2403 Hartsfield Rd #607 · Tallahassee, FL 32303

$159,900

3 bd · 3.0 ba · 1,216 sqft · Condo public records · 107 Days on market

Built 2004 $210/mo HOA · 14% of rent

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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 +9.9/30.0
• ARV discount +7.5/15.0
• 1% rule +4.4/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.3/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Renovated 3bed/3bath condo located in a well kept & managed neighborhood. Perfect for an investor or 1st time buyer. Updated features include new paint, new LVP flooring, new door fixtures, new kitchen tile backsplash, new kitchen fixtures, new quartz countertops, new light fixtures, new ceiling fans with remotes. Bathroom updates include new sink fixtures, mirrors, towel bars, lights, etc. New dishwasher in 2024. Recent stove, refrigerator and washer/dryer. New roof in 2022, HVAC 2024 & Water Heater 2024. Unit previously rented for $1500/month. Conveniently located close to I-10, airport, universities, shopping & dining.

Key facts

• Fully renovated
• Quartz counters
• Under stair storage

Tags

• FULLY RENOVATED
• QUARTZ COUNTERS
• PASS THROUGH WINDOW
• UNDER STAIR STORAGE
• PRIVATE BATHROOM
• REPLACED THE ROOF

Property features AI

Finance

• Financial info: Property is for sale
• HOA & community: HOA fee of $2,520; HOA covers common areas, ground maintenance, structure maintenance, and trash; Community has street lights

Exterior

• Parking: Parking space(s)
• Utilities: Public sewer
• Home design: 2-story home
• Construction: Brick and vinyl siding exterior; Slab foundation
• Exterior features: Deck; Paved, public maintained road

Interior

• Kitchen: Oven; Range; Microwave; Dishwasher; Disposal; Refrigerator
• Bedrooms: Bedroom 2 — 13 x 12; Bedroom 3 — 13 x 12; Primary bedroom(s) both upstairs and downstairs
• Flooring: Carpet; Plank; Vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating (electric); Central air; Ceiling fan(s)
• Interior features: High ceilings; Window treatments; Walk-in closet(s); Primary bedroom available on upper level and downstairs
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $-99 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (10.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (5.9% below list).
• Recommended offer: $142k (10.9% below list) — sets the bar for cash-flow.
• Cap rate 5.5% 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 (+3.1%/yr); 238 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $1k of loan paydown is wiped out by about $5k 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 107 days — a 9% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $142,403 (10.9% 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. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 5.55%
• Cash-on-cash: -2.65%
• DSCR: 0.88
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.12% rent growth · sell at horizon

5-year hold

• IRR: -20.4%
• Equity multiple: 0.29×
• Total profit: $-31,902
• Equity at exit: $23,842

10-year hold

• IRR: -13.1%
• Equity multiple: 0.23×
• Total profit: $-34,605
• Equity at exit: $13,825

Cash invested: $44,772 (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 32303

• Rents YoY: 3.1%
• Active inventory: 238
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,505 high
• Mortgage (P&I): −$839
• Tax from tax record: −$173 /mo · $2,074/yr
• Insurance: −$67
• HOA: −$210
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $-99

Break-even live

Break-even rent $1,630

Max offer price $142,403

Occupancy floor —

Sensitivity live

Price	-10% $-9	-5% $-54	+0% $-99	+5% $-144	+10% $-190
Rent	-10% $-218	-5% $-158	+0% $-99	+5% $-40	+10% $20
Rate	-1.0pp $-19	-0.5pp $-58	base $-99	+0.5pp $-140	+1.0pp $-183

