3607 S Lakewood Dr · Tallahassee, FL 32303

$139,900

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 76 Days on market

Built 1958 0.26 ac lot Est $153k · 9% 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 +28.9/30.0
• ARV discount +11.3/15.0
• DSCR +10.0/10.0
• 1% rule +6.8/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 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. Don't miss your chance to turn this diamond in the rough into something special--schedule yo

Key facts

• Spacious lot
• Solid layout
• 0.26 acre lot

Tags

• SPACIOUS LOT
• SOLID LAYOUT
• STRONG INVESTMENT APPEAL

Property features AI

Finance

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

Exterior

• Parking: Attached parking; Carport (1 space); Additional parking
• Utilities: Sewer: Unknown; Utilities: Other
• Home design: Single-family residence; Faces west
• Construction: Construction materials: Other
• Exterior features: Corner lot; Private lot features: Other; Directions: 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

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $474 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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 (+3.1%/yr); 238 active listings in the ZIP; 6 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).
• This rent runs 32% of the median local income ($62k/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 $967 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 + 3.1% rent growth), your $39k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($132k) 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 $131,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.18% ✓
• Cap rate: 10.36%
• Cash-on-cash: 14.53%
• DSCR: 1.65
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $152,928
• Comps found: 7

Show comp detail 7 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%)	3mo	$186,500	$216	92
3608 S Lakewood Dr	0.03mi	3/1.0	864 (0%)	22mo	$152,500	$177	80
314 Robinwood Ave	0.18mi	3/1.0	864 (0%)	14mo	$145,000	$168	80
3711 Shoreline Dr	0.17mi	3/1.5	864 (0%)	13mo	$175,000	$203	80
3516 Falcon Dr	0.14mi	3/1.0	864 (0%)	20mo	$120,000	$139	77
3396 Laura St	0.61mi	2/1.0 (-1)	926 (+7%)	2mo	$145,000	$157	54
3429 Mizell St	0.47mi	2/1.0 (-1)	735 (-15%)	18mo	$135,000	$184	33

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 · 3.12% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.20×
• Total profit: $7,679
• Equity at exit: $20,860

10-year hold

• IRR: 14.6%
• Equity multiple: 2.18×
• Total profit: $46,158
• Equity at exit: $12,096

Cash invested: $39,172 (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 32303

• Rents YoY: 3.1%
• Active inventory: 238
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,646 high
• Mortgage (P&I): −$734
• Tax from tax record: −$34 /mo · $413/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $474

Break-even live

Break-even rent $1,046

Max offer price $139,900

Occupancy floor 66%

Sensitivity live

Price	-10% $554	-5% $514	+0% $474	+5% $435	+10% $395
Rent	-10% $344	-5% $409	+0% $474	+5% $539	+10% $604
Rate	-1.0pp $545	-0.5pp $510	base $474	+0.5pp $438	+1.0pp $401

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 Gaile Ave Tallahassee, FL	3.0	1.0	1009	$1,400	$1.39	15d	1	0.28mi
3005 S Meridian St Tallahassee, FL	3.0	1.0	998	$2,300	$2.30	22d	1	0.94mi
3000 S Adams St Tallahassee, FL	1.0–3.0	1.0–3.0	884	$1,850	$2.09	22d	8	1.16mi
2873 Jim Lee Rd Tallahassee, FL	2.0	2.0	1000	$925	$0.93	22d	1	1.38mi
4768 Woodville Hwy Tallahassee, FL	1.0–3.0	1.0–2.0	1201	$1,600	$1.33	15d	1	1.45mi
401 Putnam Dr Tallahassee, FL	1.0–2.0	1.0–2.0	766	$1,250	$1.63	22d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $139,900 Active 76 DOM
2. 2026-06-17
   days on market $139,900 Active 75 DOM
3. 2026-06-16
   days on market $139,900 Active 74 DOM
4. 2026-06-15
   days on market $139,900 Active 73 DOM
5. 2026-06-14
   days on market $139,900 Active 71 DOM
6. 2026-06-10
   days on market $139,900 Active 68 DOM
7. 2026-06-09
   days on market $139,900 Active 67 DOM
8. 2026-06-08
   days on market $139,900 Active 66 DOM
9. 2026-06-07
   days on market $139,900 Active 65 DOM
10. 2026-06-05
    pricedays on market $139,900 Active 62 DOM
11. 2026-06-03
    days on market $147,000 Active 61 DOM
12. 2026-06-02
    days on market $147,000 Active 60 DOM
13. 2026-06-01
    days on market $147,000 Active 59 DOM
14. 2026-05-31
    days on market $147,000 Active 58 DOM
15. 2026-05-30
    days on market $147,000 Active 57 DOM
16. 2026-04-03
    listed $147,000 Active

ⓘ 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: $1,161 · $97/mo
• Expected delta: +$748/yr (+$62/mo · 181.0%)

ⓘ 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 3/10 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: $19,758
• − Mortgage interest: −$7,837
• − Property taxes: −$413
• − Insurance: −$700
• − Repairs & maintenance: −$1,581
• − Management: −$1,581
• − Depreciation: −$4,070
• Taxable income: $3,577
• Est. tax owed @ 24.0%: −$859
• After-tax cash flow: $4,834/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): 49,785
• Household income: $62,275
• Rent vs Own: 48.8% rent · 51.2% own
• Severe rent burden: 2919.0

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 0.63)
• Race & ethnicity: White 50% Black 34% Hispanic / Latino 8% Two or more races 8% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 2%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 8% · Canada, Vietnam, China
• Languages at home: 89% English-only · Spanish 5% Arabic 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: ▼ -255.24%
• Current HPI: 241.3131
• Rent YoY: ▲ 3.12%
• 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

1 event — show timeline

• 2026-04-03 Listed $147,000 SCMLS

Property tax history

+5.1%/yr

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