2765 Westbrook Ct

Tallahassee, FL 32303

$184,000D-

3 bd · 3.0 ba · 1,316 sqft · Built 2003 · Townhouse · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,628/mo
• Mortgage (P&I): −$965
• Tax + insurance: −$309
• HOA: −$58
• Vac / Maint / Mgmt: −$342
• Net cashflow: $-46/mo
• Annual: $-553/yr
• Cap rate: 5.99%
• Cash-on-cash: -1.07%
• DSCR: 0.95
• 1% rule: 0.88%
• Cash to close: $51,520

Investor read

• This is a 3-bed/3.0-bath townhouse listed at $184k.
• At list price, monthly cash flow is $-46 ($-553/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (11.5% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $163k (11.5% below list) — sets the bar for 1% rule.
• 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.
• 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: Astoria Park Elementary School (math 23% / reading 28%, grade F, #2,025 of 2,144 statewide, top 95%, 527 students, 80% FRL); Griffin Middle School (math 16% / reading 25%, grade F, #556 of 571 statewide, top 98%, 532 students, 77% 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 74% FRL vs 45% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 50% district-wide (-26 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 (+3.1%/yr); 238 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• Leon County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 19y 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 $140k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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.
• 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.
• This rent runs 31% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.