600 E Jackson St Pensacola, FL 32501
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About this home
Assumable 3.25% FHA loan! Great investment opportunity with this beautifully restored multi-unit property in Old East Hill with a strong rental history and potential to bring in over $80,000 a year. Officially dated to 1908 but likely built in the late 1800s, this corner-lot property combines timeless architecture with updated amenities. Renovated in 2022, it now functions as a versatile four-plex or five-plex—perfect for investors seeking strong rental income, owner-occupants offsetting costs, or even someone wanting to turn it back into a single-family residence in the future. Unit A is a spacious 2BR/1BA with access to both front and back porches plus a screened-in side porch. It includes stacked washer/dryer hookups and can be expanded by connecting to a flexible bonus space. Unit B is a 1BR/1BA with its own washer/dryer hookups, screened porch, and dual porch access. It’s proven as a successful short-term rental, generating ~$20K in the past year. Unit C is a well-kept studio with kitchenette and back porch access—efficient living ideal for traveling professionals or long-term tenants. Unit D spans the entire upper floor as a bright, airy 2BR/1BA with private balcony. The fifth space is a finished area with a full bath that can flex as a third bedroom for Unit A, another studio, an office, or storage. Each unit is individually metered and benefits from new HVAC, plumbing, and electrical systems (2022), alongside preserved historic details—high ceilings, large windows, and multiple porches. The property has been strictly non-smoking and pet-free, ensuring a clean, well-maintained condition. This rare property delivers immediate income potential with its flexible layout, while also offering the option to be reimagined as a single-family residence—restoring its historic role as a grand East Hill home. Whether you’re an investor or a future homeowner, it’s a one-of-a-kind opportunity that balances cash flow today with lifestyle possibilities tomorrow.
Source: PENSACOLA #671642
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FAQs
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.