517 Wallis St · Tallahassee, FL 32301

$55,000

3 bd · 1.0 ba · 960 sqft · SingleFamily public records · 26 Days on market

Built 1953

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Rear room unfinished. Recent bath upgrade, gas range with new propane tank. Window units air conditioning, recent electric hot water heater, and some electrical uogrades

Key facts

• Propane tank
• Bath upgrade
• Gas range

Tags

• BATH UPGRADE
• GAS RANGE
• PROPANE TANK
• WINDOW UNITS AIR CONDITIONING
• ELECTRIC HOT WATER HEATER
• ELECTRICAL UPGRADES

Property features AI

Exterior

• Home design: Single-family property built in 1953
• Construction: Built in 1953
• Exterior features: Located in the South City subdivision

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 22.1% 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: Bond Elementary School (math 38% / reading 27%, grade F, #1,787 of 2,144 statewide, top 84%, 536 students, 84% FRL); Elizabeth Cobb Middle School (math 41% / reading 45%, grade D-, #331 of 571 statewide, top 59%, 769 students, 43% FRL); James Rickards High School (math 23% / reading 37%, grade F, #441 of 667 statewide, top 67%, 1,581 students, 57% FRL) — zoned schools average 62% FRL vs 45% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 35% at this address vs 50% district-wide (-15 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 fast (+4.2%/yr); 121 active listings in the ZIP; 19 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 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 + 4.2% rent growth), your $15k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $54,175 (1.5% below list)

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 2.58% ✓
• Cap rate: 22.10%
• Cash-on-cash: 56.44%
• DSCR: 3.51
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $161,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408 Perkins St	0.33mi	3/1.0	930 (-3%)	5mo	$90,000	$97	76
405 Perkins St	0.30mi	3/1.0	1,070 (+12%)	6mo	$180,000	$168	62
2925 Fairview Dr	0.70mi	3/1.0	930 (-3%)	4mo	$156,000	$168	58
512 Norma St	0.06mi	4/2.0 (+1)	1,076 (+12%)	16mo	$140,000	$130	55
306 Perkins St	0.37mi	3/1.0	1,104 (+15%)	4mo	$187,500	$170	54
2311 Pontiac Dr	0.59mi	3/1.0	890 (-7%)	10mo	$140,000	$157	52
2314 Pontiac Dr	0.57mi	3/1.0	851 (-11%)	5mo	$139,000	$163	50
2403 Country Club Dr	0.41mi	2/1.0 (-1)	872 (-9%)	14mo	$20,000	$23	49
3005 Fairview Dr	0.73mi	3/1.0	936 (-2%)	17mo	$161,000	$172	48
906 Cochran Dr	0.68mi	3/1.0	924 (-4%)	18mo	$160,000	$173	47
516 Castlewood Dr	0.58mi	4/2.0 (+1)	1,040 (+8%)	15mo	$215,000	$207	38
3009 Fairview Dr	0.74mi	3/1.0	848 (-12%)	16mo	$140,000	$165	33

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: 18.7%
• Equity multiple: 1.78×
• Total profit: $12,020
• Equity at exit: $8,201

10-year hold

• IRR: 28.5%
• Equity multiple: 3.80×
• Total profit: $43,104
• Equity at exit: $4,755

Cash invested: $15,400 (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 32301

• Rents YoY: 4.2%
• Active inventory: 121
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,416 high
• Mortgage (P&I): −$288
• Tax from tax record: −$83 /mo · $1,000/yr
• Insurance: −$23
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $298

Break-even live

Break-even rent $1,039

Max offer price $55,000

Occupancy floor 74%

Sensitivity live

Price	-10% $329	-5% $313	+0% $298	+5% $282	+10% $267
Rent	-10% $186	-5% $242	+0% $298	+5% $354	+10% $410
Rate	-1.0pp $326	-0.5pp $312	base $298	+0.5pp $284	+1.0pp $269

