3507 Southland Dr Unit N/A · Tallahassee, FL 32305

$169,900

4 bd · 2.0 ba · 1,986 sqft · Condo · 38 Days on market

Built 1973 Good condition

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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 +22.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +6.0/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Brand new architectural shingled roof! Spacious duplex on a large lot at the end of a dead-end street. Freshly painted with new flooring in both units.

Key facts

• Large lot
• Dead-end street
• Built 1973

Tags

• ARCHITECTURAL SHINGLED ROOF
• LARGE LOT
• DEAD-END STREET

Property features AI

Finance

• Financial info: Property is for sale; Twelve-month lease term indicated for rentals; Owner pays insurance, management, pest control, repairs, and taxes; Two-unit building with rental income shown (each unit currently rents for $1,000)

Exterior

• Parking: Unassigned parking
• Home design: Single-story building
• Construction: Frame construction; Vinyl siding; Wood siding
• Exterior features: Lot dimensions approximately 65 x 151 x 65 x 151

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: Two-bedroom units (both units are 2 bedrooms)
• Bathrooms: Each unit has one full bathroom
• Heating & cooling: Central heating; Electric heating; Heat pump; Central air conditioning; Ceiling fans; Electric cooling
• Interior features: Fireplace

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• At $1,865/mo this rent would consume 47% of the median local household income ($48k/yr) (locally 654% 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 $1k of loan paydown is wiped out by about $5k 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 38 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

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 $164,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 1.10% ✓
• Cap rate: 8.41%
• Cash-on-cash: 7.55%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-8,436
• Equity at exit: $25,333

10-year hold

• IRR: 4.9%
• Equity multiple: 1.36×
• Total profit: $17,321
• Equity at exit: $14,690

Cash invested: $47,572 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,865 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $299

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 79%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
916 Saddle Creek Run Tallahassee, FL	4.0	2.0	1399	$1,750	$1.25	13d	1	0.60mi
3000 S Adams St Tallahassee, FL	1.0–3.0	1.0–3.0	884	$1,850	$2.09	21d	8	1.08mi
735 Putnam Dr #2 Tallahassee, FL	3.0	2.5	1396	$1,650	$1.18	13d	1	1.33mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $169,900 Active 38 DOM
2. 2026-06-17
   days on market $169,900 Active 37 DOM
3. 2026-06-16
   days on market $169,900 Active 36 DOM
4. 2026-06-15
   days on market $169,900 Active 35 DOM
5. 2026-06-14
   days on market $169,900 Active 33 DOM
6. 2026-06-10
   days on market $169,900 Active 30 DOM
7. 2026-06-09
   days on market $169,900 Active 29 DOM
8. 2026-06-08
   days on market $169,900 Active 28 DOM
9. 2026-06-07
   days on market $169,900 Active 27 DOM
10. 2026-06-05
    days on market $169,900 Active 24 DOM
11. 2026-06-03
    days on market $169,900 Active 23 DOM
12. 2026-06-02
    days on market $169,900 Active 22 DOM
13. 2026-06-01
    days on market $169,900 Active 21 DOM
14. 2026-05-31
    days on market $169,900 Active 20 DOM
15. 2026-05-30
    days on market $169,900 Active 19 DOM
16. 2026-05-11
    listed $169,900 Active
17. 2026-02-25
    historical
18. 2026-02-04
    price $139,990
19. 2026-01-17
    status Active
20. 2025-12-18
    historical Active Under Contract
21. 2025-11-10
    price $150,000
22. 2025-10-30
    status Active
23. 2025-10-03
    historical Contingent
24. 2025-09-25
    listed $159,900 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 4/10 Moderate
• 🌡 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: $22,383
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$1,791
• − Management: −$1,791
• − Depreciation: −$4,943
• Taxable income: $944
• Est. tax owed @ 24.0%: −$226
• After-tax cash flow: $3,366/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 · 3 photos

Good 75/100 Cosmetic rehab

A well-maintained, freshly painted, and newly roofed duplex with good curb appeal and potential for further updates to increase value.

Value-add opportunities

• Both Painting exterior trim and siding — Enhances curb appeal and value
• Both Upgrading kitchen appliances — Modernizes the space and attracts buyers
• Both Refrigerator replacement — Improves functionality and appeal
• Both Bathroom updates — Enhances functionality and appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior trim and siding — Enhances curb appeal and value ↑
• Both Upgrading kitchen appliances — Modernizes the space and attracts buyers ↑
• Both Refrigerator replacement — Improves functionality and appeal ↑
• Both Bathroom updates — Enhances functionality and 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): 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

+6.3% since first listed

9 events — show timeline

• 2026-05-11 Listed $169,900 CATRS
• 2026-02-25 Listing Removed — CATRS
• 2026-02-04 Price Changed $139,990 CATRS
• 2026-01-17 Relisted — CATRS
• 2025-12-18 Contingent — CATRS
• 2025-11-10 Price Changed $150,000 CATRS
• 2025-10-30 Relisted — CATRS
• 2025-10-03 Contingent — CATRS
• 2025-09-25 Listed $159,900 CATRS