2540 Windy Pine Way · Tallahassee, FL 32305

$120,000

3 bd · 2.0 ba · 1,680 sqft · Manufactured public records · 212 Days on market

Built 1981 0.27 ac lot

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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 +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Make an offer! This property presents an excellent opportunity as a primary residence, rental, or flip. The home is structurally sound and ready for updating and repairs to unlock its full potential. Features include a small storage shed, a new gas range/oven, a new water heater in the primary bathroom, and a possible fourth bedroom offering flexible living space. Situated on private property, this home invites you to bring your vision and explore all the possibilities. Schedule a showing and see the potential for yourself.

Key facts

• Metal roof
• Central heat and air
• Ramp entrance

Tags

• STORAGE SHED
• GAS RANGE OVEN
• WALK IN CLOSET
• CENTRAL HEAT AND AIR
• METAL ROOF
• RAMP ENTRANCE

Property features AI

Finance

• Other: Property listed for sale

Exterior

• Parking: Driveway
• Home design: Double wide mobile home
• Construction: Vinyl siding
• Exterior features: Covered patio/porch; Deck; Porch; Public maintained paved road

Interior

• Kitchen: Cooktop; Oven; Range; Refrigerator; Icemaker
• Bedrooms: Bedroom 2 (15 x 15); Bedroom 3 (20 x 15)
• Flooring: Carpet; Laminate
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating; Central air; Wall/window unit(s)
• Interior features: Handicap access; Split bedroom floor plan; Walk-in closet(s)
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.4% 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: 105 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• At $2,303/mo this rent would consume 58% of the median local household income ($48k/yr) (locally 654% 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 $830 of loan paydown is wiped out by about $4k 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 + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 212 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $47k; list at $120k implies a 155% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 212 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. 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: 1.92% ✓
• Cap rate: 17.41%
• Cash-on-cash: 39.71%
• DSCR: 2.77
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 36.0%
• Equity multiple: 2.53×
• Total profit: $51,337
• Equity at exit: $17,892

10-year hold

• IRR: 42.7%
• Equity multiple: 5.04×
• Total profit: $135,735
• Equity at exit: $10,375

Cash invested: $33,600 (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 32305

• Home prices YoY: -22.5%
• Active inventory: 105
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,303 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$28 /mo · $336/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $1,112

Break-even live

Break-even rent $895

Max offer price $120,000

Occupancy floor 47%

Sensitivity live

Price	-10% $1,180	-5% $1,146	+0% $1,112	+5% $1,078	+10% $1,044
Rent	-10% $930	-5% $1,021	+0% $1,112	+5% $1,203	+10% $1,294
Rate	-1.0pp $1,172	-0.5pp $1,142	base $1,112	+0.5pp $1,081	+1.0pp $1,049

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2506 Sir Williams St Tallahassee, FL	3.0	2.0	1662	$2,050	$1.23	21d	1	1.09mi
3111 Rackley Dr Tallahassee, FL	4.0	2.5	1802	$3,800	$2.11	21d	1	1.38mi

Listing history 21 events

1. 2026-06-18
   days on market $120,000 Active 212 DOM
2. 2026-06-17
   days on market $120,000 Active 211 DOM
3. 2026-06-16
   days on market $120,000 Active 210 DOM
4. 2026-06-15
   days on market $120,000 Active 209 DOM
5. 2026-06-14
   days on market $120,000 Active 207 DOM
6. 2026-06-10
   days on market $120,000 Active 204 DOM
7. 2026-06-09
   days on market $120,000 Active 203 DOM
8. 2026-06-08
   days on market $120,000 Active 202 DOM
9. 2026-06-07
   days on market $120,000 Active 201 DOM
10. 2026-06-05
    days on market $120,000 Active 198 DOM
11. 2026-06-03
    days on market $120,000 Active 197 DOM
12. 2026-06-02
    days on market $120,000 Active 196 DOM
13. 2026-06-01
    days on market $120,000 Active 195 DOM
14. 2026-05-31
    days on market $120,000 Active 194 DOM
15. 2026-05-30
    days on market $120,000 Active 193 DOM
16. 2026-04-28
    price $120,000
17. 2026-01-02
    status Active
18. 2026-01-02
    price $125,000
19. 2025-12-27
    historical Active Under Contract
20. 2025-11-16
    listed $160,000 Active
21. 2002-10-10
    soldstatus $47,000

ⓘ 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: $336 · $28/mo
• Projected year-2 tax: $996 · $83/mo
• Expected delta: +$660/yr (+$55/mo · 196.1%)

ⓘ 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 5/10 Major
• 🌡 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: $27,635
• − Mortgage interest: −$6,722
• − Property taxes: −$336
• − Insurance: −$600
• − Repairs & maintenance: −$2,211
• − Management: −$2,211
• − Depreciation: −$3,491
• Taxable income: $12,064
• Est. tax owed @ 24.0%: −$2,895
• After-tax cash flow: $10,448/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): 19,384
• Household income: $48,045
• Rent vs Own: 40.7% rent · 59.3% own
• Severe rent burden: 654.0

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 0.57)
• Race & ethnicity: Black 57% White 33% Two or more races 5% Hispanic / Latino 5% Asian 1%
• Common ancestry: Serbian 1% Hispanic 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5% Other Indo-European 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: ▼ -63.40%
• Current HPI: 218.4834
• Rent YoY: —
• 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

+155.3% since first listed

6 events — show timeline

• 2026-04-28 Price Changed $120,000 CATRS
• 2026-01-02 Relisted — CATRS
• 2026-01-02 Price Changed $125,000 CATRS
• 2025-12-27 Contingent — CATRS
• 2025-11-16 Listed $160,000 CATRS
• 2002-10-10 Sold (Public Records) $47,000 Public Records

Property tax history

+12.6%/yr

Latest (2025): $336 · +269.7% YoY. Source: county tax records.