1533 S Bronough St Unit A-F · Tallahassee, FL 32301

$1,900,000

104 bd · 52.0 ba · 9,262 sqft · MultiFamily · 98 Days on market

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Why this score? — see what drove the C+ 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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 13 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Excellent investment opportunity with this 13-unit student housing apartment complex ideally located near Florida A & M University (FAMU) in Tallahassee. The property consists of two buildings being sold together—one featuring 7 units and the second featuring 6 units. The unit mix includes twelve 2-bedroom/1-bath units (approximately 750 sq. ft. ) and one 1-bedroom/1-bath unit (approximately 600 sq. ft. ). Twelve of the thirteen units are currently leased, providing immediate income with only one 2/1 unit available for lease. Both two-story buildings have been renovated and offer onsite laundry facilities. The property’s prime location places residents just minutes from Flor

Key facts

• Strong rental demand
• Two buildings
• Prime location

Tags

• TWO BUILDINGS
• ONSITE LAUNDRY FACILITIES
• PRIME LOCATION
• STRONG RENTAL DEMAND
• PROVEN OCCUPANCY HISTORY

Property features AI

Finance

• Financial info: Property is for sale; 6 total units; Unit rents reported: two units at $1,200 and two at $1,300 (individual unit rents vary)

Exterior

• Parking: Assigned parking spaces
• Security: Owner pays for security
• Utilities: Owner pays insurance, repairs and taxes
• Home design: Single-story building
• Construction: Block, concrete and stucco construction

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: All units are 2-bedroom
• Flooring: Laminate
• Bathrooms: All units have 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Walk-in closets; Laminate flooring

What this means for you Summary

Snapshot

• This is a 13 × 8-bed/4.0-bath units multifamily listed at $1.90M.

Deal economics

• At list price, monthly cash flow is $4k ($51k/yr) — positive. Per door: $329/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.90M).
• Recommended offer: $1.73M (9.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• At $22,039/mo this rent would consume 519% 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 $13k of loan paydown is wiped out by about $57k 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 $532k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($1.73M) is reasonable based on typical stale-listing flexibility.

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 $1,729,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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: 1.16% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.65%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.16% rent growth · sell at horizon

5-year hold

• IRR: -0.4%
• Equity multiple: 0.98×
• Total profit: $-8,914
• Equity at exit: $283,296

10-year hold

• IRR: 10.4%
• Equity multiple: 1.85×
• Total profit: $453,949
• Equity at exit: $164,277

Cash invested: $532,000 (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: 93.4×

Monthly cashflow live

• Estimated rent: $22,039 medium
• Mortgage (P&I): −$9,964
• Tax est. 1.5%: −$2,375 /mo · $28,500/yr
• Insurance: −$792
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,628
• Net cashflow: $4,280

Break-even live

Break-even rent $16,621

Max offer price $1,900,000

Occupancy floor 76%

13-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 13× units	8	4	$22,035
Total (13 units)			$22,039

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: $475,000
• Closing costs: $57,000
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $1,900,000 Active 98 DOM
2. 2026-06-17
   days on market $1,900,000 Active 97 DOM
3. 2026-06-16
   days on market $1,900,000 Active 96 DOM
4. 2026-06-15
   days on market $1,900,000 Active 95 DOM
5. 2026-06-14
   days on market $1,900,000 Active 93 DOM
6. 2026-06-10
   days on market $1,900,000 Active 90 DOM
7. 2026-06-09
   days on market $1,900,000 Active 89 DOM
8. 2026-06-08
   days on market $1,900,000 Active 88 DOM
9. 2026-06-07
   days on market $1,900,000 Active 87 DOM
10. 2026-06-05
    days on market $1,900,000 Active 84 DOM
11. 2026-06-03
    days on market $1,900,000 Active 83 DOM
12. 2026-06-02
    days on market $1,900,000 Active 82 DOM
13. 2026-06-01
    days on market $1,900,000 Active 81 DOM
14. 2026-05-31
    days on market $1,900,000 Active 80 DOM
15. 2026-05-30
    days on market $1,900,000 Active 79 DOM
16. 2026-03-12
    listed $1,900,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $264,468
• − Mortgage interest: −$106,430
• − Property taxes: −$28,500
• − Insurance: −$9,500
• − Repairs & maintenance: −$21,157
• − Management: −$21,157
• − Depreciation: −$55,273
• Taxable income: $22,451
• Est. tax owed @ 24.0%: −$5,388
• After-tax cash flow: $45,976/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

1 event — show timeline

• 2026-03-12 Listed $1,900,000 CATRS