809 Dover St · Tallahassee, FL 32304

$172,000

2 bd · 1.0 ba · 952 sqft · SingleFamily public records · 119 Days on market

Built 1963 6,534 sqft lot Est $132k · 30% 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 +14.0/30.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• DSCR +4.2/10.0
• Rent growth +3.7/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 809 Dover Street - a charming 2-bedroom, 1-bath home in a highly convenient location near local universities. This property offers a functional layout with comfortable living spaces, making it an excellent opportunity for first-time home buyers, college students, or savvy investors. Enjoy easy access to campus, shopping, dining, and everyday essentials. Whether you’re looking for an affordable primary residence or a solid rental property, this home checks all the boxes! * Buyer to verify all measurements.

Key facts

• Functional layout
• 6,534 sq ft lot
• Parking

Tags

• HIGHLY CONVENIENT LOCATION
• EASY ACCESS TO CAMPUS
• SHOPPING DINING ESSENTIALS
• FUNCTIONAL LAYOUT
• COMFORTABLE LIVING SPACES

Property features AI

Finance

• Other: Lot dimensions approximately 129 x 49 x 129 x 49; Lot area approximately 0.15 acre
• Financial info: Offered for sale
• HOA & community: No HOA information listed

Exterior

• Parking: Driveway
• Security: No security features listed
• Utilities: Electric heating and cooling
• Home design: Single-story; Wood siding construction
• Construction: Wood siding
• Exterior features: Publicly maintained road

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Bedroom 2 (9x11)
• Flooring: Carpet; Plank; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air; Ceiling fans
• Interior features: No additional interior features listed
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $172k.

Deal economics

• At list price, monthly cash flow is $22 ($263/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (20.1% below list).
• Recommended offer: $137k (20.1% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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.
• Zoned schools: John G Riley Elementary School (math 11% / reading 18%, grade F, #2,137 of 2,144 statewide, top 100%, 528 students, 81% FRL); Griffin Middle School (math 16% / reading 25%, grade F, #556 of 571 statewide, top 98%, 532 students, 77% FRL); Leon High School (math 52% / reading 60%, grade C, #131 of 667 statewide, top 20%, 1,935 students, 37% FRL) — zoned schools average 65% FRL vs 45% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 30% at this address vs 50% district-wide (-20 pts) — the specific schools serving this property underperform the Leon average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.7%/yr); 142 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $1,374/mo this rent would consume 51% of the median local household income ($32k/yr) (locally 6995% 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 $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

• It's been on market 119 days — a 9% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y 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.
• Current owner paid $139k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $137,386 (20.1% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — 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. 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?
7. 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.
8. 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.
9. 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: 0.80% ✗
• Cap rate: 6.45%
• Cash-on-cash: 0.55%
• DSCR: 1.02
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $132,328
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
532 W 4th Ave	0.43mi	2/1.0	920 (-3%)	8mo	$55,000	$60	68
808 Goodbread Ln	0.39mi	3/2.0 (+1)	994 (+4%)	6mo	$117,000	$118	60
1053 Delaware St	0.33mi	3/2.0 (+1)	1,036 (+9%)	6mo	$159,000	$153	56
1338 Branch St	0.57mi	2/1.0	872 (-8%)	5mo	$193,200	$222	55
1336 Gibbs Dr	0.49mi	3/1.0 (+1)	1,008 (+6%)	10mo	$140,000	$139	54
1517 Branch St	0.71mi	2/1.0	918 (-4%)	10mo	$197,500	$215	53
1308 Gibbs Dr	0.41mi	3/1.0 (+1)	1,050 (+10%)	11mo	$80,000	$76	49
651 W 8th Ave	0.55mi	3/1.0 (+1)	1,054 (+11%)	6mo	$264,000	$250	47
1404 Jackson St	0.63mi	3/2.0 (+1)	904 (-5%)	11mo	$283,500	$314	44
1107 N M L King Jr Blvd	0.65mi	2/2.0	1,074 (+13%)	4mo	$120,000	$112	41
1530 Yancey St	0.65mi	3/2.0 (+1)	1,022 (+7%)	10mo	$118,000	$115	40
643 W 8th Ave	0.56mi	3/1.0 (+1)	1,083 (+14%)	7mo	$75,000	$69	40

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 · 4.69% rent growth · sell at horizon

5-year hold

• IRR: -13.8%
• Equity multiple: 0.50×
• Total profit: $-24,154
• Equity at exit: $25,646

10-year hold

• IRR: -2.7%
• Equity multiple: 0.81×
• Total profit: $-9,371
• Equity at exit: $14,871

Cash invested: $48,160 (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 32304

