402 Bienville Pl · Tallahassee, FL 32317

$491,642

5 bd · 3.5 ba · 2,149 sqft · SingleFamily · 135 Days on market

Built 2026 Good condition 5,227 sqft lot Garage $229/sqft · at area comps Est $510k · at est. $30/mo HOA · 1% of rent

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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 +12.9/30.0
• ARV discount +9.2/15.0
• Schools +5.2/10.0
• Livability +4.3/5.0
• Condition / age +4.0/5.0
• DSCR +3.8/10.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

New floor plan, photos coming soon. Actual home under construction. Options, upgrades, and features may vary and are not necessarily included in the base price. PERMANENT MODEL NOT FOR SALE - NEW CONSTRUCTION - New homes in Fallschase. Premier's new Georgetown floor plan offers incredible never-before-seen features! Includes quartz countertop, floating shelves in kitchen, playroom and several other features. See upgrade list attached for more information. Photos of previous model. Exterior color may vary from provided photos. Lot size and measurements approximate. Upgrades included in interior renderings.

Key facts

• Quartz countertop
• New construction
• Playroom

Tags

• NEW CONSTRUCTION
• QUARTZ COUNTERTOP
• FLOATING SHELVES
• PLAYROOM

What this means for you Summary

Snapshot

• This is a 5-bed/3.5-bath single-family listed at $492k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-39 ($-474/yr) — negative.
• To cash-flow at today's rent, offer at most $486k (1.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $429k (12.8% below list).
• Recommended offer: $429k (12.8% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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.
• Zoned schools: W T Moore Elementary School (math 49% / reading 59%, grade C, #936 of 2,144 statewide, top 44%, 579 students, 42% FRL); Swift Creek Middle School (math 56% / reading 60%, grade B, #151 of 571 statewide, top 27%, 772 students, 33% FRL); Lincoln High School (math 37% / reading 54%, grade D-, #223 of 667 statewide, top 34%, 1,861 students, 28% FRL).
• Market conditions: 138 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• This rent runs 40% of the median local income ($129k/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 $3k of loan paydown is wiped out by about $15k 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 135 days — a 12% lower offer ($433k) is reasonable based on typical stale-listing flexibility.

Recommended offer $428,880 (12.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.34%
• DSCR: 0.98
• GRM: 9.6

CMA / ARV

• ARV (median comp): $510,471
• List price: $491,642
• Delta: -3.69%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
507 Bienville Pl	0.00mi	4/2.5 (-1)	2,198 (+2%)	3mo	$430,000	$196	85
376 Bienville Pl	0.02mi	4/3.5 (-1)	2,055 (-4%)	7mo	$506,544	$246	81
4102 Beauregard Way	0.13mi	4/2.5 (-1)	2,200 (+2%)	2mo	$450,000	$205	80
4247 Thibodeax Trl	0.15mi	4/3.5 (-1)	2,295 (+7%)	3mo	$529,900	$231	74
201 Calcasieu Pass	0.19mi	4/3.0 (-1)	2,255 (+5%)	6mo	$518,900	$230	71
287 Catahoula Walk	0.22mi	4/3.0 (-1)	2,255 (+5%)	6mo	$534,500	$237	69
162 Harlan Ct	0.38mi	4/3.0 (-1)	2,229 (+4%)	3mo	$488,000	$219	67
4129 Rampart Dr	0.37mi	4/2.0 (-1)	2,248 (+5%)	5mo	$590,000	$262	60
100 Preserve Ct	0.33mi	4/3.0 (-1)	2,364 (+10%)	6mo	$564,900	$239	56
104 Tulane Way	0.28mi	4/3.0 (-1)	1,828 (-15%)	4mo	$479,900	$263	52
4316 Terebinth Trl	0.71mi	4/3.0 (-1)	1,936 (-10%)	1mo	$535,000	$276	42
340 Gathering Oaks Dr	0.73mi	4/2.5 (-1)	1,888 (-12%)	3mo	$380,000	$201	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.40×
• Total profit: $-82,098
• Equity at exit: $73,305

10-year hold

• IRR: -8.7%
• Equity multiple: 0.46×
• Total profit: $-74,389
• Equity at exit: $42,508

Cash invested: $137,660 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 17 active · 21 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $486,267 ($221/sqft)
• Median days on market: 49 d
• This list price: 53% of active listings are priced below it
• ARV vs active asking: +7.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 32317

