317 Mabry St #1022 · Tallahassee, FL 32304

$70,000

2 bd · 1.0 ba · 808 sqft · Condo public records · 1 Days on market

Built 1984 $275/mo HOA · 24% of rent

---

Why this score? — see what drove the C+ 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 +24.6/30.0
• 1% rule +10.0/10.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Nice 2 bed/1 bath upstairs condo unit with a screened front porch. Perfect for a first-time home buyer or investor. Unit is in good condition, but needs new paint and flooring. Washer/dryer included. Similar units rent for $900-1,000 per month. Located in Mystic Woods Condominiums, convenient to shops, restaurants and downtown. Five minute drive to FSU, FAMU and TSC. Complex has community club house and pool. Condo association responsible for exterior maintenance of buildings, lawn care, garbage collection, club house and pool.

Key facts

• Screened front porch
• Community club house
• Community pool

Tags

• SCREENED FRONT PORCH
• WASHER DRYER INCLUDED
• COMMUNITY CLUB HOUSE
• COMMUNITY POOL
• FIVE MINUTE DRIVE TO FSU
• FIVE MINUTE DRIVE TO FAMU

Property features AI

Finance

• Other: Offered for sale
• HOA & community: Association fee charged (annual); Association covers common areas, grounds maintenance, structure maintenance, pool(s), road maintenance, and street lights; Community features include curbs, gutters, pool, and street lights

Exterior

• Parking: Parking space(s)
• Utilities: Public sewer
• Home design: Brick construction
• Construction: Brick construction
• Exterior features: Paved road access; Community pool (concrete, in-ground)

Interior

• Kitchen: Oven; Range; Refrigerator; Dishwasher; Disposal; Icemaker
• Bedrooms: Bedroom 2 (9 x 12)
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air; Ceiling fan(s); Electric cooling
• Interior features: End unit with shared common wall; Window treatments
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $70k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Cap rate 8.8% 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 fast (+4.7%/yr); 142 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• This rent runs 43% of the median local income ($32k/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 $484 of loan paydown is wiped out by about $2k 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 + 4.7% rent growth), your $20k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• 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 $70,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.66% ✓
• Cap rate: 8.78%
• Cash-on-cash: 8.90%
• DSCR: 1.40
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.69% rent growth · sell at horizon

5-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $120
• Equity at exit: $10,437

10-year hold

• IRR: 12.3%
• Equity multiple: 2.09×
• Total profit: $21,358
• Equity at exit: $6,052

Cash invested: $19,600 (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 32304

• Home prices YoY: -21.2%
• Rents YoY: 4.7%
• Active inventory: 142
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,163 high
• Mortgage (P&I): −$367
• Tax from tax record: −$102 /mo · $1,223/yr
• Insurance: −$29
• HOA: −$275
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $145

Break-even live

Break-even rent $979

Max offer price $70,000

Occupancy floor 82%

Sensitivity live

Price	-10% $185	-5% $165	+0% $145	+5% $126	+10% $106
Rent	-10% $54	-5% $99	+0% $145	+5% $191	+10% $237
Rate	-1.0pp $181	-0.5pp $163	base $145	+0.5pp $127	+1.0pp $109