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2403 Hartsfield Rd #602 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	14d	1	0.02mi
2403 Hartsfield Rd #602 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	21d	1	0.02mi
2406 Hartsfield Rd Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	21d	1	0.05mi
2350 Wanda Way Tallahassee, FL	2.0–3.0	1.0	861	$1,400	$1.63	21d	1	0.26mi
2419 Nugget Ln Tallahassee, FL	3.0	2.0	1212	$1,550	$1.28	14d	1	0.27mi
2412 Atlas Rd Tallahassee, FL	3.0	1.5	1081	$1,200	$1.11	21d	1	0.31mi
2498 Nugget Ln Tallahassee, FL	3.0	2.0	1200	$1,550	$1.29	21d	1	0.32mi
2401 Atlas Rd Unit B Tallahassee, FL	2.0	1.0	900	$1,100	$1.22	21d	1	0.33mi
2052 Darnell Cir Unit B Tallahassee, FL	4.0	3.0	1300	$1,700	$1.31	21d	1	0.37mi
2022 Trimble Rd Apt 3 Tallahassee, FL	3.0	3.0	1192	$700	$0.59	21d	1	0.57mi
2327 Parrot Ln Tallahassee, FL	3.0	2.0	1088	$1,300	$1.19	21d	1	0.60mi
2259 Parrot Ln Tallahassee, FL	2.0	2.0	992	$1,275	$1.29	21d	1	0.61mi
2660 Old Bainbridge Rd Tallahassee, FL	3.0	2.5	1196	$1,550	$1.30	21d	2	0.70mi
1560 San Luis Rd Tallahassee, FL	3.0	3.5	1500	$774	$0.52	21d	22	0.76mi
2626 Faversham Dr Tallahassee, FL	3.0	2.0	1440	$1,850	$1.28	14d	1	0.77mi
1818 Sylvan Ct Unit D Tallahassee, FL	2.0	1.0	850	$1,200	$1.41	14d	1	0.79mi
2677 Old Bainbridge Rd Tallahassee, FL	1.0–3.0	1.5–3.5	1395	$1,683	$1.21	14d	28	0.89mi
2222 Del Carmel Way Tallahassee, FL	3.0	3.0	1280	$1,650	$1.29	14d	1	0.90mi
2222 Del Carmel Way Unit 2226 Tallahassee, FL	3.0	3.0	1280	$1,650	$1.29	21d	1	0.91mi
2749 Pecan Rd Tallahassee, FL	1.0–2.0	1.0–2.0	900	$1,300	$1.44	14d	1	0.92mi
1600 Pullen Rd Tallahassee, FL	1.0–2.0	1.0–2.0	875	$1,345	$1.54	14d	1	0.92mi
2281 Del Carmel Way Tallahassee, FL	3.0	3.0	1280	$1,599	$1.25	21d	1	0.94mi
2772 Westbrook Ct Tallahassee, FL	3.0	3.0	1325	$1,600	$1.21	14d	1	0.98mi
2520 Graves Rd #103 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	21d	1	1.00mi
1571 Stone Rd Unit 5B Tallahassee, FL	2.0	2.5	1216	$1,795	$1.48	21d	1	1.03mi
2765 W Tharpe St Tallahassee, FL	1.0–2.0	1.0	739	$1,000	$1.35	14d	1	1.05mi
2309 Old Bainbridge Rd Tallahassee, FL	1.0–2.0	1.0–2.0	798	$1,420	$1.78	14d	10	1.08mi
1360 Ocala Rd Tallahassee, FL	2.0	1.0	800	$1,000	$1.25	21d	1	1.12mi
2400 Fred Smith Rd #201 Tallahassee, FL	3.0	3.0	1353	$1,650	$1.22	21d	1	1.12mi
2616 Mission Rd Tallahassee, FL	1.0–2.0	1.0	750	$1,195	$1.59	14d	12	1.14mi
2301 Old Bainbridge Rd Tallahassee, FL	2.0–3.0	1.0–2.0	1084	$1,600	$1.48	21d	1	1.14mi
1447 Stone Rd Tallahassee, FL	1.0–3.0	1.0–2.0	890	$1,545	$1.74	21d	1	1.17mi
1350 Ocala Rd Unit C Tallahassee, FL	4.0	3.0	1142	$1,550	$1.36	21d	1	1.19mi
1303 Ocala Rd Tallahassee, FL	1.0–4.0	1.0–2.0	1121	$1,445	$1.29	14d	48	1.22mi
1557 Devoe St Unit 2 Tallahassee, FL	2.0	1.0	750	$1,350	$1.80	21d	1	1.26mi
2614 W Tennessee St Tallahassee, FL	1.0–4.0	1.0–4.0	1270	$1,556	$1.22	21d	14	1.30mi
2060 Continental Ave Tallahassee, FL	1.0–3.0	1.0–2.5	1121	$1,185	$1.06	14d	26	1.33mi
3875 Gaffney Loop Tallahassee, FL	2.0	2.0	984	$1,300	$1.32	21d	1	1.33mi
2353 W Mission Rd Tallahassee, FL	2.0–3.0	2.0–2.5	1012	$1,450	$1.43	14d	11	1.37mi
2020 Continental Ave Tallahassee, FL	1.0–2.0	1.0–1.5	850	$1,300	$1.53	21d	3	1.43mi

HOA detail condo

• Monthly dues: $210 · $2,520/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   pricedays on market $159,900 Active 107 DOM
2. 2026-06-17
   days on market $169,900 Active 106 DOM
3. 2026-06-16
   days on market $169,900 Active 105 DOM
4. 2026-06-15
   days on market $169,900 Active 104 DOM
5. 2026-06-14
   days on market $169,900 Active 102 DOM
6. 2026-06-10
   days on market $169,900 Active 99 DOM
7. 2026-06-09
   days on market $169,900 Active 98 DOM
8. 2026-06-08
   days on market $169,900 Active 97 DOM
9. 2026-06-07
   days on market $169,900 Active 96 DOM
10. 2026-06-05
    days on market $169,900 Active 93 DOM
11. 2026-06-03
    days on market $169,900 Active 92 DOM
12. 2026-06-02
    days on market $169,900 Active 91 DOM
13. 2026-06-01
    days on market $169,900 Active 90 DOM
14. 2026-05-31
    days on market $169,900 Active 89 DOM
15. 2026-05-30
    days on market $169,900 Active 88 DOM
16. 2026-04-28
    price $169,900
17. 2026-03-03
    listed $175,000 Active
18. 2025-05-14
    soldstatus $161,000
19. 2025-05-09
    soldstatus $161,000 Closed 647-char remark