• Home prices YoY: -26.5%
• Active inventory: 138
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $4,289 medium
• Mortgage (P&I): −$2,578
• Tax est. 1.5%: −$615 /mo · $7,375/yr
• Insurance: −$205
• HOA: −$30
• Vacancy / Maint / Mgmt: −$901
• Net cashflow: $-39

Break-even live

Break-even rent $4,339

Max offer price $485,930

Occupancy floor 96%

Sensitivity live

Price	-10% $300	-5% $130	+0% $-39	+5% $-209	+10% $-379
Rent	-10% $-378	-5% $-209	+0% $-39	+5% $130	+10% $299
Rate	-1.0pp $208	-0.5pp $86	base $-39	+0.5pp $-167	+1.0pp $-296

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: $122,910
• Closing costs: $14,749
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
308 Dahlonega Dr Tallahassee, FL	4.0	3.0	1881	$3,600	$1.91	117d	1	0.79mi
1625 Osprey Pointe Dr Tallahassee, FL	4.0	2.0	1898	$4,800	$2.53	6d	1	1.14mi

Property features AI

Finance

• Other: Has home warrantyEnergy Star certified / Home Performance with Energy Star
• HOA & community: HOA fee of $363Community features include curbs, gutters, street lights and sidewalks

Exterior

• Parking: Attached two-car garage
• Utilities: Public water (assumed)Public sewer (assumed)Electric service
• Home design: New constructionBrick and fiber cement exteriorSlab foundation
• Construction: Built as new constructionBrick and fiber cement constructionSlab foundation
• Exterior features: Sprinkler/irrigation systemCovered patio and porchPatioPorchPublic maintained paved roadLot dimensions 38x119x45x120

Interior

• Kitchen: DishwasherDisposalIcemakerMicrowaveOvenRefrigeratorStove
• Bedrooms: Bedroom 2 (10x12)Bedroom 3 (10x12)Bedroom 5 (10x12)Additional bedroom/other (10x12)
• Flooring: Plank flooringTile flooringVinyl flooring
• Bathrooms: 3 full bathrooms1 half bathroom
• Heating & cooling: Central heating (electric)Central air conditioningHeat pumpCeiling fans
• Interior features: High ceilingsPrimary bedroom located downstairs

Listing history 50 events

1. 2026-09-24
   days on market $491,642 Active 135 DOM
2. 2026-09-23
   days on market $491,642 Active 134 DOM
3. 2026-09-22
   days on market $491,642 Active 133 DOM
4. 2026-09-21
   days on market $491,642 Active 132 DOM
5. 2026-09-20
   days on market $491,642 Active 131 DOM
6. 2026-09-18
   days on market $491,642 Active 129 DOM
7. 2026-09-17
   days on market $491,642 Active 128 DOM
8. 2026-09-16
   days on market $491,642 Active 127 DOM
9. 2026-09-15
   days on market $491,642 Active 126 DOM
10. 2026-09-14
    days on market $491,642 Active 125 DOM
11. 2026-09-13
    days on market $491,642 Active 124 DOM
12. 2026-09-12
    days on market $491,642 Active 123 DOM
13. 2026-09-11
    days on market $491,642 Active 122 DOM
14. 2026-09-05
    days on market $491,642 Active 116 DOM
15. 2026-09-04
    days on market $491,642 Active 115 DOM
16. 2026-09-03
    days on market $491,642 Active 114 DOM
17. 2026-08-31
    days on market $491,642 Active 111 DOM
18. 2026-08-30
    days on market $491,642 Active 110 DOM
19. 2026-08-29
    days on market $491,642 Active 109 DOM
20. 2026-08-28
    days on market $491,642 Active 108 DOM
21. 2026-08-27
    days on market $491,642 Active 107 DOM
22. 2026-08-25
    days on market $491,642 Active 105 DOM
23. 2026-08-24
    days on market $491,642 Active 104 DOM
24. 2026-08-23
    days on market $491,642 Active 103 DOM
25. 2026-08-22
    days on market $491,642 Active 102 DOM
26. 2026-08-21
    days on market $491,642 Active 101 DOM
27. 2026-08-20
    days on market $491,642 Active 100 DOM
28. 2026-08-19
    days on market $491,642 Active 99 DOM
29. 2026-08-18
    days on market $491,642 Active 98 DOM
30. 2026-08-17
    days on market $491,642 Active 97 DOM
31. 2026-08-16
    days on market $491,642 Active 96 DOM
32. 2026-08-15
    days on market $491,642 Active 95 DOM
33. 2026-08-15
    days on market $491,642 Active 94 DOM
34. 2026-08-13
    days on market $491,642 Active 93 DOM
35. 2026-08-12
    days on market $491,642 Active 92 DOM
36. 2026-08-11
    days on market $491,642 Active 91 DOM
37. 2026-08-10
    days on market $491,642 Active 90 DOM
38. 2026-08-09
    days on market $491,642 Active 89 DOM
39. 2026-08-08
    days on market $491,642 Active 88 DOM
40. 2026-08-07
    days on market $491,642 Active 87 DOM
41. 2026-08-06
    days on market $491,642 Active 86 DOM
42. 2026-08-05
    days on market $491,642 Active 85 DOM
43. 2026-08-04
    days on market $491,642 Active 84 DOM
44. 2026-08-03
    days on market $491,642 Active 83 DOM
45. 2026-07-31
    days on market $491,642 Active 80 DOM
46. 2026-07-29
    days on market $491,642 Active 78 DOM
47. 2026-07-27
    days on market $491,642 Active 76 DOM
48. 2026-07-25
    days on market $491,642 Active 74 DOM
49. 2026-07-24
    days on market $491,642 Active 73 DOM
50. 2026-07-23
    days on market $491,642 Active 72 DOM

