3422 Orlando Dr Unit 3 & 4 · Tallahassee, FL 32311

$385,000

4 bd · 3.0 ba · 2,700 sqft · MultiFamily · 108 Days on market

Est $316k · 22% over

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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 +13.1/30.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• DSCR +3.9/10.0
• Rent growth +3.9/5.0
• 1% rule +3.7/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Updated, low-maintenance duplex with strong rental history. Ideal location right past Capital Circle on Apalachee Pkwy. This property is perfect for investors or owner-occupants looking to offset their mortgage with easy rental income. The right side is a 2-bed, 1-bath offering an open floor plan, spacious bedrooms with lots of closet space, a covered back porch, and a fenced backyard. The left side is a 3-bed, 2-bath home with LVP flooring in the living areas and one bedroom, updated kitchen and bathrooms, a covered porch, a fenced backyard, and an overall consistent look throughout the unit.

Key facts

• Open floor plan
• Ideal location
• Fenced backyard

Tags

• LOW MAINTENANCE DUPLEX
• STRONG RENTAL HISTORY
• IDEAL LOCATION
• OPEN FLOOR PLAN
• COVERED BACK PORCH
• FENCED BACKYARD

Property features AI

Finance

• Financial info: For sale; Gross income reported: $35,100; Unit 3 actual rent: $1,300; Unit 4 actual rent: $1,625; Owner pays repairs; Rent includes pest control; Typical lease term: twelve months

Exterior

• Parking: Assigned parking spaces
• Utilities: Electric heating and cooling
• Home design: Multi-unit property (2 total units); Unit 3 described as a 2-bedroom, 1-bath layout; Unit 4 described as a 3/2 layout (marketed/recorded as 2 bedrooms, 2 baths)
• Construction: Frame construction with vinyl siding
• Exterior features: Deck; Fully fenced yard; Fenced

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: Unit 3: 2 bedrooms; Unit 4: 2 bedrooms
• Flooring: Carpet; Clay; Ceramic tile; Vinyl
• Bathrooms: Unit 3: 1 full bathroom; Unit 4: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air; Ceiling fans
• Interior features: Primary bedroom; Utility room; Carpet, clay, ceramic tile and vinyl flooring
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $-16 ($-189/yr) — negative. Per door: $-8/mo.
• To cash-flow at today's rent, offer at most $383k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $335k (13.0% below list).
• Recommended offer: $335k (13.0% 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: Apalachee Elementary School (math 31% / reading 36%, grade F, #1,758 of 2,144 statewide, top 83%, 544 students, 72% FRL); Fairview Middle School (math 44% / reading 46%, grade D, #310 of 571 statewide, top 56%, 747 students, 58% FRL); Lincoln High School (math 37% / reading 54%, grade D-, #223 of 667 statewide, top 34%, 1,861 students, 28% FRL).
• Market conditions: Rents rising fast (+5.5%/yr); 118 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• At $3,348/mo this rent would consume 49% of the median local household income ($81k/yr) (locally 795% 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 $3k of loan paydown is wiped out by about $12k 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 108 days — a 9% lower offer ($350k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask is 22547% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $334,800 (13.0% 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 108 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.87% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.18%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $315,900
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1031 Carrin Dr Unit -	0.23mi	4/2.0	2,440 (-10%)	19mo	$246,000	$101	53
1118 Pichard Dr Unit A+B	0.10mi	5/3.5 (+1)	2,352 (-13%)	21mo	$275,000	$117	50

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: -13.8%
• Equity multiple: 0.49×
• Total profit: $-54,529
• Equity at exit: $57,405

10-year hold

• IRR: -1.3%
• Equity multiple: 0.90×
• Total profit: $-10,481
• Equity at exit: $33,288

Cash invested: $107,800 (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: 118
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $3,348 high
• Mortgage (P&I): −$2,019
• Tax est. 1.5%: −$481 /mo · $5,775/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$703
• Net cashflow: $-16

Break-even live

Break-even rent $3,368

Max offer price $382,724

Occupancy floor 95%

Sensitivity live

Price	-10% $250	-5% $117	+0% $-16	+5% $-149	+10% $-282
Rent	-10% $-280	-5% $-148	+0% $-16	+5% $117	+10% $249
Rate	-1.0pp $178	-0.5pp $82	base $-16	+0.5pp $-115	+1.0pp $-217

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,348
Total (2 units)			$3,348

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3148 Dick Wilson Blvd Tallahassee, FL	1.0–3.0	1.0–2.0	1536	$1,940	$1.26	15d	14	0.42mi
2250 Bluff Oak Way Tallahassee, FL	1.0–3.0	1.0–2.0	1538	$1,978	$1.29	15d	17	1.23mi

Listing history 26 events

1. 2026-06-22
   days on market $385,000 Active 108 DOM
2. 2026-06-18
   days on market $385,000 Active 105 DOM
3. 2026-06-17
   days on market $385,000 Active 104 DOM
4. 2026-06-16
   days on market $385,000 Active 103 DOM
5. 2026-06-15
   days on market $385,000 Active 102 DOM
6. 2026-06-14
   days on market $385,000 Active 100 DOM
7. 2026-06-10
   days on market $385,000 Active 97 DOM
8. 2026-06-09
   days on market $385,000 Active 96 DOM
9. 2026-06-08
   days on market $385,000 Active 95 DOM
10. 2026-06-07
    days on market $385,000 Active 94 DOM
11. 2026-06-05
    days on market $385,000 Active 91 DOM
12. 2026-06-03
    days on market $385,000 Active 90 DOM
13. 2026-06-02
    days on market $385,000 Active 89 DOM
14. 2026-06-01
    days on market $385,000 Active 88 DOM
15. 2026-05-31
    days on market $385,000 Active 87 DOM
16. 2026-05-30
    days on market $385,000 Active 86 DOM
17. 2026-05-19
    price $385,000
18. 2026-05-02
    listed $1,700
19. 2026-04-06
    price $415,000
20. 2026-03-05
    listed $425,000 Active
21. 2025-05-11
    historical $1,625
22. 2025-04-23
    price $1,625
23. 2025-03-25
    listed $1,675
24. 2025-03-12
    historical $1,675
25. 2025-02-26
    price $1,675
26. 2025-02-12
    listed $1,700

ⓘ 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 · 21 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: $40,176
• − Mortgage interest: −$21,566
• − Property taxes: −$5,775
• − Insurance: −$1,925
• − Repairs & maintenance: −$3,214
• − Management: −$3,214
• − Depreciation: −$11,200
• Taxable loss: −$6,718
• Est. tax savings @ 24.0%: +$1,612
• After-tax cash flow: $1,424/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): 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

+22547.1% since first listed

10 events — show timeline

• 2026-05-19 Price Changed $385,000 CATRS
• 2026-05-02 Listed for Rent $1,700 APPFOLIO
• 2026-04-06 Price Changed $415,000 CATRS
• 2026-03-05 Listed $425,000 CATRS
• 2025-05-11 Rental Removed $1,625 APPFOLIO
• 2025-04-23 Price Changed $1,625 APPFOLIO
• 2025-03-25 Listed for Rent $1,675 APPFOLIO
• 2025-03-12 Rental Removed $1,675 APPFOLIO
• 2025-02-26 Price Changed $1,675 APPFOLIO
• 2025-02-12 Listed for Rent $1,700 APPFOLIO