3349 Cypress Cove Ct · Tallahassee, FL 32310

$225,000

3 bd · 2.0 ba · 1,342 sqft · SingleFamily public records · 53 Days on market

Built 2002 6,098 sqft lot Est $270k · 17% under

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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).

• ARV discount +15.0/15.0
• Cash flow +10.0/30.0
• Appreciation +4.7/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0

Listing remarks

Brand new roof to be installed prior to closing with an acceptable offer! Located at the end of a cul-de-sac and backing to wooded greenspace protected by a conservation easement, this single-story 3-bedroom, 2-bath home with a garage offers privacy and convenience within walking distance of the Tallahassee Museum. The home features a split-bedroom floor plan, vaulted ceilings, a wood-burning fireplace, and a spacious primary suite with a walk-in closet. Much of the interior has been freshly painted, and the home is built on a solid slab foundation. The yard includes a goldfish pond, plum tree, blueberry bushes, and prickly pear, while the privacy-fenced backyard features a deck and covered

Key facts

• 6,098 sq ft lot
• Garage
• Built 2002

Property features AI

Exterior

• Parking: Detached or attached 1-car garage
• Security: Owned security system
• Utilities: Public sewer
• Home design: Single-story home; Vinyl siding
• Construction: Vinyl siding construction; Slab foundation
• Exterior features: Fully fenced yard; Privacy fencing; Covered patio/porch; Deck; Porch; Paved road access; Has view

Interior

• Kitchen: Oven; Range; Dishwasher; Garbage disposal; Refrigerator; Pantry
• Bedrooms: Bedroom 2 (12 x 12); Bedroom 3 (12 x 10)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Electric heating; Wood heating; Central air conditioning; Ceiling fan(s)
• Interior features: Tray and vaulted ceilings; Pantry; Split-bedroom floorplan; Walk-in closet(s); Fireplace
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-136 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (30.7% below list).
• Recommended offer: $156k (30.7% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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: Pineview Elementary School (math 32% / reading 32%, grade F, #1,797 of 2,144 statewide, top 86%, 362 students, 83% FRL); R. Frank Nims Middle School (math 20% / reading 24%, grade F, #549 of 571 statewide, top 97%, 609 students, 82% FRL); James Rickards High School (math 23% / reading 37%, grade F, #441 of 667 statewide, top 67%, 1,581 students, 57% 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 28% at this address vs 50% district-wide (-22 pts) — the specific schools serving this property underperform the Leon average; the district grade overstates school quality for this exact location.
• Market conditions: 94 active listings in the ZIP; 5 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 $1,560/mo this rent would consume 49% of the median local household income ($38k/yr) (locally 1272% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $338 of equity ($2k loan paydown + $-1k appreciation (-0.5% local appreciation)).
• 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 53 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $137k; list at $225k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $156,036 (30.7% 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 53 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.69% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.60%
• DSCR: 0.88
• GRM: 12.0

CMA / ARV

• ARV (on-the-fly): $269,742
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2307 Cypress Cove Dr	0.12mi	3/2.0	1,360 (+1%)	9mo	$273,000	$201	85
4111 Pond Cypress Ct	0.09mi	3/2.0	1,204 (-10%)	6mo	$230,000	$191	74

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.54% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.4%
• Equity multiple: 0.67×
• Total profit: $-21,014
• Equity at exit: $59,310

10-year hold

• IRR: -1.1%
• Equity multiple: 0.90×
• Total profit: $-6,567
• Equity at exit: $66,649

Cash invested: $63,000 (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 32310

• Home prices YoY: -0.2%
• Active inventory: 94
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $1,560 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$95 /mo · $1,143/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $-136

Break-even live

Break-even rent $1,733

Max offer price $200,926

Occupancy floor —

Sensitivity live

Price	-10% $-9	-5% $-73	+0% $-136	+5% $-200	+10% $-264
Rent	-10% $-260	-5% $-198	+0% $-136	+5% $-75	+10% $-13
Rate	-1.0pp $-23	-0.5pp $-79	base $-136	+0.5pp $-195	+1.0pp $-254

