1417 Pullen Rd #101 · Tallahassee, FL 32303

$169,900

4 bd · 3.0 ba · 1,392 sqft · Condo public records · 7 Days on market

Built 2005 $160/mo HOA · 9% of rent ↓ 1% since listing

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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 +17.3/30.0
• ARV discount +7.5/15.0
• 1% rule +5.7/10.0
• DSCR +5.4/10.0
• 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 spacious 4-bedroom, 3-bathroom townhouse-style condo offers 1,392 sqft of comfortable living space. Built in 2005, this well-maintained unit is ideal for families, professionals, or investors seeking a prime location near FSU, TCC, and downtown Tallahassee. The open-concept layout features a generous living area and a functional kitchen, perfect for both everyday living and entertaining. Each of the four bedrooms is well-sized, providing ample space for rest and relaxation. The three full bathrooms ensure convenience for all residents, as does the proximity to local amenities, schools, and public transportation. The community's strategic location offers easy access to major roads and n

Key facts

• $160 HOA
• Built 2005
• Listed 7 days

Property features AI

Finance

• HOA & community: Association fee $1,920; Association covers common areas, structure maintenance, road maintenance, and street lights; Community has curbs, gutters, street lights, and sidewalks

Exterior

• Parking: Parking space(s)
• Utilities: Public sewer
• Home design: 2-story property; Fiber cement exterior
• Construction: Fiber cement construction
• Exterior features: Paved road access

Interior

• Kitchen: Microwave; Dishwasher; Refrigerator
• Bedrooms: Bedroom 2 (12x12); Bedroom 3 (12x12); Bedroom 4 (12x12)
• Flooring: Plank; Tile; Vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating (electric, heat pump); Central air; Ceiling fans; Heat pump
• Interior features: End unit; High ceilings; Upper level primary
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath condo listed at $170k.

Deal economics

• At list price, monthly cash flow is $124 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 7.2% 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; 22 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).
• This rent runs 35% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 2y 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

• 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 $169,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 1.07% ✓
• Cap rate: 7.17%
• Cash-on-cash: 3.13%
• DSCR: 1.14
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.12% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.59×
• Total profit: $-19,286
• Equity at exit: $25,333

10-year hold

• IRR: -1.6%
• Equity multiple: 0.89×
• Total profit: $-5,233
• Equity at exit: $14,690

Cash invested: $47,572 (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: 7.8×

Monthly cashflow live

• Estimated rent: $1,824 high
• Mortgage (P&I): −$891
• Tax from tax record: −$195 /mo · $2,343/yr
• Insurance: −$71
• HOA: −$160
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $124

Break-even live

Break-even rent $1,667

Max offer price $169,900

Occupancy floor 88%

Sensitivity live

Price	-10% $220	-5% $172	+0% $124	+5% $76	+10% $28
Rent	-10% $-20	-5% $52	+0% $124	+5% $196	+10% $268
Rate	-1.0pp $210	-0.5pp $167	base $124	+0.5pp $80	+1.0pp $35

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2400 Fred Smith Rd #201 Tallahassee, FL	3.0	3.0	1353	$1,650	$1.22	21d	1	0.15mi
1447 Stone Rd Tallahassee, FL	1.0–3.0	1.0–2.0	890	$1,545	$1.74	21d	1	0.18mi
2520 Graves Rd #103 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	21d	1	0.33mi
2301 Old Bainbridge Rd Tallahassee, FL	2.0–3.0	1.0–2.0	1084	$1,600	$1.48	21d	1	0.37mi
2513 Colleen Dr Tallahassee, FL	4.0	4.0	1700	$2,690	$1.58	21d	1	0.48mi
1819 Salmon Dr Tallahassee, FL	4.0	2.0	1668	$1,700	$1.02	21d	1	0.60mi
2677 Old Bainbridge Rd Tallahassee, FL	1.0–3.0	1.5–3.5	1395	$1,683	$1.21	14d	28	0.76mi
2660 Old Bainbridge Rd Tallahassee, FL	3.0	2.5	1196	$1,550	$1.30	21d	2	0.81mi
3126 Okeeheepkee Rd Tallahassee, FL	3.0	2.0	1638	$2,900	$1.77	21d	1	0.82mi
2412 Atlas Rd Tallahassee, FL	3.0	1.5	1081	$1,200	$1.11	21d	1	0.94mi
2419 Nugget Ln Tallahassee, FL	3.0	2.0	1212	$1,550	$1.28	14d	1	0.97mi
2498 Nugget Ln Tallahassee, FL	3.0	2.0	1200	$1,550	$1.29	21d	1	0.98mi
2915 Sharer Rd Tallahassee, FL	2.0–4.0	2.0–4.0	1086	$1,860	$1.71	14d	30	1.02mi
2052 Darnell Cir Unit B Tallahassee, FL	4.0	3.0	1300	$1,700	$1.31	21d	1	1.03mi
2350 Wanda Way Tallahassee, FL	2.0–3.0	1.0	861	$1,400	$1.63	21d	1	1.04mi
1325 W Tharpe St Tallahassee, FL	1.0–3.0	1.0–4.0	937	$1,676	$1.79	14d	21	1.08mi
1729 Ray Rd Tallahassee, FL	3.0	1.0	1611	$3,400	$2.11	21d	1	1.17mi
2403 Hartsfield Rd #602 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	21d	1	1.22mi
2403 Hartsfield Rd #602 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	14d	1	1.22mi
2406 Hartsfield Rd Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	21d	1	1.23mi
1560 San Luis Rd Tallahassee, FL	3.0	3.5	1500	$774	$0.52	21d	22	1.44mi
1004 Volusia St Tallahassee, FL	4.0	2.0	1360	$1,800	$1.32	14d	1	1.44mi

