997 Sutor Rd Unit A-D · Tallahassee, FL 32311

$499,000

8 bd · 4.0 ba · 3,108 sqft · MultiFamily · 77 Days on market

Built 1981 Good condition

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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 +27.0/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.9/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Seller financing available, terms can be provided upon request. Located in Tallahassee, Florida, this brick quad offers all the benefits of a thriving state capital market with strong rental demand and a prime southeast location. 1981 brick construction situated on 0.21 acres, just steps from A-rated Lincoln High School. Three of four units are currently occupied and will have $1,100/month rental rates starting next month! Current tenants have occupied the property for an average of 2.5 years, with the longest tenancy being 4 years and the shortest tenancy over a year. One unit recently vacated and is ready for immediate move-in. Owner is keeping it vacant during the marketing period. All f

Key facts

• Parking
• Built 1981
• Listed 77 days

Property features AI

Finance

• Financial info: For sale; Month-to-month leases; Owner currently pays insurance, repairs, and taxes; Rent includes gardener and pest control; Reported actual rent for Units A–C: $1,100 each (Unit D rent not listed)

Exterior

• Parking: Assigned parking spaces
• Security: Smoke detector(s)
• Utilities: Electric cooling and heating
• Home design: Multifamily building with 4 total units
• Construction: Brick construction
• Exterior features: Deck; Patio; Fence (partial); Storage; Shed(s)

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: Four 2-bedroom units (Units A–D)
• Flooring: Carpet; Ceramic tile; Vinyl; Clay flooring; Partially carpeted; Varies
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Pantry; Utility room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $499k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $348/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $499k).
• Recommended offer: $469k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 (+5.5%/yr); 117 active listings in the ZIP; solid renter incomes; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• At $6,128/mo this rent would consume 91% of the median local household income ($81k/yr) (locally 795% 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 $3k of loan paydown is wiped out by about $15k 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 + 5.5% rent growth), your $140k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($469k) 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $469,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.23% ✓
• Cap rate: 9.64%
• Cash-on-cash: 11.96%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.55% rent growth · sell at horizon

5-year hold

• IRR: 4.3%
• Equity multiple: 1.17×
• Total profit: $24,054
• Equity at exit: $74,403

10-year hold

• IRR: 16.1%
• Equity multiple: 2.47×
• Total profit: $205,246
• Equity at exit: $43,144

Cash invested: $139,720 (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 32311

• Home prices YoY: -27.5%
• Rents YoY: 5.5%
• Active inventory: 117
• Price-to-rent: 27.1×

Monthly cashflow live

• Estimated rent: $6,128 medium
• Mortgage (P&I): −$2,617
• Tax est. 1.5%: −$624 /mo · $7,485/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,287
• Net cashflow: $1,393

Break-even live

Break-even rent $4,365

Max offer price $499,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,128
Total (4 units)			$6,128

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $499,000 Active 77 DOM
2. 2026-06-17
   days on market $499,000 Active 76 DOM
3. 2026-06-16
   days on market $499,000 Active 75 DOM
4. 2026-06-15
   days on market $499,000 Active 74 DOM
5. 2026-06-14
   days on market $499,000 Active 72 DOM
6. 2026-06-10
   days on market $499,000 Active 69 DOM
7. 2026-06-09
   days on market $499,000 Active 68 DOM
8. 2026-06-08
   days on market $499,000 Active 67 DOM
9. 2026-06-07
   days on market $499,000 Active 66 DOM
10. 2026-06-05
    days on market $499,000 Active 63 DOM
11. 2026-06-03
    pricedays on market $499,000 Active 62 DOM
12. 2026-06-02
    days on market $525,000 Active 61 DOM
13. 2026-06-01
    days on market $525,000 Active 60 DOM
14. 2026-05-31
    remarks 699-char remark
15. 2026-05-31
    listed $525,000 Active 59 DOM

ⓘ 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 4/10 Moderate
• 🌡 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 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $73,536
• − Mortgage interest: −$27,952
• − Property taxes: −$7,485
• − Insurance: −$2,495
• − Repairs & maintenance: −$5,883
• − Management: −$5,883
• − Depreciation: −$14,516
• Taxable income: $9,322
• Est. tax owed @ 24.0%: −$2,237
• After-tax cash flow: $14,474/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.

Condition & rehab AI · 14 photos

Good 75/100 Cosmetic rehab

This multi-family home is in good condition with a good exterior, roof, and interior. It has a good curb appeal and is ready for immediate move-in. Repainting the exterior and upgrading the HVAC system would significantly increase its value.

Value-add opportunities

• Both Paint the exterior siding and trim — Painting the exterior can improve the home's curb appeal and increase its resale and rental value.
• Both Upgrade the HVAC system — Upgrading the HVAC system can improve energy efficiency and comfort, which can increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding and trim — Painting the exterior can improve the home's curb appeal and increase its resale and rental value. ↑
• Both Upgrade the HVAC system — Upgrading the HVAC system can improve energy efficiency and comfort, which can increase both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 21,905
• Household income: $81,243
• Rent vs Own: 38.9% rent · 61.1% own
• Severe rent burden: 795.0

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 0.64)
• Race & ethnicity: White 52% Black 27% Two or more races 10% Hispanic / Latino 9% Asian 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 1%
• Common ancestry: Romanian 2% Serbian 2% Slovak 2%
• Foreign-born: 11% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 3% Other Asian/Pacific 2%

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: ▼ -90.68%
• Current HPI: 238.8804
• Rent YoY: ▲ 5.55%
• 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

• 2026-04-02 Listed $525,000 CATRS