    Show marketing remark (647 chars)

    Renovated 3bed/3bath condo located in a well kept & managed neighborhood. Perfect for an investor or 1st time buyer. Updated features include new paint, new LVP flooring, new door fixtures, new kitchen tile backsplash, new kitchen fixtures, new quartz countertops, new light fixtures, new ceiling fans with remotes. Bathroom updates include new sink fixtures, mirrors, towel bars, lights, etc. New dishwasher in 2024. Recent stove, refrigerator and washer/dryer. New roof in 2022, HVAC 2024 & Water Heater 2024. Unit previously rented for $1500/month. Conveniently located close to I-10, airport, universities, shopping & dining.

20. 2025-04-12
    historical Contingent 647-char remark

    Show marketing remark (647 chars)

    Renovated 3bed/3bath condo located in a well kept & managed neighborhood. Perfect for an investor or 1st time buyer. Updated features include new paint, new LVP flooring, new door fixtures, new kitchen tile backsplash, new kitchen fixtures, new quartz countertops, new light fixtures, new ceiling fans with remotes. Bathroom updates include new sink fixtures, mirrors, towel bars, lights, etc. New dishwasher in 2024. Recent stove, refrigerator and washer/dryer. New roof in 2022, HVAC 2024 & Water Heater 2024. Unit previously rented for $1500/month. Conveniently located close to I-10, airport, universities, shopping & dining.

21. 2025-02-19
    listed $159,900 Active 647-char remark

    Show marketing remark (647 chars)

    Renovated 3bed/3bath condo located in a well kept & managed neighborhood. Perfect for an investor or 1st time buyer. Updated features include new paint, new LVP flooring, new door fixtures, new kitchen tile backsplash, new kitchen fixtures, new quartz countertops, new light fixtures, new ceiling fans with remotes. Bathroom updates include new sink fixtures, mirrors, towel bars, lights, etc. New dishwasher in 2024. Recent stove, refrigerator and washer/dryer. New roof in 2022, HVAC 2024 & Water Heater 2024. Unit previously rented for $1500/month. Conveniently located close to I-10, airport, universities, shopping & dining.

22. 2024-01-10
    historical
23. 2023-11-16
    listed $174,900 Active
24. 2023-08-02
    soldstatus $125,000
25. 2023-07-28
    soldstatus $125,000
26. 2023-07-05
    listed $125,000

ⓘ 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: $2,074 · $173/mo
• Projected year-2 tax: $2,074 · $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 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 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,060
• − Mortgage interest: −$8,957
• − Property taxes: −$2,074
• − Insurance: −$800
• − Repairs & maintenance: −$1,445
• − Management: −$1,445
• − HOA: −$2,520
• − Depreciation: −$4,652
• Taxable loss: −$3,832
• Est. tax savings @ 24.0%: +$920
• After-tax cash flow: $-269/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): 49,785
• Household income: $62,275
• Rent vs Own: 48.8% rent · 51.2% own
• Severe rent burden: 2919.0

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 0.63)
• Race & ethnicity: White 50% Black 34% Hispanic / Latino 8% Two or more races 8% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 2%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 8% · Canada, Vietnam, China
• Languages at home: 89% English-only · Spanish 5% Arabic 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: ▼ -255.24%
• Current HPI: 241.3131
• Rent YoY: ▲ 3.12%
• 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

+35.9% since first listed

11 events — show timeline

• 2026-04-28 Price Changed $169,900 CATRS
• 2026-03-03 Listed $175,000 CATRS
• 2025-05-14 Sold (Public Records) $161,000 Public Records
• 2025-05-09 Sold (MLS) $161,000 CATRS
• 2025-04-12 Contingent — CATRS
• 2025-02-19 Listed $159,900 CATRS
• 2024-01-10 Listing Removed — CATRS
• 2023-11-16 Listed $174,900 CATRS
• 2023-08-02 Sold (Public Records) $125,000 Public Records
• 2023-07-28 Sold (MLS) $125,000 CATRS
• 2023-07-05 Listed $125,000 CATRS

Property tax history

+6.0%/yr

Latest (2025): $2,074 · +5.7% YoY. Source: county tax records.