3000 S Adams St #111 · Tallahassee, FL 32301

$117,000

3 bd · 3.0 ba · 1,264 sqft · Condo public records · 393 Days on market

Built 2005 $319/mo HOA · 18% of rent ↓ 20% since listing

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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 +26.2/30.0
• 1% rule +10.0/10.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great owner occupant or investor opportunity. New Construction! Upgraded unit with Tile, Granite, Stainless, Berber. Walking distance to downtown or FAMU, Post Office, Public Library & Winn Dixie Grocery Store. Bike to FSU. Sales center open M-F 10-6, Sat 12-6, Sun 1-5. Amenities include Community Pool, Movie Theatre, Lounge, Game room, computer study room w/ printers and internet, fitness ctr & Conf Rm. 5% SELLER CONTRIBUTION!!! See model at unit 524. See assoc. docs for contract and condo docs

Key facts

• Gated community
• Community pool
• Walk-in closet

Tags

• GATED COMMUNITY
• SECURED ACCESS
• TILE FLOORING
• GRANITE COUNTERTOPS
• WALK-IN CLOSET
• COMMUNITY POOL

Property features AI

Finance

• HOA & community: Association fee includes clubhouse, common areas, insurance, grounds maintenance, structure maintenance, pool(s), road maintenance, and trash; Gated community with pool and sidewalks

Exterior

• Parking: Parking space(s)
• Security: Gated community
• Utilities: Public sewer
• Home design: Single-story; Brick construction
• Construction: Brick construction
• Exterior features: Community pool; Private maintained road (paved)

Interior

• Kitchen: Oven; Range; Refrigerator; Dishwasher
• Bedrooms: Bedroom 2 (13 x 11); Bedroom 3 (13 x 11)
• Flooring: Carpet; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Handicap access; Walk-in closet(s)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $117k.

Deal economics

• At list price, monthly cash flow is $297 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $117k).
• Recommended offer: $103k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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.
• Market conditions: Rents rising fast (+4.2%/yr); 121 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 42% 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 $809 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.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $33k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 393 days — a 12% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago 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 $102,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 393 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.52% ✓
• Cap rate: 9.34%
• Cash-on-cash: 10.87%
• DSCR: 1.48
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.16% rent growth · sell at horizon

5-year hold

• IRR: 1.8%
• Equity multiple: 1.07×
• Total profit: $2,246
• Equity at exit: $17,445

10-year hold

• IRR: 12.9%
• Equity multiple: 2.10×
• Total profit: $35,940
• Equity at exit: $10,116

Cash invested: $32,760 (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: 5.5×

Monthly cashflow live

• Estimated rent: $1,774 high
• Mortgage (P&I): −$614
• Tax from tax record: −$123 /mo · $1,477/yr
• Insurance: −$49
• HOA: −$319
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $297

Break-even live

Break-even rent $1,398

Max offer price $117,000

Occupancy floor 78%

Sensitivity live

Price	-10% $363	-5% $330	+0% $297	+5% $264	+10% $231
Rent	-10% $157	-5% $227	+0% $297	+5% $367	+10% $437
Rate	-1.0pp $356	-0.5pp $327	base $297	+0.5pp $266	+1.0pp $236

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: $29,250
• Closing costs: $3,510
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3000 S Adams St Tallahassee, FL	1.0–3.0	1.0–3.0	884	$1,850	$2.09	22d	8	0.09mi
3005 S Meridian St Tallahassee, FL	3.0	1.0	998	$2,300	$2.30	22d	1	0.43mi
509 Famcee Ave Tallahassee, FL	3.0	2.0	1079	$1,700	$1.58	22d	1	0.60mi
401 Putnam Dr Tallahassee, FL	1.0–2.0	1.0–2.0	766	$1,250	$1.63	22d	1	0.64mi
3111 Rackley Dr Tallahassee, FL	4.0	2.5	1802	$3,800	$2.11	22d	1	0.77mi
301 Gaile Ave Tallahassee, FL	3.0	1.0	1009	$1,400	$1.39	14d	1	0.82mi
2205 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	750	$1,225	$1.63	22d	1	0.88mi
2205 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	750	$1,225	$1.63	14d	9	0.88mi
2218 Magnolia Cir Tallahassee, FL	1.0–2.0	1.0–2.0	700	$1,200	$1.71	22d	7	0.88mi
735 Putnam Dr #2 Tallahassee, FL	3.0	2.5	1396	$1,650	$1.18	14d	1	0.93mi
635 Palm Beach St Apt 125 Tallahassee, FL	2.0	2.0	900	$900	$1.00	22d	1	1.03mi
402 Perkins St Tallahassee, FL	4.0	2.0	1686	$1,850	$1.10	22d	1	1.06mi
418 Perkins St Tallahassee, FL	4.0	2.0	1497	$1,850	$1.24	22d	1	1.07mi
3178 N Ridge Rd Apt A Tallahassee, FL	2.0	2.0	995	$1,350	$1.36	14d	1	1.22mi
2873 Jim Lee Rd Tallahassee, FL	2.0	2.0	1000	$925	$0.93	22d	1	1.24mi
916 Saddle Creek Run Tallahassee, FL	4.0	2.0	1399	$1,750	$1.25	14d	1	1.36mi
1504 S Adams St #1 Tallahassee, FL	2.0	2.0	1088	$1,300	$1.19	14d	1	1.40mi