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
317 Mabry St Tallahassee, FL	2.0	1.0	808	$898	$1.11	22d	1	0.07mi
2202 W Pensacola St Tallahassee, FL	1.0–3.0	1.0	950	$1,224	$1.29	22d	3	0.21mi
205 White Dr Tallahassee, FL	1.0–4.0	1.0–4.0	1155	$637	$0.55	22d	1	0.26mi
218 White Dr Tallahassee, FL	1.0	1.0	660	$995	$1.51	22d	1	0.28mi
214 White Dr Unit F Tallahassee, FL	1.0	1.0	656	$1,200	$1.83	22d	1	0.28mi
2416 Jackson Bluff Rd Tallahassee, FL	1.0	1.0	540	$800	$1.48	22d	1	0.33mi
103 Cactus St Tallahassee, FL	2.0–4.0	1.0–2.0	1000	$1,195	$1.20	14d	3	0.40mi
316 Ausley Rd Tallahassee, FL	1.0–4.0	1.0–2.0	750	$798	$1.06	14d	8	0.47mi
2131 Jackson Bluff Rd Tallahassee, FL	2.0	2.0	1043	$1,257	$1.21	14d	3	0.56mi
2125 Jackson Bluff Rd Tallahassee, FL	1.0–3.0	1.0–2.0	975	$1,172	$1.20	22d	4	0.58mi
2349 Horne Ave Unit C Tallahassee, FL	2.0	1.0	680	$1,100	$1.62	14d	1	0.64mi
2350 Horne Ave Unit 2 Tallahassee, FL	2.0	2.0	800	$995	$1.24	22d	1	0.66mi
301 S Lipona Rd #24 Tallahassee, FL	2.0	1.5	896	$1,350	$1.51	22d	1	0.78mi
1854 Belle Vue Way Tallahassee, FL	2.0–4.0	1.0–2.0	1100	$1,235	$1.12	22d	1	0.83mi
930 S Lipona Rd Unit D Tallahassee, FL	2.0	2.0	896	$1,295	$1.45	22d	1	0.91mi
2353 W Mission Rd Tallahassee, FL	2.0–3.0	2.0–2.5	1012	$1,250	$1.23	14d	11	0.91mi
220 Atkinson Dr Unit D Tallahassee, FL	2.0	1.0	928	$1,100	$1.19	22d	1	0.93mi
1001 Ocala Rd Tallahassee, FL	4.0	1.0–2.0	899	$584	$0.65	22d	6	1.04mi
394 Prince St Unit 394-PRI Tallahassee, FL	1.0	1.0	600	$1,250	$2.08	22d	1	1.04mi
2614 W Tennessee St Tallahassee, FL	1.0–4.0	1.0–4.0	1270	$1,159	$0.91	22d	14	1.12mi
322 Conradi St Tallahassee, FL	3.0	2.0	1100	$1,950	$1.77	22d	4	1.20mi
1643 Sharkey St Tallahassee, FL	3.0	1.0	912	$1,350	$1.48	22d	1	1.24mi
1606 Airport Dr Tallahassee, FL	3.0	2.0	1008	$1,395	$1.38	22d	1	1.27mi
2616 Mission Rd Tallahassee, FL	1.0–2.0	1.0	750	$1,195	$1.59	14d	12	1.27mi
2060 Continental Ave Tallahassee, FL	1.0–3.0	1.0–2.5	1121	$1,052	$0.94	14d	26	1.27mi
2020 Continental Ave Tallahassee, FL	1.0–2.0	1.0–1.5	850	$1,300	$1.53	22d	3	1.33mi
1303 Ocala Rd Tallahassee, FL	1.0–4.0	1.0–2.0	1121	$1,320	$1.18	14d	48	1.35mi
1313 Airport Dr Unit DRE6 Tallahassee, FL	1.0	1.5	1100	$1,300	$1.18	14d	1	1.37mi
1303 Airport Dr Unit A08 Tallahassee, FL	2.0	2.5	1083	$1,475	$1.36	22d	1	1.39mi
1380 Ocala Rd Tallahassee, FL	1.0	1.0	700	$975	$1.39	22d	1	1.41mi
1360 Ocala Rd Tallahassee, FL	2.0	1.0	800	$1,000	$1.25	22d	1	1.41mi
1111 High Rd Tallahassee, FL	2.0–3.0	2.0	1000	$1,409	$1.41	14d	11	1.42mi
1426 Pepper Dr Tallahassee, FL	2.0	1.0	858	$1,250	$1.46	22d	1	1.43mi
1108 Greentree Ct Tallahassee, FL	2.0	2.0	888	$1,275	$1.44	22d	1	1.45mi
1616 McCaskill Ave Tallahassee, FL	1.0–2.0	1.0	750	$969	$1.29	22d	43	1.46mi
810 Wadsworth St Tallahassee, FL	1.0	1.0	600	$1,123	$1.87	14d	2	1.46mi
1410 Nylic St Unit B Tallahassee, FL	2.0	1.0	550	$900	$1.64	14d	1	1.49mi

HOA detail condo

• Monthly dues: $275 · $3,300/yr
• Likely covers: trashlandscapingexterior maint.pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-18
   remarks 534-char remark
2. 2026-06-18
   listed $70,000 Active 1 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: $1,223 · $102/mo
• Projected year-2 tax: $1,223 · $102/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 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,952
• − Mortgage interest: −$3,921
• − Property taxes: −$1,223
• − Insurance: −$350
• − Repairs & maintenance: −$1,116
• − Management: −$1,116
• − HOA: −$3,300
• − Depreciation: −$2,036
• Taxable income: $889
• Est. tax owed @ 24.0%: −$213
• After-tax cash flow: $1,531/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): 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

2 events — show timeline

• 2026-06-04 Listed $70,000 CATRS
• 2022-06-05 Price Changed $800 RENT.

Property tax history

+6.9%/yr

Latest (2025): $1,223 · +7.5% YoY. Source: county tax records.