1533 W 21st St, Jacksonville, FL 32209

Here’s a comprehensive overview of the property at 1533 W 21st St, Jacksonville, FL 32209, incorporating the latest market data and refinancing considerations:

Property Details:

• Address: 1533 W 21st St, Jacksonville, FL 32209
• Property Type: Single Family
• Bedrooms: 3 beds
• Bathrooms: 1 bath
• Square Footage: 1,100 sqft (living area)
• Lot Size: 3,800 sqft (0.0872 acres)
• Estimated Refinance Payment: $252/mo (This is the payment provided in your input. It is exceptionally low given current rates and typical loan amounts, suggesting it might be an estimate based on a very small remaining loan balance or a highly favorable past interest rate, or an error in the provided data.)
• Built in: 1928 (a historic home, 97 years old)
• Stated Value: $85,000 (This is the value provided in your input. Public records and real estate sites offer varying, but generally higher, estimates for this property and the surrounding area):
  • Redfin Estimate: $80,265 (This is close to your provided value).
  • Realtor.com Estimate: $81,116.
  • Zillow Zestimate: This specific property does not show a Zestimate on Zillow, but nearby properties in 32209 have median values.
• Last Sale Price: The property last sold for $15,000 on October 2, 1995, which is highly outdated and not reflective of current market value.
• Tax History: Property taxes in 2024 were $881 (up from $835 in 2023 and $721 in 2022).
• Zoning: RLD-60 (Residential – Low Density).

Additional Property Features and Conditions:

• Construction: Lap Siding exterior, Asphalt/Composition Shingle roof.
• Condition: Building construction quality is listed as “Below Average” by public records. This is important for lending and insurance.
• Interior Features: Central Air, Forced Air heating, Masonry fireplace.
• Parking: Detached Garage.
• Utilities: Public water and sewer.
• Schools (Assigned):
  • George Washington Carver Elementary School (PK-5, 1.9 mi) – 4/10 rating
  • Matthew W. Gilbert Middle School (6-8, 2.7 mi) – 2/10 rating
  • William M. Raines High School (9-12, 2.5 mi) – 5/10 rating

Jacksonville, FL (32209 Zip Code) Real Estate Market Trends (as of July 2025):

• Market Condition (32209): The 32209 zip code is considered a Balanced Market by Realtor.com, meaning supply and demand are roughly equal. Redfin describes it as “somewhat competitive.”
• Median Listing Home Price (32209): $145,000 (Realtor.com) or $140,000 (Realtor.com).
• Median Sold Home Price (32209): $136,300 in June 2025 (Redfin), up 1.0% compared to last year. Zillow shows a median sale price of $122,033 (April 2025).
• Average Home Value (32209): Around $109,251 (Zillow) or $89,594 (Simplemaps.com), which has seen a -7.3% decline over the past year (through May 31, 2025). This makes 32209 one of the most affordable zip codes in Jacksonville.
• Median Days on Market (32209): Homes typically sell after 64 days on the market in June 2025, up from 51 days last year.
• Sales Activity (32209): 139 homes were sold in June 2025, down 4.1% from last year.
• Sale-to-List Price Ratio (32209): Homes in 32209 sold for 4.3% below asking price on average in June 2025. About 17.3% sold above list price.

Overall Jacksonville, FL Market Trends (as of July 2025):

• Market Condition: Jacksonville as a whole is firmly a Buyer’s Market (ranked #5 nationally).
• Median Sold Price (City-wide): $303,089 in June 2025, down 1.4% from last year.
• Inventory: Active inventory is up 13% year-over-year to over 12,000 properties.
• Days on Market: Average 59 days, up 26.8% YoY.

Current Mortgage Refinance Rates in Florida (as of Monday, July 21, 2025):

• 30-Year Fixed Refinance: Average APRs are around 6.82% – 6.95%.
• 15-Year Fixed Refinance: Average APRs are around 5.89% – 6.11%.
• 5-Year Adjustable-Rate Mortgage (ARM): Average APRs are around 7.108% – 7.420%.

Note: These are average rates and are subject to change based on individual borrower qualifications, specific lenders, and daily market fluctuations. APR (Annual Percentage Rate) includes some fees beyond the interest rate.

General Requirements for Refinancing a Loan in Florida:

• Home Equity (Loan-to-Value Ratio – LTV): Most lenders require an LTV of 80% or less for conventional refinances (meaning you have at least 20% equity). For cash-out refinances, you can often borrow up to 80% of your home’s value (VA cash-out refinances can go up to 100%). A new appraisal will be required to determine the current market value and calculate your LTV. Given the property’s lower value in a more affordable zip code, ensuring sufficient equity will be critical.
• Credit Score: A minimum FICO score of 620 is generally needed for conventional loans. A higher score (740+) typically qualifies for the best rates. FHA loans may offer lower minimums (e.g., 500-580+), but include mandatory mortgage insurance premiums (UFMIP and annual MIP).
• Debt-to-Income (DTI) Ratio: Lenders typically look for a DTI of 43% or lower, although some programs (like FHA) may allow up to 50%.
• Property Occupancy: The home is generally required to be your primary residence, and at least one borrower must occupy it within 60 days of closing.
• Stable Income and Employment: You’ll need to provide documentation such as pay stubs, W-2 forms, and tax returns to prove a consistent income and employment history.
• Closing Costs: Expect to pay 2% to 6% of the new loan amount in closing costs. These can sometimes be rolled into the new loan, but doing so will increase your loan amount and total interest paid over time.
• Mortgage Insurance (PMI): If your LTV is above 80% on a conventional loan, you will likely be required to pay Private Mortgage Insurance (PMI).

Analysis for this specific property:

The estimated refinance payment of $252/mo for a 3-bed, 1-bath house in Jacksonville is exceptionally low and warrants further investigation. This payment is far below what would typically be expected for a mortgage on an $85,000 home (or even a property worth more) at current interest rates, even if only principal and interest are considered, and certainly if taxes and insurance are added.

Possible reasons for such a low estimated payment:

• The homeowner has a very small remaining principal balance on their current loan.
• The estimated payment is for a very short refinance term (e.g., 5-10 years), but even then it seems extremely low.
• The estimate is for an interest-only loan (unlikely for a standard refinance).
• There’s a significant error in the provided estimated refinance payment.

Given that the property was built in 1928 and its “Below Average” construction quality, an appraisal during the refinance process would be crucial to accurately determine its current market value and any potential concerns for lending. While the 32209 zip code is more affordable, the overall Jacksonville market is currently a “Buyer’s Market,” which could imply more favorable conditions for refinancing due to less competitive lending.

It is highly recommended that the homeowner:

1. Verify their current loan details: Confirm their remaining principal balance, current interest rate, and current monthly payment.
2. Get a professional appraisal: This is essential to establish the true current market value and condition of the property, as the provided $85,000 might be an underestimation compared to recent neighborhood sales.
3. Contact multiple lenders: Obtain personalized refinance quotes from several banks, credit unions, and mortgage brokers. This will provide realistic interest rates, APRs, closing costs, and corresponding monthly payments based on their specific financial profile and the home’s appraised value.
4. Understand all costs: Carefully review the Loan Estimate from each lender, paying attention to not just the interest rate but also the APR, closing costs, and whether any points are being charged.
5. Consider the “why”: Determine their goal for refinancing (e.g., lower interest rate, lower monthly payment, cash-out for renovations, shorter loan term). This will help guide the type of refinance best suited for them.