500 Laura Lee Ave · Tallahassee, FL 32301

$149,900

3 bd · 1.5 ba · 1,215 sqft · SingleFamily public records · 142 Days on market

Built 1940 0.32 ac lot Est $202k · 26% under

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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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +6.8/10.0
• 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

Rare 3/2 home on 2 lots in the Fairview Subdivision, Corner lot, urban service area, transportation district and walking distance to Leon County Fairground. Updated carpet and paint. Hurry and don't miss it! Why this matters is, strategically located and near to the Florida Capital and FAMU.

Key facts

• Updated carpet
• Updated paint
• 2 lots

Tags

• 3/2 HOME
• 2 LOTS
• CORNER LOT
• UPDATED CARPET
• UPDATED PAINT

Property features AI

Finance

• Financial info: Offered for sale
• HOA & community: Street lights in community

Exterior

• Parking: Driveway
• Utilities: Public sewer
• Home design: Single-story; Wood siding construction
• Construction: Wood siding
• Exterior features: Covered porch; Partial fencing; Publicly maintained road access

Interior

• Kitchen: Oven; Range; Stove; Refrigerator
• Bedrooms: Bedroom 2 (14 x 10); Bedroom 3 (10 x 9)
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air; Ceiling fans
• Interior features: Entrance foyer; Pantry; Garden/roman tub
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $392 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 42% 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 $1k 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 $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $55k; list at $150k implies a 173% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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 $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.18% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.21%
• DSCR: 1.50
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $201,690
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3010 Prospect St	0.23mi	3/2.0	1,264 (+4%)	1mo	$210,000	$166	80
3101 Prospect St	0.27mi	4/2.0 (+1)	1,255 (+3%)	7mo	$235,000	$187	69
2452 King St	0.62mi	2/1.0 (-1)	1,250 (+3%)	2mo	$125,000	$100	58
2438 King St	0.65mi	3/1.0	1,143 (-6%)	2mo	$75,000	$66	57
3410 Laura St	0.69mi	3/1.0	1,232 (+1%)	8mo	$140,000	$114	56
925 Splendor Rd	0.68mi	3/2.0	1,200 (-1%)	10mo	$230,000	$192	56
516 Castlewood Dr	0.10mi	4/2.0 (+1)	1,040 (-14%)	15mo	$215,000	$207	52
3404 Mizell St	0.62mi	3/2.0	1,233 (+2%)	19mo	$201,000	$163	50
3415 Cornelia St	0.62mi	3/2.0	1,183 (-3%)	19mo	$155,000	$131	49
3404 Laura St	0.66mi	3/2.0	1,233 (+2%)	22mo	$215,000	$174	47
3222 Beacon St	0.63mi	3/1.5	1,341 (+10%)	11mo	$237,000	$177	44
512 Norma St	0.60mi	4/2.0 (+1)	1,076 (-11%)	16mo	$140,000	$130	33

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: 1.7%
• Equity multiple: 1.07×
• Total profit: $2,779
• Equity at exit: $22,351

10-year hold

• IRR: 12.4%
• Equity multiple: 2.03×
• Total profit: $43,387
• Equity at exit: $12,961

Cash invested: $41,972 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,770 high
• Mortgage (P&I): −$786
• Tax from tax record: −$157 /mo · $1,889/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $392

