1680 Corey Wood Cir · Tallahassee, FL 32304

$184,000

3 bd · 2.0 ba · 1,242 sqft · Townhouse public records · 43 Days on market

Built 2006 3,484 sqft lot Est $180k · at est. $32/mo HOA · 2% of rent

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Why this score? — see what drove the D- 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 +11.4/30.0
• ARV discount +6.5/15.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.7/5.0
• 1% rule +3.3/10.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming single-story 3-bedroom, 2-bath townhome in a prime Tallahassee location! With just over 1,200 square feet of comfortable living space, this home offers the perfect blend of convenience and value. Ideally situated near Tallahassee State College, Florida State University, and Florida A & M University, it’s an excellent opportunity for investors, students, or anyone seeking easy access to campus life. The layout features a functional floor plan with spacious bedrooms, a cozy living area, and plenty of natural light throughout. Step outside and enjoy nearby walking parks—perfect for pets, kids, or simply unwinding outdoors. Commuters and travelers will l

Key facts

• $32 HOA
• Parking
• Built 2006

Property features AI

Finance

• HOA & community: Association fee: $380; Association covers grounds maintenance and road maintenance

Exterior

• Parking: Driveway
• Utilities: Has heating and cooling
• Home design: Single-story; Brick and vinyl siding construction
• Construction: Brick and vinyl siding
• Exterior features: Paved private maintained road

Interior

• Kitchen: Refrigerator; Range; Oven; Microwave; Dishwasher
• Bedrooms: Bedroom 2 — 13x11; Bedroom 3 — 12x11
• Flooring: Carpet; Plank; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Tray ceilings; High ceilings; Vaulted ceilings; Split bedroom floorplan; Walk-in closets
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $184k.

Deal economics

• At list price, monthly cash flow is $-65 ($-781/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (6.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (16.7% below list).
• Recommended offer: $153k (16.7% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $1,532/mo this rent would consume 57% 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 $1k of loan paydown is wiped out by about $6k 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 43 days — a 3% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y ago; this cycle's ask has dropped $16k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $153,236 (16.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.83% ✗
• Cap rate: 5.87%
• Cash-on-cash: -1.52%
• DSCR: 0.93
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $180,090
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1640 Corey Wood Cir	0.07mi	3/3.0	1,273 (+2%)	19mo	$160,000	$126	73
1942 Nena Hills Dr	0.10mi	3/3.0	1,344 (+8%)	6mo	$180,000	$134	72
1925 Nena Hills Dr	0.15mi	3/3.0	1,344 (+8%)	5mo	$185,750	$138	72
1691 Corey Wood Cir	0.03mi	3/3.0	1,344 (+8%)	12mo	$205,000	$153	70
1671 Corey Wood Cir	0.03mi	3/3.0	1,406 (+13%)	4mo	$193,000	$137	70
2006 Nena Hills Dr	0.05mi	3/3.0	1,344 (+8%)	15mo	$201,000	$150	68
1978 Nena Hills Dr	0.05mi	3/3.0	1,344 (+8%)	15mo	$190,000	$141	68
1461 Nena Hills Ct	0.28mi	3/3.0	1,178 (-5%)	12mo	$185,000	$157	65
1957 Nena Hills Dr	0.09mi	3/3.0	1,344 (+8%)	21mo	$203,000	$151	60
1941 Nena Hills Dr	0.11mi	3/3.0	1,344 (+8%)	22mo	$220,000	$164	58
1817 Nena Hills Dr	0.33mi	3/3.0	1,344 (+8%)	13mo	$195,000	$145	56

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: -16.9%
• Equity multiple: 0.39×
• Total profit: $-31,284
• Equity at exit: $27,435

10-year hold

• IRR: -5.9%
• Equity multiple: 0.59×
• Total profit: $-21,218
• Equity at exit: $15,909

Cash invested: $51,520 (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: 10.0×

Monthly cashflow live

• Estimated rent: $1,532 high
• Mortgage (P&I): −$965
• Tax from tax record: −$202 /mo · $2,424/yr
• Insurance: −$77
• HOA: −$32
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $-65

