1400 Hernando Dr · Tallahassee, FL 32304

$98,999

4 bd · 2.0 ba · 912 sqft · SingleFamily · 245 Days on market

Built 1947 6,116 sqft lot Est $144k · 31% under ↓ 24% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to a cozy 4-bedroom, 2-bath home with washer and dryer; this single family residence is nestled in Tallahassee's vibrant 32304 zip code. Just minutes from Florida State University, Florida A & M University, and Tallahassee Community College, it's ideal for students, faculty, or savvy investors. Enjoy proximity to the Florida Historic Capitol Museum, Mission San Luis, and Cascades Park. With immediate possession available. This location blends affordability with unbeatable access to education and culture.

Key facts

• 6,116 sq ft lot
• Parking
• Built 1947

Tags

• SINGLE STORY RESIDENCE
• PROXIMITY TO UNIVERSITIES

Property features AI

Finance

• Other: Pets allowed with no restrictions
• HOA & community: No association amenities listed

Exterior

• Parking: 1 open parking space
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Water available; Sewer available
• Home design: Single-family residence; Single-story; Faces west; Resale property
• Construction: Construction materials: Other; Building area: approximately 1,000 (plans source)
• Exterior features: Not waterfront; No waterfront features noted

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 4 bedrooms on the main level
• Bathrooms: 2 full bathrooms (all on the main level)
• Heating & cooling: Window/wall heating; Wall/window cooling units
• Interior features: No special interior features listed; Smoke detectors installed
• Laundry & utility: Laundry located inside

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $671 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.4% 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.

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; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $1,715/mo this rent would consume 64% 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 $684 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 + 4.7% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 245 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $31k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• 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 $87,119 (12.0% below list)

Questions for the listing agent

1. It's been on market 245 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.73% ✓
• Cap rate: 14.43%
• Cash-on-cash: 29.05%
• DSCR: 2.29
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $144,096
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1605 Mayhew St	0.16mi	3/1.0 (-1)	912 (0%)	8mo	$165,000	$181	77
1811 Tyndall Dr	0.51mi	3/1.0 (-1)	912 (0%)	4mo	$169,000	$185	63
2034 Hillsborough St	0.46mi	3/1.0 (-1)	888 (-3%)	4mo	$140,000	$158	62
1825 Tyndall Dr	0.57mi	3/1.0 (-1)	912 (0%)	6mo	$185,000	$203	59
2056 Warwick St	0.54mi	3/1.0 (-1)	864 (-5%)	1mo	$90,000	$104	56
1824 Tyndall Dr	0.58mi	3/1.0 (-1)	934 (+2%)	5mo	$165,000	$177	56
1637 Stuckey Ave	0.34mi	3/1.0 (-1)	850 (-7%)	9mo	$100,000	$118	56
1420 Elberta Dr	0.07mi	3/1.0 (-1)	780 (-14%)	9mo	$84,000	$108	56
1820 Keith St	0.54mi	3/1.0 (-1)	975 (+7%)	1mo	$140,000	$144	53
1222 Hutchinson St	0.56mi	3/1.0 (-1)	864 (-5%)	9mo	$92,000	$106	49
1737 Atkamire Dr	0.46mi	3/1.0 (-1)	1,026 (+12%)	7mo	$180,000	$175	43
1811 Jackson Bluff Rd	0.54mi	3/1.0 (-1)	1,042 (+14%)	3mo	$115,000	$110	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: 25.3%
• Equity multiple: 2.07×
• Total profit: $29,683
• Equity at exit: $14,761

10-year hold

• IRR: 34.1%
• Equity multiple: 4.38×
• Total profit: $93,577
• Equity at exit: $8,560

Cash invested: $27,720 (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: 4.8×

Monthly cashflow live

• Estimated rent: $1,715 high
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $671

