2724 Lake Henrietta St · Tallahassee, FL 32310

$127,500

3 bd · 1.0 ba · 912 sqft · SingleFamily public records · 1 Days on market

Built 1971 4,791 sqft lot Est $133k · at est.

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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 +22.8/30.0
• ARV discount +9.4/15.0
• DSCR +7.3/10.0
• 1% rule +5.9/10.0
• Appreciation +4.7/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Affordable and move-in ready! This 3BR/1BA home features a newer HVAC system, updated flooring, painted kitchen cabinets with new hardware, refreshed bathroom tile, painted ceilings and trim, and exterior paint applied within the last year. The private backyard offers plenty of space for entertaining and outdoor enjoyment. Conveniently located near the Junior Museum, Rec SportsPlex, FAMU, and FSU. An excellent opportunity for first-time buyers, investors, or anyone seeking affordable housing. Priced at $127,500.

Key facts

• Private backyard
• Updated flooring
• Conveniently located

Tags

• NEWER HVAC SYSTEM
• UPDATED FLOORING
• PAINTED KITCHEN CABINETS
• REFRESHED BATHROOM TILE
• PRIVATE BACKYARD
• CONVENIENTLY LOCATED

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: Carport with space for one vehicle
• Utilities: Public sewer
• Home design: Single-story; Brick and wood siding exterior
• Construction: Brick construction; Wood siding; 1 story
• Exterior features: Fully fenced yard; Paved road access

Interior

• Kitchen: Cooktop; Oven; Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: Bedroom 2 (10x8); Bedroom 3 (12x10)
• Flooring: Plank; Tile; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Propane heating; Central air conditioning; Ceiling fans; Electric cooling components
• Interior features: Utility room; Living room; Family room; Dining room
• Laundry & utility: Washer; Dryer; Utility room (11x11)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $128k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $128k).
• 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: 94 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• This rent runs 44% of the median local income ($38k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $192 of equity ($882 loan paydown + $-690 appreciation (-0.5% local appreciation)).
• Leon County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-0.5% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

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 $127,500

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.09% ✓
• Cap rate: 8.38%
• Cash-on-cash: 7.44%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $133,152
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2728 Lake Mary St	0.10mi	3/1.0	908 (-0%)	13mo	$80,000	$88	84
1410 Coleman St	0.62mi	2/1.0 (-1)	900 (-1%)	2mo	$193,750	$215	63
3206 Notre Dame St	0.49mi	3/1.0	828 (-9%)	2mo	$75,000	$91	60
3204 N Ridge Rd	0.46mi	3/1.0	828 (-9%)	7mo	$187,000	$226	58
2056 Warwick St	0.75mi	3/1.0	864 (-5%)	1mo	$90,000	$104	56
1222 Hutchinson St	0.72mi	3/1.0	864 (-5%)	9mo	$92,000	$106	51
3196 Notre Dame	0.46mi	3/1.0	828 (-9%)	21mo	$167,000	$202	45
2065 Holmes St	0.73mi	3/1.0	975 (+7%)	23mo	$142,500	$146	35
2056 Hillsborough St	0.73mi	3/1.0	850 (-7%)	23mo	$137,000	$161	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.54% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.4%
• Equity multiple: 1.20×
• Total profit: $7,180
• Equity at exit: $33,609

10-year hold

• IRR: 10.3%
• Equity multiple: 2.06×
• Total profit: $37,679
• Equity at exit: $37,768

Cash invested: $35,700 (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 32310

• Home prices YoY: -0.2%
• Active inventory: 94
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,396 high
• Mortgage (P&I): −$669
• Tax est. 1.5%: −$159 /mo · $1,912/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $221

Break-even live

Break-even rent $1,115

Max offer price $127,500

Occupancy floor 79%

Sensitivity live

Price	-10% $309	-5% $265	+0% $221	+5% $177	+10% $133
Rent	-10% $111	-5% $166	+0% $221	+5% $276	+10% $332
Rate	-1.0pp $286	-0.5pp $254	base $221	+0.5pp $188	+1.0pp $155

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: $31,875
• Closing costs: $3,825
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3178 N Ridge Rd Apt A Tallahassee, FL	2.0	2.0	995	$1,350	$1.36	14d	1	0.32mi
2332 Keith St Tallahassee, FL	2.0	1.0	650	$1,050	$1.62	22d	1	0.77mi
1616 McCaskill Ave Tallahassee, FL	1.0–2.0	1.0	750	$969	$1.29	22d	43	1.02mi
509 Famcee Ave Tallahassee, FL	3.0	2.0	1079	$1,700	$1.58	22d	1	1.08mi
635 Palm Beach St Apt 125 Tallahassee, FL	2.0	2.0	900	$900	$1.00	22d	1	1.13mi
643 Kissimmee St Tallahassee, FL	2.0	1.0	800	$1,595	$1.99	22d	1	1.16mi
1426 Pepper Dr Tallahassee, FL	2.0	1.0	858	$1,250	$1.46	22d	1	1.29mi
1643 Sharkey St Tallahassee, FL	3.0	1.0	912	$1,350	$1.48	22d	1	1.41mi
3000 S Adams St Tallahassee, FL	1.0–3.0	1.0–3.0	884	$1,850	$2.09	22d	8	1.42mi
930 S Lipona Rd Unit D Tallahassee, FL	2.0	2.0	896	$1,295	$1.45	22d	1	1.48mi

Listing history 2 events

1. 2026-06-18
   remarks 517-char remark
2. 2026-06-18
   listed $127,500 Active 1 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 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: $16,746
• − Mortgage interest: −$7,142
• − Property taxes: −$1,912
• − Insurance: −$638
• − Repairs & maintenance: −$1,340
• − Management: −$1,340
• − Depreciation: −$3,709
• Taxable income: $666
• Est. tax owed @ 24.0%: −$160
• After-tax cash flow: $2,496/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

• Census place: Tallahassee, FL
• County: Leon County · 294,472 people
• City population: 294,472
• Metro: Tallahassee, FL
• Population (ZIP): 14,888
• Household income: $38,288
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 1272.0

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 50% White 36% Hispanic / Latino 9% Two or more races 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 1% German/W. Germanic 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: ▼ -0.54%
• Current HPI: 270.5721
• 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

1 event — show timeline

• 2026-06-17 Listed $127,500 CATRS

Property tax history

+82.3%/yr

Latest (2025): $6 · -85.9% YoY. Source: county tax records.