206 Belmont Rd · Tallahassee, FL 32301

$215,000

2 bd · 2.5 ba · 1,314 sqft · Townhouse public records · 27 Days on market

Built 1974 2,178 sqft lot Est $208k · at est. $2/mo HOA

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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 +14.0/30.0
• ARV discount +5.9/15.0
• DSCR +4.3/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• 1% rule +4.0/10.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Centrally located townhouse with easy access to hospitals, downtown, schools, and more. 3 bedrooms, 2.5 bathrooms, 1,314 sq. ft. , private patio, rear side parking, new roof, updated windows, new HVAC, balcony off master bedroom. Recently painted inside and out, no carpeting.

Key facts

• Updated windows
• New hvac
• Private patio

Tags

• PRIVATE PATIO
• REAR SIDE PARKING
• NEW ROOF
• UPDATED WINDOWS
• NEW HVAC
• BALCONY OFF MASTER BEDROOM

Property features AI

Finance

• HOA & community: Association fee: $25; Community features include street lights and sidewalks

Exterior

• Parking: Parking space(s)
• Home design: 2-story home
• Construction: Lot approximately 0.05 acre
• Exterior features: Patio; Property has a view; Private maintained road access; Easement road frontage

Interior

• Kitchen: Refrigerator; Stove; Dishwasher; Garbage disposal; Icemaker
• Bedrooms: Bedroom 2 (10x12); Bedroom 3 (10x12); Primary bedroom (10x14)
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Upper level primary bedroom; Living room; Family room; Dining room; Kitchen
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath townhouse listed at $215k.

Deal economics

• At list price, monthly cash flow is $28 ($341/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 $193k (10.3% below list).
• Recommended offer: $193k (10.3% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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 fast (+4.2%/yr); 121 active listings in the ZIP; 36 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).
• At $1,928/mo this rent would consume 45% of the median local household income ($51k/yr) (locally 2625% 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

• It's been on market 27 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $110k; list at $215k implies a 95% 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 $192,785 (10.3% below list)

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.90% ✗
• Cap rate: 6.45%
• Cash-on-cash: 0.57%
• DSCR: 1.03
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $207,612
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
214 Belmont Rd	0.02mi	3/2.5 (+1)	1,314 (0%)	11mo	$200,000	$152	85
125 Belmont Rd	0.11mi	3/2.0 (+1)	1,260 (-4%)	1mo	$199,000	$158	80
1138 Cherry Laurel St	0.40mi	2/2.5	1,290 (-2%)	11mo	$239,000	$185	69

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: -14.1%
• Equity multiple: 0.49×
• Total profit: $-30,717
• Equity at exit: $32,057

10-year hold

• IRR: -3.5%
• Equity multiple: 0.76×
• Total profit: $-14,712
• Equity at exit: $18,589

Cash invested: $60,200 (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: 9.3×

Monthly cashflow live

• Estimated rent: $1,928 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$275 /mo · $3,306/yr
• Insurance: −$90
• HOA: −$2
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $28

Break-even live

Break-even rent $1,892

Max offer price $215,000

Occupancy floor 94%

Sensitivity live

Price	-10% $150	-5% $89	+0% $28	+5% $-32	+10% $-93
Rent	-10% $-124	-5% $-48	+0% $28	+5% $105	+10% $181
Rate	-1.0pp $137	-0.5pp $83	base $28	+0.5pp $-27	+1.0pp $-84

