2740 W Tharpe St #601 · Tallahassee, FL 32303

$159,900

3 bd · 3.0 ba · 1,212 sqft · Condo public records · 44 Days on market

Built 2005 $150/mo HOA · 10% 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 +12.4/30.0
• ARV discount +7.5/15.0
• 1% rule +4.5/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• DSCR +3.7/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Currently rented @ $1,000/month until 07/31/2012 ~ SHORT SALE, so all contract terms are ultimately up to the Seller's mortgage lender ~ Very well-maintained end-unit surrounded by trees and plentiful guest parking ~ Tile in living areas and wet rooms, carpet in bedrooms and on stairs ~ Entertainment wall cubbies in living room eliminate the need for excess storage furniture ~ Kitchen has nice appliances, plentiful cabinets and separate pantry ~ Dining nook adjacent to kitchen ~ One bedroom/bath downstairs, two bedrooms/baths upstairs ~ Semi-private back patio with side fences ~ Covered entry ~ Condo dues cover grounds, exterior, parking, condo insurance and more

Key facts

• Washer dryer
• End unit
• Close to fsu

Tags

• END UNIT
• OPEN KITCHEN
• WASHER DRYER
• PRIVATE PATIO
• QUIET NEIGHBORHOOD
• CLOSE TO FSU

Property features AI

Finance

• HOA & community: Association fee: $1,800 (includes common areas, insurance, grounds maintenance, structure maintenance, trash); Community features include curbs, gutters, and street lights

Exterior

• Parking: Driveway
• Utilities: Public sewer
• Home design: Brick and vinyl siding exterior
• Construction: Brick and vinyl siding construction
• Exterior features: Covered porch; Partial fencing; Paved road

Interior

• Kitchen: Refrigerator; Stove; Dishwasher; Pantry
• Bedrooms: Bedroom 2: 13 x 11; Bedroom 3: 13 x 11
• Flooring: Carpet; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating (electric); Central air; Ceiling fans
• Interior features: End unit; Tray ceilings; Vaulted ceilings; Primary bedroom on the main level; Pantry
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $-27 ($-329/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (4.7% below list).
• Recommended offer: $152k (4.7% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: Astoria Park Elementary School (math 23% / reading 28%, grade F, #2,025 of 2,144 statewide, top 95%, 527 students, 80% FRL); Griffin Middle School (math 16% / reading 25%, grade F, #556 of 571 statewide, top 98%, 532 students, 77% FRL); Amos P. Godby High School (math 24% / reading 32%, grade F, #464 of 667 statewide, top 70%, 1,444 students, 63% FRL) — zoned schools average 74% FRL vs 45% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 50% district-wide (-26 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 (+3.1%/yr); 238 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).

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 44 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y 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 $110k; 45% 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 $152,384 (4.7% 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 44 days. Have you received any prior offers? Is the seller open to a 5% 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. 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?
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 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: 0.95% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.73%
• DSCR: 0.97
• GRM: 8.7

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: -17.3%
• Equity multiple: 0.39×
• Total profit: $-27,370
• Equity at exit: $23,842

10-year hold

• IRR: -8.9%
• Equity multiple: 0.44×
• Total profit: $-24,912
• Equity at exit: $13,825

Cash invested: $44,772 (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: 8.7×

Monthly cashflow live

• Estimated rent: $1,524 high
• Mortgage (P&I): −$839
• Tax from tax record: −$176 /mo · $2,113/yr
• Insurance: −$67
• HOA: −$150
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $-27

Break-even live

Break-even rent $1,558

Max offer price $155,063

Occupancy floor 97%

Sensitivity live

Price	-10% $63	-5% $18	+0% $-27	+5% $-73	+10% $-118
Rent	-10% $-148	-5% $-88	+0% $-27	+5% $33	+10% $93
Rate	-1.0pp $53	-0.5pp $13	base $-27	+0.5pp $-69	+1.0pp $-111

