1894 Nekoma Ct · Tallahassee, FL 32304

$125,000

2 bd · 1.5 ba · 960 sqft · Townhouse public records · 101 Days on market

Built 1981 2,613 sqft lot Est $158k · 21% 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 +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.4/10.0
• 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

Nice townhouse with newer roof (2019). Solid investment with current rents of $975. Good option for a first home or new investor.

Key facts

• Built 1981
• Listed 100 days

Property features AI

Exterior

• Parking: Parking space(s)
• Utilities: Public sewer
• Home design: Single-story; Brick and vinyl siding construction
• Construction: Brick exterior; Vinyl siding
• Exterior features: Patio; Partial fencing; Paved road access (private maintained road)

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bedrooms: Bedroom 2 (14 x 11)
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating; Heat pump; Wood heating; Central air conditioning
• Interior features: Fireplace; Utility room
• Laundry & utility: Utility room (laundry/utility space)

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $125k.

Deal economics

• At list price, monthly cash flow is $208 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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: Sabal Palm Elementary School (math 29% / reading 35%, grade F, #1,797 of 2,144 statewide, top 86%, 492 students, 80% FRL); Griffin Middle School (math 16% / reading 25%, grade F, #556 of 571 statewide, top 98%, 532 students, 77% FRL); Amos P. Godby High School (math 24% / reading 32%, grade F, #464 of 667 statewide, top 70%, 1,444 students, 63% FRL) — zoned schools average 73% FRL vs 45% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 50% district-wide (-24 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 (+4.7%/yr); 142 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $1,302/mo this rent would consume 48% 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 $864 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 101 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $72k; list at $125k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.04% ✓
• Cap rate: 8.29%
• Cash-on-cash: 7.14%
• DSCR: 1.32
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $158,400
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3234 Nekoma Ln	0.09mi	2/1.5	896 (-7%)	1mo	$95,000	$106	84
3238 Nekoma Ln	0.09mi	2/1.5	896 (-7%)	8mo	$66,000	$74	78
2018 Pecan Ct	0.70mi	2/2.0	988 (+3%)	2mo	$165,000	$167	59
1322 Burgess Dr	0.64mi	2/2.0	880 (-8%)	11mo	$145,000	$165	45

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 · 4.69% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.86×
• Total profit: $-4,744
• Equity at exit: $18,638

10-year hold

• IRR: 7.9%
• Equity multiple: 1.64×
• Total profit: $22,487
• Equity at exit: $10,808

Cash invested: $35,000 (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 32304

• Home prices YoY: -21.2%
• Rents YoY: 4.7%
• Active inventory: 142
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,302 high
• Mortgage (P&I): −$656
• Tax from tax record: −$113 /mo · $1,354/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $208

Break-even live

Break-even rent $1,039

Max offer price $125,000

Occupancy floor 79%

Sensitivity live

Price	-10% $279	-5% $244	+0% $208	+5% $173	+10% $138
Rent	-10% $105	-5% $157	+0% $208	+5% $260	+10% $311
Rate	-1.0pp $271	-0.5pp $240	base $208	+0.5pp $176	+1.0pp $143

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1557 Devoe St Unit 2 Tallahassee, FL	2.0	1.0	750	$1,350	$1.80	23d	1	0.17mi
2765 W Tharpe St Tallahassee, FL	1.0–2.0	1.0	739	$1,000	$1.35	15d	1	0.36mi
2749 Pecan Rd Tallahassee, FL	1.0–2.0	1.0–2.0	900	$1,300	$1.44	15d	1	0.54mi
2616 Mission Rd Tallahassee, FL	1.0–2.0	1.0	750	$1,195	$1.59	15d	12	0.89mi
2614 W Tennessee St Tallahassee, FL	1.0–4.0	1.0–4.0	1270	$1,159	$0.91	23d	14	0.95mi
2327 Parrot Ln Tallahassee, FL	3.0	2.0	1088	$1,300	$1.19	23d	1	1.17mi
2259 Parrot Ln Tallahassee, FL	2.0	2.0	992	$1,275	$1.29	23d	1	1.20mi
850 Capital Walk Dr Tallahassee, FL	1.0–3.0	1.0–2.0	1152	$1,442	$1.25	15d	21	1.27mi
2353 W Mission Rd Tallahassee, FL	2.0–3.0	2.0–2.5	1012	$1,250	$1.23	15d	11	1.37mi

Listing history 8 events

1. 2026-06-01
   days on market $125,000 Active 101 DOM
2. 2026-05-31
   days on market $125,000 Active 100 DOM
3. 2026-05-30
   days on market $125,000 Active 99 DOM
4. 2026-02-20
   listed $125,000 Active
5. 2019-06-17
   soldstatus $72,000
6. 2004-08-31
   soldstatus $50,000
7. 2001-06-13
   soldstatus $37,500
8. 1981-07-01
   soldstatus $37,777

ⓘ 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: $1,354 · $113/mo
• Projected year-2 tax: $1,354 · $113/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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,626
• − Mortgage interest: −$7,002
• − Property taxes: −$1,354
• − Insurance: −$625
• − Repairs & maintenance: −$1,250
• − Management: −$1,250
• − Depreciation: −$3,636
• Taxable income: $509
• Est. tax owed @ 24.0%: −$122
• After-tax cash flow: $2,377/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

+230.9% since first listed

5 events — show timeline

• 2026-02-20 Listed $125,000 CATRS
• 2019-06-17 Sold (Public Records) $72,000 Public Records
• 2004-08-31 Sold (Public Records) $50,000 Public Records
• 2001-06-13 Sold (Public Records) $37,500 Public Records
• 1981-07-01 Sold (Public Records) $37,777 Public Records

Property tax history

+6.9%/yr

Latest (2025): $1,354 · +11.5% YoY. Source: county tax records.