822 Apache St · Tallahassee, FL 32301

$137,900

4 bd · 2.0 ba · 1,239 sqft · SingleFamily public records · 32 Days on market

Built 1958 9,583 sqft lot Est $212k · 35% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable family home. Garage conversion allows for a split bedroom plan with 4 bedrooms and 2 full baths. Fresh interior and exterior paint plus new carpet. Updated insulated windows. New lower kitchen cabinets with new counter tops and sink. Fully fenced backyard with patio. Own for less than rent! No appliances currently but are negotiable.

Key facts

• Remodeled kitchen
• Updated bedrooms
• Spacious lot

Tags

• REMODELED KITCHEN
• UPDATED BEDROOMS
• FUNCTIONAL LAYOUT
• SPACIOUS LOT
• STRONG RENTAL POTENTIAL
• CONVENIENT ACCESS TO SCHOOLS

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: On-street parking
• Home design: Single-story; Slab foundation
• Construction: Road surface: paved
• Exterior features: Patio

Interior

• Kitchen: Stove
• Bedrooms: Bedroom 2 (10x11); Bedroom 3 (11x10); Bedroom 4 (9x10)
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Carpet and laminate flooring

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $571 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Recommended offer: $134k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 4.2% in Tallahassee — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 86/100 on livability (#19 in FL, #429 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment D.
• Leon (urban): math 48% / reading 53% proficiency, ranked #33 of 73 in FL (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.2%/yr); 121 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• At $1,916/mo this rent would consume 45% of the median local household income ($51k/yr) (locally 2625% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $953 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Leon County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($134k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $12k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $138k implies a 245% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $133,763 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.39% ✓
• Cap rate: 11.26%
• Cash-on-cash: 17.76%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $211,869
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2404 Dozier Dr	0.32mi	4/2.0	1,221 (-2%)	12mo	$215,000	$176	72
3101 Prospect St	0.43mi	4/2.0	1,255 (+1%)	7mo	$235,000	$187	72
3010 Prospect St	0.43mi	3/2.0 (-1)	1,264 (+2%)	1mo	$210,000	$166	71
925 Splendor Rd	0.24mi	3/2.0 (-1)	1,200 (-3%)	10mo	$230,000	$192	70
2438 King St	0.44mi	3/1.0 (-1)	1,143 (-8%)	2mo	$75,000	$66	56
3222 Beacon St	0.54mi	3/1.5 (-1)	1,341 (+8%)	11mo	$237,000	$177	45
2222 Pontiac Dr	0.44mi	3/1.0 (-1)	1,315 (+6%)	19mo	$215,000	$163	44
3404 Mizell St	0.73mi	3/2.0 (-1)	1,233 (-0%)	19mo	$201,000	$163	44
1329 Lola Dr	0.50mi	3/1.5 (-1)	1,083 (-13%)	6mo	$185,000	$171	44
1684 Silverwood Dr	0.74mi	3/2.0 (-1)	1,330 (+7%)	7mo	$215,000	$162	42
512 Norma St	0.60mi	4/2.0	1,076 (-13%)	16mo	$140,000	$130	37
2115 Old Fort Dr	0.65mi	3/2.0 (-1)	1,400 (+13%)	9mo	$273,500	$195	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.16% rent growth · sell at horizon

5-year hold

• IRR: 10.6%
• Equity multiple: 1.42×
• Total profit: $16,327
• Equity at exit: $20,561

10-year hold

• IRR: 20.6%
• Equity multiple: 2.83×
• Total profit: $70,669
• Equity at exit: $11,923

Cash invested: $38,612 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32301

• Rents YoY: 4.2%
• Active inventory: 121
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,916 high
• Mortgage (P&I): −$723
• Tax from tax record: −$162 /mo · $1,943/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $571

Break-even live

Break-even rent $1,193

Max offer price $137,900

Occupancy floor 65%

Sensitivity live

Price	-10% $649	-5% $610	+0% $571	+5% $532	+10% $493
Rent	-10% $420	-5% $496	+0% $571	+5% $647	+10% $723
Rate	-1.0pp $641	-0.5pp $606	base $571	+0.5pp $536	+1.0pp $499

