1417 Pullen Rd #201 · Tallahassee, FL 32303

$173,000

4 bd · 3.0 ba · 1,392 sqft · Condo public records · 21 Days on market

Built 2005 $160/mo HOA · 9% 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 +16.2/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• DSCR +5.0/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment property! Currently tenant occupied- must give 24 hours notice before showing.

Key facts

• Functional kitchen
• Open floor plan
• New dishwasher

Tags

• OPEN FLOOR PLAN
• FUNCTIONAL KITCHEN
• NEW DISHWASHER
• PRIME LOCATION

Property features AI

Finance

• Other: For sale
• HOA & community: Association fee: $1,920 per year covering common areas, grounds maintenance, and road maintenance

Exterior

• Parking: Parking space(s)
• Utilities: Public sewer
• Home design: Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Patio; Publicly maintained road

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven; Range; Refrigerator; Kitchen — 11 x 9
• Bedrooms: Bedroom 2 — 12 x 12
• Flooring: Laminate; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: High ceilings; Primary bedroom located downstairs
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath condo listed at $173k.

Deal economics

• At list price, monthly cash flow is $92 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $173k).
• Recommended offer: $170k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.9% 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.
• Zoned schools: Ruediger Elementary School (math 30% / reading 30%, grade F, #1,882 of 2,144 statewide, top 88%, 484 students, 72% FRL); Griffin Middle School (math 16% / reading 25%, grade F, #556 of 571 statewide, top 98%, 532 students, 77% FRL); Leon High School (math 52% / reading 60%, grade C, #131 of 667 statewide, top 20%, 1,935 students, 37% FRL) — zoned schools average 62% FRL vs 45% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 50% district-wide (-15 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 (+3.1%/yr); 238 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 35% of the median local income ($62k/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 $1k of loan paydown is wiped out by about $5k 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 21 days — a 2% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y 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.
• Current owner paid $138k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $170,405 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
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. 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?
6. 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.
7. 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.
8. 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: 1.04% ✓
• Cap rate: 6.93%
• Cash-on-cash: 2.28%
• DSCR: 1.10
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.12% rent growth · sell at horizon

5-year hold

• IRR: -12.5%
• Equity multiple: 0.55×
• Total profit: $-21,834
• Equity at exit: $25,795

10-year hold

• IRR: -3.1%
• Equity multiple: 0.79×
• Total profit: $-10,099
• Equity at exit: $14,958

Cash invested: $48,440 (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 32303

• Rents YoY: 3.1%
• Active inventory: 238
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,806 high
• Mortgage (P&I): −$907
• Tax from tax record: −$195 /mo · $2,343/yr
• Insurance: −$72
• HOA: −$160
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $92

Break-even live

Break-even rent $1,689

Max offer price $173,000

Occupancy floor 90%

Sensitivity live

Price	-10% $190	-5% $141	+0% $92	+5% $43	+10% $-6
Rent	-10% $-51	-5% $21	+0% $92	+5% $163	+10% $235
Rate	-1.0pp $179	-0.5pp $136	base $92	+0.5pp $47	+1.0pp $2

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: $43,250
• Closing costs: $5,190
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1447 Stone Rd Tallahassee, FL	1.0–3.0	1.0–2.0	890	$1,545	$1.74	22d	1	0.11mi
2400 Fred Smith Rd #201 Tallahassee, FL	3.0	3.0	1353	$1,650	$1.22	22d	1	0.11mi
2301 Old Bainbridge Rd Tallahassee, FL	2.0–3.0	1.0–2.0	1084	$1,600	$1.48	22d	1	0.30mi
2520 Graves Rd #103 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	22d	1	0.36mi
2513 Colleen Dr Tallahassee, FL	4.0	4.0	1700	$2,690	$1.58	22d	1	0.47mi
1819 Salmon Dr Tallahassee, FL	4.0	2.0	1668	$1,700	$1.02	22d	1	0.58mi
2677 Old Bainbridge Rd Tallahassee, FL	1.0–3.0	1.5–3.5	1395	$1,683	$1.21	15d	28	0.80mi
2660 Old Bainbridge Rd Tallahassee, FL	3.0	2.5	1196	$1,550	$1.30	22d	2	0.83mi
3126 Okeeheepkee Rd Tallahassee, FL	3.0	2.0	1638	$2,900	$1.77	22d	1	0.89mi
2412 Atlas Rd Tallahassee, FL	3.0	1.5	1081	$1,200	$1.11	22d	1	0.92mi
2419 Nugget Ln Tallahassee, FL	3.0	2.0	1212	$1,550	$1.28	15d	1	0.96mi
2498 Nugget Ln Tallahassee, FL	3.0	2.0	1200	$1,550	$1.29	22d	1	0.97mi
2350 Wanda Way Tallahassee, FL	2.0–3.0	1.0	861	$1,400	$1.63	22d	1	1.01mi
1325 W Tharpe St Tallahassee, FL	1.0–3.0	1.0–4.0	937	$1,676	$1.79	15d	21	1.02mi
2052 Darnell Cir Unit B Tallahassee, FL	4.0	3.0	1300	$1,700	$1.31	22d	1	1.03mi
2915 Sharer Rd Tallahassee, FL	2.0–4.0	2.0–4.0	1086	$1,860	$1.71	15d	30	1.05mi
2403 Hartsfield Rd #602 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	22d	1	1.21mi
2403 Hartsfield Rd #602 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	15d	1	1.21mi
2406 Hartsfield Rd Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	22d	1	1.21mi
1729 Ray Rd Tallahassee, FL	3.0	1.0	1611	$3,400	$2.11	22d	1	1.22mi
1004 Volusia St Tallahassee, FL	4.0	2.0	1360	$1,800	$1.32	15d	1	1.38mi
1560 San Luis Rd Tallahassee, FL	3.0	3.5	1500	$774	$0.52	22d	22	1.39mi
1111 High Rd Tallahassee, FL	2.0–3.0	2.0	1000	$1,594	$1.59	15d	11	1.43mi
1303 Ocala Rd Tallahassee, FL	1.0–4.0	1.0–2.0	1121	$1,570	$1.40	15d	48	1.44mi
1350 Ocala Rd Unit C Tallahassee, FL	4.0	3.0	1142	$1,550	$1.36	22d	1	1.45mi
2400 W Tharpe St Tallahassee, FL	4.0–5.0	4.0	1800	$1,800	$1.00	22d	1	1.47mi

