2310 Tallahassee Dr

Tallahassee, FL 32309

$219,000C-

4 bd · 1.5 ba · 1,560 sqft · Built 1967 · SingleFamily · Active · 243 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,963/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$421
• HOA: −$0
• Vac / Maint / Mgmt: −$412
• Net cashflow: $-19/mo
• Annual: $-232/yr
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• 1% rule: 0.90%
• Cash to close: $61,320

Investor read

• This is a 4-bed/1.5-bath single-family listed at $219k.
• At list price, monthly cash flow is $-19 ($-232/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (10.4% below list).
• It's been on market 243 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $193k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• 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: Gilchrist Elementary School (math 79% / reading 83%, grade A+, #95 of 2,144 statewide, top 5%, 864 students, 20% FRL); William J Montford Iii Middle School (math 72% / reading 69%, grade A, #63 of 571 statewide, top 11%, 921 students, 22% FRL); Lincoln High School (math 37% / reading 54%, grade D-, #223 of 667 statewide, top 34%, 1,861 students, 28% FRL) — zoned schools average 23% FRL vs 45% district-wide (21 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 66% at this address vs 50% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Leon average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+9.1%/yr); 108 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• Leon County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 4y 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 $187k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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.
• Cap rate 6.2% 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.

Questions for listing agent

• 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?
• It's been on market 243 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.