3000 S Adams St #1118 · Tallahassee, FL 32301

$115,000

3 bd · 3.0 ba · 1,264 sqft · Condo · 78 Days on market

Built 2005 Est $200k · 42% under $319/mo HOA · 18% of rent ↓ 21% since listing

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Why this score? — see what drove the B 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 +25.9/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +8.7/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Do you have a 1st time Buyer or an investor that is looking for an easy to maintain condo? With this great floor plan and ample living space, you don't have to look any further! With the Condo Fees, the Amenities include club house, pool, movie theater and study area. Each bedroom has private bathroom. Galley kitchen with living room/dining room combo. Central location close to everything. Property sold AS-IS. TENANTS WOULD LIKE TO HAVE 48 HOURS TO SHOW. Call agent to set things up.

Key facts

• Gated community
• Clubhouse
• Community pool

Tags

• PRIVATE EN-SUITE BATHROOM
• GATED COMMUNITY
• COMMUNITY POOL
• CLUBHOUSE
• FUNCTIONAL LAYOUT

Property features AI

Finance

• Other: Property listed for sale
• HOA & community: Association fee (includes clubhouse, insurance, structure maintenance, pool(s), trash, water)

Exterior

• Parking: Parking space(s)
• Security: Gated community
• Utilities: Public sewer
• Home design: Brick construction
• Construction: Brick construction
• Exterior features: Community pool; Paved road

Interior

• Kitchen: Oven; Range; Refrigerator; Dishwasher; Disposal; Pantry
• Bedrooms: Bedroom 2 (13x11); Bedroom 3 (13x11)
• Flooring: Carpet; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating (electric); Central air; Ceiling fan(s); Electric cooling
• Interior features: Pantry; Split bedrooms; Walk-in closet(s)
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $281 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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.
• Zoned schools: Bond Elementary School (math 38% / reading 27%, grade F, #1,787 of 2,144 statewide, top 84%, 536 students, 84% FRL); R. Frank Nims Middle School (math 20% / reading 24%, grade F, #549 of 571 statewide, top 97%, 609 students, 82% FRL); James Rickards High School (math 23% / reading 37%, grade F, #441 of 667 statewide, top 67%, 1,581 students, 57% FRL) — zoned schools average 75% FRL vs 45% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 50% district-wide (-22 pts) — the specific schools serving this property underperform the Leon average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.2%/yr); 121 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $795 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y 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 $72k; list at $115k implies a 60% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.54% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.47%
• DSCR: 1.47
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $199,712
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2304 S Calhoun St Unit A&B	0.70mi	4/2.0 (+1)	1,200 (-5%)	14mo	$190,000	$158	38

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 · 4.16% rent growth · sell at horizon

5-year hold

• IRR: 1.2%
• Equity multiple: 1.05×
• Total profit: $1,565
• Equity at exit: $17,147

10-year hold

• IRR: 12.4%
• Equity multiple: 2.06×
• Total profit: $34,065
• Equity at exit: $9,943

Cash invested: $32,200 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,765 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$319
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $281

Break-even live

Break-even rent $1,410

Max offer price $115,000

Occupancy floor 79%

Sensitivity live

Price	-10% $360	-5% $321	+0% $281	+5% $241	+10% $201
Rent	-10% $141	-5% $211	+0% $281	+5% $351	+10% $420
Rate	-1.0pp $339	-0.5pp $310	base $281	+0.5pp $251	+1.0pp $221

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3000 S Adams St Tallahassee, FL	1.0–3.0	1.0–3.0	884	$1,850	$2.09	22d	8	0.03mi
3005 S Meridian St Tallahassee, FL	3.0	1.0	998	$2,300	$2.30	22d	1	0.44mi
509 Famcee Ave Tallahassee, FL	3.0	2.0	1079	$1,700	$1.58	22d	1	0.55mi
401 Putnam Dr Tallahassee, FL	1.0–2.0	1.0–2.0	766	$1,250	$1.63	22d	1	0.59mi
3111 Rackley Dr Tallahassee, FL	4.0	2.5	1802	$3,800	$2.11	22d	1	0.78mi
2205 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	750	$1,225	$1.63	15d	9	0.81mi
2205 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	750	$1,225	$1.63	22d	1	0.81mi
2218 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	700	$1,200	$1.71	22d	7	0.82mi
301 Gaile Ave Tallahassee, FL	3.0	1.0	1009	$1,400	$1.39	15d	1	0.88mi
735 Putnam Dr #2 Tallahassee, FL	3.0	2.5	1396	$1,650	$1.18	15d	1	0.89mi
635 Palm Beach St Apt 125 Tallahassee, FL	2.0	2.0	900	$900	$1.00	22d	1	0.97mi
402 Perkins St Tallahassee, FL	4.0	2.0	1686	$1,850	$1.10	22d	1	0.99mi
418 Perkins St Tallahassee, FL	4.0	2.0	1497	$1,850	$1.24	22d	1	1.01mi
3178 N Ridge Rd Apt A Tallahassee, FL	2.0	2.0	995	$1,350	$1.36	15d	1	1.22mi
2873 Jim Lee Rd Tallahassee, FL	2.0	2.0	1000	$925	$0.93	22d	1	1.23mi
1504 S Adams St #1 Tallahassee, FL	2.0	2.0	1088	$1,300	$1.19	15d	1	1.33mi
916 Saddle Creek Run Tallahassee, FL	4.0	2.0	1399	$1,750	$1.25	15d	1	1.40mi

