3607 S Lakewood Dr · Tallahassee, FL 32305

$99,900

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 16 Days on market

Built 1958 Fair condition 0.26 ac lot $116/sqft · 33% below area Est $150k · 33% under ↓ 25% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.3/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Unlock the potential at 3607 S Lakewood Dr in Tallahassee! This 3-bedroom, 1-bath home is a prime opportunity for investors, flippers, or buyers looking to create value with a little vision and TLC. Situated on a spacious lot, this property offers a solid layout and great bones, making it the perfect canvas for your next renovation project. Whether you're looking to add to your rental portfolio or complete a profitable flip, this fixer-upper is priced to sell and full of possibilities. Conveniently located near schools, shopping, and major roadways, the location adds to its strong investment appeal.

Key facts

• Spacious lot
• Solid layout
• 0.26 acre lot

Tags

• SPACIOUS LOT
• SOLID LAYOUT
• STRONG INVESTMENT APPEAL

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $596 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.5% 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.
• Zoned schools: Bond Elementary School (math 38% / reading 27%, grade F, #1,787 of 2,144 statewide, top 84%, 536 students, 84% FRL); Fairview Middle School (math 44% / reading 46%, grade D, #310 of 571 statewide, top 56%, 747 students, 58% FRL); James Rickards High School (math 23% / reading 37%, grade F, #441 of 667 statewide, top 67%, 1,581 students, 57% FRL) — zoned schools average 66% FRL vs 45% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 50% district-wide (-15 pts) — the specific schools serving this property underperform the Leon average; the district grade overstates school quality for this exact location.
• Market conditions: 147 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• This rent runs 38% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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 + 3.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $98,401 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 1.52% ✓
• Cap rate: 13.45%
• Cash-on-cash: 25.57%
• DSCR: 2.14
• GRM: 5.5

CMA / ARV

• ARV (median comp): $149,640
• List price: $99,900
• Delta: -33.24%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3627 S Lakewood Dr	0.11mi	3/1.0	864 (0%)	6mo	$186,500	$216	89
314 Robinwood Ave	0.18mi	3/1.0	864 (0%)	17mo	$145,000	$168	78
3711 Shoreline Dr	0.17mi	3/1.5	864 (0%)	16mo	$175,000	$203	77
3516 Falcon Dr	0.14mi	3/1.0	864 (0%)	23mo	$120,000	$139	74
3396 Laura St	0.61mi	2/1.0 (-1)	926 (+7%)	5mo	$145,000	$157	51
3429 Mizell St	0.47mi	2/1.0 (-1)	735 (-15%)	22mo	$135,000	$184	30

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.1%
• Equity multiple: 1.78×
• Total profit: $21,737
• Equity at exit: $14,895

10-year hold

• IRR: 27.4%
• Equity multiple: 3.42×
• Total profit: $67,671
• Equity at exit: $8,638

Cash invested: $27,972 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 0 active · 3 under contract
• Months of supply: 0.0 mo

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 32305

• Home prices YoY: -22.5%
• Active inventory: 147
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,514 high
• Mortgage (P&I): −$524
• Tax from tax record: −$34 /mo · $413/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $596

Break-even live

Break-even rent $759

Max offer price $99,900

Occupancy floor 56%

Sensitivity live

Price	-10% $653	-5% $624	+0% $596	+5% $568	+10% $539
Rent	-10% $476	-5% $536	+0% $596	+5% $656	+10% $716
Rate	-1.0pp $646	-0.5pp $621	base $596	+0.5pp $570	+1.0pp $544

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: $24,975
• Closing costs: $2,997
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3612 Shoreline Dr Tallahassee, FL	4.0	1.0	1044	$1,300	$1.25	6d	1	0.11mi
301 Gaile Ave Tallahassee, FL	3.0	1.0	1009	$1,400	$1.39	109d	1	0.28mi
401 Alpha Ave Tallahassee, FL	3.0	1.0	938	$1,195	$1.27	6d	1	0.47mi
3005 S Meridian St Tallahassee, FL	3.0	1.0	998	$2,300	$2.30	117d	1	0.94mi
3000 S Adams St Tallahassee, FL	1.0–3.0	1.0–3.0	884	$1,850	$2.09	6d	6	1.16mi
2873 Jim Lee Rd Tallahassee, FL	2.0	2.0	1000	$925	$0.93	117d	1	1.38mi
4768 Woodville Hwy Tallahassee, FL	1.0–3.0	1.0–2.0	1201	$1,600	$1.33	0d	1	1.45mi
401 Putnam Dr Tallahassee, FL	1.0–2.0	1.0–2.0	766	$1,250	$1.63	117d	1	1.49mi
1101 Woodland Dr Tallahassee, FL	3.0	1.5	1092	$1,450	$1.33	4d	1	1.49mi

