2020 Continental Ave #221 · Tallahassee, FL 32304

$89,000

2 bd · 1.5 ba · 1,000 sqft · Condo public records · 261 Days on market

Built 1967 $350/mo HOA · 26% of rent ↓ 6% since listing

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Why this score? — see what drove the C 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 +18.0/30.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

located minutes from FSU, FAMU, TCC, shopping, restaurants, and public transportation. 2 spacious bedrooms and 2 bathrooms with indoor laundry, separate living and dining rooms, a community pool and no carpet throughout. CAP Rate approx 8% Units 111, 221, 141, 236 are available as a package for purchase

Key facts

• Remodeled apartment
• Close to schools
• Close to restaurants

Tags

• REMODELED APARTMENT
• STAINLESS STEEL APPLIANCES
• CLOSE TO SCHOOLS
• CLOSE TO SHOPS
• CLOSE TO RESTAURANTS

Property features AI

Finance

• HOA & community: Association fee: $4,200 (includes common areas, maintenance structure, pool(s), street lights, trash, water); Community pool

Exterior

• Parking: Parking space(s)
• Utilities: Public sewer
• Home design: Block and concrete construction
• Construction: Block and concrete construction
• Exterior features: Paved road access; Private pool (community features listed)

Interior

• Kitchen: Cooktop; Dishwasher; Microwave; Oven; Range; Refrigerator; Stove
• Bedrooms: Bedroom 2: 12 x 12
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Pantry; Split bedrooms; Walk-in closet(s)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $89k.

Deal economics

• At list price, monthly cash flow is $76 ($915/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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.

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.
• 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 22d 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 $1,323/mo this rent would consume 49% 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 $615 of loan paydown is wiped out by about $3k 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 261 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• 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 $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 261 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.49% ✓
• Cap rate: 7.32%
• Cash-on-cash: 3.67%
• DSCR: 1.16
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.69% rent growth · sell at horizon

5-year hold

• IRR: -7.4%
• Equity multiple: 0.72×
• Total profit: $-7,038
• Equity at exit: $13,270

10-year hold

• IRR: 5.2%
• Equity multiple: 1.43×
• Total profit: $10,810
• Equity at exit: $7,695

Cash invested: $24,920 (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: 5.6×

Monthly cashflow live

• Estimated rent: $1,323 high
• Mortgage (P&I): −$467
• Tax from tax record: −$115 /mo · $1,383/yr
• Insurance: −$37
• HOA: −$350
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $76

Break-even live

Break-even rent $1,227

Max offer price $89,000

Occupancy floor 89%

Sensitivity live

Price	-10% $127	-5% $101	+0% $76	+5% $51	+10% $26
Rent	-10% $-28	-5% $24	+0% $76	+5% $129	+10% $181
Rate	-1.0pp $121	-0.5pp $99	base $76	+0.5pp $53	+1.0pp $30

