1 bd · 1.0 ba ·
710 sqft ·
Built 1967
· Condo
· Active
· 60 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$1,037/mo
Mortgage (P&I)
−$356
Tax + insurance
−$112
HOA
−$232
Vac / Maint / Mgmt
−$218
Net cashflow
$119/mo
Annual
$1,425/yr
Cap rate
8.39%
Cash-on-cash
7.49%
DSCR
1.33
1% rule
1.53%
Cash to close
$19,012
Investor read
This is a 1-bed/1.0-bath condo listed at $68k.
At list price, monthly cash flow is $119 ($1k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($1k rent vs $68k).
It's been on market 60 days — a 3% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $66k (3.0% below list) — sets the bar for market timing.
Local home prices are declining (-3.0%/yr); year-one equity from $469 of loan paydown is wiped out by about $2k 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.
Watch-outs: HOA is 22% of rent.
Market conditions: Rents rising fast (+4.7%/yr); 142 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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.
4 sale attempts since 19y 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.
At projected returns (-3.0% appreciation + 4.7% rent growth), your $19k cash investment doubles in ~10 years — after that, you're playing with house money.
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 8.4% 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.
This rent runs 38% of the median local income ($32k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.
Questions for listing agent
It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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.
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· Data 3 weeks agocashflowre.app · 2026-05-29