207 Fleetwood St · Tallahassee, FL 32305

$175,000

3 bd · 2.0 ba · 1,463 sqft · Manufactured public records · 77 Days on market

Built 1986 0.29 ac lot

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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 +25.5/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cash Only purchase as lot financing will likely be limited due to the dwelling and structures on the property. Valuation of this property is determined by lot size, utilities in place, fully fenced property with 12x24 shed in great condition, and limited contribution of the bare bones doublewide. This 1980's doublewide is a great shell of a 1300+ sqft 3Bed/2Bath home on about a third of an acre. Renovate and Restore? Or Remove and Replace? It is up to you! The opportunity to rent or resale after improvement should offer a solid return to an investor. Located in the backside of the Famcee community near Silver Lake Park and Jake Gather Golf Course. This property is in a quite area that has a mix of single family detached and mobile homes.

Key facts

• 0.29 acre lot
• Parking
• Built 1986

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: Driveway
• Home design: Single-story; Single wide mobile home
• Construction: Vinyl siding
• Exterior features: Deck; Publicly maintained road

Interior

• Kitchen: Dishwasher; Icemaker; Microwave; Oven; Range; Refrigerator; Stove
• Bedrooms: Bedroom 2 (10 x 11); Bedroom 3 (10 x 11)
• Flooring: Plank flooring; Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air; Ceiling fans; Electric cooling
• Interior features: Split bedrooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $406 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• 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: 105 active listings in the ZIP; 8 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).
• At $2,045/mo this rent would consume 51% of the median local household income ($48k/yr) (locally 654% 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 77 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 4 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 $32k; list at $175k implies a 447% 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 $164,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.17% ✓
• Cap rate: 9.08%
• Cash-on-cash: 9.95%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $108,262
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
827 Ridge Rd	0.39mi	3/2.0	1,560 (+7%)	14mo	$115,000	$74	59
4302 W Bark Dr	0.66mi	3/2.0	1,319 (-10%)	4mo	$183,500	$139	50
209 Americana St	0.37mi	3/4.0	1,325 (-9%)	18mo	$82,000	$62	44

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-2,456
• Equity at exit: $26,093

10-year hold

• IRR: 8.4%
• Equity multiple: 1.64×
• Total profit: $31,300
• 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 32305

• Home prices YoY: -22.5%
• Active inventory: 105
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,045 high
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $406

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 75%

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 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3111 Rackley Dr Tallahassee, FL	4.0	2.5	1802	$3,800	$2.11	21d	1	0.54mi
3000 S Adams St Tallahassee, FL	1.0–3.0	1.0–3.0	884	$1,850	$2.09	21d	8	0.75mi
301 Gaile Ave Tallahassee, FL	3.0	1.0	1009	$1,400	$1.39	13d	1	0.88mi
3178 N Ridge Rd Apt A Tallahassee, FL	2.0	2.0	995	$1,350	$1.36	13d	1	0.95mi
3005 S Meridian St Tallahassee, FL	3.0	1.0	998	$2,300	$2.30	21d	1	1.00mi
509 Famcee Ave Tallahassee, FL	3.0	2.0	1079	$1,700	$1.58	21d	1	1.01mi
401 Putnam Dr Tallahassee, FL	1.0–2.0	1.0–2.0	766	$1,250	$1.63	21d	1	1.33mi
635 Palm Beach St Apt 125 Tallahassee, FL	2.0	2.0	900	$900	$1.00	21d	1	1.44mi

Listing history 25 events

1. 2026-06-18
   days on market $175,000 Active 77 DOM
2. 2026-06-17
   days on market $175,000 Active 76 DOM
3. 2026-06-16
   days on market $175,000 Active 75 DOM
4. 2026-06-15
   days on market $175,000 Active 74 DOM
5. 2026-06-14
   days on market $175,000 Active 72 DOM
6. 2026-06-10
   days on market $175,000 Active 69 DOM
7. 2026-06-09
   days on market $175,000 Active 68 DOM
8. 2026-06-08
   days on market $175,000 Active 67 DOM
9. 2026-06-07
   days on market $175,000 Active 66 DOM
10. 2026-06-05
    days on market $175,000 Active 63 DOM
11. 2026-06-03
    days on market $175,000 Active 62 DOM
12. 2026-06-02
    days on market $175,000 Active 61 DOM
13. 2026-06-01
    days on market $175,000 Active 60 DOM
14. 2026-05-31
    days on market $175,000 Active 59 DOM
15. 2026-05-30
    days on market $175,000 Active 58 DOM
16. 2026-05-17
    price $175,000
17. 2026-05-01
    status Active
18. 2026-04-22
    historical Active Under Contract
19. 2026-04-02
    listed $180,000 Active
20. 2026-03-28
    historical
21. 2026-03-14
    listed $180,000
22. 2025-05-09
    soldstatus $32,000 Closed 747-char remark