Break-even live

Break-even rent $866

Max offer price $98,999

Occupancy floor 56%

Sensitivity live

Price	-10% $739	-5% $705	+0% $671	+5% $637	+10% $603
Rent	-10% $535	-5% $603	+0% $671	+5% $739	+10% $806
Rate	-1.0pp $721	-0.5pp $696	base $671	+0.5pp $645	+1.0pp $619

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1643 Sharkey St Tallahassee, FL	3.0	1.0	912	$1,350	$1.48	22d	1	0.28mi
1606 Airport Dr Tallahassee, FL	3.0	2.0	1008	$1,395	$1.38	22d	1	0.30mi
1854 Belle Vue Way Tallahassee, FL	2.0–4.0	1.0–2.0	1100	$2,300	$2.09	22d	1	0.80mi
2125 Jackson Bluff Rd Tallahassee, FL	1.0–3.0	1.0–2.0	975	$1,399	$1.43	22d	4	0.98mi
316 Ausley Rd Tallahassee, FL	1.0–4.0	1.0–2.0	750	$1,596	$2.13	15d	8	1.05mi
322 Conradi St Tallahassee, FL	3.0	2.0	1100	$1,950	$1.77	22d	4	1.15mi
1737 S M L King Jr Blvd Tallahassee, FL	3.0	1.0	701	$1,450	$2.07	22d	1	1.26mi
509 Famcee Ave Tallahassee, FL	3.0	2.0	1079	$1,700	$1.58	22d	1	1.31mi
2202 W Pensacola St Tallahassee, FL	1.0–3.0	1.0	950	$1,499	$1.58	22d	3	1.41mi

Listing history 24 events

1. 2026-06-18
   days on market $98,999 Active 245 DOM
2. 2026-06-17
   days on market $98,999 Active 244 DOM
3. 2026-06-16
   days on market $98,999 Active 243 DOM
4. 2026-06-15
   days on market $98,999 Active 242 DOM
5. 2026-06-14
   days on market $98,999 Active 240 DOM
6. 2026-06-10
   days on market $98,999 Active 237 DOM
7. 2026-06-09
   days on market $98,999 Active 236 DOM
8. 2026-06-08
   days on market $98,999 Active 235 DOM
9. 2026-06-07
   days on market $98,999 Active 234 DOM
10. 2026-06-05
    days on market $98,999 Active 231 DOM
11. 2026-06-03
    days on market $98,999 Active 230 DOM
12. 2026-06-02
    days on market $98,999 Active 229 DOM
13. 2026-06-01
    days on market $98,999 Active 228 DOM
14. 2026-05-31
    days on market $98,999 Active 227 DOM
15. 2026-05-30
    days on market $98,999 Active 226 DOM
16. 2026-04-06
    status Active
17. 2026-02-20
    historical Active Under Contract
18. 2026-02-09
    price $98,999
19. 2026-02-09
    status Active
20. 2026-01-31
    status Pending
21. 2026-01-22
    historical Active Under Contract
22. 2025-11-11
    price $129,999
23. 2025-10-07
    price $149,999
24. 2025-10-07
    listed $129,999 Active

ⓘ 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) · 21% 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: $20,584
• − Mortgage interest: −$5,545
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$1,647
• − Management: −$1,647
• − Depreciation: −$2,880
• Taxable income: $6,885
• Est. tax owed @ 24.0%: −$1,652
• After-tax cash flow: $6,399/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

-23.8% since first listed

9 events — show timeline

• 2026-04-06 Relisted — Beaches MLS
• 2026-02-20 Contingent — Beaches MLS
• 2026-02-09 Price Changed $98,999 Beaches MLS
• 2026-02-09 Relisted — Beaches MLS
• 2026-01-31 Pending — Beaches MLS
• 2026-01-22 Contingent — Beaches MLS
• 2025-11-11 Price Changed $129,999 Beaches MLS
• 2025-10-07 Price Changed $149,999 Beaches MLS
• 2025-10-07 Listed $129,999 Beaches MLS