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2020 Continental Ave Tallahassee, FL	1.0–2.0	1.0–1.5	850	$1,300	$1.53	21d	3	0.09mi
2060 Continental Ave Tallahassee, FL	1.0–3.0	1.0–2.5	1121	$1,052	$0.94	14d	26	0.12mi
1111 High Rd Tallahassee, FL	2.0–3.0	2.0	1000	$1,409	$1.41	14d	11	0.13mi
1303 Ocala Rd Tallahassee, FL	1.0–4.0	1.0–2.0	1121	$1,320	$1.18	14d	48	0.16mi
1108 Greentree Ct Tallahassee, FL	2.0	2.0	888	$1,275	$1.44	21d	1	0.19mi
1360 Ocala Rd Tallahassee, FL	2.0	1.0	800	$1,000	$1.25	21d	1	0.25mi
832 Arkansas St Tallahassee, FL	3.0	1.0	1296	$1,400	$1.08	21d	1	0.33mi
1380 Ocala Rd Tallahassee, FL	1.0	1.0	700	$975	$1.39	21d	1	0.35mi
1001 Ocala Rd Tallahassee, FL	4.0	1.0–2.0	899	$584	$0.65	21d	6	0.41mi
1107 Basin St Unit A Tallahassee, FL	3.0	2.0	1215	$2,400	$1.98	21d	1	0.54mi
1325 W Tharpe St Tallahassee, FL	1.0–3.0	1.0–4.0	937	$1,511	$1.61	14d	21	0.65mi
1560 San Luis Rd Tallahassee, FL	3.0	3.5	1500	$774	$0.52	21d	22	0.66mi
1525 W Tennessee St #307 Tallahassee, FL	2.0	1.0	1200	$1,600	$1.33	21d	1	0.73mi
2182 Timberwood Cir S Unit 1 Tallahassee, FL	3.0	2.5	1280	$1,599	$1.25	21d	1	0.77mi
1329 Nylic St #1 Tallahassee, FL	3.0	3.0	1275	$1,800	$1.41	21d	1	0.78mi
2353 W Mission Rd Tallahassee, FL	2.0–3.0	2.0–2.5	1012	$1,250	$1.23	14d	11	0.78mi
2350 Horne Ave Unit 2 Tallahassee, FL	2.0	2.0	800	$995	$1.24	21d	1	0.83mi
322 Conradi St Tallahassee, FL	3.0	2.0	1100	$1,950	$1.77	21d	4	0.89mi
2259 Parrot Ln Tallahassee, FL	2.0	2.0	992	$1,275	$1.29	21d	1	0.92mi
2327 Parrot Ln Tallahassee, FL	3.0	2.0	1088	$1,300	$1.19	21d	1	0.96mi
916 N Woodward Ave #1 Tallahassee, FL	2.0	1.0	794	$1,000	$1.26	14d	1	1.04mi
205 White Dr Tallahassee, FL	1.0–4.0	1.0–4.0	1155	$637	$0.55	21d	1	1.13mi
2616 Mission Rd Tallahassee, FL	1.0–2.0	1.0	750	$1,195	$1.59	14d	12	1.14mi
2301 Old Bainbridge Rd Tallahassee, FL	2.0–3.0	1.0–2.0	1084	$1,200	$1.11	21d	1	1.14mi
2350 Wanda Way Tallahassee, FL	2.0–3.0	1.0	861	$1,200	$1.39	21d	1	1.15mi
2614 W Tennessee St Tallahassee, FL	1.0–4.0	1.0–4.0	1270	$1,159	$0.91	21d	14	1.16mi
2309 Old Bainbridge Rd Tallahassee, FL	1.0–2.0	1.0–2.0	798	$1,420	$1.78	14d	10	1.20mi
1818 Sylvan Ct Unit D Tallahassee, FL	2.0	1.0	850	$1,200	$1.41	14d	1	1.20mi
2202 W Pensacola St Tallahassee, FL	1.0–3.0	1.0	950	$1,224	$1.29	21d	3	1.20mi
220 Atkinson Dr Unit D Tallahassee, FL	2.0	1.0	928	$1,100	$1.19	21d	1	1.24mi
2401 Atlas Rd Unit B Tallahassee, FL	2.0	1.0	900	$1,100	$1.22	21d	1	1.25mi
1571 Stone Rd Unit 5B Tallahassee, FL	2.0	2.5	1216	$1,795	$1.48	21d	1	1.26mi
2412 Atlas Rd Tallahassee, FL	3.0	1.5	1081	$1,200	$1.11	21d	1	1.30mi
1854 Belle Vue Way Tallahassee, FL	2.0–4.0	1.0–2.0	1100	$1,235	$1.12	21d	1	1.30mi
2419 Nugget Ln Tallahassee, FL	3.0	2.0	1212	$1,550	$1.28	14d	1	1.31mi
1612 Overstreet St Tallahassee, FL	3.0	3.0	1500	$3,300	$2.20	21d	1	1.32mi
1447 Stone Rd Tallahassee, FL	1.0–3.0	1.0–2.0	890	$1,360	$1.53	21d	1	1.33mi
301 S Lipona Rd #24 Tallahassee, FL	2.0	1.5	896	$1,350	$1.51	21d	1	1.33mi
2403 Hartsfield Rd #602 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	14d	1	1.33mi
2403 Hartsfield Rd #602 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	21d	1	1.33mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-18
   days on market $89,000 Active 261 DOM
2. 2026-06-17
   days on market $89,000 Active 260 DOM
3. 2026-06-16
   days on market $89,000 Active 259 DOM
4. 2026-06-15
   days on market $89,000 Active 258 DOM
5. 2026-06-14
   days on market $89,000 Active 256 DOM
6. 2026-06-10
   days on market $89,000 Active 253 DOM
7. 2026-06-09
   days on market $89,000 Active 252 DOM
8. 2026-06-08
   days on market $89,000 Active 251 DOM
9. 2026-06-07
   days on market $89,000 Active 250 DOM
10. 2026-06-05
    days on market $89,000 Active 247 DOM
11. 2026-06-03
    days on market $89,000 Active 246 DOM
12. 2026-06-02
    days on market $89,000 Active 245 DOM
13. 2026-06-01
    days on market $89,000 Active 244 DOM
14. 2026-05-31
    days on market $89,000 Active 243 DOM
15. 2026-05-30
    days on market $89,000 Active 242 DOM
16. 2025-09-30
    listed $89,000 Active
17. 2025-07-04
    historical
18. 2025-05-12
    price $89,000
19. 2025-04-02
    listed $99,000 Active
20. 2023-11-20
    soldstatus $80,000
21. 2023-11-17
    soldstatus $80,000 Closed 304-char remark