    Show marketing remark (747 chars)

    Cash Only purchase as lot financing will likely be limited due to the dwelling and structures on the property. Valuation of this property is determined by lot size, utilities in place, fully fenced property with 12x24 shed in great condition, and limited contribution of the bare bones doublewide. This 1980's doublewide is a great shell of a 1300+ sqft 3Bed/2Bath home on about a third of an acre. Renovate and Restore? Or Remove and Replace? It is up to you! The opportunity to rent or resale after improvement should offer a solid return to an investor. Located in the backside of the Famcee community near Silver Lake Park and Jake Gather Golf Course. This property is in a quite area that has a mix of single family detached and mobile homes.

23. 2025-04-05
    historical Contingent 747-char remark

    Show marketing remark (747 chars)

    Cash Only purchase as lot financing will likely be limited due to the dwelling and structures on the property. Valuation of this property is determined by lot size, utilities in place, fully fenced property with 12x24 shed in great condition, and limited contribution of the bare bones doublewide. This 1980's doublewide is a great shell of a 1300+ sqft 3Bed/2Bath home on about a third of an acre. Renovate and Restore? Or Remove and Replace? It is up to you! The opportunity to rent or resale after improvement should offer a solid return to an investor. Located in the backside of the Famcee community near Silver Lake Park and Jake Gather Golf Course. This property is in a quite area that has a mix of single family detached and mobile homes.

24. 2025-03-28
    price $49,900 747-char remark

    Show marketing remark (747 chars)

    Cash Only purchase as lot financing will likely be limited due to the dwelling and structures on the property. Valuation of this property is determined by lot size, utilities in place, fully fenced property with 12x24 shed in great condition, and limited contribution of the bare bones doublewide. This 1980's doublewide is a great shell of a 1300+ sqft 3Bed/2Bath home on about a third of an acre. Renovate and Restore? Or Remove and Replace? It is up to you! The opportunity to rent or resale after improvement should offer a solid return to an investor. Located in the backside of the Famcee community near Silver Lake Park and Jake Gather Golf Course. This property is in a quite area that has a mix of single family detached and mobile homes.

25. 2024-11-15
    listed $60,000 Active 747-char remark

    Show marketing remark (747 chars)

    Cash Only purchase as lot financing will likely be limited due to the dwelling and structures on the property. Valuation of this property is determined by lot size, utilities in place, fully fenced property with 12x24 shed in great condition, and limited contribution of the bare bones doublewide. This 1980's doublewide is a great shell of a 1300+ sqft 3Bed/2Bath home on about a third of an acre. Renovate and Restore? Or Remove and Replace? It is up to you! The opportunity to rent or resale after improvement should offer a solid return to an investor. Located in the backside of the Famcee community near Silver Lake Park and Jake Gather Golf Course. This property is in a quite area that has a mix of single family detached and mobile homes.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 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: $24,540
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$1,963
• − Management: −$1,963
• − Depreciation: −$5,091
• Taxable income: $2,220
• Est. tax owed @ 24.0%: −$533
• After-tax cash flow: $4,341/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): 19,384
• Household income: $48,045
• Rent vs Own: 40.7% rent · 59.3% own
• Severe rent burden: 654.0

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 0.57)
• Race & ethnicity: Black 57% White 33% Two or more races 5% Hispanic / Latino 5% Asian 1%
• Common ancestry: Serbian 1% Hispanic 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5% Other Indo-European 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: ▼ -63.40%
• Current HPI: 218.4834
• Rent YoY: —
• 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

+191.7% since first listed

10 events — show timeline

• 2026-05-17 Price Changed $175,000 CATRS
• 2026-05-01 Relisted — CATRS
• 2026-04-22 Contingent — CATRS
• 2026-04-02 Listed $180,000 CATRS
• 2026-03-28 Listing Removed — CATRS
• 2026-03-14 Listed $180,000 CATRS
• 2025-05-09 Sold (MLS) $32,000 CATRS
• 2025-04-05 Contingent — CATRS
• 2025-03-28 Price Changed $49,900 CATRS
• 2024-11-15 Listed $60,000 CATRS