605 E Seaboard St · Tallahassee, FL 32301

$150,000

2 bd · 1.0 ba · 1,050 sqft · SingleFamily · 133 Days on market

Built 1984 Fair condition 8,712 sqft lot $143/sqft · 42% below area Est $257k · 42% under

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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 +19.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Livability +4.3/5.0
• Rent growth +3.5/5.0
• Schools +3.4/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Two Homes – Downtown Tallahassee Living at Its Best! Update: Please note that the seller will not do owner financing and will not consider offers contingent upon the buyer selling another property. Both Homes must be sold together. Discover a rare opportunity just off Lafayette Street ideally located adjacent to more than 60 acres of beautiful city parks, including Cascades Park and Myers Park. Enjoy the best of both worlds with peaceful park-side living and the convenience of downtown Tallahassee just moments away. Walk to the scenic lakes, miles of walking trails, tennis courts, baseball fields, and the Myers Park Pool, located only 600 feet away.

Key facts

• Tennis courts
• Scenic lakes
• Myers park pool

Tags

• SCENIC LAKES
• TENNIS COURTS
• BASEBALL FIELDS
• MYERS PARK POOL
• PARK ADJACENT NEIGHBORHOODS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $169 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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.
• Zoned schools: Frank Hartsfield Elementary School (math 27% / reading 32%, grade F, #1,896 of 2,144 statewide, top 90%, 309 students, 71% FRL); Elizabeth Cobb Middle School (math 41% / reading 45%, grade D-, #331 of 571 statewide, top 59%, 769 students, 43% FRL); James Rickards High School (math 23% / reading 37%, grade F, #441 of 667 statewide, top 67%, 1,581 students, 57% FRL).
• Zoned-school proficiency averages 34% at this address vs 50% district-wide (-16 pts) — the specific schools serving this property underperform the Leon average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.2%/yr); 177 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• This rent runs 36% of the median local income ($51k/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 $4k 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 133 days — a 12% lower offer ($132k) 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 $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 1.02% ✓
• Cap rate: 7.65%
• Cash-on-cash: 4.83%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

• ARV (median comp): $257,232
• List price: $150,000
• Delta: -41.69%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
510 Marvin St	0.06mi	3/1.0 (+1)	1,064 (+1%)	12mo	$99,000	$93	80
837 E Park Ave	0.47mi	2/1.0	954 (-9%)	3mo	$245,000	$257	60
914 Delores Dr	0.33mi	2/1.0	922 (-12%)	15mo	$218,000	$236	52
207 Grace St	0.46mi	3/1.0 (+1)	1,087 (+4%)	22mo	$259,000	$238	49
1117 S Magnolia Dr	0.74mi	2/2.0	1,042 (-1%)	17mo	$260,000	$250	46
809 E Call St	0.51mi	3/2.0 (+1)	1,103 (+5%)	16mo	$236,000	$214	45
632 E Call St	0.53mi	3/1.0 (+1)	1,112 (+6%)	22mo	$257,000	$231	42
406 Talaflo St	0.67mi	2/1.0	1,168 (+11%)	18mo	$232,000	$199	35

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 · 4.16% rent growth · sell at horizon

5-year hold

• IRR: -7.5%
• Equity multiple: 0.72×
• Total profit: $-11,710
• Equity at exit: $22,365

10-year hold

• IRR: 3.5%
• Equity multiple: 1.27×
• Total profit: $11,338
• Equity at exit: $12,969

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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 2 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $232,000 ($197/sqft)
• Median days on market: 77 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +24.6% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 32301

• Rents YoY: 4.2%
• Active inventory: 177
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,526 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $169

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 84%

Sensitivity live

Price	-10% $273	-5% $221	+0% $169	+5% $117	+10% $65
Rent	-10% $49	-5% $109	+0% $169	+5% $229	+10% $290
Rate	-1.0pp $245	-0.5pp $207	base $169	+0.5pp $130	+1.0pp $91

