1818 Nicklaus Dr · Tallahassee, FL 32301

$170,000

2 bd · 2.5 ba · 998 sqft · Townhouse public records · 27 Days on market

Built 1984 3,049 sqft lot Est $141k · 21% over

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Why this score? — see what drove the F 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 +11.6/30.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.5/5.0
• DSCR +3.4/10.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Great 2 bed/2.5 bath townhome on Hilaman Golf Course. All LVP flooring, fresh paint, clean and move-in ready. Each bedroom has it's own full bathroom, fireplace, attached laundry room that includes washer/dryer. Kitchen with granite counter tops, bar, stainless appliances, recent cabinets and pass through opens nicely into the large living room with fireplace and sliding door providing plenty of natural light and golf course view. No HOA dues! The roof replaced April 2026!

Key facts

• Parking
• Built 1984
• Listed 27 days

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public sewer
• Home design: 2 stories; Fiber cement construction
• Construction: Fiber cement construction
• Exterior features: Deck; Patio; Near golf course; Public maintained paved road; Has view

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove
• Bedrooms: Bedroom 2 (12x2)
• Flooring: Plank flooring; Vinyl flooring
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Electric heating; Heat pump heating; Wood heating; Central air conditioning; Electric cooling; Heat pump cooling
• Interior features: Upper level primary bedroom; Fireplace
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath townhouse listed at $170k.

Deal economics

• At list price, monthly cash flow is $-52 ($-623/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (17.5% below list).
• Recommended offer: $140k (17.5% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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: J Michael Conley Elementary School At Southwood (math 44% / reading 52%, grade D, #1,171 of 2,144 statewide, top 55%, 657 students, 47% 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).
• Market conditions: Rents rising fast (+4.2%/yr); 121 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 33% of the median local income ($51k/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 $1k of loan paydown is wiped out by about $5k 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 27 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $68k; list at $170k implies a 149% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $140,194 (17.5% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.82% ✗
• Cap rate: 5.93%
• Cash-on-cash: -1.31%
• DSCR: 0.94
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $140,718
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3146 Oak Hammock Ln	0.09mi	2/2.0	1,020 (+2%)	7mo	$172,500	$169	84
1998 Nicklaus Dr	0.12mi	2/2.5	973 (-2%)	9mo	$85,000	$87	83
3104 Oak Hammock Ln	0.11mi	2/1.5	924 (-7%)	2mo	$150,000	$162	77
1561 Jacks Dr Unit B	0.41mi	2/2.5	1,024 (+3%)	2mo	$144,000	$141	75
3101 Oak Hammock Ct Unit B	0.09mi	2/2.0	1,020 (+2%)	19mo	$129,000	$126	74
1903 Larette Dr	0.41mi	2/2.5	1,026 (+3%)	12mo	$178,000	$173	66
1815 Nicklaus Dr Unit E	0.04mi	2/2.0	1,094 (+10%)	18mo	$115,000	$105	65
1970 Nicklaus Dr Unit B	0.10mi	2/2.0	1,096 (+10%)	14mo	$135,000	$123	65
1573 Jacks Dr Unit B	0.37mi	2/2.5	1,024 (+3%)	17mo	$177,000	$173	64
1815 Nickalus Unit F	0.04mi	2/2.0	1,094 (+10%)	20mo	$142,500	$130	64
1685 Kay Ave	0.24mi	2/1.5	1,122 (+12%)	15mo	$173,500	$155	51

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: -17.2%
• Equity multiple: 0.39×
• Total profit: $-29,187
• Equity at exit: $25,348

10-year hold

• IRR: -7.1%
• Equity multiple: 0.52×
• Total profit: $-22,672
• Equity at exit: $14,698

Cash invested: $47,600 (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: 10.1×

Monthly cashflow live

• Estimated rent: $1,402 high
• Mortgage (P&I): −$891
• Tax from tax record: −$197 /mo · $2,365/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $-52

Break-even live

Break-even rent $1,468

Max offer price $160,828

Occupancy floor 99%

Sensitivity live

Price	-10% $44	-5% $-4	+0% $-52	+5% $-100	+10% $-148
Rent	-10% $-163	-5% $-107	+0% $-52	+5% $3	+10% $59
Rate	-1.0pp $34	-0.5pp $-9	base $-52	+0.5pp $-96	+1.0pp $-141

