766 Wailes St · Tallahassee, FL 32310

$150,000

2 bd · 1.0 ba · 988 sqft · Townhouse public records · 11 Days on market

Built 2006 3,920 sqft lot Est $184k · 18% under ↓ 58% since listing

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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 +17.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.6/10.0
• Appreciation +4.7/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• 1% rule +4.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

great townhome for firstimers, students or investors.

Key facts

• Move-in ready
• Separate kitchen
• Townhome

Tags

• MOVE-IN READY
• TOWNHOME
• LOW-MAINTENANCE LIVING
• SEPARATE KITCHEN
• INSIDE LAUNDRY FACILITIES
• DECK

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: Driveway
• Utilities: Public sewer
• Home design: Single-story
• Exterior features: Deck; Public-maintained paved road access

Interior

• Kitchen: Oven; Range; Dishwasher
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Interior features: End unit (common wall)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $150k.

Deal economics

• At list price, monthly cash flow is $125 ($1k/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 $138k (7.9% below list).
• Recommended offer: $138k (7.9% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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: 94 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); lower-income renter base — watch delinquency; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• This rent runs 43% of the median local income ($38k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $225 of equity ($1k loan paydown + $-812 appreciation (-0.5% local appreciation)).
• Leon County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 20y 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 $40k; list at $150k implies a 275% 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 $138,155 (7.9% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.92% ✗
• Cap rate: 7.29%
• Cash-on-cash: 3.56%
• DSCR: 1.16
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $183,768
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1319 Airport Dr Unit F02	0.49mi	2/2.5	1,035 (+5%)	3mo	$185,000	$179	61
815 W Pensacola St #14	0.58mi	2/2.5	959 (-3%)	1mo	$295,000	$308	61
1302 Warrior Way	0.63mi	3/2.0 (+1)	1,012 (+2%)	1mo	$280,000	$277	57
1323 Airport Dr Unit E09	0.53mi	2/2.5	1,083 (+10%)	3mo	$201,000	$186	51
1337 Airport Dr Unit G5	0.47mi	2/2.5	1,110 (+12%)	2mo	$187,700	$169	50
1305 Airport Dr Unit A03	0.53mi	2/2.5	1,083 (+10%)	4mo	$195,000	$180	49
426 Indian Village Trl	0.63mi	3/2.0 (+1)	1,052 (+6%)	4mo	$235,322	$224	47
1319 Airport Dr Unit F04	0.49mi	2/2.5	1,083 (+10%)	11mo	$192,000	$177	46
1317 Airport Dr	0.50mi	2/2.5	1,083 (+10%)	11mo	$185,000	$171	46
415 Saint Francis St #137	0.66mi	1/1.0 (-1)	900 (-9%)	10mo	$250,000	$278	41
1355 Warrior Way #67	0.66mi	3/2.0 (+1)	1,052 (+6%)	11mo	$185,000	$176	40
415 Saint Francis St #133	0.66mi	1/1.0 (-1)	900 (-9%)	12mo	$260,000	$289	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.54% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-241
• Equity at exit: $39,540

10-year hold

• IRR: 6.0%
• Equity multiple: 1.61×
• Total profit: $25,447
• Equity at exit: $44,433

Cash invested: $42,000 (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 32310

• Home prices YoY: -0.2%
• Active inventory: 94
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,382 high
• Mortgage (P&I): −$787
• Tax from tax record: −$118 /mo · $1,411/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $125

