1604 Corey Wood Cir · Tallahassee, FL 32304

$197,000

3 bd · 3.0 ba · 1,374 sqft · Townhouse public records · 56 Days on market

Built 2011 3,049 sqft lot Est $194k · at est. $32/mo HOA · 2% of rent

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Why this score? — see what drove the D- 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 +11.8/30.0
• ARV discount +6.7/15.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.7/5.0
• DSCR +3.5/10.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lovely 3 Bedroom/3 Full Bathroom townhome located in a quiet subdivision within 4 miles of FSU, the Tallahassee International Airport, and the Interstate. Conveniently located with easy access to shopping and restaurants. Built in 2011, this townhome is Like New! Open and Bright, the Kitchen features ample cabinet space, stainless steel appliances, and has a bar overlooking the large living & dining room areas. This floorplan lives large with one bedroom and full bathroom downstairs and 2 bedrooms with 2 private bathrooms upstairs. There is plenty of storage and an inside laundry area with washer and dryer included. Stepping out of the back door a fully fenced and private backyard awaits you. Perfect for entertaining and holding those Summer Barbeques! Make sure to see this one today!

Key facts

• $32 HOA
• Parking
• Built 2011

Tags

• AMPLE CABINET STORAGE
• STAINLESS STEEL APPLIANCES
• GENEROUSLY SIZED BACKYARD

Property features AI

Finance

• HOA & community: Association fee of $380 (includes common areas)

Exterior

• Parking: Driveway
• Security: Owned security system; Surveillance system
• Utilities: Electric heating and cooling
• Home design: End unit
• Construction: Brick, block, concrete, and vinyl siding construction
• Exterior features: Fully fenced yard; Private maintained road

Interior

• Kitchen: Cooktop; Oven; Range; Microwave; Dishwasher; Disposal; Refrigerator
• Bedrooms: Bedroom 2 (14x10); Bedroom 3 (12x12)
• Flooring: Carpet; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: End unit (common wall: end unit); Utility room; Living room; Family room; Dining room
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $197k.

Deal economics

• At list price, monthly cash flow is $-55 ($-658/yr) — negative.
• To cash-flow at today's rent, offer at most $187k (4.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (19.8% below list).
• Recommended offer: $158k (19.8% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: Fort Braden School (math 37% / reading 31%, grade F, #1,744 of 2,144 statewide, top 82%, 636 students, 72% FRL); Amos P. Godby High School (math 24% / reading 32%, grade F, #464 of 667 statewide, top 70%, 1,444 students, 63% FRL) — zoned schools average 68% FRL vs 45% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 31% at this address vs 50% district-wide (-20 pts) — the specific schools serving this property underperform the Leon average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.7%/yr); 142 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• At $1,580/mo this rent would consume 59% of the median local household income ($32k/yr) (locally 6995% 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $148k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $157,953 (19.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.80% ✗
• Cap rate: 5.96%
• Cash-on-cash: -1.19%
• DSCR: 0.95
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $193,734
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1925 Nena Hills Dr	0.04mi	3/3.0	1,344 (-2%)	5mo	$185,750	$138	90
1942 Nena Hills Dr	0.04mi	3/3.0	1,344 (-2%)	6mo	$180,000	$134	89
1671 Corey Wood Cir	0.11mi	3/3.0	1,406 (+2%)	4mo	$193,000	$137	88
1978 Nena Hills Dr	0.10mi	3/3.0	1,344 (-2%)	15mo	$190,000	$141	79
1691 Corey Wood Cir	0.15mi	3/3.0	1,344 (-2%)	12mo	$205,000	$153	79
2006 Nena Hills Dr	0.15mi	3/3.0	1,344 (-2%)	15mo	$201,000	$150	77
1817 Nena Hills Dr	0.20mi	3/3.0	1,344 (-2%)	13mo	$195,000	$145	77
1957 Nena Hills Dr	0.08mi	3/3.0	1,344 (-2%)	21mo	$203,000	$151	75
1640 Corey Wood Cir	0.06mi	3/3.0	1,273 (-7%)	19mo	$160,000	$126	69
1865 Nena Hills Dr	0.11mi	3/3.5	1,547 (+13%)	5mo	$210,000	$136	68
1869 Nena Hills Dr	0.11mi	3/3.5	1,515 (+10%)	10mo	$209,000	$138	68
1461 Nena Hills Ct	0.15mi	3/3.0	1,178 (-14%)	12mo	$185,000	$157	59

