605 E Seaboard St · Tallahassee, FL 32301

$150,000

2 bd · 1.0 ba · 1,050 sqft · SingleFamily · 35 Days on market

Built 1984 Fair condition 8,712 sqft lot Est $243k · 38% 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 +17.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.7/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Downtown Tallahassee Living at Its Best! Discover a rare opportunity just off Lafayette Street — perfectly situated next to more than 60 acres of beautiful city parks, including Cascades Park and Myers Park. Enjoy direct access to walking trails, scenic lakes, tennis courts, baseball fields, and the Myers Park Pool, only 600 feet away! You’ll love the convenience of being within a quarter mile of restaurants, shopping, and downtown entertainment, offering the perfect blend of nature, recreation, and city living. These two homes must be sold together. 603 E Seaboard St: 3 bedrooms, 2 baths, built in 1991, all vinyl siding 605 E Seaboard St: 2 bedrooms, 1 bath, built in 1984, all

Key facts

• Tennis courts
• Scenic lakes
• Myers park pool

Tags

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

Property features AI

Finance

• Other: Lot about 0.2 acre; Road surface unimproved
• Financial info: Offered for sale

Exterior

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

Interior

• Kitchen: Dishwasher; Icemaker; Oven; Range; Refrigerator
• Bedrooms: Bedroom 2 — 12 x 11
• Flooring: Plank flooring; Tile flooring; Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air; Electric cooling; Heat pump
• Interior features: Tray ceilings; Vaulted ceilings; Walk-in closets
• Laundry & utility: Utility room

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 $118 ($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 $146k (2.6% below list).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• This rent runs 34% 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 35 days — a 3% lower offer ($146k) 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 $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% 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. 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. 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.
6. 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.
7. 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: 0.97% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.37%
• DSCR: 1.15
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $242,550
• Comps found: 9

Show comp detail 9 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%)	9mo	$99,000	$93	82
914 Delores Dr	0.33mi	2/1.0	922 (-12%)	12mo	$218,000	$236	55
207 Grace St	0.46mi	3/1.0 (+1)	1,087 (+4%)	19mo	$259,000	$238	52
1117 S Magnolia Dr	0.74mi	2/2.0	1,042 (-1%)	14mo	$260,000	$250	48
809 E Call St	0.51mi	3/2.0 (+1)	1,103 (+5%)	13mo	$236,000	$214	48
632 E Call St	0.53mi	3/1.0 (+1)	1,112 (+6%)	19mo	$257,000	$231	45
406 Talaflo St	0.67mi	2/1.0	1,168 (+11%)	15mo	$232,000	$199	38
913 E Call St	0.66mi	3/1.0 (+1)	988 (-6%)	21mo	$209,000	$212	37
848 E Park Ave	0.51mi	2/1.5	1,170 (+11%)	22mo	$275,000	$235	36

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: -9.7%
• Equity multiple: 0.64×
• Total profit: $-15,057
• Equity at exit: $22,365

10-year hold

• IRR: 1.2%
• Equity multiple: 1.09×
• Total profit: $3,887
• 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 →

ZIP-level market 32301

• Rents YoY: 4.2%
• Active inventory: 121
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,461 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $118