    Show marketing remark (304 chars)

    located minutes from FSU, FAMU, TCC, shopping, restaurants, and public transportation. 2 spacious bedrooms and 2 bathrooms with indoor laundry, separate living and dining rooms, a community pool and no carpet throughout. CAP Rate approx 8% Units 111, 221, 141, 236 are available as a package for purchase

22. 2023-10-11
    historical Active Under Contract 304-char remark

    Show marketing remark (304 chars)

    located minutes from FSU, FAMU, TCC, shopping, restaurants, and public transportation. 2 spacious bedrooms and 2 bathrooms with indoor laundry, separate living and dining rooms, a community pool and no carpet throughout. CAP Rate approx 8% Units 111, 221, 141, 236 are available as a package for purchase

23. 2023-10-07
    listed $85,000 Active 304-char remark

    Show marketing remark (304 chars)

    located minutes from FSU, FAMU, TCC, shopping, restaurants, and public transportation. 2 spacious bedrooms and 2 bathrooms with indoor laundry, separate living and dining rooms, a community pool and no carpet throughout. CAP Rate approx 8% Units 111, 221, 141, 236 are available as a package for purchase

24. 2022-08-16
    soldstatus $71,000
25. 2022-08-15
    soldstatus $71,000 Closed
26. 2022-07-30
    historical Active Under Contract
27. 2022-07-23
    listed $85,000 Active
28. 2017-06-11
    historical
29. 2017-03-16
    listed $68,000
30. 2007-08-09
    soldstatus $94,000
31. 2007-06-13
    listed $94,900

ⓘ 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: $1,383 · $115/mo
• Projected year-2 tax: $1,383 · $115/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 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: $15,878
• − Mortgage interest: −$4,985
• − Property taxes: −$1,383
• − Insurance: −$445
• − Repairs & maintenance: −$1,270
• − Management: −$1,270
• − HOA: −$4,200
• − Depreciation: −$2,589
• Taxable loss: −$264
• Est. tax savings @ 24.0%: +$63
• After-tax cash flow: $979/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

-6.2% since first listed

16 events — show timeline

• 2025-09-30 Listed $89,000 CATRS
• 2025-07-04 Listing Removed — CATRS
• 2025-05-12 Price Changed $89,000 CATRS
• 2025-04-02 Listed $99,000 CATRS
• 2023-11-20 Sold (Public Records) $80,000 Public Records
• 2023-11-17 Sold (MLS) $80,000 CATRS
• 2023-10-11 Contingent — CATRS
• 2023-10-07 Listed $85,000 CATRS
• 2022-08-16 Sold (Public Records) $71,000 Public Records
• 2022-08-15 Sold (MLS) $71,000 CATRS
• 2022-07-30 Contingent — CATRS
• 2022-07-23 Listed $85,000 CATRS
• 2017-06-11 Listing Removed — CATRS
• 2017-03-16 Listed $68,000 CATRS
• 2007-08-09 Sold (MLS) $94,000 CATRS
• 2007-06-13 Listed $94,900 CATRS

Property tax history

+9.3%/yr

Latest (2025): $1,383 · +5.7% YoY. Source: county tax records.