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2013 Tyson Green Trl Tallahassee, FL	3.0	3.0	1308	$1,400	$1.07	23d	1	0.32mi
1692 Baldwin Park Dr Unit 1692 Tallahassee, FL	3.0	3.0	1385	$1,475	$1.06	23d	1	1.19mi
1694 Baldwin Park Dr Tallahassee, FL	3.0–4.0	3.0–4.0	1520	$1,500	$0.99	15d	4	1.19mi
1694 Baldwin Park Dr Unit 1607 Tallahassee, FL	4.0	4.0	1683	$1,900	$1.13	23d	1	1.22mi
1694 Baldwin Park Dr Unit 1650 Tallahassee, FL	3.0	3.0	1358	$1,600	$1.18	23d	1	1.22mi

Listing history 25 events

1. 2026-06-22
   days on market $225,000 Active 53 DOM
2. 2026-06-18
   days on market $225,000 Active 50 DOM
3. 2026-06-17
   days on market $225,000 Active 49 DOM
4. 2026-06-16
   days on market $225,000 Active 48 DOM
5. 2026-06-15
   days on market $225,000 Active 47 DOM
6. 2026-06-14
   days on market $225,000 Active 45 DOM
7. 2026-06-10
   days on market $225,000 Active 42 DOM
8. 2026-06-09
   days on market $225,000 Active 41 DOM
9. 2026-06-08
   days on market $225,000 Active 40 DOM
10. 2026-06-07
    days on market $225,000 Active 39 DOM
11. 2026-06-05
    days on market $225,000 Active 36 DOM
12. 2026-06-03
    days on market $225,000 Active 35 DOM
13. 2026-06-02
    days on market $225,000 Active 34 DOM
14. 2026-06-01
    days on market $225,000 Active 33 DOM
15. 2026-05-31
    days on market $225,000 Active 32 DOM
16. 2026-05-30
    days on market $225,000 Active 31 DOM
17. 2026-05-23
    price $225,000
18. 2026-04-29
    listed $235,000 Active
19. 2026-02-15
    historical
20. 2025-12-04
    price $240,000
21. 2025-09-12
    price $260,000
22. 2025-08-20
    price $280,000
23. 2025-06-19
    listed $290,000 Active
24. 2005-02-18
    soldstatus $136,900
25. 2002-04-05
    soldstatus $100,000

ⓘ 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: $1,143 · $95/mo
• Projected year-2 tax: $1,868 · $156/mo
• Expected delta: +$724/yr (+$60/mo · 63.3%)

ⓘ 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 5/10 Major
• 🌡 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,724
• − Mortgage interest: −$12,603
• − Property taxes: −$1,143
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,498
• − Management: −$1,498
• − Depreciation: −$6,545
• Taxable loss: −$5,689
• Est. tax savings @ 24.0%: +$1,365
• After-tax cash flow: $-270/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): 14,888
• Household income: $38,288
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 1272.0

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 0.61)
• Race & ethnicity: Black 50% White 36% Hispanic / Latino 9% Two or more races 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 1% German/W. Germanic 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: ▼ -0.54%
• Current HPI: 270.5721
• Rent YoY: —
• 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

+125.0% since first listed

9 events — show timeline

• 2026-05-23 Price Changed $225,000 CATRS
• 2026-04-29 Listed $235,000 CATRS
• 2026-02-15 Listing Removed — CATRS
• 2025-12-04 Price Changed $240,000 CATRS
• 2025-09-12 Price Changed $260,000 CATRS
• 2025-08-20 Price Changed $280,000 CATRS
• 2025-06-19 Listed $290,000 CATRS
• 2005-02-18 Sold (Public Records) $136,900 Public Records
• 2002-04-05 Sold (Public Records) $100,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $1,143 · +4.0% YoY. Source: county tax records.