281 E Whetherbine Way · Tallahassee, FL 32301

$139,900

2 bd · 2.0 ba · 1,008 sqft · Townhouse public records · 1 Days on market

Built 1988 4,791 sqft lot Est $194k · 28% under $5/mo HOA

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Why this score? — see what drove the B- 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 +25.4/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.0/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Townhouse priced well below market value to account for the TLC needed. 2/2 with screened porch. Selling as-is.

Key facts

• $5 HOA
• Parking
• Built 1988

Property features AI

Finance

• HOA & community: Monthly association fee of $60; Street lights in community

Exterior

• Parking: Driveway
• Utilities: Electric heating and cooling
• Home design: Single-story brick home
• Construction: Brick construction
• Exterior features: Porch (screened); Private maintained paved road; Lot dimensions approximately 32x118x32x118

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Bedroom 2 — 12x11
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Tray ceilings; Vaulted ceilings; Screened porch

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $140k.

Deal economics

• At list price, monthly cash flow is $324 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 9.1% 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.
• Market conditions: Rents rising fast (+4.2%/yr); 121 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• This rent runs 36% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $81k; list at $140k implies a 73% 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 $139,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.10% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.93%
• DSCR: 1.44
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $193,536
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 W Whetherbine Way	0.05mi	2/2.0	1,008 (0%)	3mo	$187,000	$186	95
273 E Whetherbine Way Unit A	0.03mi	2/2.0	1,008 (0%)	7mo	$180,000	$179	93
226 Whetherbine Dr W	0.09mi	2/2.0	1,008 (0%)	4mo	$175,000	$174	93
247 Whetherbine Way	0.10mi	2/2.0	1,008 (0%)	5mo	$165,000	$164	92
159 Whetherbine Way	0.15mi	2/2.0	1,008 (0%)	7mo	$199,900	$198	87
142 W Whetherbine Way	0.21mi	2/2.0	1,008 (0%)	8mo	$173,000	$172	83
339 Whetherbine Way	0.19mi	2/1.5	880 (-13%)	3mo	$183,000	$208	65
3006 Richview Park Cir	0.65mi	2/2.0	992 (-2%)	3mo	$203,000	$205	65
425 High Point Ln	0.70mi	2/2.0	992 (-2%)	4mo	$186,000	$188	62
2189 Victory Garden Ln	0.45mi	2/1.5	880 (-13%)	1mo	$170,000	$193	55
2179 Victory Gdn	0.47mi	2/1.5	880 (-13%)	1mo	$169,000	$192	54
216 Parkbrook Cir	0.44mi	2/1.5	880 (-13%)	9mo	$200,000	$227	49

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 · 4.16% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-241
• Equity at exit: $20,860

10-year hold

• IRR: 10.6%
• Equity multiple: 1.86×
• Total profit: $33,869
• Equity at exit: $12,096

Cash invested: $39,172 (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 32301

• Rents YoY: 4.2%
• Active inventory: 121
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,532 high
• Mortgage (P&I): −$734
• Tax from tax record: −$89 /mo · $1,071/yr
• Insurance: −$58
• HOA: −$5
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $324

Break-even live

Break-even rent $1,122

Max offer price $139,900

Occupancy floor 74%

Sensitivity live

Price	-10% $403	-5% $364	+0% $324	+5% $285	+10% $245
Rent	-10% $203	-5% $264	+0% $324	+5% $385	+10% $445
Rate	-1.0pp $395	-0.5pp $360	base $324	+0.5pp $288	+1.0pp $251