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2218 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	700	$1,200	$1.71	22d	7	0.18mi
2205 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	750	$1,225	$1.63	22d	1	0.19mi
2205 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	750	$1,225	$1.63	15d	9	0.19mi
401 Putnam Dr Tallahassee, FL	1.0–2.0	1.0–2.0	766	$1,250	$1.63	22d	1	0.20mi
1737 S M L King Jr Blvd Tallahassee, FL	3.0	1.0	701	$1,450	$2.07	22d	1	0.67mi
3005 S Meridian St Tallahassee, FL	3.0	1.0	998	$2,300	$2.30	22d	1	0.72mi
3000 S Adams St Tallahassee, FL	1.0–3.0	1.0–3.0	884	$1,850	$2.09	22d	8	0.78mi
1504 S Adams St #1 Tallahassee, FL	2.0	2.0	1088	$1,300	$1.19	15d	1	0.80mi
1533 S Bronough St Tallahassee, FL	2.0	1.0	750	$1,150	$1.53	15d	1	0.82mi
509 Famcee Ave Tallahassee, FL	3.0	2.0	1079	$1,700	$1.58	22d	1	0.89mi
2873 Jim Lee Rd Tallahassee, FL	2.0	2.0	1000	$925	$0.93	22d	1	0.90mi
1402 Melvin St #1 Tallahassee, FL	2.0	1.0	550	$1,100	$2.00	22d	1	0.96mi
318 W Harrison St Unit 324 Tallahassee, FL	2.0	1.0	525	$1,000	$1.90	22d	1	1.02mi
635 Palm Beach St Apt 125 Tallahassee, FL	2.0	2.0	900	$900	$1.00	22d	1	1.02mi
643 Kissimmee St Tallahassee, FL	2.0	1.0	800	$1,595	$1.99	22d	1	1.09mi
850 S Gadsden St Tallahassee, FL	2.0	1.0–2.0	828	$3,549	$4.29	15d	34	1.17mi
2332 Keith St Tallahassee, FL	2.0	1.0	650	$1,050	$1.62	22d	1	1.27mi
301 Gaile Ave Tallahassee, FL	3.0	1.0	1009	$1,400	$1.39	15d	1	1.38mi
1211 E Lafayette St Tallahassee, FL	1.0–2.0	1.0–2.0	833	$1,115	$1.34	22d	4	1.39mi

Listing history 33 events

1. 2026-06-22
   days on market $55,000 Active 26 DOM
2. 2026-06-18
   days on market $55,000 Active 23 DOM
3. 2026-06-17
   days on market $55,000 Active 22 DOM
4. 2026-06-16
   days on market $55,000 Active 21 DOM
5. 2026-06-15
   days on market $55,000 Active 20 DOM
6. 2026-06-14
   days on market $55,000 Active 18 DOM
7. 2026-06-10
   days on market $55,000 Active 15 DOM
8. 2026-06-09
   days on market $55,000 Active 14 DOM
9. 2026-06-08
   days on market $55,000 Active 13 DOM
10. 2026-06-07
    days on market $55,000 Active 12 DOM
11. 2026-06-05
    days on market $55,000 Active 9 DOM
12. 2026-06-03
    days on market $55,000 Active 8 DOM
13. 2026-06-02
    days on market $55,000 Active 7 DOM
14. 2026-06-01
    days on market $55,000 Active 6 DOM
15. 2026-05-31
    days on market $55,000 Active 5 DOM
16. 2026-05-30
    days on market $55,000 Active 4 DOM
17. 2026-05-26
    listed $55,000 Active
18. 2025-09-30
    soldstatus $225,000
19. 2025-02-17
    historical
20. 2025-01-27
    historical Contingent
21. 2025-01-18
    status Active
22. 2025-01-18
    price $65,000
23. 2025-01-01
    listed $50,000
24. 2024-06-14
    historical Active Under Contract
25. 2024-05-08
    status Active
26. 2024-04-17
    historical Active Under Contract
27. 2024-04-12
    listed $90,000 Active
28. 2019-09-20
    soldstatus $45,000
29. 2013-06-28
    soldstatus $27,500
30. 2013-01-29
    listed $25,000
31. 2006-07-28
    historical
32. 2006-01-28
    listed $85,000
33. 1999-08-30
    soldstatus $22,000

ⓘ 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: $1,000 · $83/mo
• Projected year-2 tax: $1,000 · $83/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 6/10 Major FEMA zone AE · 73% chance over 30 yrs
• 🔥 Wildfire 3/10 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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,997
• − Mortgage interest: −$3,081
• − Property taxes: −$1,000
• − Insurance: −$5,394
• − Repairs & maintenance: −$1,360
• − Management: −$1,360
• − Depreciation: −$1,600
• Taxable income: $3,204
• Est. tax owed @ 24.0%: −$769
• After-tax cash flow: $2,805/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

+150.0% since first listed

17 events — show timeline

• 2026-05-26 Listed $55,000 FSBO.com
• 2025-09-30 Sold (Public Records) $225,000 Public Records
• 2025-02-17 Listing Removed — CATRS
• 2025-01-27 Contingent — CATRS
• 2025-01-18 Relisted — CATRS
• 2025-01-18 Price Changed $65,000 CATRS
• 2025-01-01 Listed $50,000 CATRS
• 2024-06-14 Contingent — CATRS
• 2024-05-08 Relisted — CATRS
• 2024-04-17 Contingent — CATRS
• 2024-04-12 Listed $90,000 CATRS
• 2019-09-20 Sold (Public Records) $45,000 Public Records
• 2013-06-28 Sold (MLS) $27,500 CATRS
• 2013-01-29 Listed $25,000 CATRS
• 2006-07-28 Listing Removed — CATRS
• 2006-01-28 Listed $85,000 CATRS
• 1999-08-30 Sold (Public Records) $22,000 Public Records

Property tax history

+0.8%/yr

Latest (2025): $1,000 · +3.3% YoY. Source: county tax records.