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
705 E College Ave Tallahassee, FL	1.0	1.0	770	$1,000	$1.30	109d	1	0.30mi
569 Oakland Ave Unit 569-A Tallahassee, FL	1.0	1.0	700	$995	$1.42	4d	1	0.37mi
534 E College Ave Tallahassee, FL	1.0	1.0	709	$925	$1.30	117d	1	0.38mi
850 S Gadsden St Tallahassee, FL	3.0	1.0–3.0	828	$2,932	$3.54	3d	12	0.39mi
648 E Park Ave Unit 11 Tallahassee, FL	1.0	1.0	850	$1,150	$1.35	6d	1	0.42mi
648 E Park Ave Unit 24 Tallahassee, FL	1.0	1.0	850	$1,095	$1.29	117d	1	0.42mi
1208 S Gadsden St Tallahassee, FL	2.0	1.0	899	$1,195	$1.33	6d	1	0.42mi
100 Cadiz St Tallahassee, FL	1.0–3.0	1.0–3.0	700	$1,562	$2.23	6d	2	0.43mi
631 E Call St Tallahassee, FL	1.0–2.0	1.0	661	$1,432	$2.16	6d	10	0.47mi
1211 E Lafayette St Tallahassee, FL	2.0	2.0	959	$603	$0.63	5d	1	0.50mi
1211 E Lafayette St Tallahassee, FL	1.0–2.0	1.0–2.0	833	$1,115	$1.34	117d	4	0.50mi
420 E Park Ave Unit 50 Tallahassee, FL	2.0	1.0	770	$1,050	$1.36	109d	1	0.52mi
534 E Call St Unit A Tallahassee, FL	1.0	1.0	775	$1,500	$1.94	4d	1	0.56mi
534 E Call St Apt B Tallahassee, FL	2.0	1.0	1012	$1,450	$1.43	4d	1	0.56mi
534 E Call St Unit C Tallahassee, FL	1.0	1.0	756	$1,195	$1.58	4d	1	0.56mi
534 E Call St Tallahassee, FL	1.0–2.0	1.0	821	$1,500	$1.83	6d	4	0.56mi
723 E Tennessee St Tallahassee, FL	2.0	2.0	1000	$1,600	$1.60	6d	1	0.58mi
723 E Tennessee St Tallahassee, FL	2.0	2.0	1000	$1,750	$1.75	117d	1	0.58mi
121 N Monroe St Tallahassee, FL	2.0	2.5	1298	$2,500	$1.93	4d	1	0.65mi
300 S Duval St #1705 Tallahassee, FL	2.0	2.0	1295	$2,800	$2.16	6d	1	0.70mi
300 S Duval St #1709 Tallahassee, FL	1.0	1.0	703	$2,100	$2.99	1d	1	0.70mi
300 S Duval St #1903 Tallahassee, FL	1.0	1.0	703	$1,750	$2.49	0d	1	0.70mi
300 S Duval St #804 Tallahassee, FL	1.0	1.0	703	$2,000	$2.84	109d	1	0.70mi
306 S Duval St Tallahassee, FL	2.0	2.0	1295	$2,800	$2.16	6d	1	0.70mi
215 W College Ave #302 Tallahassee, FL	1.0	1.0	726	$1,800	$2.48	117d	1	0.73mi
215 W College Ave Unit 706B Tallahassee, FL	2.0	1.0	823	$2,600	$3.16	117d	1	0.73mi
317 N Calhoun St Unit A Tallahassee, FL	2.0	1.0	1050	$1,150	$1.10	6d	1	0.75mi
1707 S Calhoun St #1 Tallahassee, FL	3.0	3.0	1024	$1,300	$1.27	6d	1	0.76mi
1504 S Adams St #1 Tallahassee, FL	2.0	2.0	1088	$1,300	$1.19	109d	1	0.77mi
415 N Gadsden St Tallahassee, FL	1.0–2.0	1.0–1.5	990	$1,575	$1.59	117d	6	0.77mi
405 All Saints St Tallahassee, FL	2.0	2.0	900	$1,550	$1.72	4d	1	0.78mi
407 E Carolina St #122 Tallahassee, FL	1.0	1.0	700	$1,200	$1.71	0d	1	0.79mi
403 E Carolina St #118 Tallahassee, FL	1.0	1.0	700	$1,250	$1.79	117d	1	0.80mi
440 N Monroe St Tallahassee, FL	3.0	1.0–2.5	1109	$2,853	$2.57	1d	27	0.86mi
440 N Monroe St Tallahassee, FL	3.0	1.0–3.0	1311	$3,121	$2.38	109d	15	0.88mi
1533 S Bronough St Tallahassee, FL	2.0	1.0	750	$1,150	$1.53	109d	1	0.89mi
1533 S Bronough St Tallahassee, FL	2.0	1.0	750	$1,100	$1.47	6d	1	0.89mi
717 Edgewood St Tallahassee, FL	2.0	1.0	717	$1,325	$1.85	117d	1	0.97mi
509 Saint Francis St Tallahassee, FL	2.0	2.0	1020	$1,850	$1.81	6d	1	0.97mi
509 Saint Francis St Tallahassee, FL	2.0	2.0	960	$1,750	$1.82	4d	1	0.97mi

Property features AI

Finance

• Other: Lot about 0.2 acreRoad surface unimproved
• Financial info: Offered for sale

Exterior

• Parking: On-street parking
• Utilities: Public sewerPublic maintained road
• Home design: Single-story homeVinyl siding
• Construction: Vinyl siding construction
• Exterior features: Covered porch/patio

Interior

• Kitchen: DishwasherIcemakerOvenRangeRefrigerator
• Bedrooms: Bedroom 2 — 12 x 11
• Flooring: Plank flooringTile flooringVinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heatingCentral airElectric coolingHeat pump
• Interior features: Tray ceilingsVaulted ceilingsWalk-in closets
• Laundry & utility: Utility room

