3355 Argonaut Dr · Tallahassee, FL 32312

$240,000

3 bd · 2.0 ba · 1,221 sqft · Other public records · 20 Days on market

Built 1999

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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 +20.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +4.4/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

SELLER IS INCLUDING A $3,000 CREDIT TOWARD CLOSING COSTS! Tucked just off a quiet cul-de-sac in Lakeshore Estates, this 3-bed townhome opens to a bright great room with soaring vaulted ceilings & acirc; & euro; & rdquo; and the next owner inherits the upgrades, not the to-do list. Every major system has been replaced: new roof (2022), HVAC (2023), water heater (2025), and brand-new double-hung windows (2026), meaning lower bills and zero big-ticket worries for years to come. Inside, new LVP flooring runs throughout, fresh carpet softens the stairs, the upstairs bath has a new vanity, and updated lighting brightens every room. The kitchen just got the same treatment: new GE dis

Key facts

• New hvac
• New water heater
• Great room

Tags

• CUL-DE-SAC
• GREAT ROOM
• VAULTED CEILINGS
• NEW ROOF
• NEW HVAC
• NEW WATER HEATER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $240k.

Deal economics

• At list price, monthly cash flow is $314 ($4k/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 $226k (5.8% below list).
• Recommended offer: $226k (5.8% below list) — sets the bar for 1% rule.
• Cap rate 7.9% 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 (+1.9%/yr); 192 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).

Forward outlook

• 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.
• 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 20 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100k; list at $240k implies a 140% 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 $226,188 (5.8% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.94% ✗
• Cap rate: 7.86%
• Cash-on-cash: 5.61%
• DSCR: 1.25
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.85% rent growth · sell at horizon

5-year hold

• IRR: -8.8%
• Equity multiple: 0.68×
• Total profit: $-21,536
• Equity at exit: $35,785

10-year hold

• IRR: -0.8%
• Equity multiple: 0.95×
• Total profit: $-3,673
• Equity at exit: $20,751

Cash invested: $67,200 (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 32312

• Rents YoY: 1.9%
• Active inventory: 192
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,262 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$114 /mo · $1,367/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $314

Break-even live

Break-even rent $1,864

Max offer price $240,000

Occupancy floor 81%

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3154 Folsom Rd Tallahassee, FL	3.0	2.0	1200	$1,850	$1.54	21d	1	0.63mi
1012 Sharer Ct Tallahassee, FL	2.0	2.0	1024	$1,450	$1.42	13d	1	1.35mi

Listing history 16 events

1. 2026-06-18
   days on market $240,000 Active 20 DOM
2. 2026-06-17
   days on market $240,000 Active 19 DOM
3. 2026-06-16
   days on market $240,000 Active 18 DOM
4. 2026-06-15
   days on market $240,000 Active 17 DOM
5. 2026-06-14
   days on market $240,000 Active 15 DOM
6. 2026-06-10
   days on market $240,000 Active 12 DOM
7. 2026-06-09
   days on market $240,000 Active 11 DOM
8. 2026-06-08
   days on market $240,000 Active 10 DOM
9. 2026-06-07
   days on market $240,000 Active 9 DOM
10. 2026-06-05
    days on market $240,000 Active 6 DOM
11. 2026-06-03
    days on market $240,000 Active 5 DOM
12. 2026-06-02
    days on market $240,000 Active 4 DOM
13. 2026-06-01
    days on market $240,000 Active 3 DOM
14. 2026-05-31
    days on market $240,000 Active 2 DOM
15. 2026-05-30
    remarks 687-char remark
16. 2026-05-30
    listed $240,000 Active 1 DOM

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

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,367 · $114/mo
• Projected year-2 tax: $1,992 · $166/mo
• Expected delta: +$625/yr (+$52/mo · 45.7%)

ⓘ 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 2/10 Low
• 🌡 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 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,143
• − Mortgage interest: −$13,444
• − Property taxes: −$1,367
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,171
• − Management: −$2,171
• − Depreciation: −$6,982
• Taxable loss: −$193
• Est. tax savings @ 24.0%: +$46
• After-tax cash flow: $3,819/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

• County: Leon County · 294,472 people
• City population: 294,472
• Metro: Tallahassee, FL
• Population (ZIP): 32,216
• Household income: $123,032
• Rent vs Own: 16.1% rent · 83.9% own
• Severe rent burden: 630.0

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: Predominantly White (75%)
• Race & ethnicity: White 75% Black 11% Hispanic / Latino 6% Two or more races 5% Asian 5%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 4% Italian 4% Serbian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 90% English-only · Spanish 3% Chinese 2% Other Asian/Pacific 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: ▼ -211.79%
• Current HPI: 240.8961
• Rent YoY: ▲ 1.85%
• 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

+140.0% since first listed

2 events — show timeline

• 2026-05-30 Listed $240,000 FSBO.com
• 2000-10-03 Sold (Public Records) $100,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $1,367 · +26.4% YoY. Source: county tax records.