HOA detail condo

• Monthly dues: $319 · $3,828/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $115,000 Active 78 DOM
2. 2026-06-17
   days on market $115,000 Active 77 DOM
3. 2026-06-16
   days on market $115,000 Active 76 DOM
4. 2026-06-15
   days on market $115,000 Active 75 DOM
5. 2026-06-14
   days on market $115,000 Active 73 DOM
6. 2026-06-10
   days on market $115,000 Active 70 DOM
7. 2026-06-09
   days on market $115,000 Active 69 DOM
8. 2026-06-08
   days on market $115,000 Active 68 DOM
9. 2026-06-07
   days on market $115,000 Active 67 DOM
10. 2026-06-05
    days on market $115,000 Active 64 DOM
11. 2026-06-03
    days on market $115,000 Active 63 DOM
12. 2026-06-02
    days on market $115,000 Active 62 DOM
13. 2026-06-01
    days on market $115,000 Active 61 DOM
14. 2026-05-31
    days on market $115,000 Active 60 DOM
15. 2026-05-30
    days on market $115,000 Active 59 DOM
16. 2026-04-01
    listed $115,000 Active
17. 2021-04-21
    soldstatus $72,000 Closed 487-char remark

    Show marketing remark (487 chars)

    Do you have a 1st time Buyer or an investor that is looking for an easy to maintain condo? With this great floor plan and ample living space, you don't have to look any further! With the Condo Fees, the Amenities include club house, pool, movie theater and study area. Each bedroom has private bathroom. Galley kitchen with living room/dining room combo. Central location close to everything. Property sold AS-IS. TENANTS WOULD LIKE TO HAVE 48 HOURS TO SHOW. Call agent to set things up.

18. 2021-04-01
    listed Active Under Contract 487-char remark

    Show marketing remark (487 chars)

    Do you have a 1st time Buyer or an investor that is looking for an easy to maintain condo? With this great floor plan and ample living space, you don't have to look any further! With the Condo Fees, the Amenities include club house, pool, movie theater and study area. Each bedroom has private bathroom. Galley kitchen with living room/dining room combo. Central location close to everything. Property sold AS-IS. TENANTS WOULD LIKE TO HAVE 48 HOURS TO SHOW. Call agent to set things up.

19. 2021-02-08
    listed $82,000 487-char remark

    Show marketing remark (487 chars)

    Do you have a 1st time Buyer or an investor that is looking for an easy to maintain condo? With this great floor plan and ample living space, you don't have to look any further! With the Condo Fees, the Amenities include club house, pool, movie theater and study area. Each bedroom has private bathroom. Galley kitchen with living room/dining room combo. Central location close to everything. Property sold AS-IS. TENANTS WOULD LIKE TO HAVE 48 HOURS TO SHOW. Call agent to set things up.

20. 2011-07-02
    historical
21. 2011-06-01
    listed $75,000
22. 2006-12-06
    soldstatus $145,300
23. 2006-12-04
    soldstatus $145,300
24. 2005-11-14
    listed $145,300

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 21 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: $21,185
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,695
• − Management: −$1,695
• − HOA: −$3,828
• − Depreciation: −$3,345
• Taxable income: $1,880
• Est. tax owed @ 24.0%: −$451
• After-tax cash flow: $2,920/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): 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

-20.9% since first listed

9 events — show timeline

• 2026-04-01 Listed $115,000 CATRS
• 2021-04-21 Sold (MLS) $72,000 CATRS
• 2021-04-01 Listed — CATRS
• 2021-02-08 Listed $82,000 CATRS
• 2011-07-02 Listing Removed — CATRS
• 2011-06-01 Listed $75,000 CATRS
• 2006-12-06 Sold (Public Records) $145,300 Public Records
• 2006-12-04 Sold (MLS) $145,300 CATRS
• 2005-11-14 Listed $145,300 CATRS