Listing history 50 events

1. 2026-09-24
   days on market $150,000 Active 133 DOM
2. 2026-09-23
   days on market $150,000 Active 132 DOM
3. 2026-09-22
   days on market $150,000 Active 131 DOM
4. 2026-09-21
   days on market $150,000 Active 130 DOM
5. 2026-09-20
   days on market $150,000 Active 129 DOM
6. 2026-09-18
   days on market $150,000 Active 127 DOM
7. 2026-09-17
   days on market $150,000 Active 126 DOM
8. 2026-09-16
   days on market $150,000 Active 125 DOM
9. 2026-09-15
   days on market $150,000 Active 124 DOM
10. 2026-09-14
    days on market $150,000 Active 123 DOM
11. 2026-09-13
    days on market $150,000 Active 122 DOM
12. 2026-09-12
    days on market $150,000 Active 121 DOM
13. 2026-09-11
    days on market $150,000 Active 120 DOM
14. 2026-09-05
    days on market $150,000 Active 114 DOM
15. 2026-09-04
    days on market $150,000 Active 113 DOM
16. 2026-09-03
    days on market $150,000 Active 112 DOM
17. 2026-08-31
    days on market $150,000 Active 109 DOM
18. 2026-08-30
    days on market $150,000 Active 108 DOM
19. 2026-08-29
    days on market $150,000 Active 107 DOM
20. 2026-08-28
    days on market $150,000 Active 106 DOM
21. 2026-08-27
    days on market $150,000 Active 105 DOM
22. 2026-08-25
    days on market $150,000 Active 103 DOM
23. 2026-08-24
    days on market $150,000 Active 102 DOM
24. 2026-08-23
    days on market $150,000 Active 101 DOM
25. 2026-08-22
    days on market $150,000 Active 100 DOM
26. 2026-08-21
    days on market $150,000 Active 99 DOM
27. 2026-08-20
    days on market $150,000 Active 98 DOM
28. 2026-08-19
    days on market $150,000 Active 97 DOM
29. 2026-08-18
    days on market $150,000 Active 96 DOM
30. 2026-08-17
    days on market $150,000 Active 95 DOM
31. 2026-08-16
    days on market $150,000 Active 94 DOM
32. 2026-08-15
    days on market $150,000 Active 93 DOM
33. 2026-08-15
    days on market $150,000 Active 92 DOM
34. 2026-08-13
    days on market $150,000 Active 91 DOM
35. 2026-08-12
    days on market $150,000 Active 90 DOM
36. 2026-08-11
    days on market $150,000 Active 89 DOM
37. 2026-08-10
    days on market $150,000 Active 88 DOM
38. 2026-08-09
    days on market $150,000 Active 87 DOM
39. 2026-08-08
    days on market $150,000 Active 86 DOM
40. 2026-08-07
    days on market $150,000 Active 85 DOM
41. 2026-08-06
    remarks 693-char remark
42. 2026-08-06
    days on market $150,000 Active 84 DOM
43. 2026-08-05
    days on market $150,000 Active 83 DOM
44. 2026-08-04
    days on market $150,000 Active 82 DOM
45. 2026-08-03
    days on market $150,000 Active 81 DOM
46. 2026-07-31
    days on market $150,000 Active 78 DOM
47. 2026-07-29
    days on market $150,000 Active 76 DOM
48. 2026-07-27
    days on market $150,000 Active 74 DOM
49. 2026-07-25
    days on market $150,000 Active 72 DOM
50. 2026-07-24
    days on market $150,000 Active 71 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 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: $18,315
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,465
• − Management: −$1,465
• − Depreciation: −$4,364
• Taxable loss: −$381
• Est. tax savings @ 24.0%: +$92
• After-tax cash flow: $2,121/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 · 12 photos

Fair 45/100 Moderate rehab Est. rehab $26,250–$47,250 screening

This home requires moderate repairs to its exterior and interior paint, but presents a good opportunity for a fresh coat of paint to boost its curb appeal and value.

Repairs flagged

• Moderate exterior siding — Weathered and needs repainting
• Minor interior paint — Faded and could be refreshed

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both paint interior — Refreshes the home's appearance and enhances rental appeal ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 34/100

Zoned Schools

Elementary Frank Hartsfield Elementary School F FL #1,896/2,144 Nat'l #26,716/41,679 Middle Elizabeth Cobb Middle School D- FL #331/571 Nat'l #5,160/14,009 High James Rickards High School F FL #441/667 Nat'l #10,947/17,239

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

A Composite livability gradescore 86/100

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 · 315,507 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: 13% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Other: Lot about 0.2 acreRoad surface unimproved
• Financial info: Offered for sale

Exterior

• Parking: On-street parking
• Utilities: Public sewerPublic maintained road
• Home design: Single-story homeVinyl siding
• Construction: Vinyl siding construction
• Exterior features: Covered porch/patio

Interior

• Kitchen: DishwasherIcemakerOvenRangeRefrigerator
• Bedrooms: Bedroom 2 — 12 x 11
• Flooring: Plank flooringTile flooringVinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heatingCentral airElectric coolingHeat pump
• Interior features: Tray ceilingsVaulted ceilingsWalk-in closets
• Laundry & utility: Utility room

Price history

1 event — show timeline

• 2026-05-14 Listed $150,000 CATRS