1994 Darryl Dr #1994 · Tallahassee, FL 32301

$465,000

5 bd · 4.5 ba · 3,698 sqft · MultiFamily · 12 Days on market

Built 1981 Fair condition

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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 +17.9/30.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This triplex is a fully occupied, income baring and a well maintained investment property. Both end units have 2 two bedroom, 1 full bath and a half bathroom. The middle unit is a very large 1 one bedroom with 1 full bath and a half bath. All 3 units have nice, spacious floor plans equipped with fireplaces, decks, balconies, individual driveways, and large yards. Agent has Cash Flow Summary reports for the past 3 years upon request. Agent needs 48 hour notice before showings and would appreciate serious qualified buyers only. Property is being sold in its "As Is" Condition. Lot dimension and each units square footage is approximate.

Key facts

• Investment property
• Spacious floor plan
• Long term tenants

Tags

• WELL MAINTAINED TRI-PLEX
• OWNER OCCUPIED RENTAL UNIT
• INVESTMENT PROPERTY
• LONG TERM TENANTS
• SPACIOUS FLOOR PLAN
• EQUIPPED WITH FIREPLACES

Property features AI

Finance

• Other: Gardener included in rent
• Financial info: Property is for sale; Lease terms noted as twelve months for rentals; Rent details for units: Unit 1 (2 beds) actual rent $1,200; Unit 3 (2 beds) actual rent $900; Unit 2 (1 bed) rent not listed

Exterior

• Parking: Assigned parking spaces
• Security: Smoke detector(s)
• Utilities: Owner pays insurance, repairs, and taxes
• Home design: Multi-unit property with 3 total units
• Construction: Cedar, frame, and redwood siding construction
• Exterior features: Deck; Fully fenced yard; Fenced

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: Primary bedroom; Unit breakdown: three units — two 2-bedroom units and one 1-bedroom unit
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: Each unit has 1 full bathroom and 1 half bathroom
• Heating & cooling: Central heating; Electric heating; Wood heating; Central air conditioning; Ceiling fan(s); Electric cooling
• Interior features: Has fireplace; Smoke detector(s)
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 5-bed/4.5-bath multifamily listed at $465k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $388 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $456k (2.0% below list).
• Recommended offer: $456k (2.0% below list) — sets the bar for 1% rule.
• 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 (+4.2%/yr); 121 active listings in the ZIP; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• At $4,559/mo this rent would consume 107% of the median local household income ($51k/yr) (locally 2625% 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 $3k of loan paydown is wiped out by about $14k 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

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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 $230k; list at $465k implies a 102% 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 $455,900 (2.0% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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 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: 0.98% ✗
• Cap rate: 7.29%
• Cash-on-cash: 3.58%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.16% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.65×
• Total profit: $-45,181
• Equity at exit: $69,333

10-year hold

• IRR: 1.6%
• Equity multiple: 1.12×
• Total profit: $15,380
• Equity at exit: $40,205

Cash invested: $130,200 (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: 24.9×

Monthly cashflow live

• Estimated rent: $4,559 high
• Mortgage (P&I): −$2,439
• Tax est. 1.5%: −$581 /mo · $6,975/yr
• Insurance: −$194
• HOA: −$0
• Vacancy / Maint / Mgmt: −$957
• Net cashflow: $388

Break-even live

Break-even rent $4,068

Max offer price $465,000

Occupancy floor 86%

Sensitivity live

Price	-10% $709	-5% $549	+0% $388	+5% $227	+10% $67
Rent	-10% $28	-5% $208	+0% $388	+5% $568	+10% $748
Rate	-1.0pp $622	-0.5pp $506	base $388	+0.5pp $268	+1.0pp $145

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,112
1× unit	1	1.5	$1,448
Total (3 units)			$4,559

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: $116,250
• Closing costs: $13,950
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $465,000 Active 12 DOM
2. 2026-06-17
   days on market $465,000 Active 11 DOM
3. 2026-06-16
   days on market $465,000 Active 10 DOM
4. 2026-06-15
   days on market $465,000 Active 9 DOM
5. 2026-06-14
   days on market $465,000 Active 7 DOM
6. 2026-06-10
   days on market $465,000 Active 4 DOM
7. 2026-06-09
   days on market $465,000 Active 3 DOM
8. 2026-06-08
   days on market $465,000 Active 2 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $465,000 Active 1 DOM

ⓘ 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 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: $54,708
• − Mortgage interest: −$26,047
• − Property taxes: −$6,975
• − Insurance: −$2,325
• − Repairs & maintenance: −$4,377
• − Management: −$4,377
• − Depreciation: −$13,527
• Taxable loss: −$2,920
• Est. tax savings @ 24.0%: +$701
• After-tax cash flow: $5,358/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.

Condition & rehab AI · 14 photos

Fair 45/100 Moderate rehab

This triplex requires significant repairs and updates to its exterior and interior systems, but it has the potential to be a valuable investment property with the right updates.

Repairs flagged

• Major roof — The roof appears to be in poor condition with visible damage and potential leaks.
• Major siding — The siding is peeling and in need of repainting.
• Major landscaping — The landscaping is overgrown and requires trimming.
• Major fencing — The fencing is in fair condition but could be upgraded for a more modern look.

Value-add opportunities

• Both Replace the roof and siding — A new roof and siding will significantly improve the home's curb appeal and increase its value for both resale and rental.
• Both Update the kitchen and bathrooms — New appliances, fixtures, and tiles will make the home more attractive and increase its value for both resale and rental.
• Both Upgrade the landscaping and fencing — A well-maintained and aesthetically pleasing landscape and modern fencing will enhance the home's curb appeal and increase its value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be in poor condition with visible damage and potential leaks.	Major	$15,000–50,000
siding · The siding is peeling and in need of repainting.	Major	$15,000–50,000
landscaping · The landscaping is overgrown and requires trimming.	Major	$15,000–50,000
fencing · The fencing is in fair condition but could be upgraded for a more modern look.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Replace the roof and siding — A new roof and siding will significantly improve the home's curb appeal and increase its value for both resale and rental. ↑
• Both Update the kitchen and bathrooms — New appliances, fixtures, and tiles will make the home more attractive and increase its value for both resale and rental. ↑
• Both Upgrade the landscaping and fencing — A well-maintained and aesthetically pleasing landscape and modern fencing will enhance the home's curb appeal and increase its value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+94.6% since first listed

3 events — show timeline

• 2026-06-06 Listed $465,000 CATRS
• 2020-03-11 Sold (MLS) $230,000 CATRS
• 2019-12-06 Listed $239,000 CATRS