2325 W Pensacola St #170 · Tallahassee, FL 32304

$65,000

2 bd · 1.5 ba · 1,112 sqft · Condo public records · 505 Days on market

Built 1969 $337/mo HOA · 26% of rent

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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 +28.2/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This 2-bedroom, 1.5-bath, two-story condo is perfectly situated within walking distance of FSU, TSC, and a short commute to FAMU. Enjoy pool views from your ground-floor patio and upper balcony! Updates include fresh paint, new carpet downstairs (2023), updated bathrooms, and a 2021 HVAC. The upstairs laundry area now includes a washer for in-unit convenience. One bedroom features a large walk-in closet. Tenant-occupied with tenants who desire to stay, making this a fantastic investment property option. Located close to restaurants, shops, and bus routes, with the special assessment already fully paid. Don’t miss out—schedule your showing today!

Key facts

• Ground-floor patio
• Updated bathrooms
• Large walk-in closet

Tags

• GROUND-FLOOR PATIO
• UPPER BALCONY
• UPDATED BATHROOMS
• UPSTAIRS LAUNDRY AREA
• LARGE WALK-IN CLOSET
• SPECIAL ASSESSMENT FULLY PAID

Property features AI

Finance

• Other: Offered for sale
• HOA & community: Association fee includes common areas, insurance, structure maintenance, pest control, pool(s), and street lights; Community features include pool and sidewalks

Exterior

• Parking: Parking space(s)
• Utilities: Public sewer
• Home design: 2-story; Block and concrete construction
• Construction: Block and concrete construction
• Exterior features: Community pool; Paved road

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bedrooms: Bedroom 2 (13 x 10)
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Upper level primary
• Laundry & utility: Washer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $65k.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 (+4.7%/yr); 142 active listings in the ZIP; 38 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).
• At $1,275/mo this rent would consume 47% of the median local household income ($32k/yr) (locally 6995% 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 $449 of loan paydown is wiped out by about $2k 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 + 4.7% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 505 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $28k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $54k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• 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 $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 505 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.96% ✓
• Cap rate: 10.10%
• Cash-on-cash: 13.61%
• DSCR: 1.61
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.69% rent growth · sell at horizon

5-year hold

• IRR: 6.9%
• Equity multiple: 1.28×
• Total profit: $5,058
• Equity at exit: $9,692

10-year hold

• IRR: 18.5%
• Equity multiple: 2.74×
• Total profit: $31,660
• Equity at exit: $5,620

Cash invested: $18,200 (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 32304

• Home prices YoY: -21.2%
• Rents YoY: 4.7%
• Active inventory: 142
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,275 high
• Mortgage (P&I): −$341
• Tax from tax record: −$96 /mo · $1,153/yr
• Insurance: −$27
• HOA: −$337
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $206