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1412 Ramble Brk Unit C Tallahassee, FL	2.0	1.0	950	$1,050	$1.11	22d	1	0.32mi
1411 Lazy Brk Unit D Tallahassee, FL	2.0	1.0	950	$1,150	$1.21	22d	1	0.32mi
1872 Darryl Dr Tallahassee, FL	2.0	2.0	1062	$1,500	$1.41	22d	1	0.36mi
2221 Orange Ave E Tallahassee, FL	1.0–3.0	1.0–2.0	1007	$1,884	$1.87	15d	28	0.39mi
1539 Paul Russell Rd Tallahassee, FL	1.0	1.0	800	$950	$1.19	22d	1	0.54mi
2074 Midyette Rd Tallahassee, FL	2.0–3.0	2.0	1033	$899	$0.87	15d	1	0.54mi
2400 Barcelona Ct Tallahassee, FL	3.0	2.0	1080	$1,600	$1.48	15d	1	0.66mi
3501 S Blair Stone Rd Tallahassee, FL	1.0–3.0	1.0–2.0	1190	$1,680	$1.41	15d	10	0.71mi
2001 Old Saint Augustine Rd Tallahassee, FL	1.0–2.0	1.0–2.0	875	$1,436	$1.64	15d	11	0.76mi
1453 Fisher Ln Unit 1453 Tallahassee, FL	2.0	1.0	674	$1,600	$2.37	22d	1	0.80mi
3450 S Blair Stone Rd Tallahassee, FL	1.0–3.0	1.0–2.0	943	$1,750	$1.86	15d	25	0.86mi
3550 Esplanade Way Tallahassee, FL	1.0–3.0	1.0–2.0	1031	$1,802	$1.75	15d	27	0.86mi
2750 Old Saint Augustine Rd Tallahassee, FL	1.0–3.0	1.0–2.0	1230	$1,589	$1.29	22d	2	0.97mi
2873 Jim Lee Rd Tallahassee, FL	2.0	2.0	1000	$925	$0.93	22d	1	1.13mi
2850 Apalachee Pkwy Tallahassee, FL	1.0	1.0	750	$1,395	$1.86	15d	46	1.15mi
3700 Capital Cir SE Tallahassee, FL	1.0–3.0	1.0–2.0	1113	$1,653	$1.48	15d	52	1.22mi
501 S Blair Stone Rd Tallahassee, FL	1.0–3.0	1.0–2.0	1080	$1,470	$1.36	22d	1	1.48mi

Listing history 22 events

1. 2026-06-22
   days on market $170,000 Active 27 DOM
2. 2026-06-18
   days on market $170,000 Active 24 DOM
3. 2026-06-17
   days on market $170,000 Active 23 DOM
4. 2026-06-16
   days on market $170,000 Active 22 DOM
5. 2026-06-15
   days on market $170,000 Active 21 DOM
6. 2026-06-14
   days on market $170,000 Active 19 DOM
7. 2026-06-10
   days on market $170,000 Active 16 DOM
8. 2026-06-09
   days on market $170,000 Active 15 DOM
9. 2026-06-08
   days on market $170,000 Active 14 DOM
10. 2026-06-07
    days on market $170,000 Active 13 DOM
11. 2026-06-05
    days on market $170,000 Active 10 DOM
12. 2026-06-03
    days on market $170,000 Active 9 DOM
13. 2026-06-02
    days on market $170,000 Active 8 DOM
14. 2026-06-01
    days on market $170,000 Active 7 DOM
15. 2026-05-31
    days on market $170,000 Active 6 DOM
16. 2026-05-30
    days on market $170,000 Active 5 DOM
17. 2026-05-25
    status Active
18. 2026-05-21
    historical
19. 2026-05-07
    listed $170,000
20. 2004-05-21
    soldstatus $68,400
21. 2001-04-01
    soldstatus $165,000
22. 2001-04-01
    soldstatus $165,000

ⓘ 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: $2,365 · $197/mo
• Projected year-2 tax: $2,365 · $197/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 4/10 Moderate
• 🌡 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 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,823
• − Mortgage interest: −$9,523
• − Property taxes: −$2,365
• − Insurance: −$850
• − Repairs & maintenance: −$1,346
• − Management: −$1,346
• − Depreciation: −$4,945
• Taxable loss: −$3,552
• Est. tax savings @ 24.0%: +$852
• After-tax cash flow: $229/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

+3.0% since first listed

6 events — show timeline

• 2026-05-25 Relisted — CATRS
• 2026-05-21 Listing Removed — CATRS
• 2026-05-07 Listed $170,000 CATRS
• 2004-05-21 Sold (Public Records) $68,400 Public Records
• 2001-04-01 Sold (Public Records) $165,000 Public Records
• 2001-04-01 Sold (Public Records) $165,000 Public Records

Property tax history

+6.5%/yr

Latest (2025): $2,365 · +10.4% YoY. Source: county tax records.