815 Peggy Dr · Tallahassee, FL 32305

$198,500

3 bd · 1.0 ba · 975 sqft · SingleFamily public records · 51 Days on market

Built 1973 0.25 ac lot Est $187k · 6% over

---

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 +16.1/30.0
• DSCR +5.0/10.0
• ARV discount +4.8/15.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This adorable home is ready! This home has everything new! This 1250 sq. ft. of living space - 3 br and 1 bath. Roof is 2016 and everything else is this year! Oak hardwood floors, carpet, appliances, lighting, blinds, doors, bathroom updates, fence and large concrete pad if you want to build a garage in the future. The lift does not stay with the house.

Key facts

• 0.25 acre lot
• Parking
• Built 1973

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: Driveway
• Utilities: Public sewer
• Home design: Single-story; Brick and vinyl siding construction; Crawlspace foundation
• Construction: Brick and vinyl siding; Crawlspace foundation
• Exterior features: Patio; Screened porch; Privacy fencing; Paved road access (public maintained)

Interior

• Kitchen: Oven; Range; Microwave; Refrigerator
• Bedrooms: Bedroom 2 (12x9); Bedroom 3 (10x9)
• Flooring: Carpet; Hardwood; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Electric heating; Heat pump; Central air conditioning; Ceiling fans; Electric cooling
• Interior features: High ceilings; Screened porch; Porch
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $198k.

Deal economics

• At list price, monthly cash flow is $102 ($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 $165k (16.7% below list).
• Recommended offer: $165k (16.7% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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: 105 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• This rent runs 41% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 51 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $120k; list at $198k implies a 65% 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; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $165,397 (16.7% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.83% ✗
• Cap rate: 6.91%
• Cash-on-cash: 2.20%
• DSCR: 1.10
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $187,200
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4214 Eire St	0.36mi	3/1.0	988 (+1%)	8mo	$190,000	$192	75

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.54×
• Total profit: $-25,748
• Equity at exit: $29,597

10-year hold

• IRR: -3.9%
• Equity multiple: 0.74×
• Total profit: $-14,374
• Equity at exit: $17,163

Cash invested: $55,580 (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 32305

• Home prices YoY: -22.5%
• Active inventory: 105
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,654 medium
• Mortgage (P&I): −$1,041
• Tax from tax record: −$81 /mo · $972/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $102

Break-even live

Break-even rent $1,525

Max offer price $198,500

Occupancy floor 89%

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: $49,625
• Closing costs: $5,955
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4768 Woodville Hwy Tallahassee, FL	1.0–3.0	1.0–2.0	1201	$1,600	$1.33	14d	1	0.92mi
301 Gaile Ave Tallahassee, FL	3.0	1.0	1009	$1,400	$1.39	14d	1	1.09mi

Listing history 20 events

1. 2026-06-18
   days on market $198,500 Active 51 DOM
2. 2026-06-17
   days on market $198,500 Active 50 DOM
3. 2026-06-16
   days on market $198,500 Active 49 DOM
4. 2026-06-15
   days on market $198,500 Active 48 DOM
5. 2026-06-14
   days on market $198,500 Active 46 DOM
6. 2026-06-10
   days on market $198,500 Active 43 DOM
7. 2026-06-09
   days on market $198,500 Active 42 DOM
8. 2026-06-08
   days on market $198,500 Active 41 DOM
9. 2026-06-07
   days on market $198,500 Active 40 DOM
10. 2026-06-05
    days on market $198,500 Active 37 DOM
11. 2026-06-03
    days on market $198,500 Active 36 DOM
12. 2026-06-02
    days on market $198,500 Active 35 DOM
13. 2026-06-01
    days on market $198,500 Active 34 DOM
14. 2026-05-31
    days on market $198,500 Active 33 DOM
15. 2026-05-30
    days on market $198,500 Active 32 DOM
16. 2026-04-27
    listed $198,500 Active
17. 2020-01-30
    soldstatus $120,000
18. 2020-01-29
    soldstatus $120,000 359-char remark

    Show marketing remark (359 chars)

    This adorable home is ready! This home has everything new! This 1250 sq. ft. of living space - 3 br and 1 bath. Roof is 2016 and everything else is this year! Oak hardwood floors, carpet, appliances, lighting, blinds, doors, bathroom updates, fence and large concrete pad if you want to build a garage in the future. The lift does not stay with the house.

19. 2019-12-12
    listed $120,000 359-char remark

    Show marketing remark (359 chars)

    This adorable home is ready! This home has everything new! This 1250 sq. ft. of living space - 3 br and 1 bath. Roof is 2016 and everything else is this year! Oak hardwood floors, carpet, appliances, lighting, blinds, doors, bathroom updates, fence and large concrete pad if you want to build a garage in the future. The lift does not stay with the house.

20. 1997-03-04
    soldstatus $52,000

ⓘ 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: $972 · $81/mo
• Projected year-2 tax: $1,648 · $137/mo
• Expected delta: +$676/yr (+$56/mo · 69.5%)

ⓘ 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 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°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: $19,848
• − Mortgage interest: −$11,119
• − Property taxes: −$972
• − Insurance: −$992
• − Repairs & maintenance: −$1,588
• − Management: −$1,588
• − Depreciation: −$5,775
• Taxable loss: −$2,186
• Est. tax savings @ 24.0%: +$525
• After-tax cash flow: $1,748/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

• County: Leon County · 294,472 people
• City population: 294,472
• Metro: Tallahassee, FL
• Population (ZIP): 19,384
• Household income: $48,045
• Rent vs Own: 40.7% rent · 59.3% own
• Severe rent burden: 654.0

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 0.57)
• Race & ethnicity: Black 57% White 33% Two or more races 5% Hispanic / Latino 5% Asian 1%
• Common ancestry: Serbian 1% Hispanic 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5% Other Indo-European 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: ▼ -63.40%
• Current HPI: 218.4834
• 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

+281.7% since first listed

5 events — show timeline

• 2026-04-27 Listed $198,500 CATRS
• 2020-01-30 Sold (Public Records) $120,000 Public Records
• 2020-01-29 Sold (MLS) $120,000 CATRS
• 2019-12-12 Listed $120,000 CATRS
• 1997-03-04 Sold (Public Records) $52,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $972 · +2.9% YoY. Source: county tax records.