1520 Elberta Dr · Tallahassee, FL 32304

$195,000

3 bd · 2.0 ba · 1,033 sqft · SingleFamily public records · 14 Days on market

Built 2004 6,098 sqft lot Est $183k · 7% over

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Why this score? — see what drove the D- 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 +11.3/30.0
• ARV discount +4.5/15.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.7/5.0
• DSCR +3.3/10.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property is ideal for both investment purposes and first-time home buyers. It features a split bedroom floor plan with three bedrooms and two bathrooms, providing privacy and convenience. The eat-in kitchen offers a cozy dining space, and the master suite includes a walk-in closet for added storage. Overall, it's a great opportunity for investment or as a comfortable home for first-time buyers.

Key facts

• New kitchen
• Custom tile-work
• Complete renovation

Tags

• NEW ROOF
• COMPLETE RENOVATION
• NEW KITCHEN
• FULLY RENOVATED BATHROOMS
• CUSTOM TILE-WORK
• FENCED BACKYARD

Property features AI

Finance

• Financial info: Property is listed for sale

Exterior

• Parking: Driveway
• Security: Fenced yard
• Utilities: Central electric heating and cooling; Public water/sewer (road access is public and paved)
• Home design: Single-story; Vinyl siding construction
• Construction: Vinyl siding
• Exterior features: Fully fenced; Paved public-maintained road access

Interior

• Kitchen: Oven; Range; Microwave; Refrigerator; Icemaker; Disposal
• Bedrooms: Bedroom 2: 10x10; Bedroom 3: 10x10
• Flooring: Plank; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Plank and vinyl flooring; Fully fenced yard (listed under exterior but relates to overall property security/privacy)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $-72 ($-860/yr) — negative.
• To cash-flow at today's rent, offer at most $182k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (21.8% below list).
• Recommended offer: $153k (21.8% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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 fast (+4.7%/yr); 142 active listings in the ZIP; 32 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).
• At $1,526/mo this rent would consume 57% of the median local household income ($32k/yr) (locally 6995% 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 $6k 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 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $14k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $152,575 (21.8% below list)

Questions for the listing agent

1. 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?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.78% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.58%
• DSCR: 0.93
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $182,841
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1737 Atkamire Dr	0.37mi	3/1.0	1,026 (-1%)	7mo	$180,000	$175	72
1811 Jackson Bluff Rd	0.48mi	3/1.0	1,042 (+1%)	3mo	$115,000	$110	70
1605 Mayhew St	0.14mi	3/1.0	912 (-12%)	8mo	$165,000	$181	63
1631 Mccaskill Ave	0.26mi	2/1.0 (-1)	946 (-8%)	5mo	$98,000	$104	60
901 Brave Trl	0.60mi	3/2.0	1,092 (+6%)	3mo	$199,900	$183	60
1820 Keith St	0.65mi	3/1.0	975 (-6%)	1mo	$140,000	$144	55
1824 Tyndall Dr	0.50mi	3/1.0	934 (-10%)	5mo	$165,000	$177	53
1811 Tyndall Dr	0.44mi	3/1.0	912 (-12%)	4mo	$169,000	$185	52
1751 Pepper Dr	0.33mi	4/2.0 (+1)	1,186 (+15%)	4mo	$205,000	$173	51
2034 Hillsborough St	0.44mi	3/1.0	888 (-14%)	4mo	$140,000	$158	49
1825 Tyndall Dr	0.48mi	3/1.0	912 (-12%)	6mo	$185,000	$203	48
1410 Coleman St	0.59mi	2/1.0 (-1)	900 (-13%)	2mo	$193,750	$215	40

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 · 4.69% rent growth · sell at horizon

5-year hold

• IRR: -17.1%
• Equity multiple: 0.39×
• Total profit: $-33,548
• Equity at exit: $29,075

10-year hold

• IRR: -6.4%
• Equity multiple: 0.56×
• Total profit: $-23,971
• Equity at exit: $16,860

Cash invested: $54,600 (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 32304

• Home prices YoY: -21.2%
• Rents YoY: 4.7%
• Active inventory: 142
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,526 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$173 /mo · $2,078/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $-72

