107 15th St, St. Augustine Beach, FL | Short-Term Rental Acquisition Analysis

Property Overview

A renovated beachside pool home, one block from the sand

Listed at $1,249,000 (MLS #264067), 107 15th Street sits on St. Augustine Beach's Golden Mile, one block from the beach and the St. Augustine Beach Pier. The listing highlights a saltwater pool, two separate living spaces, Trex decking, new flooring, a new fence, and custom surfboard storage. This analysis models a $1,250,000 purchase, a 20% down payment, a 7.25% DSCR loan, and roughly $100,000 of design, furnishing, and outdoor investment.

Address107 15th St, St. Augustine, FL 32080
List price$1,249,000 ($617/SF)
Modeled purchase price$1,250,000
Listing statusPending (as of 10/8/2026)
Configuration5 Bed / 4 Bath
Living area2,024 SF
Lot size6,098 SF
Year built1958 (renovated)
Layout4 bd / 3 ba main house + 1 bd / 1 ba studio apartment (own entrance & kitchen)
PoolSaltwater pool and spa / hot tub
OutdoorTrex decking, new fence, utility shed, surfboard storage
ParkingCircular driveway
Flood zoneFEMA Zone X (shaded), moderate risk
Location1 block to beach & pier, walkable dining
MLSSt. Augustine / St. Johns County BOR #264067

Listing shows "Pending": Zillow lists this home as pending, meaning it is likely under contract. Confirm with the listing agent (Lise Murphy, EXP St. Augustine) whether it is truly available or whether a back-up offer position exists before spending further effort on underwriting.

Coastal risk profile: First Street rates this address 9/10 for flood and 10/10 for wind exposure. Insurance for wind and flood is a major cost and underwriting variable here, and the $12,000/year estimate in this pro forma should be replaced with real quotes before any offer.

Two living spaces: per the listing, the main house has 4 bedrooms and 3 baths and a separate studio apartment / in-law suite / ADU has its own entrance, bedroom, bathroom and kitchen. The base projection rents everything as one 5-bedroom home; the alternate scenario in the Revenue Projection section models renting the two units separately. Confirm with the city that the second unit is permitted and how it counts for licensing and occupancy.

Revenue Projection

AirDNA Rentalizer: $126.0K base, comp set strength High (3 comps)

AirDNA's Rentalizer, set to this home's 5-bedroom / 4-bathroom / 10-guest configuration and a hand-selected set of three non-oceanfront 5-bedroom comps, projects $151.4K in annual revenue including a modeled $25,441 cleaning fee, at a 51% occupancy and an $821 average daily rate. Following this portfolio's convention, the guest-paid cleaning fee is treated as a pass-through and excluded, leaving $125,959 in accommodation revenue as the Base Case. The Strong Case applies the standard 1.15× multiplier.

Base Case$125,959
AirDNA projected revenue, less cleaning fee pass-through
BasisAirDNA Rentalizer, 1.00×
ADR$821
Occupancy51%

Strong Case

$144,853

1.15× upside, portfolio-standard convention

Basis1.15× Base Case
Comp Set StrengthHigh

Comp set selection: AirDNA's default 7-comp set included two oceanfront or oceanside homes (“Sea Salt,” $241.0K, and “The Historic Shrimper's OCEANside,” $79.5K), a 2024 new build, and other homes steps from the sand. Because this home is one block from the beach and not oceanfront, the comp set was narrowed to three 5-bedroom homes with a similar profile, which AirDNA rates High strength. Three comps is a small sample, so treat the result as a point estimate rather than a precise forecast.

Comparable properties (three-comp set used for the Base Case)

Comp (all 5 bedrooms)	Trailing 12-mo Revenue	Revenue Potential	ADR	Occ.	Guests	Baths
Views! 2 Minute to Beach	$148.3K	$157.6K	$637	69%	16	4
St. Augustine Beach 5/6 — Heated Pool & Hot Tub	$147.9K	$148.7K	$1,000	41%	16	6
Just Coasting — Ocean View Pool Home	$138.8K	$147.9K	$793	52%	10	4.5
Median / average of 3 comps	$145.0K / $145.0K	$148.7K / $151.4K	$793 / $810	52% / 54%	16 / 14	4.5 / 4.8
This property (AirDNA projection)	—	$151.4K	$821	51%	10	4

How the comps support the number: the three comps earned $138.8K to $148.3K over the trailing 12 months (about $145K on average, including guest cleaning fees), and AirDNA's $151.4K projection (including the $25,441 cleaning fee) sits slightly above that range, in line with the comps' $147.9K to $157.6K revenue potential. Occupancy (51%) and ADR ($821) are in line with the comp averages (54% and $810). Two of the three comps have a pool, one has a hot tub, and this property has both a saltwater pool and a spa. Comp revenue figures appear to include guest-paid cleaning fees, as AirDNA's projection does.