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

Taxation est. · year 1

• Rental income: $51,466
• − Mortgage interest: −$27,540
• − Property taxes: −$7,375
• − Insurance: −$2,458
• − Repairs & maintenance: −$4,117
• − Management: −$4,117
• − HOA: −$360
• − Depreciation: −$14,302
• Taxable loss: −$8,804
• Est. tax savings @ 24.0%: +$2,113
• After-tax cash flow: $1,639/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This new construction home is move-in ready with modern finishes and a good condition score. Upgrades in paint and appliances would further enhance its value.

Value-add opportunities

• Both Painting the exterior to match the provided color scheme — Enhances curb appeal and resale value. ↑
• Resale Upgrading the kitchen appliances — Modernizes the kitchen and adds value. ↑
• Both Adding smart home features — Improves convenience and adds value for both resale and rental. ↑

D Composite school gradezoned avg 52/100

Zoned Schools

Elementary W T Moore Elementary School C FL #936/2,144 Nat'l #10,700/41,679 Middle Swift Creek Middle School B FL #151/571 Nat'l #2,084/14,009 High Lincoln High School D- FL #223/667 Nat'l #6,744/17,239

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

A Composite livability gradescore 86/100

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 · 315,507 people
• City population: 294,472
• Metro: Tallahassee, FL
• Population (ZIP): 14,654
• Household income: $128,690
• Rent vs Own: 10.8% rent · 89.2% own

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 15% Hispanic / Latino 8% Two or more races 7% Asian 7%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 1%
• Common ancestry: Slovak 4% Lithuanian 2% Italian 2%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 89% English-only · Spanish 5% Other Asian/Pacific 3% Other Indo-European 2%

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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: ▼ -88.81%
• Current HPI: 246.3858
• Rent YoY: —
• Metro: Tallahassee, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

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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

Property features AI

Finance

• Other: Has home warrantyEnergy Star certified / Home Performance with Energy Star
• HOA & community: HOA fee of $363Community features include curbs, gutters, street lights and sidewalks

Exterior

• Parking: Attached two-car garage
• Utilities: Public water (assumed)Public sewer (assumed)Electric service
• Home design: New constructionBrick and fiber cement exteriorSlab foundation
• Construction: Built as new constructionBrick and fiber cement constructionSlab foundation
• Exterior features: Sprinkler/irrigation systemCovered patio and porchPatioPorchPublic maintained paved roadLot dimensions 38x119x45x120

Interior

• Kitchen: DishwasherDisposalIcemakerMicrowaveOvenRefrigeratorStove
• Bedrooms: Bedroom 2 (10x12)Bedroom 3 (10x12)Bedroom 5 (10x12)Additional bedroom/other (10x12)
• Flooring: Plank flooringTile flooringVinyl flooring
• Bathrooms: 3 full bathrooms1 half bathroom
• Heating & cooling: Central heating (electric)Central air conditioningHeat pumpCeiling fans
• Interior features: High ceilingsPrimary bedroom located downstairs

Price history

1 event — show timeline

• 2026-05-12 Listed $491,642 CATRS