HOA detail condo

• Monthly dues: $319 · $3,828/yr
• Likely covers: internetpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $117,000 Active 393 DOM
2. 2026-06-17
   days on market $117,000 Active 392 DOM
3. 2026-06-16
   days on market $117,000 Active 391 DOM
4. 2026-06-15
   days on market $117,000 Active 390 DOM
5. 2026-06-14
   days on market $117,000 Active 388 DOM
6. 2026-06-10
   days on market $117,000 Active 385 DOM
7. 2026-06-09
   days on market $117,000 Active 384 DOM
8. 2026-06-08
   days on market $117,000 Active 383 DOM
9. 2026-06-07
   days on market $117,000 Active 382 DOM
10. 2026-06-05
    days on market $117,000 Active 379 DOM
11. 2026-06-03
    days on market $117,000 Active 378 DOM
12. 2026-06-02
    days on market $117,000 Active 377 DOM
13. 2026-06-01
    days on market $117,000 Active 376 DOM
14. 2026-05-31
    days on market $117,000 Active 375 DOM
15. 2026-05-30
    days on market $117,000 Active 374 DOM
16. 2025-11-18
    price $117,000
17. 2025-05-21
    listed $118,000 Active
18. 2025-05-19
    historical
19. 2025-01-22
    status Active
20. 2025-01-20
    historical Contingent
21. 2024-12-30
    price $118,000
22. 2024-11-19
    listed $125,000 Active
23. 2006-10-20
    soldstatus $157,900 512-char remark

    Show marketing remark (512 chars)

    Great owner occupant or investor opportunity. New Construction! Upgraded unit with Tile, Granite, Stainless, Berber. Walking distance to downtown or FAMU, Post Office, Public Library & Winn Dixie Grocery Store. Bike to FSU. Sales center open M-F 10-6, Sat 12-6, Sun 1-5. Amenities include Community Pool, Movie Theatre, Lounge, Game room, computer study room w/ printers and internet, fitness ctr & Conf Rm. 5% SELLER CONTRIBUTION!!! See model at unit 524. See assoc. docs for contract and condo docs

24. 2006-10-01
    listed $157,900 512-char remark

    Show marketing remark (512 chars)

    Great owner occupant or investor opportunity. New Construction! Upgraded unit with Tile, Granite, Stainless, Berber. Walking distance to downtown or FAMU, Post Office, Public Library & Winn Dixie Grocery Store. Bike to FSU. Sales center open M-F 10-6, Sat 12-6, Sun 1-5. Amenities include Community Pool, Movie Theatre, Lounge, Game room, computer study room w/ printers and internet, fitness ctr & Conf Rm. 5% SELLER CONTRIBUTION!!! See model at unit 524. See assoc. docs for contract and condo docs

25. 2006-02-28
    historical
26. 2006-01-04
    listed $146,900

ⓘ 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: $1,477 · $123/mo
• Projected year-2 tax: $1,477 · $123/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 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: $21,283
• − Mortgage interest: −$6,554
• − Property taxes: −$1,477
• − Insurance: −$585
• − Repairs & maintenance: −$1,703
• − Management: −$1,703
• − HOA: −$3,828
• − Depreciation: −$3,404
• Taxable income: $2,031
• Est. tax owed @ 24.0%: −$487
• After-tax cash flow: $3,074/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): 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

-20.4% since first listed

11 events — show timeline

• 2025-11-18 Price Changed $117,000 CATRS
• 2025-05-21 Listed $118,000 CATRS
• 2025-05-19 Listing Removed — CATRS
• 2025-01-22 Relisted — CATRS
• 2025-01-20 Contingent — CATRS
• 2024-12-30 Price Changed $118,000 CATRS
• 2024-11-19 Listed $125,000 CATRS
• 2006-10-20 Sold (MLS) $157,900 CATRS
• 2006-10-01 Listed $157,900 CATRS
• 2006-02-28 Listing Removed — CATRS
• 2006-01-04 Listed $146,900 CATRS

Property tax history

+4.5%/yr

Latest (2025): $1,477 · +11.6% YoY. Source: county tax records.