HOA detail condo

• Monthly dues: $160 · $1,920/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 36 events

1. 2026-06-18
   days on market $169,900 Active 7 DOM
2. 2026-06-17
   days on market $169,900 Active 6 DOM
3. 2026-06-16
   days on market $169,900 Active 5 DOM
4. 2026-06-15
   days on market $169,900 Active 4 DOM
5. 2026-06-14
   pricedays on marketlisting id $169,900 Active 2 DOM
6. 2026-06-10
   days on market $172,500 Active 8 DOM
7. 2026-06-09
   days on market $172,500 Active 7 DOM
8. 2026-06-08
   days on market $172,500 Active 6 DOM
9. 2026-06-07
   days on market $172,500 Active 5 DOM
10. 2026-06-05
    days on market $172,500 Active 2 DOM
11. 2026-06-03
    pricestatusdays on marketlisting id $172,500 Active 1 DOM
12. 2026-06-02
    days on market $168,000 Active Under Contract 97 DOM
13. 2026-06-01
    days on market $168,000 Active Under Contract 96 DOM
14. 2026-05-31
    days on market $168,000 Active Under Contract 95 DOM
15. 2026-05-30
    days on market $168,000 Active Under Contract 94 DOM
16. 2026-04-14
    historical Active Under Contract
17. 2026-02-25
    listed $168,000 Active
18. 2026-02-14
    historical Active Under Contract
19. 2026-02-12
    historical
20. 2026-01-27
    listed $168,000 Active
21. 2025-10-22
    historical
22. 2025-09-18
    listed $169,000 Active
23. 2025-09-18
    historical
24. 2025-09-09
    listed $169,900 Active
25. 2025-09-09
    historical
26. 2025-08-28
    listed $172,000 Active
27. 2025-08-28
    historical
28. 2025-08-05
    listed $175,000 Active
29. 2025-08-05
    historical
30. 2025-07-14
    historical
31. 2025-07-14
    listed $195,000 Active
32. 2025-05-23
    listed $199,000 Active
33. 2024-06-21
    historical $1,450
34. 2024-05-16
    price $1,450
35. 2024-04-12
    listed $1,600
36. 2005-09-20
    soldstatus $169,800

ⓘ 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: $2,343 · $195/mo
• Projected year-2 tax: $2,343 · $195/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 1/10 Low
• 🌡 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: $21,892
• − Mortgage interest: −$9,517
• − Property taxes: −$2,343
• − Insurance: −$850
• − Repairs & maintenance: −$1,751
• − Management: −$1,751
• − HOA: −$1,920
• − Depreciation: −$4,943
• Taxable loss: −$1,183
• Est. tax savings @ 24.0%: +$284
• After-tax cash flow: $1,774/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): 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

-1.1% since first listed

21 events — show timeline

• 2026-04-14 Contingent — CATRS
• 2026-02-25 Listed $168,000 CATRS
• 2026-02-14 Contingent — CATRS
• 2026-02-12 Listing Removed — CATRS
• 2026-01-27 Listed $168,000 CATRS
• 2025-10-22 Listing Removed — CATRS
• 2025-09-18 Listing Removed — CATRS
• 2025-09-18 Listed $169,000 CATRS
• 2025-09-09 Listing Removed — CATRS
• 2025-09-09 Listed $169,900 CATRS
• 2025-08-28 Listing Removed — CATRS
• 2025-08-28 Listed $172,000 CATRS
• 2025-08-05 Listing Removed — CATRS
• 2025-08-05 Listed $175,000 CATRS
• 2025-07-14 Listed $195,000 CATRS
• 2025-07-14 Listing Removed — CATRS
• 2025-05-23 Listed $199,000 CATRS
• 2024-06-21 Rental Removed $1,450 APPFOLIO
• 2024-05-16 Price Changed $1,450 APPFOLIO
• 2024-04-12 Listed for Rent $1,600 APPFOLIO
• 2005-09-20 Sold (Public Records) $169,800 Public Records

Property tax history

+6.3%/yr

Latest (2025): $2,343 · +3.2% YoY. Source: county tax records.