Reconciling to the listing's ~$128,000 pro forma: the listing's figure is within about 2% of our $125,959 Base Case accommodation revenue, and about 15% below AirDNA's $151.4K gross, so with this comp set the two figures are close. The listing's description ties the figure to operating two separate rental units, which fits the two-unit scenario below (AirDNA gross of about $121K). Ask the listing agent for the source and assumptions behind it. At $128,000 the deal does not cover debt service (DSCR 0.81, self-managed cash flow of about ($15,200) per year).

Alternate scenario: rent as two units (4-bedroom house + studio)

Unit	Gross	Cleaning Fee	Net of Cleaning	ADR	Occ.
Main house (4 bd / 3 ba)	$88.2K	$13,647	$74,553	$447	54%
Studio (1 bd / 1 ba)	$33.2K	$5,723	$27,477	$146	62%
Two-unit total	$121.4K	$19,370	$102,030	—	—
Single 5 bd home (Base)	$151.4K	$25,441	$125,959	$821	51%

Renting separately earns about 19% less in the AirDNA model: $102,030 of accommodation revenue versus $125,959 for the single 5-bedroom home. On the same expense and financing assumptions, the two-unit case produces roughly $43,000 of net operating income (cap rate 3.4%) against $81,861 of annual debt service, a DSCR of about 0.53 and self-managed cash flow of about ($38,800) a year, compared with a DSCR of 0.79 for the single home. AirDNA's oceanfront comps were removed from both unit sets; the 4-bedroom set is rated Medium strength and mixes older and newer homes. The two-unit case also adds a second license and cleaning turnover, which are not in these figures. Neither configuration covers debt service in the Base Case, but renting as one large home still performs better than renting two units.

On cleaning fees: a guest-paid cleaning fee is treated as a pass-through, roughly net-zero to NOI. The $125,959/$144,853 figures are accommodation revenue only, which is what the expense percentages below are calculated against. The 10-guest capacity is an assumption, since the listing does not state sleeping capacity.

Financing Structure

Acquisition & DSCR loan assumptions

Modeled at a $1,250,000 purchase with 20% down ($250,000) and a $1,000,000 DSCR loan at 7.25% on a 30-year amortization. Total cash required includes estimated closing and loan costs (3% of price) and a $100,000 budget for design, furnishings, and outdoor improvements.

$250,000

Down Payment (20%)

$1,000,000

DSCR Loan Amount

$6,822

Monthly Principal & Interest

$387,500

Est. Total Cash Required

Total cash required: $250,000 down payment + $37,500 estimated closing and loan costs (3% of price) + $100,000 design, furnishings, and outdoor improvements = $387,500. The $100,000 is treated as a one-time upfront investment, not an operating expense.

Down Payment	Loan Amount	Total Cash Req.	Cash Flow (Base)	Cash Flow (Strong)	DSCR (Base)
15%	$1,062,500	$325,000	($22,155)	($4,961)	0.75
20% (modeled)	$1,000,000	$387,500	($17,038)	$155	0.79
25%	$937,500	$450,000	($11,922)	$5,271	0.84
30%	$875,000	$512,500	($6,806)	$10,388	0.90

Cash flow shown is self-managed, after debt service. DSCR = net operating income ÷ annual debt service.

At 20% down the Base Case DSCR is 0.79× self-managed — below the 1.0×–1.25× threshold many DSCR lenders require — and the Strong Case only reaches 1.00×. Even at 30% down the Base Case stays below 1.0×. Lenders that accept 75% of AirDNA revenue or long-term rent would show a lower ratio still. Lender requirements vary (minimum DSCR, points, prepayment penalty, and whether lenders use AirDNA or a lease-based figure), so a real quote is needed.

Operating Pro Forma

Annual revenue & expense projection (20% down scenario)

Two bottom-line scenarios are shown: cash flow if self-managed, and net cash flow if Marineland Cohost operates the listing as co-host (18% of gross revenue).