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2749 Pecan Rd Tallahassee, FL	1.0–2.0	1.0–2.0	900	$1,300	$1.44	15d	1	0.11mi
2772 Westbrook Ct Tallahassee, FL	3.0	3.0	1325	$1,600	$1.21	15d	1	0.17mi
2765 W Tharpe St Tallahassee, FL	1.0–2.0	1.0	739	$1,000	$1.35	15d	1	0.19mi
2022 Trimble Rd Apt 3 Tallahassee, FL	3.0	3.0	1192	$700	$0.59	23d	1	0.31mi
2222 Del Carmel Way Tallahassee, FL	3.0	3.0	1280	$1,650	$1.29	15d	1	0.37mi
2222 Del Carmel Way Unit 2226 Tallahassee, FL	3.0	3.0	1280	$1,650	$1.29	23d	1	0.38mi
1557 Devoe St Unit 2 Tallahassee, FL	2.0	1.0	750	$1,350	$1.80	23d	1	0.40mi
2281 Del Carmel Way Tallahassee, FL	3.0	3.0	1280	$1,599	$1.25	23d	1	0.44mi
1955 Bloomington Ave Tallahassee, FL	3.0	3.0	1177	$1,475	$1.25	23d	1	0.64mi
1870 Honolulu Ln Tallahassee, FL	3.0	3.0	1230	$1,450	$1.18	23d	1	0.71mi
1925 Durham Ave Tallahassee, FL	3.0	3.0	1177	$1,800	$1.53	23d	1	0.72mi
2327 Parrot Ln Tallahassee, FL	3.0	2.0	1088	$1,300	$1.19	23d	1	0.76mi
2616 Mission Rd Tallahassee, FL	1.0–2.0	1.0	750	$1,195	$1.59	15d	12	0.78mi
2259 Parrot Ln Tallahassee, FL	2.0	2.0	992	$1,275	$1.29	23d	1	0.80mi
2403 Hartsfield Rd #602 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	15d	1	0.90mi
2403 Hartsfield Rd #602 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	23d	1	0.90mi
2406 Hartsfield Rd Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	23d	1	0.91mi
2614 W Tennessee St Tallahassee, FL	1.0–4.0	1.0–4.0	1270	$1,556	$1.22	23d	14	0.92mi
770 Appleyard Dr Tallahassee, FL	2.0	2.5	1150	$1,442	$1.25	15d	14	1.02mi
1560 San Luis Rd Tallahassee, FL	3.0	3.5	1500	$774	$0.52	23d	22	1.06mi
2350 Wanda Way Tallahassee, FL	2.0–3.0	1.0	861	$1,400	$1.63	23d	1	1.08mi
2419 Nugget Ln Tallahassee, FL	3.0	2.0	1212	$1,550	$1.28	15d	1	1.15mi
2626 Faversham Dr Tallahassee, FL	3.0	2.0	1440	$1,850	$1.28	15d	1	1.18mi
2412 Atlas Rd Tallahassee, FL	3.0	1.5	1081	$1,200	$1.11	23d	1	1.18mi
2498 Nugget Ln Tallahassee, FL	3.0	2.0	1200	$1,550	$1.29	23d	1	1.19mi
2401 Atlas Rd Unit B Tallahassee, FL	2.0	1.0	900	$1,100	$1.22	23d	1	1.20mi
2052 Darnell Cir Unit B Tallahassee, FL	4.0	3.0	1300	$1,700	$1.31	23d	1	1.20mi
2353 W Mission Rd Tallahassee, FL	2.0–3.0	2.0–2.5	1012	$1,450	$1.43	15d	11	1.25mi
3875 Gaffney Loop Tallahassee, FL	2.0	2.0	984	$1,300	$1.32	23d	1	1.35mi
1360 Ocala Rd Tallahassee, FL	2.0	1.0	800	$1,000	$1.25	23d	1	1.45mi
850 Capital Walk Dr Tallahassee, FL	1.0–3.0	1.0–2.0	1152	$1,599	$1.39	15d	21	1.49mi
1350 Ocala Rd Unit C Tallahassee, FL	4.0	3.0	1142	$1,550	$1.36	23d	1	1.49mi
2350 Horne Ave Unit 2 Tallahassee, FL	2.0	2.0	800	$995	$1.24	23d	1	1.50mi

