2771 Tess Cir · Tallahassee, FL 32304

$175,000

3 bd · 3.0 ba · 1,183 sqft · Townhouse public records · 31 Days on market

Built 1997 3,049 sqft lot Est $159k · 10% over $58/mo HOA · 4% 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 +11.5/30.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.7/5.0
• 1% rule +3.6/10.0
• DSCR +3.4/10.0
• ARV discount +2.8/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Leased through 8/31/17 at $800. 24 hours notice to tenant prior to showing. Nice end unit with community pool amenities near FSU and TCC.

Key facts

• Immediate cash flow
• Strong rental appeal
• $58 HOA

Tags

• OPEN LIVING ROOM AND KITCHEN
• STRONG RENTAL APPEAL
• IMMEDIATE CASH FLOW
• CONTINUED RENTAL DEMAND

Property features AI

Finance

• HOA & community: Association fee of $700; Association covers common areas and grounds maintenance

Exterior

• Parking: Driveway
• Utilities: Electric heating and cooling
• Home design: Brick and vinyl siding exterior
• Construction: Brick construction; Vinyl siding
• Exterior features: Public maintained road; Sidewalks

Interior

• Kitchen: Dishwasher; Disposal; Oven; Range; Refrigerator
• Bedrooms: Bedroom 2 (12x12); Bedroom 3 (11x10)
• Flooring: Carpet; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating (electric); Central air; Ceiling fans; Electric cooling components
• Interior features: High ceilings; Primary bedroom on the downstairs level
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $175k.

Deal economics

• At list price, monthly cash flow is $-58 ($-695/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (5.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (14.3% below list).
• Recommended offer: $150k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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: Sabal Palm Elementary School (math 29% / reading 35%, grade F, #1,797 of 2,144 statewide, top 86%, 492 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 73% FRL vs 45% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 50% district-wide (-24 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; 30 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 $1,499/mo this rent would consume 56% 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 31 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y 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 $56k; list at $175k implies a 212% 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; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,911 (14.3% 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 31 days. Have you received any prior offers? Is the seller open to a 14% 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. 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: 0.86% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.42%
• DSCR: 0.94
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $158,522
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2752 Tess Cir	0.02mi	3/3.0	1,178 (-0%)	3mo	$145,000	$123	96
2738 W Tharpe St #405	0.33mi	3/3.0	1,209 (+2%)	1mo	$137,000	$113	80
2740 W Tharpe St #203	0.31mi	3/3.0	1,212 (+2%)	3mo	$155,000	$128	79
1913 Bloomington Ave	0.41mi	3/3.0	1,177 (-0%)	2mo	$185,000	$157	79
2738 W Tharpe St #304	0.33mi	3/3.0	1,209 (+2%)	2mo	$145,000	$120	79
1924 Corvallis Ave	0.43mi	3/3.0	1,177 (-0%)	1mo	$158,000	$134	78
1924 Honolulu Ln	0.48mi	3/3.0	1,177 (-0%)	1mo	$138,000	$117	76
3380 Fort Collins Ln	0.32mi	3/3.0	1,240 (+5%)	2mo	$174,000	$140	75
1938 Ann Arbor Ave	0.36mi	3/3.0	1,240 (+5%)	1mo	$180,000	$145	74
1970 Greencastle Ln #704	0.43mi	3/3.0	1,232 (+4%)	1mo	$224,900	$183	73
2738 Tharpe #2106 St #2106	0.33mi	2/2.0 (-1)	1,209 (+2%)	1mo	$138,000	$114	71
1972 Greencastle Ln #705	0.42mi	3/3.0	1,232 (+4%)	3mo	$224,900	$183	71

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: -16.7%
• Equity multiple: 0.40×
• Total profit: $-29,411
• Equity at exit: $26,093

10-year hold

• IRR: -5.6%
• Equity multiple: 0.61×
• Total profit: $-19,176
• Equity at exit: $15,131

Cash invested: $49,000 (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 32304

• Home prices YoY: -21.2%
• Rents YoY: 4.7%
• Active inventory: 142
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,499 high
• Mortgage (P&I): −$918
• Tax from tax record: −$194 /mo · $2,323/yr
• Insurance: −$73
• HOA: −$58
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $-58

