Jacksonville is geographically huge and consolidated with Duval County, so one city covers historic river neighborhoods, Navy-driven suburbs and beach towns. Small apartment buildings cluster in only a few of them.
In short: LendingStreet finances 5 to 8 unit rental buildings across Jacksonville and Duval County with DSCR loans that qualify on rent, with no W-2s or tax returns. Loans start at $150,000 with no stated maximum and a 1.0x standard minimum DSCR. In Jacksonville, plan for wind and flood insurance, non-homestead property taxes and Florida's documentary stamp and intangible taxes on the loan.
Riverside and Avondale have the city's best-known small apartment buildings: early 1900s brick and stucco walk-ups and large homes divided into units along the St. Johns River. Springfield, just north of downtown, has historic homes converted to multiple units. San Marco and Murray Hill offer smaller buildings at varied prices.
Arlington and the Westside have 1960s and 1970s garden buildings, while buildings near NAS Jacksonville and Naval Station Mayport rent to military families.
| Area | Typical stock | Watch for |
|---|---|---|
| Riverside and Avondale | Historic walk-ups, divided homes | Historic district rules, flood zone |
| Springfield | Converted Victorian homes | Unit legality, renovation needs |
| Arlington and Westside | 1960s-1970s garden buildings | Older roofs and systems |
| Near NAS Jax and Mayport | Small buildings | Military turnover |
Riverside-Avondale and Springfield are designated historic districts, and exterior changes often require review by the city's historic preservation staff or commission. That can slow renovations and raise costs, though it also protects neighborhood character and values.
Old buildings mean older roofs, wiring and plumbing, which affect insurability. Get an inspection covering the roof, electrical, plumbing and HVAC, plus a wind mitigation report; Florida insurers rely on both when they price a policy.
This example is illustrative and not a quote. An investor buys a six-unit historic walk-up in Riverside for $930,000. Taxes are budgeted on the purchase price because the seller's capped value resets after the sale. The 6 units rent for an average of $1,275 each, or $7,650 a month in total. Taxes are budgeted at $1,450 a month and insurance at $700.
At 75% LTV the loan is $697,500, estimated principal and interest on a 30-year term is about $4,877, and the full payment is about $7,027, for a DSCR of about 1.09x. At 70% LTV the loan drops to $651,000, the payment to about $6,702 and the DSCR rises to about 1.14x, with $46,500 more brought to closing.
Insurance is the swing line here. A newer roof and documented wind mitigation can lower the premium enough to change the loan amount.
| Item | 75% LTV | 70% LTV |
|---|---|---|
| Purchase price | $930,000 | $930,000 |
| Loan amount | $697,500 | $651,000 |
| Down payment | $232,500 | $279,000 |
| Estimated principal and interest | $4,877 | $4,552 |
| Property taxes (monthly) | $1,450 | $1,450 |
| Insurance (monthly) | $700 | $700 |
| Total monthly payment | $7,027 | $6,702 |
| Gross monthly rent | $7,650 | $7,650 |
| DSCR | About 1.09x | About 1.14x |
Florida's Save Our Homes cap limits annual assessment increases on a homestead, but rental property only gets a 10% annual cap on non-school assessments, and the value resets to market after a sale. Budget taxes on your purchase price, not the seller's bill.
Florida charges documentary stamp tax on deeds, customarily paid by the seller in Duval County, plus documentary stamp tax on the note and an intangible tax on new mortgages, which the borrower pays. Ask the title company for estimates.
Jacksonville has historically been spared direct hurricane hits more than South Florida, but storms like Irma in 2017 caused major flooding along the St. Johns River and in low areas. Flood insurance is generally required in mapped zones, and wind coverage is priced from the roof and mitigation features.
Florida's insurance market has been volatile, and some owners use Citizens Property Insurance when private carriers decline. Get quotes early and budget the full premium.
Because Jacksonville and Duval County are one government, permitting and code enforcement run through one city. Confirm zoning allows the building's unit count, especially for converted homes, and check for open code cases. The beach cities, Jacksonville Beach, Neptune Beach and Atlantic Beach, have their own rules.
Short-term rental rules also differ across the county, but most 5-8 unit buildings in Riverside, Springfield and Arlington are rented on 12-month leases, which is how underwriters will view them.
A five to eight unit rental in Jacksonville qualifies the same basic way as a duplex: the combined rent of every unit has to cover the full monthly payment. Lenders look at the rent roll, current leases and the appraiser's market rents, and use the lower figure where they differ. Your W-2s and tax returns stay out of it.
You can borrow from $150,000 with no stated maximum, up to 80% LTV to buy and up to 75% LTV on a cash-out refinance, though 5-8 unit properties often top out lower depending on the program. The standard minimum ratio is 1.0x with a 620 credit score floor, LLC ownership is normal, and 30-year terms are available. Buildings just below 1.0x can be reviewed for a sub-1.0 program.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, price or estimated value, the rent roll and your target leverage through the form below, or call (877) 298-1001. For the statewide view, see our Florida 5-8 unit DSCR page. Buildings with nine or more units move to commercial financing on our multifamily loans page.
No. Save Our Homes applies to homesteads. Rentals get a 10% annual cap on non-school assessments, and value resets to market after a sale.
By custom in Duval County the seller pays deed doc stamps, while the borrower pays doc stamps on the note and intangible tax on the mortgage.
Some blocks near the river and creeks are in mapped zones. Check the FEMA map and get a quote either way.
Yes. Exterior changes in Riverside-Avondale and Springfield often require historic review.
Buildings near NAS Jacksonville and Naval Station Mayport see turnover tied to military orders. Demand stays steady because new families keep arriving, but leases may end early, so plan for some vacancy.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so every unit must be rented to tenants.
The standard minimum is 1.0x, meaning rent covers the full monthly payment. Sub-1.0 programs exist for some buildings with strong value and reserves.
Loans start at $150,000 with no stated maximum. Purchase leverage goes up to 80% LTV and cash-out up to 75%, but maximum LTV on 5-8 units is often lower and varies by program.
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