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 · 4.69% rent growth · sell at horizon

5-year hold

• IRR: -16.5%
• Equity multiple: 0.41×
• Total profit: $-32,695
• Equity at exit: $29,373

10-year hold

• IRR: -5.6%
• Equity multiple: 0.61×
• Total profit: $-21,416
• Equity at exit: $17,033

Cash invested: $55,160 (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 32304

• Home prices YoY: -21.2%
• Rents YoY: 4.7%
• Active inventory: 142
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,580 high
• Mortgage (P&I): −$1,033
• Tax from tax record: −$155 /mo · $1,866/yr
• Insurance: −$82
• HOA: −$32
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $-55

Break-even live

Break-even rent $1,649

Max offer price $187,316

Occupancy floor 98%

Sensitivity live

Price	-10% $57	-5% $1	+0% $-55	+5% $-111	+10% $-166
Rent	-10% $-180	-5% $-117	+0% $-55	+5% $8	+10% $70
Rate	-1.0pp $44	-0.5pp $-5	base $-55	+0.5pp $-106	+1.0pp $-158

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: $49,250
• Closing costs: $5,910
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1672 Corey Wood Cir Tallahassee, FL	3.0	2.0	1230	$1,425	$1.16	15d	1	0.11mi
1694 Baldwin Park Dr Tallahassee, FL	3.0–4.0	3.0–4.0	1520	$1,500	$0.99	15d	4	0.86mi
1692 Baldwin Park Dr Unit 1692 Tallahassee, FL	3.0	3.0	1385	$1,475	$1.06	23d	1	0.90mi
1694 Baldwin Park Dr Unit 1607 Tallahassee, FL	4.0	4.0	1683	$1,900	$1.13	23d	1	0.93mi
1694 Baldwin Park Dr Unit 1650 Tallahassee, FL	3.0	3.0	1358	$1,600	$1.18	23d	1	0.93mi

HOA detail

• Monthly dues: $32 · $384/yr

Listing history 27 events

1. 2026-06-22
   days on market $197,000 Active 56 DOM
2. 2026-06-18
   days on market $197,000 Active 53 DOM
3. 2026-06-17
   days on market $197,000 Active 52 DOM
4. 2026-06-16
   days on market $197,000 Active 51 DOM
5. 2026-06-15
   days on market $197,000 Active 50 DOM
6. 2026-06-14
   days on market $197,000 Active 48 DOM
7. 2026-06-10
   days on market $197,000 Active 45 DOM
8. 2026-06-09
   days on market $197,000 Active 44 DOM
9. 2026-06-08
   days on market $197,000 Active 43 DOM
10. 2026-06-07
    days on market $197,000 Active 42 DOM
11. 2026-06-05
    days on market $197,000 Active 39 DOM
12. 2026-06-03
    days on market $197,000 Active 38 DOM
13. 2026-06-02
    days on market $197,000 Active 37 DOM
14. 2026-06-01
    days on market $197,000 Active 36 DOM
15. 2026-05-31
    days on market $197,000 Active 35 DOM
16. 2026-05-30
    days on market $197,000 Active 34 DOM
17. 2026-04-26
    listed $197,000 Active
18. 2021-07-29
    soldstatus $148,000
19. 2021-07-28
    soldstatus $148,000 Closed 801-char remark

    Show marketing remark (801 chars)

    Lovely 3 Bedroom/3 Full Bathroom townhome located in a quiet subdivision within 4 miles of FSU, the Tallahassee International Airport, and the Interstate. Conveniently located with easy access to shopping and restaurants. Built in 2011, this townhome is Like New! Open and Bright, the Kitchen features ample cabinet space, stainless steel appliances, and has a bar overlooking the large living & dining room areas. This floorplan lives large with one bedroom and full bathroom downstairs and 2 bedrooms with 2 private bathrooms upstairs. There is plenty of storage and an inside laundry area with washer and dryer included. Stepping out of the back door a fully fenced and private backyard awaits you. Perfect for entertaining and holding those Summer Barbeques! Make sure to see this one today!