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2912 Capital Park Dr Tallahassee, FL	3.0	2.0	1236	$1,650	$1.33	14d	1	0.30mi
900 Riggins Rd Tallahassee, FL	1.0–3.0	1.0–2.0	997	$1,788	$1.79	14d	39	0.62mi
599 Chicopee Ct Unit D Tallahassee, FL	2.0	1.0	900	$1,095	$1.22	22d	1	0.63mi
581 Holyoke Ct Apt C Tallahassee, FL	2.0	1.0	995	$1,125	$1.13	22d	1	0.67mi
2102 E Park Ave Tallahassee, FL	1.0–2.0	1.0–1.5	715	$1,545	$2.16	14d	8	0.68mi
430 Grail Ct Tallahassee, FL	3.0	2.0	1252	$2,300	$1.84	22d	1	0.77mi
432 Merlin Way Tallahassee, FL	3.0	2.0	1453	$2,150	$1.48	22d	1	0.78mi
410 Victory Garden Dr Tallahassee, FL	1.0–3.0	1.0–2.5	1183	$1,485	$1.26	22d	1	0.82mi
600 Victory Garden Dr Tallahassee, FL	1.0	1.0	923	$1,389	$1.50	22d	1	0.96mi
2902 Battle Mountain Rd Tallahassee, FL	2.0	2.0	1160	$1,324	$1.14	22d	4	1.08mi
3148 Dick Wilson Blvd Tallahassee, FL	1.0–3.0	1.0–2.0	1536	$1,782	$1.16	14d	14	1.11mi
501 S Blair Stone Rd Tallahassee, FL	1.0–3.0	1.0–2.0	1080	$1,470	$1.36	22d	1	1.14mi
2350 Phillips Rd Tallahassee, FL	1.0–3.0	1.0–3.0	1119	$1,776	$1.59	14d	19	1.21mi
1800 Miccosukee Commons Dr Tallahassee, FL	1.0–3.0	1.0–2.0	895	$1,645	$1.84	14d	19	1.25mi
713 Pointe Ct Tallahassee, FL	2.0	1.0	860	$1,100	$1.28	14d	1	1.27mi
2850 Apalachee Pkwy Tallahassee, FL	1.0	1.0	750	$1,395	$1.86	14d	46	1.32mi
1839 Miccosukee Rd Tallahassee, FL	1.0–2.0	1.0	810	$1,250	$1.54	14d	5	1.44mi

HOA detail

• Monthly dues: $5 · $60/yr

Listing history 2 events

1. 2026-06-18
   remarks 111-char remark
2. 2026-06-18
   listed $139,900 Active 1 DOM

ⓘ 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: $1,071 · $89/mo
• Projected year-2 tax: $1,161 · $97/mo
• Expected delta: +$90/yr (+$8/mo · 8.4%)

ⓘ 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 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,385
• − Mortgage interest: −$7,837
• − Property taxes: −$1,071
• − Insurance: −$700
• − Repairs & maintenance: −$1,471
• − Management: −$1,471
• − HOA: −$60
• − Depreciation: −$4,070
• Taxable income: $1,707
• Est. tax owed @ 24.0%: −$410
• After-tax cash flow: $3,480/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): 32,017
• Household income: $50,942
• Rent vs Own: 68.8% rent · 31.2% own
• Severe rent burden: 2625.0

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 49% White 38% Hispanic / Latino 6% Two or more races 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 1% Cuban 1%
• Common ancestry: Slovak 2% Romanian 1% Lithuanian 1%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 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: ▼ -231.50%
• Current HPI: 231.103
• Rent YoY: ▲ 4.16%
• 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

+125.6% since first listed

9 events — show timeline

• 2026-04-29 Contingent — CATRS
• 2026-04-28 Listing Removed — CATRS
• 2026-04-21 Price Changed $139,900 CATRS
• 2026-04-15 Relisted — CATRS
• 2026-04-10 Contingent — CATRS
• 2026-04-06 Listed $149,900 CATRS
• 2026-03-31 Listed $139,900 CATRS
• 2015-12-22 Sold (Public Records) $81,000 Public Records
• 1995-08-09 Sold (Public Records) $62,000 Public Records

Property tax history

-2.8%/yr

Latest (2025): $1,071 · +4.1% YoY. Source: county tax records.