406 Bienville Pl

Tallahassee, FL 32317

$486,267D+

5 bd · 3.5 ba · 2,149 sqft · Built 2026 · SingleFamily · Active · 135 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,289/mo
• Mortgage (P&I): −$2,550
• Tax + insurance: −$810
• HOA: −$30
• Vac / Maint / Mgmt: −$901
• Net cashflow: $-2/mo
• Annual: $-28/yr
• Cap rate: 6.29%
• Cash-on-cash: -0.02%
• DSCR: 1.00
• 1% rule: 0.88%
• Cash to close: $136,155

Investor read

• This is a 5-bed/3.5-bath single-family listed at $486k. Condition is rated good.
• At list price, monthly cash flow is $-2 ($-28/yr) — negative.
• To cash-flow at today's rent, offer at most $486k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $429k (11.8% below list).
• It's been on market 135 days — a 12% lower offer ($428k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $428k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Leon County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 6.3% 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.
• This rent runs 40% of the median local income ($129k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.