Break-even live

Break-even rent $1,014

Max offer price $65,000

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
317 Mabry St Tallahassee, FL	2.0	1.0	808	$898	$1.11	21d	1	0.11mi
2202 W Pensacola St Tallahassee, FL	1.0–3.0	1.0	950	$1,224	$1.29	21d	3	0.12mi
205 White Dr Tallahassee, FL	1.0–4.0	1.0–4.0	1155	$637	$0.55	21d	1	0.25mi
316 Ausley Rd Tallahassee, FL	1.0–4.0	1.0–2.0	750	$798	$1.06	14d	8	0.36mi
2131 Jackson Bluff Rd Tallahassee, FL	2.0	2.0	1043	$1,257	$1.21	14d	3	0.51mi
103 Cactus St Tallahassee, FL	2.0–4.0	1.0–2.0	1000	$1,195	$1.20	14d	3	0.51mi
2125 Jackson Bluff Rd Tallahassee, FL	1.0–3.0	1.0–2.0	975	$1,172	$1.20	21d	4	0.52mi
2182 Timberwood Cir S Unit 1 Tallahassee, FL	3.0	2.5	1280	$1,599	$1.25	21d	1	0.58mi
2350 Horne Ave Unit 2 Tallahassee, FL	2.0	2.0	800	$995	$1.24	21d	1	0.66mi
301 S Lipona Rd #24 Tallahassee, FL	2.0	1.5	896	$1,350	$1.51	21d	1	0.67mi
1854 Belle Vue Way Tallahassee, FL	2.0–4.0	1.0–2.0	1100	$1,235	$1.12	21d	1	0.72mi
220 Atkinson Dr Unit D Tallahassee, FL	2.0	1.0	928	$1,100	$1.19	21d	1	0.82mi
930 S Lipona Rd Unit D Tallahassee, FL	2.0	2.0	896	$1,295	$1.45	21d	1	0.82mi
1801 Lenora Dr Tallahassee, FL	3.0	1.0	1150	$1,800	$1.57	21d	1	0.85mi
2353 W Mission Rd Tallahassee, FL	2.0–3.0	2.0–2.5	1012	$1,250	$1.23	14d	11	0.92mi
1001 Ocala Rd Tallahassee, FL	4.0	1.0–2.0	899	$584	$0.65	21d	6	0.96mi
1612 Overstreet St Tallahassee, FL	3.0	3.0	1500	$3,300	$2.20	21d	1	1.00mi
322 Conradi St Tallahassee, FL	3.0	2.0	1100	$1,950	$1.77	21d	4	1.09mi
1643 Sharkey St Tallahassee, FL	3.0	1.0	912	$1,350	$1.48	21d	1	1.13mi
1606 Airport Dr Tallahassee, FL	3.0	2.0	1008	$1,395	$1.38	21d	1	1.16mi
2614 W Tennessee St Tallahassee, FL	1.0–4.0	1.0–4.0	1270	$1,159	$0.91	21d	14	1.17mi
1525 W Tennessee St #307 Tallahassee, FL	2.0	1.0	1200	$1,600	$1.33	21d	1	1.21mi
2060 Continental Ave Tallahassee, FL	1.0–3.0	1.0–2.5	1121	$1,052	$0.94	14d	26	1.22mi
1327 Jackson Bluff Rd Tallahassee, FL	2.0–4.0	2.0	1450	$475	$0.33	21d	1	1.22mi
1313 Airport Dr Unit DRE6 Tallahassee, FL	1.0	1.5	1100	$1,300	$1.18	14d	1	1.26mi
2020 Continental Ave Tallahassee, FL	1.0–2.0	1.0–1.5	850	$1,300	$1.53	21d	3	1.26mi
1303 Airport Dr Unit A08 Tallahassee, FL	2.0	2.5	1083	$1,475	$1.36	21d	1	1.28mi
832 Arkansas St Tallahassee, FL	3.0	1.0	1296	$1,400	$1.08	21d	1	1.29mi
770 Appleyard Dr Tallahassee, FL	2.0	2.5	1150	$1,442	$1.25	14d	14	1.29mi
1303 Ocala Rd Tallahassee, FL	1.0–4.0	1.0–2.0	1121	$1,320	$1.18	14d	48	1.31mi
2616 Mission Rd Tallahassee, FL	1.0–2.0	1.0	750	$1,195	$1.59	14d	12	1.31mi
1426 Pepper Dr Tallahassee, FL	2.0	1.0	858	$1,250	$1.46	21d	1	1.33mi
1111 High Rd Tallahassee, FL	2.0–3.0	2.0	1000	$1,409	$1.41	14d	11	1.35mi
1616 McCaskill Ave Tallahassee, FL	1.0–2.0	1.0	750	$969	$1.29	21d	43	1.37mi
1360 Ocala Rd Tallahassee, FL	2.0	1.0	800	$1,000	$1.25	21d	1	1.37mi
1108 Greentree Ct Tallahassee, FL	2.0	2.0	888	$1,275	$1.44	21d	1	1.38mi
1380 Ocala Rd Tallahassee, FL	1.0	1.0	700	$975	$1.39	21d	1	1.38mi
1329 Nylic St #1 Tallahassee, FL	3.0	3.0	1275	$1,800	$1.41	21d	1	1.47mi

HOA detail condo

• Monthly dues: $337 · $4,044/yr
• Likely covers: pool
• ⚠ Special-assessment mentions:

  …making this a fantastic investment property option. Located close to restaurants, shops, and bus routes, with the special assessment already fully paid. Don’t miss out—schedule your showing today!