Break-even live

Break-even rent $1,617

Max offer price $182,333

Occupancy floor 100%

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1426 Pepper Dr Tallahassee, FL	2.0	1.0	858	$1,250	$1.46	21d	1	0.15mi
1616 McCaskill Ave Tallahassee, FL	1.0–2.0	1.0	750	$969	$1.29	21d	43	0.16mi
1615 Sharkey St Tallahassee, FL	4.0	2.0	1278	$1,600	$1.25	21d	1	0.24mi
1643 Sharkey St Tallahassee, FL	3.0	1.0	912	$1,350	$1.48	21d	1	0.24mi
1606 Airport Dr Tallahassee, FL	3.0	2.0	1008	$1,395	$1.38	21d	1	0.34mi
1240 Levy Ave Tallahassee, FL	3.0	1.0	1290	$1,350	$1.05	21d	1	0.37mi
1303 Airport Dr Unit A08 Tallahassee, FL	2.0	2.5	1083	$1,475	$1.36	21d	1	0.38mi
1327 Jackson Bluff Rd Tallahassee, FL	2.0–4.0	2.0	1450	$685	$0.47	21d	1	0.43mi
1717 Airport Dr Unit 1717-2 Tallahassee, FL	4.0	2.5	1250	$1,900	$1.52	21d	1	0.43mi
930 S Lipona Rd Unit D Tallahassee, FL	2.0	2.0	896	$1,295	$1.45	21d	1	0.51mi
1801 Lenora Dr Tallahassee, FL	3.0	1.0	1150	$1,800	$1.57	21d	1	0.61mi
1612 Overstreet St Tallahassee, FL	3.0	3.0	1500	$3,300	$2.20	21d	1	0.74mi
301 S Lipona Rd #24 Tallahassee, FL	2.0	1.5	896	$1,350	$1.51	21d	1	0.76mi
1854 Belle Vue Way Tallahassee, FL	2.0–4.0	1.0–2.0	1100	$1,768	$1.61	21d	1	0.77mi
833 W Gaines St Tallahassee, FL	2.0	2.0	1080	$2,350	$2.18	13d	2	0.80mi
220 Atkinson Dr Unit D Tallahassee, FL	2.0	1.0	928	$1,100	$1.19	21d	1	0.80mi
2125 Jackson Bluff Rd Tallahassee, FL	1.0–3.0	1.0–2.0	975	$1,399	$1.43	21d	4	0.85mi
1315 Pinellas St Tallahassee, FL	3.0	3.0	1197	$1,450	$1.21	21d	1	0.86mi
2131 Jackson Bluff Rd Tallahassee, FL	2.0	2.0	1043	$1,257	$1.21	13d	3	0.90mi
643 Kissimmee St Tallahassee, FL	2.0	1.0	800	$1,595	$1.99	21d	1	0.94mi
316 Ausley Rd Tallahassee, FL	1.0–4.0	1.0–2.0	750	$1,197	$1.60	13d	8	0.95mi
808 Saint Augustine St Tallahassee, FL	2.0	2.5	1500	$2,095	$1.40	21d	1	0.96mi
635 Palm Beach St Apt 125 Tallahassee, FL	2.0	2.0	900	$900	$1.00	21d	1	1.03mi
322 Conradi St Tallahassee, FL	3.0	2.0	1100	$1,950	$1.77	21d	4	1.21mi
2202 W Pensacola St Tallahassee, FL	1.0–3.0	1.0	950	$1,499	$1.58	21d	3	1.32mi
317 Mabry St Tallahassee, FL	2.0	1.0	808	$898	$1.11	21d	1	1.34mi
509 Famcee Ave Tallahassee, FL	3.0	2.0	1079	$1,700	$1.58	21d	1	1.39mi
1737 S M L King Jr Blvd Tallahassee, FL	3.0	1.0	701	$1,450	$2.07	21d	1	1.42mi
1533 S Bronough St Tallahassee, FL	2.0	1.0	750	$1,150	$1.53	13d	1	1.42mi
1525 W Tennessee St #307 Tallahassee, FL	2.0	1.0	1200	$1,600	$1.33	21d	1	1.42mi
3178 N Ridge Rd Apt A Tallahassee, FL	2.0	2.0	995	$1,350	$1.36	13d	1	1.43mi
847 W Georgia St Tallahassee, FL	4.0	4.0	1500	$1,900	$1.27	13d	1	1.49mi

