Real Estate Investing in Melrose, Florida (32666)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 32666 (Melrose, FL)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 27.3% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 26.7 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Melrose, FL (32666)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 32666 Melrose
On balance, ZIP 32666 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $318K median. It rewards specialists, not generalists.
Rent of $990/mo on a $318K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 32666 sits below the stated 0.0% once reality is priced in.
ZIP 32666's metrics run below Clay County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
The 32666 ZIP's population of 5,542 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that registers the need for careful underwriting.
Strategy in 32666 is an operator game, not a passive one. On the rental side, entry prices of $318K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Melrose:
Property Strategy for 32666
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $218,940 | $1,100 | 3.6% | +8.1% | $109,470 |
| 3BR | $332,403 | $1,390 | 3.0% | +8.6% | $110,801 |
| 4BR | $458,757 | $1,600 | 2.5% | +8.9% | $114,689 |
Market Trends
Home Value History (with trend line)
📊 How Does 32666 Compare?
| Metric | 32666 | Melrose | Jacksonville, FL | Florida |
|---|---|---|---|---|
| Home Value | $317,726 | $317,726 | N/A | $374,697 |
| 5-Year CAGR | 5.0% | 5.0% | N/A | 7.4% |
| Avg Rent | $990 | $990 | N/A | - |
| Cap Rate | 2.4% | 2.4% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 32666 (Melrose, FL). Anonymous, moderated, never written by AI.
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Property managers serving Clay County
Manage rentals here? List your business →Freedom Community Management provides community management services. summary from their website
Green River Property Management offers property management services for houses and homes for rent in Jacksonville, Florida. summary from their website
North Florida Property Management provides property management services. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $317,726 |
| Monthly Rent | $990 |
| Price-to-Rent | 26.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.7% |
| Cap Rate | 2.4% |
| 5-Year IRR | 7.4% |
📈 Home Appreciation
| 1-Year | +3.9% ▲ |
| 3-Year CAGR | +2.1% ▲ |
| 5-Year CAGR | +5.0% ▲ |
| 10-Year CAGR | +7.4% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.4%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 32666
Population: 5,542
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 32666
Schools in This ZIP Code
About Repit School Scores
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We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
Frequently Asked Questions
Are there empty rentals in Melrose, FL?
Melrose, FL carries elevated vacancy risk. Expect even-keeled absorption at market rents of $990/mo.
Are rents high in Melrose, FL?
Average rent in Melrose, FL is approximately $990/mo per month. Against $318K home values that yields a reasonable rent-to-price ratio.
What is it like being a landlord in Melrose, FL?
The landlord environment in Melrose, FL is landlord-friendly. Statewide rules shape most day-to-day operations for rental owners.
Can I house hack in Melrose, FL?
The house hack math a challenging in Melrose, FL. Owner-occupant buyers benefit from the $990/mo rents and $318K home values.
Does Melrose, FL make sense for an investment property?
Melrose, FL posts an investability rating of 3.0/5, with median home values near $318K and average rents around $990/mo. That combination puts it in the robust tier for investor interest.
You know 32666 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 32666 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 32666 ranks in Jacksonville, FL
Every ZIP in this metro, ranked. Free.
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