Break-even live

Break-even rent $1,615

Max offer price $172,509

Occupancy floor 99%

Sensitivity live

Price	-10% $39	-5% $-13	+0% $-65	+5% $-117	+10% $-169
Rent	-10% $-186	-5% $-126	+0% $-65	+5% $-5	+10% $56
Rate	-1.0pp $28	-0.5pp $-18	base $-65	+0.5pp $-113	+1.0pp $-161

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: $46,000
• Closing costs: $5,520
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1672 Corey Wood Cir Tallahassee, FL	3.0	2.0	1230	$1,425	$1.16	15d	1	0.03mi
1702 Sunbeam Ln Tallahassee, FL	2.0	1.0	850	$925	$1.09	22d	1	0.78mi
1694 Baldwin Park Dr Tallahassee, FL	3.0–4.0	3.0–4.0	1520	$1,500	$0.99	15d	4	0.79mi
1692 Baldwin Park Dr Unit 1692 Tallahassee, FL	3.0	3.0	1385	$1,475	$1.06	22d	1	0.84mi
1694 Baldwin Park Dr Unit 1650 Tallahassee, FL	3.0	3.0	1358	$1,600	$1.18	22d	1	0.88mi

HOA detail

• Monthly dues: $32 · $384/yr

Listing history 28 events

1. 2026-06-18
   days on market $184,000 Active 43 DOM
2. 2026-06-17
   days on market $184,000 Active 42 DOM
3. 2026-06-16
   days on market $184,000 Active 41 DOM
4. 2026-06-15
   days on market $184,000 Active 40 DOM
5. 2026-06-14
   days on market $184,000 Active 38 DOM
6. 2026-06-10
   days on market $184,000 Active 35 DOM
7. 2026-06-09
   days on market $184,000 Active 34 DOM
8. 2026-06-08
   days on market $184,000 Active 33 DOM
9. 2026-06-07
   pricedays on market $184,000 Active 32 DOM
10. 2026-06-05
    days on market $189,000 Active 29 DOM
11. 2026-06-03
    days on market $189,000 Active 28 DOM
12. 2026-06-02
    days on market $189,000 Active 27 DOM
13. 2026-06-01
    days on market $189,000 Active 26 DOM
14. 2026-05-31
    days on market $189,000 Active 25 DOM
15. 2026-05-30
    days on market $189,000 Active 24 DOM
16. 2026-05-19
    price $189,000
17. 2026-05-06
    listed $200,000 Active
18. 2026-04-10
    historical
19. 2026-03-17
    listed $185,000 Active
20. 2022-10-31
    historical
21. 2022-08-25
    listed $168,900 Active
22. 2022-08-25
    historical
23. 2022-06-19
    listed $174,900 Active
24. 2015-09-21
    historical
25. 2015-07-07
    listed $70,000
26. 2007-04-19
    historical
27. 2007-02-01
    listed $178,900
28. 2004-07-01
    soldstatus $640,000

ⓘ 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: $2,424 · $202/mo
• Projected year-2 tax: $2,424 · $202/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 4/10 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 · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,388
• − Mortgage interest: −$10,307
• − Property taxes: −$2,424
• − Insurance: −$920
• − Repairs & maintenance: −$1,471
• − Management: −$1,471
• − HOA: −$384
• − Depreciation: −$5,353
• Taxable loss: −$3,942
• Est. tax savings @ 24.0%: +$946
• After-tax cash flow: $165/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

• 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

-70.5% since first listed

13 events — show timeline

• 2026-05-19 Price Changed $189,000 CATRS
• 2026-05-06 Listed $200,000 CATRS
• 2026-04-10 Listing Removed — CATRS
• 2026-03-17 Listed $185,000 CATRS
• 2022-10-31 Listing Removed — CATRS
• 2022-08-25 Listing Removed — CATRS
• 2022-08-25 Listed $168,900 CATRS
• 2022-06-19 Listed $174,900 CATRS
• 2015-09-21 Listing Removed — CATRS
• 2015-07-07 Listed $70,000 CATRS
• 2007-04-19 Listing Removed — CATRS
• 2007-02-01 Listed $178,900 CATRS
• 2004-07-01 Sold (Public Records) $640,000 Public Records

Property tax history

+8.1%/yr

Latest (2025): $2,424 · +22.5% YoY. Source: county tax records.