2321 Hartsfield Way · Tallahassee, FL 32303

$165,000

2 bd · 1.0 ba · 908 sqft · Townhouse public records · 131 Days on market

Built 1983 1,742 sqft lot Est $137k · 20% over $42/mo HOA · 3% of rent

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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 +12.1/30.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• DSCR +3.6/10.0
• Rent growth +3.3/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Corner Lot! Totally remodeled in 2023! New LVP flooring 2023, new carpet, new kitchen appliances 2023 (with Extended Warranty!) new kitchen cabinets! new paint! HVAC 2023!! HOA fee covers lawn care and use of community pool! Owner will put on new roof with reasonable offer! Great for students at FSU, TSC and FAMU OR rental income!

Key facts

• Community pool
• New kitchen cabinets
• Corner lot

Tags

• CORNER LOT
• NEW KITCHEN APPLIANCES
• NEW KITCHEN CABINETS
• COMMUNITY POOL

Property features AI

Finance

• HOA & community: Association fee of $500

Exterior

• Parking: Driveway
• Security: Owned security system; Surveillance system
• Utilities: Public sewer
• Home design: Single-story; Wood siding construction
• Construction: Wood siding
• Exterior features: Fully fenced; Paved road access

Interior

• Kitchen: Dishwasher; Disposal; Icemaker; Microwave; Oven; Range; Refrigerator
• Bedrooms: Bedroom 2 — 12 x 10; Additional bedroom — 13 x 12
• Flooring: Carpet; Plank; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Ceiling fans; Electric heat pump
• Interior features: Security system (owned); Surveillance system; Fully fenced yard
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $165k.

Deal economics

• At list price, monthly cash flow is $-36 ($-434/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (23.2% below list).
• Recommended offer: $127k (23.2% 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.
• Market conditions: Rents rising (+3.1%/yr); 238 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).

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 131 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $82k; list at $165k implies a 101% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,647 (23.2% 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 131 days. Have you received any prior offers? Is the seller open to a 23% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.77% ✗
• Cap rate: 6.03%
• Cash-on-cash: -0.94%
• DSCR: 0.96
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $137,108
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2290 Hartsfield Way	0.05mi	2/1.0	914 (+1%)	4mo	$90,000	$98	93
2378 Hartsfield Way	0.08mi	2/1.5	864 (-5%)	6mo	$150,000	$174	81
2350 Hartsfield Way	0.05mi	2/1.0	816 (-10%)	2mo	$112,500	$138	79
1801 Meriadoc Rd	0.48mi	2/1.0	925 (+2%)	5mo	$126,600	$137	70
1846 Sylvan Ct	0.58mi	2/1.5	896 (-1%)	3mo	$135,000	$151	66
2422 Talco Hills Dr	0.18mi	2/2.0	1,019 (+12%)	2mo	$135,000	$132	65
2248 Sandpiper St	0.55mi	2/2.0	928 (+2%)	5mo	$142,500	$154	63
1837 Meriadoc Rd	0.36mi	2/2.0	981 (+8%)	6mo	$135,000	$138	61
1806 Falconcrest St	0.63mi	2/2.0	878 (-3%)	4mo	$142,000	$162	58
1807 Meriadoc Rd	0.46mi	2/2.0	1,008 (+11%)	3mo	$175,000	$174	54
1986 Portland Ave	0.41mi	2/1.5	1,044 (+15%)	3mo	$160,000	$153	52
1800 Falconcrest Dr	0.64mi	2/2.0	992 (+9%)	1mo	$100,000	$101	50

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: -17.8%
• Equity multiple: 0.37×
• Total profit: $-28,934
• Equity at exit: $24,602

10-year hold

• IRR: -9.7%
• Equity multiple: 0.40×
• Total profit: $-27,714
• Equity at exit: $14,266

Cash invested: $46,200 (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: 10.9×

Monthly cashflow live

• Estimated rent: $1,266 high
• Mortgage (P&I): −$865
• Tax from tax record: −$61 /mo · $728/yr
• Insurance: −$69
• HOA: −$42
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $-36