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 87%

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 37 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	13d	1	0.30mi
534 E College Ave Tallahassee, FL	1.0	1.0	709	$925	$1.30	21d	1	0.38mi
850 S Gadsden St Tallahassee, FL	2.0	1.0–2.0	828	$3,549	$4.29	13d	34	0.39mi
648 E Park Ave Unit 24 Tallahassee, FL	1.0	1.0	850	$1,095	$1.29	21d	1	0.42mi
100 Cadiz St Tallahassee, FL	1.0	1.0	700	$1,112	$1.59	21d	1	0.43mi
631 E Call St Tallahassee, FL	2.0	1.0	598	$1,399	$2.34	21d	16	0.47mi
1211 E Lafayette St Tallahassee, FL	1.0–2.0	1.0–2.0	833	$1,115	$1.34	21d	4	0.50mi
420 E Park Ave Unit 50 Tallahassee, FL	2.0	1.0	770	$1,050	$1.36	13d	1	0.52mi
723 E Tennessee St Tallahassee, FL	2.0	2.0	1000	$1,750	$1.75	21d	1	0.58mi
300 S Duval St #804 Tallahassee, FL	1.0	1.0	703	$2,000	$2.84	13d	1	0.70mi
215 W College Ave #302 Tallahassee, FL	1.0	1.0	726	$1,800	$2.48	21d	1	0.73mi
215 W College Ave Unit 706B Tallahassee, FL	2.0	1.0	823	$2,600	$3.16	21d	1	0.73mi
1504 S Adams St #1 Tallahassee, FL	2.0	2.0	1088	$1,300	$1.19	13d	1	0.77mi
415 N Gadsden St Tallahassee, FL	1.0–2.0	1.0–1.5	990	$1,575	$1.59	21d	6	0.77mi
403 E Carolina St #118 Tallahassee, FL	1.0	1.0	700	$1,250	$1.79	21d	1	0.80mi
440 N Monroe St Tallahassee, FL	3.0	1.0–3.0	1311	$3,121	$2.38	13d	15	0.88mi
1533 S Bronough St Tallahassee, FL	2.0	1.0	750	$1,150	$1.53	13d	1	0.89mi
717 Edgewood St Tallahassee, FL	2.0	1.0	717	$1,325	$1.85	21d	1	0.97mi
510 All Saints St Unit 203 Tallahassee, FL	1.0	1.0	720	$1,600	$2.22	13d	1	0.97mi
510 All Saints St Unit 101 Tallahassee, FL	1.0	1.0	720	$1,900	$2.64	13d	1	0.97mi
1737 S M L King Jr Blvd Tallahassee, FL	3.0	1.0	701	$1,450	$2.07	21d	1	1.06mi
2218 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	700	$1,200	$1.71	21d	7	1.16mi
2205 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	750	$1,225	$1.63	13d	9	1.16mi
2205 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	750	$1,225	$1.63	21d	1	1.16mi
718 N Bronough St Tallahassee, FL	2.0	1.0	798	$1,100	$1.38	21d	1	1.17mi
1101 Washington Ct #1 Tallahassee, FL	2.0	1.0	950	$1,050	$1.11	13d	1	1.18mi
412 W Brevard St Unit 412 Tallahassee, FL	3.0	2.0	900	$800	$0.89	21d	1	1.19mi
828 N Duval St Tallahassee, FL	3.0	2.5	1498	$2,600	$1.74	21d	1	1.21mi
1315 Pinellas St Tallahassee, FL	3.0	3.0	1197	$1,450	$1.21	21d	1	1.31mi
735 Putnam Dr #2 Tallahassee, FL	3.0	2.5	1396	$1,650	$1.18	13d	1	1.36mi
808 Saint Augustine St Tallahassee, FL	2.0	2.5	1500	$2,095	$1.40	21d	1	1.42mi
401 Putnam Dr Tallahassee, FL	1.0–2.0	1.0–2.0	766	$1,250	$1.63	21d	1	1.43mi
1309 Thomasville Rd Tallahassee, FL	1.0	1.0	800	$2,350	$2.94	13d	2	1.44mi
833 W Gaines St Tallahassee, FL	2.0	2.0	1080	$2,350	$2.18	13d	2	1.48mi
1330 Cherry St Tallahassee, FL	2.0	1.0	859	$1,600	$1.86	13d	5	1.48mi
1332 Cherry St Tallahassee, FL	2.0	1.0	859	$1,550	$1.80	21d	1	1.48mi
424 E 7th Ave Unit 15 Tallahassee, FL	2.0	1.0	859	$1,550	$1.80	13d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $150,000 Active 35 DOM
2. 2026-06-17
   days on market $150,000 Active 34 DOM
3. 2026-06-16
   days on market $150,000 Active 33 DOM
4. 2026-06-15
   days on market $150,000 Active 32 DOM
5. 2026-06-14
   days on market $150,000 Active 30 DOM
6. 2026-06-10
   days on market $150,000 Active 27 DOM
7. 2026-06-09
   days on market $150,000 Active 26 DOM
8. 2026-06-08
   days on market $150,000 Active 25 DOM
9. 2026-06-07
   days on market $150,000 Active 24 DOM
10. 2026-06-05
    days on market $150,000 Active 21 DOM
11. 2026-06-03
    days on market $150,000 Active 20 DOM
12. 2026-06-02
    days on market $150,000 Active 19 DOM
13. 2026-06-01
    days on market $150,000 Active 18 DOM
14. 2026-05-31
    days on market $150,000 Active 17 DOM
15. 2026-05-30
    days on market $150,000 Active 16 DOM
16. 2026-05-14
    listed $150,000 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 3/10 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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,535
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,403
• − Management: −$1,403
• − Depreciation: −$4,364
• Taxable loss: −$1,036
• Est. tax savings @ 24.0%: +$249
• After-tax cash flow: $1,662/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

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

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Weathered and needs repainting	Moderate	$3,000–15,000
interior paint · Faded and could be refreshed	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

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

ⓘ 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): 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

• 2026-05-14 Listed $150,000 CATRS