• Home prices YoY: -21.2%
• Rents YoY: 4.7%
• Active inventory: 142
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,374 high
• Mortgage (P&I): −$902
• Tax from tax record: −$90 /mo · $1,077/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $22

Break-even live

Break-even rent $1,346

Max offer price $172,000

Occupancy floor 93%

Sensitivity live

Price	-10% $119	-5% $71	+0% $22	+5% $-27	+10% $-75
Rent	-10% $-87	-5% $-32	+0% $22	+5% $76	+10% $130
Rate	-1.0pp $109	-0.5pp $66	base $22	+0.5pp $-23	+1.0pp $-68

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: $43,000
• Closing costs: $5,160
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
916 N Woodward Ave #1 Tallahassee, FL	2.0	1.0	794	$1,000	$1.26	15d	1	0.17mi
836 Richmond St Unit 10 Tallahassee, FL	1.0	1.0	540	$875	$1.62	23d	1	0.43mi
836 Richmond St Unit 10 Tallahassee, FL	1.0	1.0	540	$875	$1.62	15d	1	0.43mi
810 Wadsworth St Tallahassee, FL	1.0	1.0	600	$1,123	$1.87	15d	2	0.58mi
1410 Nylic St Unit B Tallahassee, FL	2.0	1.0	550	$900	$1.64	15d	1	0.59mi
412 W Brevard St Unit 412 Tallahassee, FL	3.0	2.0	900	$800	$0.89	23d	1	0.61mi
718 N Bronough St Tallahassee, FL	2.0	1.0	798	$1,100	$1.38	23d	1	0.69mi
322 Conradi St Tallahassee, FL	3.0	2.0	1100	$1,950	$1.77	23d	4	0.81mi
120 W 4th Ave Unit 1/2 Tallahassee, FL	1.0	1.0	672	$1,300	$1.93	23d	1	0.82mi
440 N Monroe St Tallahassee, FL	3.0	1.0–3.0	1311	$3,121	$2.38	15d	15	0.94mi
1325 W Tharpe St Tallahassee, FL	1.0–3.0	1.0–4.0	937	$1,511	$1.61	15d	21	0.98mi
302 E Georgia St Unit 3B Tallahassee, FL	1.0	1.0	553	$1,150	$2.08	23d	1	1.01mi
215 W College Ave Unit 706B Tallahassee, FL	2.0	1.0	823	$2,600	$3.16	23d	1	1.01mi
215 W College Ave #302 Tallahassee, FL	1.0	1.0	726	$1,800	$2.48	23d	1	1.01mi
1108 Greentree Ct Tallahassee, FL	2.0	2.0	888	$1,275	$1.44	23d	1	1.02mi
1916 Nannette Dr Unit 1916 Tallahassee, FL	2.0	1.0	1000	$1,100	$1.10	15d	1	1.07mi
1111 High Rd Tallahassee, FL	2.0–3.0	2.0	1000	$1,409	$1.41	15d	11	1.08mi
300 S Duval St #804 Tallahassee, FL	1.0	1.0	703	$2,000	$2.84	15d	1	1.08mi
833 W Gaines St Tallahassee, FL	2.0	2.0	1080	$2,350	$2.18	15d	2	1.08mi
1935 Dawsey St Unit 1935-2 Tallahassee, FL	2.0	1.0	875	$975	$1.11	15d	1	1.10mi
403 E Carolina St #118 Tallahassee, FL	1.0	1.0	700	$1,250	$1.79	23d	1	1.11mi
415 N Gadsden St Tallahassee, FL	1.0–2.0	1.0–1.5	990	$1,575	$1.59	23d	6	1.12mi
2020 Continental Ave Tallahassee, FL	1.0–2.0	1.0–1.5	850	$1,300	$1.53	23d	3	1.15mi
1001 Ocala Rd Tallahassee, FL	4.0	1.0–2.0	899	$584	$0.65	23d	6	1.15mi
1309 Thomasville Rd Tallahassee, FL	1.0	1.0	800	$2,350	$2.94	15d	2	1.20mi
220 Atkinson Dr Unit D Tallahassee, FL	2.0	1.0	928	$1,100	$1.19	23d	1	1.22mi
510 All Saints St Unit 101 Tallahassee, FL	1.0	1.0	720	$1,900	$2.64	15d	1	1.24mi
510 All Saints St Unit 203 Tallahassee, FL	1.0	1.0	720	$1,600	$2.22	15d	1	1.24mi
420 E Park Ave Unit 50 Tallahassee, FL	2.0	1.0	770	$1,050	$1.36	15d	1	1.25mi
420 E Park Ave Apt 22 Tallahassee, FL	1.0	1.0	550	$800	$1.45	15d	1	1.26mi
2060 Continental Ave Tallahassee, FL	1.0–3.0	1.0–2.5	1121	$1,052	$0.94	15d	26	1.30mi
424 E 7th Ave Unit 15 Tallahassee, FL	2.0	1.0	859	$1,550	$1.80	15d	1	1.30mi
717 Edgewood St Tallahassee, FL	2.0	1.0	717	$1,325	$1.85	23d	1	1.31mi
1332 Cherry St Tallahassee, FL	2.0	1.0	859	$1,550	$1.80	23d	1	1.32mi
1330 Cherry St Tallahassee, FL	2.0	1.0	859	$1,600	$1.86	15d	5	1.32mi
1338 Cherry St Unit 5 Tallahassee, FL	2.0	1.0	859	$1,550	$1.80	15d	1	1.33mi
1340 Cherry St Unit 6 Tallahassee, FL	2.0	1.0	859	$1,649	$1.92	23d	1	1.33mi
1303 Airport Dr Unit A08 Tallahassee, FL	2.0	2.5	1083	$1,475	$1.36	23d	1	1.35mi
1854 Belle Vue Way Tallahassee, FL	2.0–4.0	1.0–2.0	1100	$1,235	$1.12	23d	1	1.36mi
394 Prince St Unit 394-PRI Tallahassee, FL	1.0	1.0	600	$1,250	$2.08	23d	1	1.36mi

