1240 Lake Ave · Tallahassee, FL 32310

$125,000

3 bd · 1.0 ba · 1,539 sqft · MultiFamily · 150 Days on market

Built 1940 7,405 sqft lot Est $157k · 20% under

---

Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Appreciation +4.7/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

High-Cash-Flow Investor Opportunity – Two Homes on One Lot Near Universities. Rare value-add investment in a prime university-area rental market. Two separate homes on one lot create multiple income streams with serious upside for the savvy investor. Properties like this don’t come around often—especially this close to major universities. House #1: ~722 sq ft, 3 bedroom / 1 bathrooms - needs renovations. House #2: ~817 sq ft, 3 bedrooms / 1 bathroom is currently rented. Both homes are separately livable and perfectly positioned for student housing, mid-term rentals, or long-term tenants. With targeted renovations, investors can push rents, force appreciation, and signific

Key facts

• Two homes on one lot
• 7,405 sq ft lot
• Built 1940

Tags

• TWO HOMES ON ONE LOT
• PRIME UNIVERSITY PROXIMITY
• HIGH-DEMAND RENTAL CORRIDOR
• MULTIPLE INCOME STREAMS

Property features AI

Finance

• Other: Lot is approximately 0.17 acres
• Financial info: Property is listed for sale
• HOA & community: No HOA or community information listed

Exterior

• Parking: Parking space(s) available
• Security: No security features listed
• Utilities: No utility details listed
• Home design: Single-story home
• Construction: Wood siding exterior; Crawlspace foundation; Built with 1 story
• Exterior features: Paved road access

Interior

• Kitchen: Refrigerator
• Bedrooms: Bedroom 2 (11 x 9); Bedroom 3 (7 x 9)
• Flooring: No flooring information listed
• Bathrooms: 1 full bathroom
• Heating & cooling: No heating or cooling information listed
• Interior features: No notable interior features listed
• Laundry & utility: No laundry or utility details listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $521 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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: 94 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• At $1,753/mo this rent would consume 55% of the median local household income ($38k/yr) (locally 1272% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $188 of equity ($864 loan paydown + $-676 appreciation (-0.5% local appreciation)).
• Leon County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-0.5% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $50k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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 $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.40% ✓
• Cap rate: 11.30%
• Cash-on-cash: 17.87%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $156,978
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2137 Keith St Unit -	0.53mi	4/2.0 (+1)	1,470 (-4%)	23mo	$150,000	$102	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.54% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.2%
• Equity multiple: 1.76×
• Total profit: $26,427
• Equity at exit: $32,950

10-year hold

• IRR: 21.3%
• Equity multiple: 3.25×
• Total profit: $78,805
• Equity at exit: $37,027

Cash invested: $35,000 (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 32310

• Home prices YoY: -0.2%
• Active inventory: 94
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,753 high
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $521

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 65%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1240 Levy Ave Tallahassee, FL	3.0	1.0	1290	$1,350	$1.05	21d	1	0.09mi
1615 Sharkey St Tallahassee, FL	4.0	2.0	1278	$1,600	$1.25	21d	1	0.48mi
1303 Airport Dr Unit A08 Tallahassee, FL	2.0	2.5	1083	$1,475	$1.36	21d	1	0.56mi
1327 Jackson Bluff Rd Tallahassee, FL	2.0–4.0	2.0	1450	$685	$0.47	21d	1	0.62mi
1315 Pinellas St Tallahassee, FL	3.0	3.0	1197	$1,450	$1.21	21d	1	0.70mi
1717 Airport Dr Unit 1717-2 Tallahassee, FL	4.0	2.5	1250	$1,900	$1.52	21d	1	0.73mi
414 Prince St Tallahassee, FL	4.0	2.0	1600	$1,600	$1.00	21d	1	0.78mi
2506 Sir Williams St Tallahassee, FL	3.0	2.0	1662	$2,050	$1.23	21d	1	0.79mi
833 W Gaines St Tallahassee, FL	2.0	2.0	1080	$2,350	$2.18	14d	2	0.80mi
1801 Lenora Dr Tallahassee, FL	3.0	1.0	1150	$1,800	$1.57	21d	1	0.89mi
1612 Overstreet St Tallahassee, FL	3.0	3.0	1500	$3,300	$2.20	21d	1	0.98mi
808 Saint Augustine St Tallahassee, FL	2.0	2.5	1500	$2,095	$1.40	21d	1	0.99mi
1854 Belle Vue Way Tallahassee, FL	2.0–4.0	1.0–2.0	1100	$1,768	$1.61	21d	1	1.06mi
509 Famcee Ave Tallahassee, FL	3.0	2.0	1079	$1,700	$1.58	21d	1	1.08mi
2125 Jackson Bluff Rd Tallahassee, FL	1.0–3.0	1.0–2.0	975	$1,399	$1.43	21d	4	1.15mi
1800 W Pensacola St Tallahassee, FL	2.0–5.0	2.0–5.0	1662	$3,337	$2.01	21d	1	1.17mi
316 Ausley Rd Tallahassee, FL	1.0–4.0	1.0–2.0	750	$1,197	$1.60	14d	8	1.27mi
1504 S Adams St #1 Tallahassee, FL	2.0	2.0	1088	$1,300	$1.19	14d	1	1.32mi
3111 Rackley Dr Tallahassee, FL	4.0	2.5	1802	$3,800	$2.11	21d	1	1.37mi
322 Conradi St Tallahassee, FL	3.0	2.0	1100	$1,950	$1.77	21d	4	1.44mi

Listing history 11 events

1. 2026-05-30
   days on market $125,000 Active 150 DOM
2. 2026-05-01
   price $125,000
3. 2026-04-14
   status Active
4. 2026-04-14
   price $140,000
5. 2026-04-11
   historical Active Under Contract
6. 2026-03-17
   price $150,000
7. 2025-12-31
   listed $175,000 Active
8. 2006-07-06
   historical
9. 2006-06-29
   historical
10. 2006-06-12
    listed $59,900
11. 2006-06-12
    listed $59,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $21,040
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,683
• − Management: −$1,683
• − Depreciation: −$3,636
• Taxable income: $4,536
• Est. tax owed @ 24.0%: −$1,089
• After-tax cash flow: $5,167/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): 14,888
• Household income: $38,288
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 1272.0

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 50% White 36% Hispanic / Latino 9% Two or more races 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 1% German/W. Germanic 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: ▼ -0.54%
• Current HPI: 270.5721
• 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

+108.7% since first listed

10 events — show timeline

• 2026-05-01 Price Changed $125,000 CATRS
• 2026-04-14 Relisted — CATRS
• 2026-04-14 Price Changed $140,000 CATRS
• 2026-04-11 Contingent — CATRS
• 2026-03-17 Price Changed $150,000 CATRS
• 2025-12-31 Listed $175,000 CATRS
• 2006-07-06 Listing Removed — CATRS
• 2006-06-29 Listing Removed — CATRS
• 2006-06-12 Listed $59,900 CATRS
• 2006-06-12 Listed $59,900 CATRS