Property features AI

Finance

• Other: Living area: 864Current use: OtherAdditional parcel reference: 3118800Annual tax (2025): $413.18

Exterior

• Parking: Attached parkingCarport (1 space)Additional parking
• Utilities: Sewer: UnknownUtilities: Other
• Home design: Single-family residenceFaces west
• Construction: Construction materials: Other
• Exterior features: Corner lotPrivate lot features: OtherDirections: From Hwy 363 turn onto Shoreline Dr, take first left onto S Lakewood Dr; property is two blocks down on the right

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Has heating (type: Other)Has cooling (type: Other)
• Interior features: Unfurnished

Listing history 50 events

1. 2026-09-24
   days on market $99,900 Active 16 DOM
2. 2026-09-23
   days on market $99,900 Active 15 DOM
3. 2026-09-22
   days on market $99,900 Active 14 DOM
4. 2026-09-21
   days on market $99,900 Active 13 DOM
5. 2026-09-20
   days on market $99,900 Active 12 DOM
6. 2026-09-18
   days on market $99,900 Active 10 DOM
7. 2026-09-17
   days on market $99,900 Active 9 DOM
8. 2026-09-16
   days on market $99,900 Active 8 DOM
9. 2026-09-15
   days on market $99,900 Active 7 DOM
10. 2026-09-14
    days on market $99,900 Active 6 DOM
11. 2026-09-13
    days on market $99,900 Active 5 DOM
12. 2026-09-12
    days on market $99,900 Active 4 DOM
13. 2026-09-11
    days on marketlisting id $99,900 Active 3 DOM
14. 2026-09-05
    days on market $99,900 Active 155 DOM
15. 2026-09-04
    days on market $99,900 Active 154 DOM
16. 2026-09-03
    days on market $99,900 Active 153 DOM
17. 2026-08-31
    days on market $99,900 Active 150 DOM
18. 2026-08-30
    days on market $99,900 Active 149 DOM
19. 2026-08-29
    days on market $99,900 Active 148 DOM
20. 2026-08-28
    days on market $99,900 Active 147 DOM
21. 2026-08-27
    days on market $99,900 Active 146 DOM
22. 2026-08-25
    days on market $99,900 Active 144 DOM
23. 2026-08-24
    days on market $99,900 Active 143 DOM
24. 2026-08-23
    days on market $99,900 Active 142 DOM
25. 2026-08-22
    days on market $99,900 Active 141 DOM
26. 2026-08-21
    days on market $99,900 Active 140 DOM
27. 2026-08-20
    days on market $99,900 Active 139 DOM
28. 2026-08-19
    days on market $99,900 Active 138 DOM
29. 2026-08-18
    days on market $99,900 Active 137 DOM
30. 2026-08-17
    days on market $99,900 Active 136 DOM
31. 2026-08-16
    days on market $99,900 Active 135 DOM
32. 2026-08-15
    days on market $99,900 Active 134 DOM
33. 2026-08-13
    days on market $99,900 Active 132 DOM
34. 2026-08-12
    days on market $99,900 Active 131 DOM
35. 2026-08-11
    days on market $99,900 Active 130 DOM
36. 2026-08-10
    days on market $99,900 Active 129 DOM
37. 2026-08-09
    days on market $99,900 Active 128 DOM
38. 2026-08-08
    days on market $99,900 Active 127 DOM
39. 2026-08-07
    days on market $99,900 Active 126 DOM
40. 2026-08-06
    days on market $99,900 Active 125 DOM
41. 2026-08-05
    days on market $99,900 Active 124 DOM
42. 2026-08-04
    days on market $99,900 Active 123 DOM
43. 2026-08-03
    days on market $99,900 Active 122 DOM
44. 2026-07-31
    days on market $99,900 Active 119 DOM
45. 2026-07-29
    days on market $99,900 Active 117 DOM
46. 2026-07-27
    pricedays on market $99,900 Active 115 DOM
47. 2026-07-25
    days on market $109,900 Active 113 DOM
48. 2026-07-24
    days on market $109,900 Active 112 DOM
49. 2026-07-23
    days on market $109,900 Active 111 DOM
50. 2026-07-22
    days on market $109,900 Active 110 DOM