20. 2021-06-19
    historical Active Under Contract 801-char remark

    Show marketing remark (801 chars)

    Lovely 3 Bedroom/3 Full Bathroom townhome located in a quiet subdivision within 4 miles of FSU, the Tallahassee International Airport, and the Interstate. Conveniently located with easy access to shopping and restaurants. Built in 2011, this townhome is Like New! Open and Bright, the Kitchen features ample cabinet space, stainless steel appliances, and has a bar overlooking the large living & dining room areas. This floorplan lives large with one bedroom and full bathroom downstairs and 2 bedrooms with 2 private bathrooms upstairs. There is plenty of storage and an inside laundry area with washer and dryer included. Stepping out of the back door a fully fenced and private backyard awaits you. Perfect for entertaining and holding those Summer Barbeques! Make sure to see this one today!

21. 2021-06-14
    listed $150,000 Active 801-char remark

    Show marketing remark (801 chars)

    Lovely 3 Bedroom/3 Full Bathroom townhome located in a quiet subdivision within 4 miles of FSU, the Tallahassee International Airport, and the Interstate. Conveniently located with easy access to shopping and restaurants. Built in 2011, this townhome is Like New! Open and Bright, the Kitchen features ample cabinet space, stainless steel appliances, and has a bar overlooking the large living & dining room areas. This floorplan lives large with one bedroom and full bathroom downstairs and 2 bedrooms with 2 private bathrooms upstairs. There is plenty of storage and an inside laundry area with washer and dryer included. Stepping out of the back door a fully fenced and private backyard awaits you. Perfect for entertaining and holding those Summer Barbeques! Make sure to see this one today!

22. 2017-07-24
    soldstatus $98,000
23. 2017-07-21
    soldstatus $98,000 444-char remark

    Show marketing remark (444 chars)

    One of the newest units in the subdivision built in 2011! This well kept 3 bedroom 3 bath townhouse, each room with its own bathroom has easy access to TCC FSU FAMU and Flagler. Living area downstairs is all tiled with nice size kitchen including stainless appliances. There is plenty of storage and inside laundry area with washer and dryer included. Backyard is fully fenced for privacy and security. Unit includes 3 parking spaces in front.

24. 2017-05-01
    listed $99,000 444-char remark

    Show marketing remark (444 chars)

    One of the newest units in the subdivision built in 2011! This well kept 3 bedroom 3 bath townhouse, each room with its own bathroom has easy access to TCC FSU FAMU and Flagler. Living area downstairs is all tiled with nice size kitchen including stainless appliances. There is plenty of storage and inside laundry area with washer and dryer included. Backyard is fully fenced for privacy and security. Unit includes 3 parking spaces in front.

25. 2012-03-15
    soldstatus $85,000
26. 2010-09-02
    listed $119,000
27. 2004-07-01
    soldstatus $640,000

ⓘ 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: $1,866 · $155/mo
• Projected year-2 tax: $1,866 · $155/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,954
• − Mortgage interest: −$11,035
• − Property taxes: −$1,866
• − Insurance: −$985
• − Repairs & maintenance: −$1,516
• − Management: −$1,516
• − HOA: −$384
• − Depreciation: −$5,731
• Taxable loss: −$4,079
• Est. tax savings @ 24.0%: +$979
• After-tax cash flow: $321/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

• County: Leon County · 294,472 people
• City population: 294,472
• Metro: Tallahassee, FL
• Population (ZIP): 51,673
• Household income: $32,348
• Rent vs Own: 86.5% rent · 13.5% own
• Severe rent burden: 6995.0

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 0.65)
• Race & ethnicity: White 45% Black 36% Hispanic / Latino 10% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 86% English-only · Spanish 7% Other Indo-European 2% 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: ▼ -72.04%
• Current HPI: 267.8426
• Rent YoY: ▲ 4.69%
• 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

-69.2% since first listed

11 events — show timeline

• 2026-04-26 Listed $197,000 CATRS
• 2021-07-29 Sold (Public Records) $148,000 Public Records
• 2021-07-28 Sold (MLS) $148,000 CATRS
• 2021-06-19 Contingent — CATRS
• 2021-06-14 Listed $150,000 CATRS
• 2017-07-24 Sold (Public Records) $98,000 Public Records
• 2017-07-21 Sold (MLS) $98,000 CATRS
• 2017-05-01 Listed $99,000 CATRS
• 2012-03-15 Sold (MLS) $85,000 CATRS
• 2010-09-02 Listed $119,000 CATRS
• 2004-07-01 Sold (Public Records) $640,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $1,866 · +18.9% YoY. Source: county tax records.