Break-even live

Break-even rent $1,572

Max offer price $164,771

Occupancy floor 99%

Sensitivity live

Price	-10% $41	-5% $-8	+0% $-58	+5% $-107	+10% $-157
Rent	-10% $-176	-5% $-117	+0% $-58	+5% $1	+10% $61
Rate	-1.0pp $30	-0.5pp $-13	base $-58	+0.5pp $-103	+1.0pp $-149

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2765 W Tharpe St Tallahassee, FL	1.0–2.0	1.0	739	$1,000	$1.35	15d	1	0.13mi
1557 Devoe St Unit 2 Tallahassee, FL	2.0	1.0	750	$1,350	$1.80	23d	1	0.17mi
2772 Westbrook Ct Tallahassee, FL	3.0	3.0	1325	$1,600	$1.21	15d	1	0.24mi
2749 Pecan Rd Tallahassee, FL	1.0–2.0	1.0–2.0	900	$1,300	$1.44	15d	1	0.27mi
1955 Bloomington Ave Tallahassee, FL	3.0	3.0	1177	$1,475	$1.25	23d	1	0.37mi
1870 Honolulu Ln Tallahassee, FL	3.0	3.0	1230	$1,450	$1.18	23d	1	0.45mi
1925 Durham Ave Tallahassee, FL	3.0	3.0	1177	$1,800	$1.53	23d	1	0.45mi
2222 Del Carmel Way Unit 2226 Tallahassee, FL	3.0	3.0	1280	$1,650	$1.29	23d	1	0.51mi
2222 Del Carmel Way Tallahassee, FL	3.0	3.0	1280	$1,650	$1.29	15d	1	0.51mi
2281 Del Carmel Way Tallahassee, FL	3.0	3.0	1280	$1,599	$1.25	23d	1	0.55mi
2022 Trimble Rd Apt 3 Tallahassee, FL	3.0	3.0	1192	$700	$0.59	23d	1	0.59mi
2616 Mission Rd Tallahassee, FL	1.0–2.0	1.0	750	$1,195	$1.59	15d	12	0.84mi
770 Appleyard Dr Tallahassee, FL	2.0	2.5	1150	$1,442	$1.25	15d	14	0.91mi
2614 W Tennessee St Tallahassee, FL	1.0–4.0	1.0–4.0	1270	$1,556	$1.22	23d	14	0.94mi
2327 Parrot Ln Tallahassee, FL	3.0	2.0	1088	$1,300	$1.19	23d	1	0.98mi
2259 Parrot Ln Tallahassee, FL	2.0	2.0	992	$1,275	$1.29	23d	1	1.01mi
2403 Hartsfield Rd #602 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	23d	1	1.17mi
2403 Hartsfield Rd #602 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	15d	1	1.17mi
2406 Hartsfield Rd Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	23d	1	1.18mi
1560 San Luis Rd Tallahassee, FL	3.0	3.5	1500	$774	$0.52	23d	22	1.26mi
850 Capital Walk Dr Tallahassee, FL	1.0–3.0	1.0–2.0	1152	$1,599	$1.39	15d	21	1.32mi
2353 W Mission Rd Tallahassee, FL	2.0–3.0	2.0–2.5	1012	$1,450	$1.43	15d	11	1.33mi
2350 Wanda Way Tallahassee, FL	2.0–3.0	1.0	861	$1,400	$1.63	23d	1	1.35mi
2626 Faversham Dr Tallahassee, FL	3.0	2.0	1440	$1,850	$1.28	15d	1	1.41mi
2419 Nugget Ln Tallahassee, FL	3.0	2.0	1212	$1,550	$1.28	15d	1	1.42mi
2412 Atlas Rd Tallahassee, FL	3.0	1.5	1081	$1,200	$1.11	23d	1	1.46mi
2498 Nugget Ln Tallahassee, FL	3.0	2.0	1200	$1,550	$1.29	23d	1	1.46mi
2401 Atlas Rd Unit B Tallahassee, FL	2.0	1.0	900	$1,100	$1.22	23d	1	1.47mi
2052 Darnell Cir Unit B Tallahassee, FL	4.0	3.0	1300	$1,700	$1.31	23d	1	1.47mi
3875 Gaffney Loop Tallahassee, FL	2.0	2.0	984	$1,300	$1.32	23d	1	1.47mi