Line Item	Base Case	Strong Case
Gross Accommodation Revenue	$125,959	$144,853
Airbnb / Vrbo platform fees (3%)	($3,779)	($4,346)
Repairs & maintenance (6%)	($7,558)	($8,691)
Property tax (est., reassessed at purchase price)	($17,500)	($17,500)
Property, wind & flood insurance (est.)	($12,000)	($12,000)
Utilities & internet (est.)	($9,600)	($9,600)
Pool service & landscaping (est.)	($4,200)	($4,200)
Guest supplies & restocking	($3,500)	($3,500)
STR licenses, business taxes & commercial trash (est.)	($2,400)	($2,400)
Admin	($600)	($600)
Net Operating Income (NOI)	$64,823	$82,016
Annual debt service ($1.0M, 7.25%, 30-yr)	($81,861)	($81,861)
— cash flow if self-managed	($17,038)	$155
— Marineland Cohost fee (18% of revenue)	($22,673)	($26,074)
— net cash flow if co-hosted	($39,711)	($25,919)

5.19% – 6.56%

Cap Rate

−4.40% – 0.04%

Cash-on-Cash, Self-Managed (on $387,500)

0.79 – 1.00

DSCR, Self-Managed

The Base Case does not cover its debt service, with or without co-hosting. Self-managed, Base Case cash flow is about ($17,000) per year (DSCR 0.79×, cash-on-cash −4.4%), and the Strong Case only breaks even at $155 (DSCR 1.00×). If co-hosted at 18% of revenue, cash flow is about ($39,700) in the Base Case and ($25,900) in the Strong Case, so this price and financing do not work at the revenue AirDNA supports for this comp set. The numbers become workable only at a lower purchase price, a larger down payment combined with higher revenue, or evidence that revenue will exceed the Strong Case.

Revenue sensitivity

Revenue vs. Base	Revenue	NOI	DSCR	Cash Flow (Self)	Cash Flow (Co-hosted)
70%	$88,171	$30,436	0.37	($51,425)	($67,296)
80%	$100,767	$41,898	0.51	($39,963)	($58,101)
90%	$113,363	$53,360	0.65	($28,501)	($48,906)
100% (Base)	$125,959	$64,823	0.79	($17,038)	($39,711)
101.6% (listing's $128K pro forma)	$128,000	$66,680	0.81	($15,181)	($38,221)
115% (Strong)	$144,853	$82,016	1.00	$155	($25,919)

Breakpoints (self-managed, 20% down): revenue of about $144,700 (115% of Base) produces a 1.0× DSCR, and about $167,200 (133% of Base) produces 1.25×. Revenue at the level of the three comps' trailing 12-month average (about $145K including cleaning fees, roughly $120K excluding them) would not reach breakeven.

Breakeven purchase price (20% down, where NOI covers full debt service, self-managed): approximately $989,800 on the Base Case and $1,252,400 on the Strong Case. Property tax, insurance, utilities, pool, supply, and licensing figures are planning estimates; see Levers & Next Steps.

Regulatory & Compliance

St. Augustine Beach short-term rental requirements

St. Augustine Beach is its own municipality with its own transient-rental rules, separate from the City of St. Augustine and unincorporated St. Johns County. This is the most important diligence item for this property.

•Zoning and a 100-unit cap: per the city's Transient Rentals page, transient rentals are only allowed in land use areas zoned Commercial or Medium-Density Residential, with a limit of 100 in Medium-Density Residential and no limit in Commercial. Confirm this parcel's zoning and whether it already holds, or can obtain, a transient-rental slot under Section 3.09 of the city's Land Development Regulations before relying on STR income. The listing states that commercial zoning allows nightly vacation rentals; verify this with the city, since the 100-unit cap applies only to Medium-Density Residential parcels.
•State and local licensing: the city requires a current Florida DBPR vacation rental license (F.S. 509.241) and a Florida Department of Revenue sales tax permit, then a City Business Tax Receipt and Transient Rental application, plus an inspection by the city Building Department. The annual business tax is also paid to the St. Johns County Tax Collector, and all licenses, inspections, and taxes renew annually. The pro forma carries $2,400 per year for these: roughly $180 for the DBPR license, plus city inspection/application and business tax receipts, county business tax, and commercial trash service, none of which have a confirmed current fee in public sources. Guest-collected sales and tourist development taxes are pass-throughs and are not in the model.
•Not eligible for homestead: the city notes transient rentals are businesses, not residences, so they are not eligible for the Homestead Exemption, and commercial garbage rates and an approved commercial trash can (or private contract) apply.
•Occupancy and operating rules: the Section 3.09 code summaries indicate occupancy is tied to bedroom count (two persons over 15 per bedroom plus an allowance for sleeper sofas), parking is limited to on-site spaces, guests must receive the city's ordinance notice (noise, parking, dune protection, turtle nesting season, trash), and an annual rental report is due to the city each February 1. Confirm the current text with the city, since third-party summaries differ.
•Taxes: Florida sales tax and local tourist development tax apply to short-term stays. Airbnb and Vrbo typically collect and remit these for platform bookings; direct bookings are the host's responsibility.