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $34,475
• Closing costs: $4,137
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
735 Putnam Dr #2 Tallahassee, FL	3.0	2.5	1396	$1,650	$1.18	14d	1	0.40mi
3005 S Meridian St Tallahassee, FL	3.0	1.0	998	$2,300	$2.30	21d	1	0.52mi
916 Saddle Creek Run Tallahassee, FL	4.0	2.0	1399	$1,750	$1.25	14d	1	0.86mi
3000 S Adams St Tallahassee, FL	1.0–3.0	1.0–3.0	884	$1,850	$2.09	21d	8	0.92mi
418 Perkins St Tallahassee, FL	4.0	2.0	1497	$1,850	$1.24	21d	1	0.94mi
301 Gaile Ave Tallahassee, FL	3.0	1.0	1009	$1,400	$1.39	14d	1	1.00mi
4787 Cypress Brooke Way Tallahassee, FL	3.0	2.0	1220	$1,799	$1.47	21d	1	1.17mi
509 Famcee Ave Tallahassee, FL	3.0	2.0	1079	$1,700	$1.58	21d	1	1.31mi
1737 S M L King Jr Blvd Tallahassee, FL	3.0	1.0	701	$1,450	$2.07	21d	1	1.31mi

Listing history 4 events

1. 2026-05-05
   price $137,900
2. 2026-04-24
   listed $149,900 Active
3. 2015-08-04
   soldstatus $40,000 346-char remark

   Show marketing remark (346 chars)

   Affordable family home. Garage conversion allows for a split bedroom plan with 4 bedrooms and 2 full baths. Fresh interior and exterior paint plus new carpet. Updated insulated windows. New lower kitchen cabinets with new counter tops and sink. Fully fenced backyard with patio. Own for less than rent! No appliances currently but are negotiable.

4. 2015-04-15
   listed $52,500 346-char remark

   Show marketing remark (346 chars)

   Affordable family home. Garage conversion allows for a split bedroom plan with 4 bedrooms and 2 full baths. Fresh interior and exterior paint plus new carpet. Updated insulated windows. New lower kitchen cabinets with new counter tops and sink. Fully fenced backyard with patio. Own for less than rent! No appliances currently but are negotiable.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,943 · $162/mo
• Projected year-2 tax: $1,943 · $162/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 67% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,996
• − Mortgage interest: −$7,725
• − Property taxes: −$1,943
• − Insurance: −$690
• − Repairs & maintenance: −$1,840
• − Management: −$1,840
• − Depreciation: −$4,012
• Taxable income: $4,947
• Est. tax owed @ 24.0%: −$1,187
• After-tax cash flow: $5,668/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Leon
• NCES district ID: 1201110
• Math proficiency: 48% ▼ -13.00%
• Reading proficiency: 53% ▼ -5.00%
• Median HH income: $46,339
• Composite: 42.84/100
• National rank: #3131
• State rank: #33 of 73 in FL

Livability — Tallahassee

• Score: 86/100
• State rank: #19
• US rank: #429

Category grades

Amenities A+ Commute A+ Cost of living A Crime C+ Employment D Housing A- Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tallahassee, FL
• County: Leon County · 294,472 people
• City population: 294,472
• Metro: Tallahassee, FL
• Population (ZIP): 32,017
• Household income: $50,942
• Rent vs Own: 68.8% rent · 31.2% own
• Severe rent burden: 2625.0

Population outlook (Leon County) Hauer SSP2

• Today (2025): 315,507 people
• By 2030: 330,677 · +4.8%
• By 2040: 358,465 · +13.6%
• By 2050: 386,804 · +22.6%
• By 2075: 465,480 · +47.5%
• By 2100: 519,959 · +64.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Black 49% White 38% Hispanic / Latino 6% Two or more races 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 1% Cuban 1%
• Common ancestry: Slovak 2% Romanian 1% Lithuanian 1%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Leon

• 2024 margin: Strong D (+21.8) · D 60.3% · R 38.5% · Other 1.2%
• 2008→2024 swing: -2.5pp toward R · 2008: 24.3pp · 2024: 21.8pp
• All cycles: 2024: D+21.8 2020: D+28.3 2016: D+25.1 2012: D+23.6 2008: D+24.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -231.50%
• Current HPI: 231.103
• Rent YoY: ▲ 4.16%
• Metro: Tallahassee, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+162.7% since first listed

4 events — show timeline

• 2026-05-05 Price Changed $137,900 CATRS
• 2026-04-24 Listed $149,900 CATRS
• 2015-08-04 Sold (MLS) $40,000 CATRS
• 2015-04-15 Listed $52,500 CATRS

Property tax history

+8.4%/yr

Latest (2025): $1,943 · +11.0% YoY. Source: county tax records.