1587 Quazar Rd · Tallahassee, FL 32311

$212,000

3 bd · 2.0 ba · 1,173 sqft · Townhouse public records · 149 Days on market

Built 2006 Est $217k · at est.

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Why this score? — see what drove the D+ 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 +16.6/30.0
• ARV discount +8.5/15.0
• DSCR +5.2/10.0
• 1% rule +4.3/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Entered for comps purposes only

Key facts

• Large deck
• Split floor plan
• Quiet subdivision

Tags

• QUIET SUBDIVISION
• CUL-DE-SAC
• SPLIT FLOOR PLAN
• LARGE DECK
• LOW MAINTENANCE LIVING
• ESTABLISHED NEIGHBORHOOD

Property features AI

Finance

• Financial info: Property has a land lease
• HOA & community: Homeowners association present

Exterior

• Utilities: Public sewer
• Home design: Single-family residence zoning
• Construction: Brick and vinyl siding exterior
• Exterior features: Deck; Covered porch; Rain gutters; Located on a cul-de-sac; City street frontage; Publicly maintained road

Interior

• Kitchen: Electric range
• Bedrooms: Primary bedroom (first level)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: 3 total rooms; All room measurements are approximate

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $212k.

Deal economics

• At list price, monthly cash flow is $129 ($2k/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 $196k (7.4% below list).
• Recommended offer: $187k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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 fast (+5.5%/yr); 117 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $6k 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 149 days — a 12% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $153k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $186,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
6. 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.
7. 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.
8. 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: 0.93% ✗
• Cap rate: 7.02%
• Cash-on-cash: 2.60%
• DSCR: 1.12
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $217,005
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1723 Quazar Rd	0.22mi	3/2.0	1,159 (-1%)	8mo	$208,000	$179	81
1494 Twin Lakes Cir	0.44mi	2/2.0 (-1)	1,152 (-2%)	5mo	$215,000	$187	68
1218 Brafforton Dr	0.23mi	2/2.0 (-1)	1,008 (-14%)	3mo	$215,000	$213	59
1556 Twin Lakes Cir	0.57mi	2/1.5 (-1)	1,096 (-7%)	4mo	$145,000	$132	52
1560 Twin Lakes Cir	0.57mi	2/1.5 (-1)	1,096 (-7%)	4mo	$83,000	$76	52
1548 Twin Lakes Cir	0.57mi	2/1.5 (-1)	1,096 (-7%)	6mo	$174,000	$159	50
3905 Paces Pl	0.35mi	2/2.0 (-1)	1,008 (-14%)	10mo	$195,000	$193	47
3927 Paces Pl	0.39mi	2/2.0 (-1)	1,008 (-14%)	8mo	$186,000	$185	46
1023 Kingdom Dr	0.72mi	3/2.0	1,306 (+11%)	3mo	$258,000	$198	45
1151 Brafforton Dr	0.39mi	2/2.0 (-1)	1,008 (-14%)	12mo	$177,000	$176	43
1116 Brafforton Dr	0.48mi	2/2.0 (-1)	1,008 (-14%)	11mo	$179,000	$178	40
1136 Brafforton Dr	0.48mi	2/2.0 (-1)	1,008 (-14%)	12mo	$190,000	$188	39

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 · 5.55% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.65×
• Total profit: $-20,995
• Equity at exit: $31,610

10-year hold

• IRR: 3.1%
• Equity multiple: 1.25×
• Total profit: $14,600
• Equity at exit: $18,330

Cash invested: $59,360 (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 32311

• Home prices YoY: -27.5%
• Rents YoY: 5.5%
• Active inventory: 117
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,962 medium
• Mortgage (P&I): −$1,112
• Tax from tax record: −$221 /mo · $2,657/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $129

Break-even live

Break-even rent $1,799

Max offer price $212,000

Occupancy floor 88%

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: $53,000
• Closing costs: $6,360
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3909 Reserve Dr Tallahassee, FL	1.0–3.0	1.0–2.0	1220	$1,825	$1.50	13d	1	0.65mi
1497 Wooster Dr Tallahassee, FL	2.0–3.0	2.0–3.0	1238	$2,165	$1.75	13d	6	0.74mi
3373 Apalachee Pkwy Tallahassee, FL	1.0–2.0	1.0–2.0	779	$1,258	$1.61	13d	1	1.17mi

Listing history 22 events

1. 2026-06-18
   days on market $212,000 Active 149 DOM
2. 2026-06-17
   days on market $212,000 Active 148 DOM
3. 2026-06-16
   days on market $212,000 Active 147 DOM
4. 2026-06-15
   days on market $212,000 Active 146 DOM
5. 2026-06-14
   days on market $212,000 Active 144 DOM
6. 2026-06-10
   days on market $212,000 Active 141 DOM
7. 2026-06-09
   days on market $212,000 Active 140 DOM
8. 2026-06-08
   days on market $212,000 Active 139 DOM
9. 2026-06-07
   days on market $212,000 Active 138 DOM
10. 2026-06-05
    days on market $212,000 Active 135 DOM
11. 2026-06-03
    days on market $212,000 Active 134 DOM
12. 2026-06-02
    days on market $212,000 Active 133 DOM
13. 2026-06-01
    days on market $212,000 Active 132 DOM
14. 2026-05-31
    days on market $212,000 Active 131 DOM
15. 2026-05-30
    days on market $212,000 Active 130 DOM
16. 2026-01-20
    listed $212,000 Active
17. 2025-12-11
    historical
18. 2025-01-28
    listed $219,900 Active
19. 2022-06-06
    historical 31-char remark

    Show marketing remark (31 chars)

    Entered for comps purposes only

20. 2022-05-05
    soldstatus $153,000
21. 2022-05-04
    soldstatus $153,000 Closed 31-char remark

    Show marketing remark (31 chars)

    Entered for comps purposes only

22. 2022-04-01
    listed $160,000 31-char remark

    Show marketing remark (31 chars)

    Entered for comps purposes only

ⓘ 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: $2,657 · $221/mo
• Projected year-2 tax: $2,657 · $221/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 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 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,546
• − Mortgage interest: −$11,875
• − Property taxes: −$2,657
• − Insurance: −$1,060
• − Repairs & maintenance: −$1,884
• − Management: −$1,884
• − Depreciation: −$6,167
• Taxable loss: −$1,981
• Est. tax savings @ 24.0%: +$475
• After-tax cash flow: $2,019/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): 21,905
• Household income: $81,243
• Rent vs Own: 38.9% rent · 61.1% own
• Severe rent burden: 795.0

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 0.64)
• Race & ethnicity: White 52% Black 27% Two or more races 10% Hispanic / Latino 9% Asian 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 1%
• Common ancestry: Romanian 2% Serbian 2% Slovak 2%
• Foreign-born: 11% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 3% Other Asian/Pacific 2%

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: ▼ -90.68%
• Current HPI: 238.8804
• Rent YoY: ▲ 5.55%
• 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

+32.5% since first listed

7 events — show timeline

• 2026-01-20 Listed $212,000 CPARMLS
• 2025-12-11 Listing Removed — CATRS
• 2025-01-28 Listed $219,900 CATRS
• 2022-06-06 Listing Removed — CPARMLS
• 2022-05-05 Sold (Public Records) $153,000 Public Records
• 2022-05-04 Sold (MLS) $153,000 CPARMLS
• 2022-04-01 Listed $160,000 CPARMLS

Property tax history

+9.1%/yr

Latest (2025): $2,657 · +22.9% YoY. Source: county tax records.