HOA detail condo

• Monthly dues: $160 · $1,920/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-22
   days on market $173,000 Active 21 DOM
2. 2026-06-18
   days on market $173,000 Active 18 DOM
3. 2026-06-17
   days on market $173,000 Active 17 DOM
4. 2026-06-16
   days on market $173,000 Active 16 DOM
5. 2026-06-15
   days on market $173,000 Active 15 DOM
6. 2026-06-14
   days on market $173,000 Active 13 DOM
7. 2026-06-10
   days on market $173,000 Active 10 DOM
8. 2026-06-09
   days on market $173,000 Active 9 DOM
9. 2026-06-08
   days on market $173,000 Active 8 DOM
10. 2026-06-07
    days on market $173,000 Active 7 DOM
11. 2026-06-05
    days on market $173,000 Active 4 DOM
12. 2026-06-03
    days on market $173,000 Active 3 DOM
13. 2026-06-02
    days on market $173,000 Active 2 DOM
14. 2026-06-01
    remarks 384-char remark
15. 2026-06-01
    listed $173,000 Active 1 DOM

ⓘ 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: $2,343 · $195/mo
• Projected year-2 tax: $2,343 · $195/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 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,672
• − Mortgage interest: −$9,691
• − Property taxes: −$2,343
• − Insurance: −$865
• − Repairs & maintenance: −$1,734
• − Management: −$1,734
• − HOA: −$1,920
• − Depreciation: −$5,033
• Taxable loss: −$1,647
• Est. tax savings @ 24.0%: +$395
• After-tax cash flow: $1,501/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): 49,785
• Household income: $62,275
• Rent vs Own: 48.8% rent · 51.2% own
• Severe rent burden: 2919.0

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 0.63)
• Race & ethnicity: White 50% Black 34% Hispanic / Latino 8% Two or more races 8% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 2%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 8% · Canada, Vietnam, China
• Languages at home: 89% English-only · Spanish 5% Arabic 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: ▼ -255.24%
• Current HPI: 241.3131
• Rent YoY: ▲ 3.12%
• 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

+4.9% since first listed

16 events — show timeline

• 2026-05-31 Listed $173,000 CATRS
• 2025-10-23 Listing Removed — CATRS
• 2025-10-20 Price Changed $169,000 CATRS
• 2025-09-17 Listed $173,000 CATRS
• 2023-05-23 Sold (Public Records) $138,000 Public Records
• 2023-05-20 Sold (MLS) $138,000 CATRS
• 2023-04-24 Contingent — CATRS
• 2023-04-21 Listed $140,000 CATRS
• 2021-06-23 Sold (Public Records) $127,500 Public Records
• 2021-06-18 Sold (MLS) $127,500 CATRS
• 2021-05-13 Contingent — CATRS
• 2021-04-29 Listed $135,000 CATRS
• 2007-08-02 Sold (Public Records) $169,000 Public Records
• 2007-07-20 Sold (MLS) $169,000 CATRS
• 2007-05-24 Listed $172,500 CATRS
• 2005-08-03 Sold (Public Records) $164,900 Public Records

Property tax history

+6.3%/yr

Latest (2025): $2,343 · +3.2% YoY. Source: county tax records.