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-22
   days on market $159,900 Active 44 DOM
2. 2026-06-18
   days on market $159,900 Active 41 DOM
3. 2026-06-17
   days on market $159,900 Active 40 DOM
4. 2026-06-16
   days on market $159,900 Active 39 DOM
5. 2026-06-15
   days on market $159,900 Active 38 DOM
6. 2026-06-14
   days on market $159,900 Active 36 DOM
7. 2026-06-10
   pricedays on market $159,900 Active 33 DOM
8. 2026-06-09
   days on market $164,900 Active 32 DOM
9. 2026-06-08
   days on market $164,900 Active 31 DOM
10. 2026-06-07
    days on market $164,900 Active 30 DOM
11. 2026-06-05
    remarks 558-char remark
12. 2026-06-05
    days on market $164,900 Active 27 DOM
13. 2026-06-03
    days on market $164,900 Active 26 DOM
14. 2026-06-02
    days on market $164,900 Active 25 DOM
15. 2026-06-01
    days on market $164,900 Active 24 DOM
16. 2026-05-31
    days on market $164,900 Active 23 DOM
17. 2026-05-30
    days on market $164,900 Active 22 DOM
18. 2026-05-08
    listed $164,900 Active
19. 2026-04-09
    historical $1,500
20. 2026-04-07
    listed $1,500
21. 2024-11-10
    historical $1,425
22. 2024-11-08
    listed $1,425
23. 2023-08-04
    soldstatus $110,000
24. 2012-05-16
    soldstatus $70,000 671-char remark

    Show marketing remark (671 chars)

    Currently rented @ $1,000/month until 07/31/2012 ~ SHORT SALE, so all contract terms are ultimately up to the Seller's mortgage lender ~ Very well-maintained end-unit surrounded by trees and plentiful guest parking ~ Tile in living areas and wet rooms, carpet in bedrooms and on stairs ~ Entertainment wall cubbies in living room eliminate the need for excess storage furniture ~ Kitchen has nice appliances, plentiful cabinets and separate pantry ~ Dining nook adjacent to kitchen ~ One bedroom/bath downstairs, two bedrooms/baths upstairs ~ Semi-private back patio with side fences ~ Covered entry ~ Condo dues cover grounds, exterior, parking, condo insurance and more

25. 2012-01-15
    listed $60,000 671-char remark

    Show marketing remark (671 chars)

    Currently rented @ $1,000/month until 07/31/2012 ~ SHORT SALE, so all contract terms are ultimately up to the Seller's mortgage lender ~ Very well-maintained end-unit surrounded by trees and plentiful guest parking ~ Tile in living areas and wet rooms, carpet in bedrooms and on stairs ~ Entertainment wall cubbies in living room eliminate the need for excess storage furniture ~ Kitchen has nice appliances, plentiful cabinets and separate pantry ~ Dining nook adjacent to kitchen ~ One bedroom/bath downstairs, two bedrooms/baths upstairs ~ Semi-private back patio with side fences ~ Covered entry ~ Condo dues cover grounds, exterior, parking, condo insurance and more

ⓘ 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: $2,113 · $176/mo
• Projected year-2 tax: $2,113 · $176/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 2/10 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: $18,286
• − Mortgage interest: −$8,957
• − Property taxes: −$2,113
• − Insurance: −$800
• − Repairs & maintenance: −$1,463
• − Management: −$1,463
• − HOA: −$1,800
• − Depreciation: −$4,652
• Taxable loss: −$2,960
• Est. tax savings @ 24.0%: +$710
• After-tax cash flow: $382/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

+174.8% since first listed

8 events — show timeline

• 2026-05-08 Listed $164,900 CATRS
• 2026-04-09 Rental Removed $1,500 APPFOLIO
• 2026-04-07 Listed for Rent $1,500 APPFOLIO
• 2024-11-10 Rental Removed $1,425 APPFOLIO
• 2024-11-08 Listed for Rent $1,425 APPFOLIO
• 2023-08-04 Sold (Public Records) $110,000 Public Records
• 2012-05-16 Sold (MLS) $70,000 CATRS
• 2012-01-15 Listed $60,000 CATRS

Property tax history

+5.3%/yr

Latest (2025): $2,113 · +7.7% YoY. Source: county tax records.