Break-even live

Break-even rent $1,224

Max offer price $150,000

Occupancy floor 86%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
833 W Gaines St Tallahassee, FL	2.0	2.0	1080	$2,350	$2.18	14d	2	0.38mi
510 All Saints St Unit 101 Tallahassee, FL	1.0	1.0	720	$1,900	$2.64	14d	1	0.50mi
510 All Saints St Unit 203 Tallahassee, FL	1.0	1.0	720	$1,600	$2.22	14d	1	0.50mi
643 Kissimmee St Tallahassee, FL	2.0	1.0	800	$1,595	$1.99	21d	1	0.55mi
1303 Airport Dr Unit A08 Tallahassee, FL	2.0	2.5	1083	$1,475	$1.36	21d	1	0.58mi
1313 Airport Dr Unit DRE6 Tallahassee, FL	1.0	1.5	1100	$1,300	$1.18	14d	1	0.61mi
1426 Pepper Dr Tallahassee, FL	2.0	1.0	858	$1,250	$1.46	21d	1	0.61mi
635 Palm Beach St Apt 125 Tallahassee, FL	2.0	2.0	900	$900	$1.00	21d	1	0.66mi
318 W Harrison St Unit 324 Tallahassee, FL	2.0	1.0	525	$1,000	$1.90	21d	1	0.66mi
1632 Highland St Apt 9 Tallahassee, FL	1.0	1.0	600	$825	$1.38	14d	1	0.68mi
1606 Airport Dr Tallahassee, FL	3.0	2.0	1008	$1,395	$1.38	21d	1	0.71mi
1402 Melvin St #1 Tallahassee, FL	2.0	1.0	550	$1,100	$2.00	21d	1	0.72mi
1533 S Bronough St Tallahassee, FL	2.0	1.0	750	$1,150	$1.53	14d	1	0.73mi
900 Taylor St Unit B Tallahassee, FL	1.0	1.0	864	$1,000	$1.16	21d	1	0.75mi
1643 Sharkey St Tallahassee, FL	3.0	1.0	912	$1,350	$1.48	21d	1	0.77mi
1737 S M L King Jr Blvd Tallahassee, FL	3.0	1.0	701	$1,450	$2.07	21d	1	0.79mi
1616 McCaskill Ave Tallahassee, FL	1.0–2.0	1.0	750	$969	$1.29	21d	43	0.82mi
1504 S Adams St #1 Tallahassee, FL	2.0	2.0	1088	$1,300	$1.19	14d	1	0.83mi
1515 Levy Ave Tallahassee, FL	1.0	1.0	600	$774	$1.29	14d	6	0.86mi
2332 Keith St Tallahassee, FL	2.0	1.0	650	$1,050	$1.62	21d	1	0.89mi
394 Prince St Unit 394-PRI Tallahassee, FL	1.0	1.0	600	$1,250	$2.08	21d	1	0.94mi
300 S Duval St #804 Tallahassee, FL	1.0	1.0	703	$2,000	$2.84	14d	1	0.95mi
215 W College Ave Unit 706B Tallahassee, FL	2.0	1.0	823	$2,600	$3.16	21d	1	1.02mi
215 W College Ave #302 Tallahassee, FL	1.0	1.0	726	$1,800	$2.48	21d	1	1.02mi
850 S Gadsden St Tallahassee, FL	2.0	1.0–2.0	828	$3,549	$4.29	14d	34	1.04mi
509 Famcee Ave Tallahassee, FL	3.0	2.0	1079	$1,700	$1.58	21d	1	1.10mi
220 Atkinson Dr Unit D Tallahassee, FL	2.0	1.0	928	$1,100	$1.19	21d	1	1.12mi
930 S Lipona Rd Unit D Tallahassee, FL	2.0	2.0	896	$1,295	$1.45	21d	1	1.17mi
1854 Belle Vue Way Tallahassee, FL	2.0–4.0	1.0–2.0	1100	$1,235	$1.12	21d	1	1.17mi
301 S Lipona Rd #24 Tallahassee, FL	2.0	1.5	896	$1,350	$1.51	21d	1	1.21mi
2205 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	750	$1,225	$1.63	21d	1	1.27mi
2205 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	750	$1,225	$1.63	14d	9	1.27mi
2218 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	700	$1,200	$1.71	21d	7	1.27mi
322 Conradi St Tallahassee, FL	3.0	2.0	1100	$1,950	$1.77	21d	4	1.29mi
420 E Park Ave Unit 50 Tallahassee, FL	2.0	1.0	770	$1,050	$1.36	14d	1	1.39mi
534 E College Ave Tallahassee, FL	1.0	1.0	709	$925	$1.30	21d	1	1.42mi
420 E Park Ave Apt 22 Tallahassee, FL	1.0	1.0	550	$800	$1.45	14d	1	1.42mi
412 W Brevard St Unit 412 Tallahassee, FL	3.0	2.0	900	$800	$0.89	21d	1	1.44mi
440 N Monroe St Tallahassee, FL	3.0	1.0–3.0	1311	$3,121	$2.38	14d	15	1.45mi
401 Putnam Dr Tallahassee, FL	1.0–2.0	1.0–2.0	766	$1,250	$1.63	21d	1	1.47mi

Listing history 9 events

1. 2026-06-18
   days on market $150,000 Active 11 DOM
2. 2026-06-17
   days on market $150,000 Active 10 DOM
3. 2026-06-16
   days on market $150,000 Active 9 DOM
4. 2026-06-15
   days on market $150,000 Active 8 DOM
5. 2026-06-14
   days on market $150,000 Active 6 DOM
6. 2026-06-10
   days on market $150,000 Active 3 DOM
7. 2026-06-09
   days on market $150,000 Active 2 DOM
8. 2026-06-07
   remarks 508-char remark
9. 2026-06-07
   listed $150,000 Active 1 DOM

ⓘ 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: $1,411 · $118/mo
• Projected year-2 tax: $1,411 · $118/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: $16,579
• − Mortgage interest: −$8,402
• − Property taxes: −$1,411
• − Insurance: −$750
• − Repairs & maintenance: −$1,326
• − Management: −$1,326
• − Depreciation: −$4,364
• Taxable loss: −$1,001
• Est. tax savings @ 24.0%: +$240
• After-tax cash flow: $1,737/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): 14,888
• Household income: $38,288
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 1272.0

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 50% White 36% Hispanic / Latino 9% Two or more races 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 1% German/W. Germanic 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: ▼ -0.54%
• Current HPI: 270.5721
• Rent YoY: —
• 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

-57.7% since first listed

10 events — show timeline

• 2026-06-07 Listed $150,000 CATRS
• 2012-08-12 Sold (MLS) $40,000 CATRS
• 2010-03-24 Listed $108,000 CATRS
• 2007-07-03 Listing Removed — CATRS
• 2007-06-21 Sold (Public Records) $115,000 Public Records
• 2007-06-05 Listed $119,500 CATRS
• 2006-12-12 Listing Removed — CATRS
• 2006-08-31 Listing Removed — CATRS
• 2006-05-11 Listed $330,000 CATRS
• 2006-05-01 Listed $355,000 CATRS

Property tax history

+5.1%/yr

Latest (2025): $1,411 · +9.0% YoY. Source: county tax records.