ⓘ 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: $413 · $34/mo
• Projected year-2 tax: $829 · $69/mo
• Expected delta: +$416/yr (+$35/mo · 100.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°F today · 20 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: $18,166
• − Mortgage interest: −$5,596
• − Property taxes: −$413
• − Insurance: −$500
• − Repairs & maintenance: −$1,453
• − Management: −$1,453
• − Depreciation: −$2,906
• Taxable income: $5,844
• Est. tax owed @ 24.0%: −$1,403
• After-tax cash flow: $5,749/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.

Condition & rehab AI · 6 photos

Fair 45/100 Moderate rehab Est. rehab $21,600–$38,880 screening

This property presents a significant opportunity for renovation and improvement. With a moderate level of rehab required, it offers a substantial return on investment for both resale and rental purposes.

Components & finishes AI

Roof metal · aged

Deferred maintenance Est. $40,000–$120,000 screening

• Major Roof (roof) — Signs of significant wear and possible leaks
• Major Windows (windows) — Visible damage and potential drafts
• Major Electrical (electrical) — Exposed wiring and potential hazards
• Major Exterior (exterior) — Significant structural damage and deterioration

Repairs flagged

• Major roof — The roof appears to be in poor condition and in need of replacement.
• Major exterior siding — The exterior siding is weathered and in need of repair or replacement.
• Major flooring — The flooring appears to be in poor condition and in need of replacement.
• Major interior walls/paint — The interior walls and paint appear to be in poor condition and in need of repair or repainting.
• Major landscaping — The landscaping is overgrown and in poor condition and in need of trimming and maintenance.
• Major fencing — The fencing is in poor condition and in need of repair or replacement.
• Major HVAC/mechanicals — The HVAC system appears to be in poor condition and in need of repair or replacement.

Value-add opportunities

• Both Landscaping — A well-maintained and aesthetically pleasing landscape can significantly increase both the resale and rental value of a property. ↑
• Both HVAC system — A functional and energy-efficient HVAC system can improve comfort and reduce energy costs, thereby increasing both the resale and rental value. ↑
• Both Exterior siding and roof — Updating the exterior siding and roof can improve the home's curb appeal and increase its overall value. ↑
• Both Flooring and interior walls/paint — Updating the flooring and interior walls/paint can improve the home's overall appearance and increase its value for both resale and rental purposes. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 36/100

Zoned Schools

Elementary Bond Elementary School F FL #1,787/2,144 Nat'l #24,773/41,679 Middle Fairview Middle School D FL #310/571 Nat'l #4,622/14,009 High James Rickards High School F FL #441/667 Nat'l #10,947/17,239

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

A Composite livability gradescore 86/100

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 · 315,507 people
• City population: 294,472
• Metro: Tallahassee, FL
• Population (ZIP): 19,384
• Household income: $48,045
• Rent vs Own: 40.7% rent · 59.3% own
• Severe rent burden: 10% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 57% White 33% Two or more races 5% Hispanic / Latino 5% Asian 1%
• Common ancestry: Serbian 1% Hispanic 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5% Other Indo-European 1%

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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: ▼ -63.40%
• Current HPI: 218.4834
• Rent YoY: —
• Metro: Tallahassee, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

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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

Property features AI

Finance

• Other: Living area: 864Current use: OtherAdditional parcel reference: 3118800Annual tax (2025): $413.18

Exterior

• Parking: Attached parkingCarport (1 space)Additional parking
• Utilities: Sewer: UnknownUtilities: Other
• Home design: Single-family residenceFaces west
• Construction: Construction materials: Other
• Exterior features: Corner lotPrivate lot features: OtherDirections: From Hwy 363 turn onto Shoreline Dr, take first left onto S Lakewood Dr; property is two blocks down on the right

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Has heating (type: Other)Has cooling (type: Other)
• Interior features: Unfurnished

Price history

-25.2% since first listed

3 events — show timeline

• 2026-07-03 Price Changed $109,900 SCMLS
• 2026-06-04 Price Changed $139,900 SCMLS
• 2026-04-03 Listed $147,000 SCMLS

Property tax history

+5.1%/yr

Latest (2025): $413 · +6.3% YoY. Source: county tax records.