HOA detail

• Monthly dues: $58 · $696/yr
• Likely covers: pool

Listing history 34 events

1. 2026-06-22
   days on market $175,000 Active 31 DOM
2. 2026-06-18
   days on market $175,000 Active 28 DOM
3. 2026-06-17
   days on market $175,000 Active 27 DOM
4. 2026-06-16
   days on market $175,000 Active 26 DOM
5. 2026-06-15
   days on market $175,000 Active 25 DOM
6. 2026-06-14
   days on market $175,000 Active 23 DOM
7. 2026-06-10
   days on market $175,000 Active 20 DOM
8. 2026-06-09
   days on market $175,000 Active 19 DOM
9. 2026-06-08
   days on market $175,000 Active 18 DOM
10. 2026-06-07
    days on market $175,000 Active 17 DOM
11. 2026-06-05
    days on market $175,000 Active 14 DOM
12. 2026-06-03
    days on market $175,000 Active 13 DOM
13. 2026-06-02
    days on market $175,000 Active 12 DOM
14. 2026-06-01
    days on market $175,000 Active 11 DOM
15. 2026-05-31
    days on market $175,000 Active 10 DOM
16. 2026-05-30
    days on market $175,000 Active 9 DOM
17. 2026-05-21
    listed $175,000 Active
18. 2025-05-24
    historical $1,495
19. 2025-05-01
    listed $1,495
20. 2016-10-06
    soldstatus $56,000
21. 2016-09-30
    soldstatus $56,000 138-char remark

    Show marketing remark (138 chars)

    Leased through 8/31/17 at $800. 24 hours notice to tenant prior to showing. Nice end unit with community pool amenities near FSU and TCC.

22. 2016-09-01
    listed $58,500 138-char remark

    Show marketing remark (138 chars)

    Leased through 8/31/17 at $800. 24 hours notice to tenant prior to showing. Nice end unit with community pool amenities near FSU and TCC.

23. 2016-09-01
    historical

    Show marketing remark (138 chars)

    Leased through 8/31/17 at $800. 24 hours notice to tenant prior to showing. Nice end unit with community pool amenities near FSU and TCC.

24. 2016-05-27
    listed $59,000
25. 2010-02-16
    soldstatus $81,500
26. 2010-02-11
    soldstatus $81,500
27. 2009-08-10
    listed $80,000
28. 2009-03-31
    historical
29. 2008-09-08
    listed $94,900
30. 2008-08-20
    historical
31. 2008-04-14
    listed $119,900
32. 2004-04-12
    soldstatus $103,000
33. 2002-07-01
    soldstatus $87,800
34. 1997-11-07
    soldstatus $84,500

ⓘ 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: $2,323 · $194/mo
• Projected year-2 tax: $2,323 · $194/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 3/10 Moderate
• 🌡 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: $17,989
• − Mortgage interest: −$9,803
• − Property taxes: −$2,323
• − Insurance: −$875
• − Repairs & maintenance: −$1,439
• − Management: −$1,439
• − HOA: −$696
• − Depreciation: −$5,091
• Taxable loss: −$3,676
• Est. tax savings @ 24.0%: +$882
• After-tax cash flow: $187/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

+107.1% since first listed

18 events — show timeline

• 2026-05-21 Listed $175,000 CATRS
• 2025-05-24 Rental Removed $1,495 APPFOLIO
• 2025-05-01 Listed for Rent $1,495 APPFOLIO
• 2016-10-06 Sold (Public Records) $56,000 Public Records
• 2016-09-30 Sold (MLS) $56,000 CATRS
• 2016-09-01 Listing Removed — CATRS
• 2016-09-01 Listed $58,500 CATRS
• 2016-05-27 Listed $59,000 CATRS
• 2010-02-16 Sold (Public Records) $81,500 Public Records
• 2010-02-11 Sold (MLS) $81,500 CATRS
• 2009-08-10 Listed $80,000 CATRS
• 2009-03-31 Listing Removed — CATRS
• 2008-09-08 Listed $94,900 CATRS
• 2008-08-20 Listing Removed — CATRS
• 2008-04-14 Listed $119,900 CATRS
• 2004-04-12 Sold (Public Records) $103,000 Public Records
• 2002-07-01 Sold (Public Records) $87,800 Public Records
• 1997-11-07 Sold (Public Records) $84,500 Public Records

Property tax history

+8.9%/yr

Latest (2025): $2,323 · +7.8% YoY. Source: county tax records.