauses are normal near the bases. The ratio uses the lease rent or the appraiser's market rent estimate.
Often, yes. Rent relative to value tends to be stronger, and insurance and taxes are usually lower than in Miami-Dade, though that varies by property.
If the property is in a FEMA special flood hazard area, yes. Areas near the St. Johns River and the beaches are the most likely to be affected.
Yes. We lend across Florida. Newer subdivisions there may include CDD assessments that count in the payment.
The minimum loan is $150,000, so lower-value houses may not support a cash-out alone. A duplex, fourplex or blanket loan on several properties may fit better.
Seasoning varies by program. Some allow cash-out soon after purchase; others want several months or limit the loan to cost plus improvements.
No. The loan qualifies on rent. You need a 620 or higher credit score and reserves.
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