This section is a summary, not legal advice. Confirm current requirements with the City of St. Augustine Beach (City Manager's Office, 904-471-2122), the Florida DBPR, and the St. Johns County Tax Collector before closing.

Levers & Next Steps

Before finalizing an offer

•Confirm availability: Zillow shows the listing as Pending. Ask whether it is under contract and whether a back-up position is possible.
•Verify STR eligibility first: confirm zoning, existing Business Tax Receipt and transient-rental status with the seller, and slot availability under the 100-unit cap. This single item can make the revenue case moot.
•Get real insurance quotes: wind and flood exposure are high for this address; compare an STR-specific wind/flood package against the $12,000/year estimate.
•Re-underwrite revenue: the Base Case rests on a three-comp set. Test other non-oceanfront comp sets in AirDNA, and ask the seller for actual booking history if the home is currently rented. This property has a spa/hot tub that only one of the three comps offers, so confirm it is in working order and market it.
•Price the property tax: tax history is unavailable on the listing. Purchase reassesses non-homestead property at sale price, and the $17,500 estimate assumes roughly 1.4% of price; confirm with the St. Johns County Property Appraiser.
•Get a DSCR lender quote: confirm rate, points, minimum DSCR, whether an interest-only period is available (it would lower payments), prepayment penalty, and how the lender calculates DSCR (AirDNA, 12-month history, or market rent).
•Scope the $100,000 budget: price furnishings, design, and outdoor work (pool furniture, outdoor shower, games, hot tub upgrades if needed) against the budget, and confirm permit requirements for any outdoor or structural changes and for the second living space.

Marineland Cohost Services

What an 18% co-hosting engagement includes

Boutique, Hands-On Care

Family-owned and run with a deliberately limited portfolio, rather than a high-volume call center.

You Keep Ownership & Visibility

You keep your listing and reviews and see everything in real time while we run the day-to-day as co-host.

No Long-Term Contracts

The engagement can be ended without a lock-in period, backed by a 30-day money-back guarantee.

Paid on Revenue Only

The 18% fee is based on revenue, so our incentives are tied to your property's performance.

Fee structure: 18% of gross booking revenue, modeled in the pro forma above. Turnover cleaning is covered by the guest cleaning fee, repairs and supplies are billed at cost, and owner-paid taxes and licenses are separate (modeled at $2,400 per year above); a one-time onboarding fee is not included in this model. At this price, financing and revenue estimate, co-hosting is cash-flow negative in both the Base and Strong cases, as shown above.

© 2026 Marineland Cohost. All rights reserved.

This document is prepared by Marineland Cohost for informational purposes and does not constitute a guarantee of investment performance, or financial, tax, or legal advice. This is an acquisition analysis for a property listed for sale (shown as pending at the time of preparation); Marineland Cohost does not represent either party in the transaction unless separately engaged to do so. The Base Case revenue figure ($125,959) is AirDNA's projected revenue for a 5-bedroom, 4-bathroom, 10-guest configuration using a hand-selected set of three non-oceanfront comps, less a $25,441 modeled cleaning fee treated as a pass-through; the Strong Case ($144,853) applies a 1.15× multiplier. The comp set was rated High strength by AirDNA but contains only three listings; neither figure is a guarantee of achievable revenue. The modeled purchase price is $1,250,000, financing is a $1,000,000 DSCR loan at 7.25% over 30 years with 20% down, per the user's specification; this is not a loan quote, pre-approval, or commitment, and actual terms, points, and DSCR requirements should be obtained from a lender. Closing and loan costs (3% of price), the $100,000 design, furnishing, and outdoor budget, property tax, insurance (including wind and flood), utilities, pool service, guest supplies, licensing and commercial trash, and admin line items are planning estimates, not vendor quotes, bills, or guarantees, and should be independently confirmed. The 10-guest capacity is an assumption. Regulatory information reflects Marineland Cohost's general understanding of City of St. Augustine Beach, St. Johns County, and Florida requirements as of this writing and is a general summary only, not legal advice; it does not confirm that this parcel is zoned for or eligible to operate as a transient rental, and requirements can change and should be independently verified with the City of St. Augustine Beach, the Florida DBPR, and St. Johns County before closing. Marineland Cohost is not a licensed financial advisor, CPA, or attorney. The buyer should independently verify all figures and consult qualified professionals as needed.

107 15th Street, St. Augustine Beach, FL 32080