2898 Bell Dr · Tallahassee, FL 32303

$255,000

4 bd · 2.0 ba · 1,992 sqft · SingleFamily public records · 18 Days on market

Built 1964 0.26 ac lot Est $349k · 27% under

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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 +23.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +4.8/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This precious home offers so much space for a large family! ??? You will love the additional mother-in-law suite along with the spacious main house. This home is full of upgrades, including new LVP flooring, new carpet, a 2025 roof, and more! The mother-in-law suite features a newer A/C and hot water heater, while the main house offers plenty of room for everyone to spread out and enjoy. Upgrades galore and space you will not be disappointed in!

Key facts

• Mother-in-law suite
• New carpet
• 2025 roof

Tags

• MOTHER-IN-LAW SUITE
• NEW LVP FLOORING
• NEW CARPET
• NEWER A/C
• HOT WATER HEATER
• 2025 ROOF

Property features AI

Finance

• Financial info: Offered for sale
• HOA & community: Street lights in the community

Exterior

• Parking: Driveway
• Utilities: Septic tank
• Home design: Single-story; Slab foundation
• Construction: Block, concrete, and wood siding construction
• Exterior features: Covered porch; Partial fencing; Public maintained paved road

Interior

• Kitchen: Icemaker; Microwave; Oven; Range; Refrigerator
• Bedrooms: Bedroom 2; Bedroom 3; Bedroom 4
• Flooring: Carpet; Plank; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Split bedrooms; Bonus room; Office; Utility room; Living room; Family room; Dining room; Other flexible space (large)
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $255k.

Deal economics

• At list price, monthly cash flow is $463 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (2.2% below list).
• Recommended offer: $249k (2.2% below list) — sets the bar for 1% rule.
• Cap rate 8.5% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• At $2,495/mo this rent would consume 48% of the median local household income ($62k/yr) (locally 2919% 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 $2k of loan paydown is wiped out by about $8k 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 18 days — a 2% lower offer ($251k) is reasonable based on typical stale-listing flexibility.

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 $249,459 (2.2% below list)

Questions for the listing agent

1. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
5. 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.
6. 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: 0.98% ✗
• Cap rate: 8.47%
• Cash-on-cash: 7.79%
• DSCR: 1.35
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $348,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2501 Hastings Dr	0.43mi	4/2.0	2,004 (+1%)	2mo	$369,800	$185	78
4127 Zermatt Dr	0.28mi	4/2.0	1,792 (-10%)	3mo	$341,500	$191	68
1928 Harriet Dr	0.72mi	4/2.0	1,985 (-0%)	4mo	$352,000	$177	62
2723 Lucerne	0.30mi	3/2.5 (-1)	2,074 (+4%)	12mo	$292,000	$141	62
4124 Zermatt Dr	0.25mi	3/2.0 (-1)	1,798 (-10%)	12mo	$315,000	$175	57
2002 Cynthia Dr	0.50mi	3/2.0 (-1)	2,245 (+13%)	3mo	$350,000	$156	48
2005 Casa Linda Ct	0.73mi	3/2.0 (-1)	1,812 (-9%)	2mo	$255,000	$141	45
2035 Wildridge Dr	0.37mi	4/2.0	2,240 (+12%)	21mo	$335,000	$150	44
1945 Harriet Dr	0.73mi	3/2.0 (-1)	2,046 (+3%)	16mo	$309,000	$151	43
4493 Andrew Jackson Way	0.46mi	4/3.0	2,267 (+14%)	22mo	$385,000	$170	33
2620 Fenwood Ct	0.72mi	3/2.5 (-1)	1,791 (-10%)	18mo	$320,000	$179	27
2040 Cynthia Dr	0.69mi	3/2.5 (-1)	2,289 (+15%)	19mo	$519,500	$227	20

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: -4.3%
• Equity multiple: 0.84×
• Total profit: $-11,621
• Equity at exit: $38,021

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $28,645
• Equity at exit: $22,048

Cash invested: $71,400 (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: 8.5×

Monthly cashflow live

• Estimated rent: $2,495 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$64 /mo · $765/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $463

Break-even live

Break-even rent $1,908

Max offer price $255,000

Occupancy floor 76%

Sensitivity live

Price	-10% $608	-5% $536	+0% $463	+5% $391	+10% $319
Rent	-10% $266	-5% $365	+0% $463	+5% $562	+10% $661
Rate	-1.0pp $592	-0.5pp $528	base $463	+0.5pp $397	+1.0pp $330

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3400 Old Bainbridge Rd #203 Tallahassee, FL	3.0	3.0	1368	$1,650	$1.21	22d	1	0.84mi
1729 Ray Rd Tallahassee, FL	3.0	1.0	1611	$3,400	$2.11	22d	1	1.09mi
3126 Okeeheepkee Rd Tallahassee, FL	3.0	2.0	1638	$2,900	$1.77	22d	1	1.33mi

Listing history 16 events

1. 2026-06-18
   days on market $255,000 Active 18 DOM
2. 2026-06-17
   days on market $255,000 Active 17 DOM
3. 2026-06-16
   days on market $255,000 Active 16 DOM
4. 2026-06-15
   days on market $255,000 Active 15 DOM
5. 2026-06-14
   days on market $255,000 Active 13 DOM
6. 2026-06-10
   days on market $255,000 Active 10 DOM
7. 2026-06-09
   days on market $255,000 Active 9 DOM
8. 2026-06-08
   days on market $255,000 Active 8 DOM
9. 2026-06-07
   days on market $255,000 Active 7 DOM
10. 2026-06-05
    days on market $255,000 Active 4 DOM
11. 2026-06-03
    days on market $255,000 Active 3 DOM
12. 2026-06-02
    days on market $255,000 Active 2 DOM
13. 2026-05-31
    pricedays on marketlisting id $255,000 Active 1 DOM
14. 2026-05-31
    days on market $265,000 Active 12 DOM
15. 2026-05-30
    days on market $265,000 Active 11 DOM
16. 2026-05-19
    listed $265,000 Active

ⓘ 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: $765 · $64/mo
• Projected year-2 tax: $2,116 · $176/mo
• Expected delta: +$1,351/yr (+$113/mo · 176.5%)

ⓘ 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 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,935
• − Mortgage interest: −$14,284
• − Property taxes: −$765
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,395
• − Management: −$2,395
• − Depreciation: −$7,418
• Taxable income: $1,403
• Est. tax owed @ 24.0%: −$337
• After-tax cash flow: $5,225/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): 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

1 event — show timeline

• 2026-05-19 Listed $265,000 CATRS

Property tax history

+0.4%/yr

Latest (2025): $765 · +1.3% YoY. Source: county tax records.