Listing history 25 events

1. 2026-06-18
   days on market $195,000 Active 14 DOM
2. 2026-06-17
   days on market $195,000 Active 13 DOM
3. 2026-06-16
   days on market $195,000 Active 12 DOM
4. 2026-06-15
   days on market $195,000 Active 11 DOM
5. 2026-06-14
   days on market $195,000 Active 9 DOM
6. 2026-06-10
   days on market $195,000 Active 6 DOM
7. 2026-06-09
   days on market $195,000 Active 5 DOM
8. 2026-06-08
   days on market $195,000 Active 4 DOM
9. 2026-06-07
   days on market $195,000 Active 3 DOM
10. 2026-06-05
    remarks 693-char remark
11. 2026-06-05
    pricedays on marketlisting id $195,000 Active 1 DOM
12. 2026-06-03
    days on market $209,000 Active 26 DOM
13. 2026-06-02
    days on market $209,000 Active 25 DOM
14. 2026-06-01
    days on market $209,000 Active 24 DOM
15. 2026-05-31
    days on market $209,000 Active 23 DOM
16. 2026-05-30
    days on market $209,000 Active 22 DOM
17. 2026-05-08
    listed $209,000 Active
18. 2023-06-21
    soldstatus $160,000
19. 2023-06-19
    soldstatus $160,000 Closed 402-char remark

    Show marketing remark (402 chars)

    This property is ideal for both investment purposes and first-time home buyers. It features a split bedroom floor plan with three bedrooms and two bathrooms, providing privacy and convenience. The eat-in kitchen offers a cozy dining space, and the master suite includes a walk-in closet for added storage. Overall, it's a great opportunity for investment or as a comfortable home for first-time buyers.

20. 2023-05-21
    historical Active Under Contract 402-char remark

    Show marketing remark (402 chars)

    This property is ideal for both investment purposes and first-time home buyers. It features a split bedroom floor plan with three bedrooms and two bathrooms, providing privacy and convenience. The eat-in kitchen offers a cozy dining space, and the master suite includes a walk-in closet for added storage. Overall, it's a great opportunity for investment or as a comfortable home for first-time buyers.

21. 2023-05-13
    listed $160,000 Active 402-char remark

    Show marketing remark (402 chars)

    This property is ideal for both investment purposes and first-time home buyers. It features a split bedroom floor plan with three bedrooms and two bathrooms, providing privacy and convenience. The eat-in kitchen offers a cozy dining space, and the master suite includes a walk-in closet for added storage. Overall, it's a great opportunity for investment or as a comfortable home for first-time buyers.

22. 2010-06-02
    historical
23. 2010-03-07
    listed $95,000
24. 2003-08-14
    soldstatus $12,500
25. 2003-04-04
    soldstatus $37,500

ⓘ 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: $2,078 · $173/mo
• Projected year-2 tax: $2,078 · $173/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,309
• − Mortgage interest: −$10,923
• − Property taxes: −$2,078
• − Insurance: −$975
• − Repairs & maintenance: −$1,465
• − Management: −$1,465
• − Depreciation: −$5,673
• Taxable loss: −$4,270
• Est. tax savings @ 24.0%: +$1,025
• After-tax cash flow: $164/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): 51,673
• Household income: $32,348
• Rent vs Own: 86.5% rent · 13.5% own
• Severe rent burden: 6995.0

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 0.65)
• Race & ethnicity: White 45% Black 36% Hispanic / Latino 10% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 86% English-only · Spanish 7% Other Indo-European 2% 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: ▼ -72.04%
• Current HPI: 267.8426
• Rent YoY: ▲ 4.69%
• 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

+457.3% since first listed

9 events — show timeline

• 2026-05-08 Listed $209,000 CATRS
• 2023-06-21 Sold (Public Records) $160,000 Public Records
• 2023-06-19 Sold (MLS) $160,000 CATRS
• 2023-05-21 Contingent — CATRS
• 2023-05-13 Listed $160,000 CATRS
• 2010-06-02 Listing Removed — CATRS
• 2010-03-07 Listed $95,000 CATRS
• 2003-08-14 Sold (Public Records) $12,500 Public Records
• 2003-04-04 Sold (Public Records) $37,500 Public Records

Property tax history

+6.5%/yr

Latest (2025): $2,078 · +2.8% YoY. Source: county tax records.