Break-even live

Break-even rent $1,273

Max offer price $149,900

Occupancy floor 73%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3005 S Meridian St Tallahassee, FL	3.0	1.0	998	$2,300	$2.30	21d	1	0.10mi
3000 S Adams St Tallahassee, FL	1.0–3.0	1.0–3.0	884	$1,850	$2.09	21d	8	0.44mi
401 Putnam Dr Tallahassee, FL	1.0–2.0	1.0–2.0	766	$1,250	$1.63	21d	1	0.46mi
735 Putnam Dr #2 Tallahassee, FL	3.0	2.5	1396	$1,650	$1.18	13d	1	0.60mi
2205 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	750	$1,225	$1.63	21d	1	0.74mi
2205 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	750	$1,225	$1.63	13d	9	0.74mi
2218 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	700	$1,200	$1.71	21d	7	0.75mi
301 Gaile Ave Tallahassee, FL	3.0	1.0	1009	$1,400	$1.39	13d	1	0.76mi
2873 Jim Lee Rd Tallahassee, FL	2.0	2.0	1000	$925	$0.93	21d	1	0.82mi
509 Famcee Ave Tallahassee, FL	3.0	2.0	1079	$1,700	$1.58	21d	1	0.89mi
418 Perkins St Tallahassee, FL	4.0	2.0	1497	$1,850	$1.24	21d	1	0.93mi
916 Saddle Creek Run Tallahassee, FL	4.0	2.0	1399	$1,750	$1.25	13d	1	1.04mi
1737 S M L King Jr Blvd Tallahassee, FL	3.0	1.0	701	$1,450	$2.07	21d	1	1.15mi
635 Palm Beach St Apt 125 Tallahassee, FL	2.0	2.0	900	$900	$1.00	21d	1	1.25mi
4787 Cypress Brooke Way Tallahassee, FL	3.0	2.0	1220	$1,799	$1.47	21d	1	1.32mi
1533 S Bronough St Tallahassee, FL	2.0	1.0	750	$1,150	$1.53	13d	1	1.35mi
643 Kissimmee St Tallahassee, FL	2.0	1.0	800	$1,595	$1.99	21d	1	1.35mi
1504 S Adams St #1 Tallahassee, FL	2.0	2.0	1088	$1,300	$1.19	13d	1	1.36mi
1730 Beechwood Cir N Tallahassee, FL	2.0	2.5	1216	$1,500	$1.23	21d	1	1.46mi

Listing history 28 events

1. 2026-06-18
   days on market $149,900 Active 142 DOM
2. 2026-06-17
   days on market $149,900 Active 141 DOM
3. 2026-06-16
   days on market $149,900 Active 140 DOM
4. 2026-06-15
   days on market $149,900 Active 139 DOM
5. 2026-06-14
   days on market $149,900 Active 137 DOM
6. 2026-06-10
   days on market $149,900 Active 134 DOM
7. 2026-06-09
   days on market $149,900 Active 133 DOM
8. 2026-06-08
   days on market $149,900 Active 132 DOM
9. 2026-06-07
   days on market $149,900 Active 131 DOM
10. 2026-06-05
    days on market $149,900 Active 128 DOM
11. 2026-06-03
    days on market $149,900 Active 127 DOM
12. 2026-06-02
    days on market $149,900 Active 126 DOM
13. 2026-06-01
    days on market $149,900 Active 125 DOM
14. 2026-05-31
    days on market $149,900 Active 124 DOM
15. 2026-05-30
    days on market $149,900 Active 123 DOM
16. 2026-01-27
    listed $149,900 Active
17. 2026-01-27
    historical
18. 2025-07-07
    price $154,900
19. 2025-06-06
    price $164,900
20. 2025-05-08
    price $169,900
21. 2025-03-18
    price $175,000
22. 2025-03-13
    price $180,000
23. 2025-03-04
    price $185,000
24. 2025-03-04
    listed $185,000 Active
25. 2025-03-04
    historical
26. 2025-02-10
    price $197,000
27. 2024-12-20
    listed $203,000 Active
28. 2004-01-29
    soldstatus $55,000

ⓘ 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: $1,889 · $157/mo
• Projected year-2 tax: $1,889 · $157/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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,237
• − Mortgage interest: −$8,397
• − Property taxes: −$1,889
• − Insurance: −$750
• − Repairs & maintenance: −$1,699
• − Management: −$1,699
• − Depreciation: −$4,361
• Taxable income: $2,442
• Est. tax owed @ 24.0%: −$586
• After-tax cash flow: $4,119/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

+172.5% since first listed

13 events — show timeline

• 2026-01-27 Listing Removed — CATRS
• 2026-01-27 Listed $149,900 CATRS
• 2025-07-07 Price Changed $154,900 CATRS
• 2025-06-06 Price Changed $164,900 CATRS
• 2025-05-08 Price Changed $169,900 CATRS
• 2025-03-18 Price Changed $175,000 CATRS
• 2025-03-13 Price Changed $180,000 CATRS
• 2025-03-04 Price Changed $185,000 CATRS
• 2025-03-04 Listing Removed — CATRS
• 2025-03-04 Listed $185,000 CATRS
• 2025-02-10 Price Changed $197,000 CATRS
• 2024-12-20 Listed $203,000 CATRS
• 2004-01-29 Sold (Public Records) $55,000 Public Records

Property tax history

+16.4%/yr

Latest (2025): $1,889 · +10.4% YoY. Source: county tax records.