Break-even live

Break-even rent $1,312

Max offer price $158,607

Occupancy floor 98%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2350 Wanda Way Tallahassee, FL	2.0–3.0	1.0	861	$1,200	$1.39	21d	1	0.07mi
2401 Atlas Rd Unit B Tallahassee, FL	2.0	1.0	900	$1,100	$1.22	21d	1	0.19mi
2412 Atlas Rd Tallahassee, FL	3.0	1.5	1081	$1,200	$1.11	21d	1	0.20mi
2259 Parrot Ln Tallahassee, FL	2.0	2.0	992	$1,275	$1.29	21d	1	0.57mi
2327 Parrot Ln Tallahassee, FL	3.0	2.0	1088	$1,300	$1.19	21d	1	0.57mi
1818 Sylvan Ct Unit D Tallahassee, FL	2.0	1.0	850	$1,200	$1.41	13d	1	0.62mi
1812 W Tharpe St Unit D Tallahassee, FL	1.0	1.0	650	$950	$1.46	21d	1	0.74mi
1600 Pullen Rd Tallahassee, FL	1.0–2.0	1.0–2.0	875	$1,345	$1.54	13d	1	0.81mi
2677 Old Bainbridge Rd Tallahassee, FL	1.0–3.0	1.5–3.5	1395	$1,586	$1.14	13d	28	0.86mi
2309 Old Bainbridge Rd Tallahassee, FL	1.0–2.0	1.0–2.0	798	$1,420	$1.78	13d	10	0.91mi
1380 Ocala Rd Tallahassee, FL	1.0	1.0	700	$975	$1.39	21d	1	0.91mi
2301 Old Bainbridge Rd Tallahassee, FL	2.0–3.0	1.0–2.0	1084	$1,200	$1.11	21d	1	0.97mi
1360 Ocala Rd Tallahassee, FL	2.0	1.0	800	$1,000	$1.25	21d	1	0.97mi
1447 Stone Rd Tallahassee, FL	1.0–3.0	1.0–2.0	890	$1,360	$1.53	21d	1	1.01mi
2749 Pecan Rd Tallahassee, FL	1.0–2.0	1.0–2.0	900	$1,300	$1.44	13d	1	1.07mi
1303 Ocala Rd Tallahassee, FL	1.0–4.0	1.0–2.0	1121	$1,320	$1.18	13d	48	1.08mi
2616 Mission Rd Tallahassee, FL	1.0–2.0	1.0	750	$1,195	$1.59	13d	12	1.14mi
2765 W Tharpe St Tallahassee, FL	1.0–2.0	1.0	739	$1,000	$1.35	13d	1	1.18mi
2060 Continental Ave Tallahassee, FL	1.0–3.0	1.0–2.5	1121	$1,052	$0.94	13d	26	1.19mi
2020 Continental Ave Tallahassee, FL	1.0–2.0	1.0–1.5	850	$1,300	$1.53	21d	3	1.28mi
1111 High Rd Tallahassee, FL	2.0–3.0	2.0	1000	$1,409	$1.41	13d	11	1.28mi
2614 W Tennessee St Tallahassee, FL	1.0–4.0	1.0–4.0	1270	$1,159	$0.91	21d	14	1.30mi
2353 W Mission Rd Tallahassee, FL	2.0–3.0	2.0–2.5	1012	$1,250	$1.23	13d	11	1.30mi
1325 W Tharpe St Tallahassee, FL	1.0–3.0	1.0–4.0	937	$1,511	$1.61	13d	21	1.31mi
1210 Stone Rd Tallahassee, FL	2.0	2.0	1008	$1,200	$1.19	21d	1	1.32mi
1108 Greentree Ct Tallahassee, FL	2.0	2.0	888	$1,275	$1.44	21d	1	1.32mi
1557 Devoe St Unit 2 Tallahassee, FL	2.0	1.0	750	$1,350	$1.80	21d	1	1.37mi

HOA detail

• Monthly dues: $42 · $504/yr
• Likely covers: landscapingpool

Listing history 18 events

1. 2026-06-18
   days on market $165,000 Active 131 DOM
2. 2026-06-17
   days on market $165,000 Active 130 DOM
3. 2026-06-16
   days on market $165,000 Active 129 DOM
4. 2026-06-15
   days on market $165,000 Active 128 DOM
5. 2026-06-14
   days on market $165,000 Active 126 DOM
6. 2026-06-10
   days on market $165,000 Active 123 DOM
7. 2026-06-09
   days on market $165,000 Active 122 DOM
8. 2026-06-08
   days on market $165,000 Active 121 DOM
9. 2026-06-07
   days on market $165,000 Active 120 DOM
10. 2026-06-05
    days on market $165,000 Active 117 DOM
11. 2026-06-03
    days on market $165,000 Active 116 DOM
12. 2026-06-02
    days on market $165,000 Active 115 DOM
13. 2026-06-01
    days on market $165,000 Active 114 DOM
14. 2026-05-31
    days on market $165,000 Active 113 DOM
15. 2026-05-30
    days on market $165,000 Active 112 DOM
16. 2026-02-07
    listed $165,000 Active
17. 2021-10-20
    soldstatus $82,000
18. 1995-06-01
    soldstatus $24,300

ⓘ 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: $728 · $61/mo
• Projected year-2 tax: $1,370 · $114/mo
• Expected delta: +$641/yr (+$53/mo · 88.1%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,198
• − Mortgage interest: −$9,243
• − Property taxes: −$728
• − Insurance: −$825
• − Repairs & maintenance: −$1,216
• − Management: −$1,216
• − HOA: −$504
• − Depreciation: −$4,800
• Taxable loss: −$3,334
• Est. tax savings @ 24.0%: +$800
• After-tax cash flow: $366/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

+579.0% since first listed

3 events — show timeline

• 2026-02-07 Listed $165,000 CATRS
• 2021-10-20 Sold (Public Records) $82,000 Public Records
• 1995-06-01 Sold (Public Records) $24,300 Public Records

Property tax history

-2.8%/yr

Latest (2025): $728 · +4.7% YoY. Source: county tax records.