Listing history 29 events

1. 2026-06-18
   days on market $65,000 Active 505 DOM
2. 2026-06-17
   days on market $65,000 Active 504 DOM
3. 2026-06-16
   days on market $65,000 Active 503 DOM
4. 2026-06-15
   days on market $65,000 Active 502 DOM
5. 2026-06-14
   days on market $65,000 Active 500 DOM
6. 2026-06-10
   days on market $65,000 Active 497 DOM
7. 2026-06-09
   days on market $65,000 Active 496 DOM
8. 2026-06-08
   days on market $65,000 Active 495 DOM
9. 2026-06-07
   days on market $65,000 Active 494 DOM
10. 2026-06-05
    pricedays on market $65,000 Active 491 DOM
11. 2026-06-03
    days on market $69,000 Active 490 DOM
12. 2026-06-02
    days on market $69,000 Active 489 DOM
13. 2026-06-01
    days on market $69,000 Active 488 DOM
14. 2026-05-31
    days on market $69,000 Active 487 DOM
15. 2026-05-30
    days on market $69,000 Active 486 DOM
16. 2026-03-21
    price $69,000
17. 2026-02-03
    status Active
18. 2026-01-31
    historical
19. 2025-12-10
    price $72,000
20. 2025-10-24
    price $74,000
21. 2025-08-19
    price $79,000
22. 2025-08-02
    status Active
23. 2025-07-31
    historical
24. 2025-07-03
    price $81,000
25. 2025-06-07
    price $84,000
26. 2025-03-11
    price $87,000
27. 2025-01-26
    listed $93,000 Active
28. 2004-11-12
    soldstatus $54,000
29. 1995-09-13
    soldstatus $34,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,153 · $96/mo
• Projected year-2 tax: $1,153 · $96/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $15,304
• − Mortgage interest: −$3,641
• − Property taxes: −$1,153
• − Insurance: −$325
• − Repairs & maintenance: −$1,224
• − Management: −$1,224
• − HOA: −$4,044
• − Depreciation: −$1,891
• Taxable income: $1,801
• Est. tax owed @ 24.0%: −$432
• After-tax cash flow: $2,045/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): 51,673
• Household income: $32,348
• Rent vs Own: 86.5% rent · 13.5% own
• Severe rent burden: 6995.0

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 0.65)
• Race & ethnicity: White 45% Black 36% Hispanic / Latino 10% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 86% English-only · Spanish 7% Other Indo-European 2% 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: ▼ -72.04%
• Current HPI: 267.8426
• Rent YoY: ▲ 4.69%
• 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

+102.9% since first listed

14 events — show timeline

• 2026-03-21 Price Changed $69,000 CATRS
• 2026-02-03 Relisted — CATRS
• 2026-01-31 Listing Removed — CATRS
• 2025-12-10 Price Changed $72,000 CATRS
• 2025-10-24 Price Changed $74,000 CATRS
• 2025-08-19 Price Changed $79,000 CATRS
• 2025-08-02 Relisted — CATRS
• 2025-07-31 Listing Removed — CATRS
• 2025-07-03 Price Changed $81,000 CATRS
• 2025-06-07 Price Changed $84,000 CATRS
• 2025-03-11 Price Changed $87,000 CATRS
• 2025-01-26 Listed $93,000 CATRS
• 2004-11-12 Sold (Public Records) $54,000 Public Records
• 1995-09-13 Sold (Public Records) $34,000 Public Records

Property tax history

+19.3%/yr

Latest (2025): $1,153 · +7.8% YoY. Source: county tax records.