Listing history 26 events

1. 2026-06-22
   days on market $172,000 Active 119 DOM
2. 2026-06-18
   days on market $172,000 Active 116 DOM
3. 2026-06-17
   days on market $172,000 Active 115 DOM
4. 2026-06-16
   days on market $172,000 Active 114 DOM
5. 2026-06-15
   days on market $172,000 Active 113 DOM
6. 2026-06-14
   days on market $172,000 Active 111 DOM
7. 2026-06-10
   days on market $172,000 Active 108 DOM
8. 2026-06-09
   days on market $172,000 Active 107 DOM
9. 2026-06-08
   days on market $172,000 Active 106 DOM
10. 2026-06-07
    days on market $172,000 Active 105 DOM
11. 2026-06-05
    days on market $172,000 Active 102 DOM
12. 2026-06-03
    days on market $172,000 Active 101 DOM
13. 2026-06-02
    days on market $172,000 Active 100 DOM
14. 2026-06-01
    days on market $172,000 Active 99 DOM
15. 2026-05-31
    days on market $172,000 Active 98 DOM
16. 2026-05-30
    days on market $172,000 Active 97 DOM
17. 2026-02-22
    listed $172,000 Active
18. 2024-02-26
    historical
19. 2024-02-12
    listed $175,000 Active
20. 2024-02-10
    listed $185,000 Active
21. 2024-01-20
    listed $185,000 Active
22. 2023-11-26
    soldstatus $138,900 Closed
23. 2023-10-12
    historical Active Under Contract
24. 2023-09-07
    listed $139,900 Active
25. 2023-09-06
    historical
26. 2023-07-27
    listed $150,000 Active

ⓘ 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: $1,077 · $90/mo
• Projected year-2 tax: $1,428 · $119/mo
• Expected delta: +$351/yr (+$29/mo · 32.6%)

ⓘ 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: $16,486
• − Mortgage interest: −$9,635
• − Property taxes: −$1,077
• − Insurance: −$860
• − Repairs & maintenance: −$1,319
• − Management: −$1,319
• − Depreciation: −$5,004
• Taxable loss: −$2,727
• Est. tax savings @ 24.0%: +$654
• After-tax cash flow: $918/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): 51,673
• Household income: $32,348
• Rent vs Own: 86.5% rent · 13.5% own
• Severe rent burden: 6995.0

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 0.65)
• Race & ethnicity: White 45% Black 36% Hispanic / Latino 10% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 86% English-only · Spanish 7% Other Indo-European 2% 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: ▼ -72.04%
• Current HPI: 267.8426
• Rent YoY: ▲ 4.69%
• 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

+14.7% since first listed

10 events — show timeline

• 2026-02-22 Listed $172,000 CATRS
• 2024-02-26 Listing Removed — CATRS
• 2024-02-12 Listed $175,000 CATRS
• 2024-02-10 Listed $185,000 CATRS
• 2024-01-20 Listed $185,000 CATRS
• 2023-11-26 Sold (MLS) $138,900 CATRS
• 2023-10-12 Contingent — CATRS
• 2023-09-07 Listed $139,900 CATRS
• 2023-09-06 Listing Removed — CATRS
• 2023-07-27 Listed $150,000 CATRS

Property tax history

+3.3%/yr

Latest (2025): $1,077 · -39.0% YoY. Source: county tax records.