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
133 Oak St #4 Tallahassee, FL	3.0	2.0	1640	$1,800	$1.10	14d	1	0.45mi
1211 E Lafayette St Tallahassee, FL	1.0–2.0	1.0–2.0	833	$1,115	$1.34	22d	4	0.67mi
723 E Tennessee St Tallahassee, FL	2.0	2.0	1000	$1,750	$1.75	22d	1	0.70mi
712 Shell St Tallahassee, FL	3.0	2.0	1601	$2,400	$1.50	22d	1	0.97mi
1101 Washington Ct #1 Tallahassee, FL	2.0	1.0	950	$1,050	$1.11	14d	1	1.01mi
501 S Blair Stone Rd Tallahassee, FL	1.0–3.0	1.0–2.0	1080	$1,470	$1.36	22d	1	1.04mi
410 Victory Garden Dr Tallahassee, FL	1.0–3.0	1.0–2.5	1183	$1,485	$1.26	22d	1	1.04mi
600 Victory Garden Dr Tallahassee, FL	1.0	1.0	923	$1,389	$1.50	22d	1	1.10mi
415 N Gadsden St Tallahassee, FL	1.0–2.0	1.0–1.5	990	$1,575	$1.59	22d	6	1.15mi
581 Holyoke Ct Apt C Tallahassee, FL	2.0	1.0	995	$1,125	$1.13	22d	1	1.18mi
599 Chicopee Ct Unit D Tallahassee, FL	2.0	1.0	900	$1,095	$1.22	22d	1	1.24mi
743 E 9th Ave Tallahassee, FL	2.0	1.0	900	$1,500	$1.67	14d	1	1.27mi
1537 Payne St Unit 1 Tallahassee, FL	2.0	2.0	900	$1,990	$2.21	22d	1	1.31mi
1537 Payne St Tallahassee, FL	3.0	2.5	1850	$2,890	$1.56	22d	1	1.31mi
2350 Phillips Rd Tallahassee, FL	1.0–3.0	1.0–3.0	1119	$1,776	$1.59	14d	19	1.31mi
440 N Monroe St Tallahassee, FL	3.0	1.0–3.0	1311	$3,121	$2.38	14d	15	1.33mi
1313 N Gadsden St Unit 2 Tallahassee, FL	3.0	1.0	1678	$3,500	$2.09	22d	1	1.36mi
1531 Payne St Tallahassee, FL	3.0	2.5	1850	$2,949	$1.59	22d	1	1.36mi
1531 Payne St #1 Tallahassee, FL	2.0	2.0	900	$2,049	$2.28	22d	1	1.36mi
1531 Payne St #1 Tallahassee, FL	2.0	2.0	900	$1,990	$2.21	14d	1	1.36mi
1533 Payne St Unit 1 Tallahassee, FL	2.0	2.0	900	$1,990	$2.21	22d	1	1.37mi
1533 Payne St Unit 1 Tallahassee, FL	2.0	2.0	900	$1,990	$2.21	14d	1	1.37mi
1533 Payne St Tallahassee, FL	3.0	2.5	1850	$2,890	$1.56	14d	1	1.37mi
1533 Payne St Tallahassee, FL	3.0	2.5	1850	$2,890	$1.56	22d	1	1.37mi
1535 Payne St Tallahassee, FL	3.0	2.5	1850	$2,890	$1.56	22d	1	1.37mi
1535 Payne St Unit 1 Tallahassee, FL	2.0	2.0	900	$1,990	$2.21	22d	1	1.37mi
432 Merlin Way Tallahassee, FL	3.0	2.0	1453	$2,150	$1.48	22d	1	1.37mi
850 S Gadsden St Tallahassee, FL	2.0	1.0–2.0	828	$3,549	$4.29	14d	34	1.37mi
1545 Payne St Unit 2 Tallahassee, FL	3.0	2.5	1850	$2,890	$1.56	22d	1	1.40mi
1545 Payne St Unit 4 Tallahassee, FL	2.0	2.0	900	$1,990	$2.21	22d	1	1.40mi
1549 Payne St Unit 2 Tallahassee, FL	3.0	2.5	1850	$2,890	$1.56	22d	1	1.41mi
1549 Payne St Unit 4 Tallahassee, FL	2.0	2.0	900	$1,990	$2.21	22d	1	1.41mi
1541 Payne St Unit 3 Tallahassee, FL	2.0	2.0	900	$1,990	$2.21	22d	1	1.41mi
1541 Payne St Unit 2 Tallahassee, FL	3.0	2.5	1850	$2,890	$1.56	22d	1	1.41mi
1553 Payne St Unit 1 Tallahassee, FL	3.0	2.5	1850	$2,949	$1.59	22d	1	1.41mi
900 Riggins Rd Tallahassee, FL	1.0–3.0	1.0–2.0	997	$1,788	$1.79	14d	39	1.45mi

HOA detail

• Monthly dues: $2 · $24/yr

Listing history 18 events

1. 2026-06-18
   days on market $215,000 Active 27 DOM
2. 2026-06-17
   days on market $215,000 Active 26 DOM
3. 2026-06-16
   days on market $215,000 Active 25 DOM
4. 2026-06-15
   days on market $215,000 Active 24 DOM
5. 2026-06-14
   days on market $215,000 Active 22 DOM
6. 2026-06-10
   days on market $215,000 Active 19 DOM
7. 2026-06-09
   days on market $215,000 Active 18 DOM
8. 2026-06-08
   days on market $215,000 Active 17 DOM
9. 2026-06-07
   days on market $215,000 Active 16 DOM
10. 2026-06-05
    days on market $215,000 Active 13 DOM
11. 2026-06-03
    days on market $215,000 Active 12 DOM
12. 2026-06-02
    days on market $215,000 Active 11 DOM
13. 2026-06-01
    days on market $215,000 Active 10 DOM
14. 2026-05-31
    days on market $215,000 Active 9 DOM
15. 2026-05-30
    days on market $215,000 Active 8 DOM
16. 2026-05-22
    listed $215,000 Active
17. 2004-09-09
    soldstatus $110,000
18. 1980-10-01
    soldstatus $38,000

ⓘ 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: $3,306 · $275/mo
• Projected year-2 tax: $3,306 · $275/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 1/10 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: $23,134
• − Mortgage interest: −$12,043
• − Property taxes: −$3,306
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,851
• − Management: −$1,851
• − HOA: −$24
• − Depreciation: −$6,255
• Taxable loss: −$3,270
• Est. tax savings @ 24.0%: +$785
• After-tax cash flow: $1,126/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

+465.8% since first listed

3 events — show timeline

• 2026-05-22 Listed $215,000 CATRS
• 2004-09-09 Sold (Public Records) $110,000 Public Records
• 1980-10-01 Sold (Public Records) $38,000 Public Records

Property tax history

+6.4%/yr

Latest (2025): $3,306 · +9.2% YoY. Source: county tax records.