1939 Ann Arbor Ave · Tallahassee, FL 32304

$185,000

3 bd · 3.0 ba · 1,177 sqft · Condo public records · 22 Days on market

Built 2021 $150/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 +11.1/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +3.7/5.0
• 1% rule +3.5/10.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the cutest condo on the block! Built in 2021, this modern 3-bedroom, 3- full bathroom condo at University Green offers the perfect blend of style, comfort, and location. Just minutes from FSU, FAMU, and TSC, you'll enjoy easy access to campus, shopping, dining, entertainment, and I-10. This home has a nice raised bed out front to add your own veggie and butterfly garden and a private back porch to enjoy a little peace and quiet. Residents enjoy access to outstanding community amenities, including a gated entrance, resort-style swimming pool, cozy fitness center, abundant parking for residents and guests, and the added convenience of no roaming tow policies. Inside, you'll find a

Key facts

• Private back porch
• Gated entrance
• $150 HOA

Tags

• PRIVATE BACK PORCH
• GATED ENTRANCE
• RESORT-STYLE SWIMMING POOL
• UPSTAIRS LAUNDRY CLOSET
• EAT-IN BAR-TOP ISLAND

Property features AI

Finance

• Other: Lot dimensions approximately 30x18x30x18
• HOA & community: Association fee: $1,800; HOA covers common areas, structure maintenance, pool(s), road maintenance, street lights, and trash; Community amenities include pool, curbs, gutters, and sidewalks

Exterior

• Parking: Parking space(s)
• Utilities: Public maintained road
• Home design: Single-family property
• Construction: Concrete pool; In-ground pool
• Exterior features: Community pool (concrete, in-ground); Paved public road access; Curbs and gutters; Sidewalks

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator
• Bedrooms: Bedroom 2 (13x12); Bedroom 3 (13x11)
• Flooring: Carpet; Plank; Vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: High ceilings; Primary bedroom on the main floor
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $-73 ($-878/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (7.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (14.6% below list).
• Recommended offer: $158k (14.6% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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; 19 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 $1,579/mo this rent would consume 59% 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 22 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.

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 $157,909 (14.6% 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. 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. 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 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: 0.85% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.69%
• DSCR: 0.92
• GRM: 9.8

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: -17.1%
• Equity multiple: 0.39×
• Total profit: $-31,857
• Equity at exit: $27,584

10-year hold

• IRR: -6.1%
• Equity multiple: 0.58×
• Total profit: $-21,941
• Equity at exit: $15,995

Cash invested: $51,800 (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: 9.8×

Monthly cashflow live

• Estimated rent: $1,579 high
• Mortgage (P&I): −$970
• Tax from tax record: −$123 /mo · $1,481/yr
• Insurance: −$77
• HOA: −$150
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $-73

Break-even live

Break-even rent $1,672

Max offer price $172,078

Occupancy floor 100%

Sensitivity live

Price	-10% $32	-5% $-21	+0% $-73	+5% $-126	+10% $-178
Rent	-10% $-198	-5% $-136	+0% $-73	+5% $-11	+10% $52
Rate	-1.0pp $20	-0.5pp $-26	base $-73	+0.5pp $-121	+1.0pp $-170

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1955 Bloomington Ave Tallahassee, FL	3.0	3.0	1177	$1,475	$1.25	23d	1	0.02mi
1870 Honolulu Ln Tallahassee, FL	3.0	3.0	1230	$1,450	$1.18	23d	1	0.09mi
1925 Durham Ave Tallahassee, FL	3.0	3.0	1177	$1,800	$1.53	23d	1	0.09mi
1557 Devoe St Unit 2 Tallahassee, FL	2.0	1.0	750	$1,350	$1.80	23d	1	0.25mi
2765 W Tharpe St Tallahassee, FL	1.0–2.0	1.0	739	$1,000	$1.35	15d	1	0.45mi
2772 Westbrook Ct Tallahassee, FL	3.0	3.0	1325	$1,600	$1.21	15d	1	0.60mi
2749 Pecan Rd Tallahassee, FL	1.0–2.0	1.0–2.0	900	$1,300	$1.44	15d	1	0.63mi
770 Appleyard Dr Tallahassee, FL	2.0	2.5	1150	$1,442	$1.25	15d	14	0.75mi
2222 Del Carmel Way Unit 2226 Tallahassee, FL	3.0	3.0	1280	$1,650	$1.29	23d	1	0.84mi
2222 Del Carmel Way Tallahassee, FL	3.0	3.0	1280	$1,650	$1.29	15d	1	0.85mi
2281 Del Carmel Way Tallahassee, FL	3.0	3.0	1280	$1,599	$1.25	23d	1	0.88mi
2616 Mission Rd Tallahassee, FL	1.0–2.0	1.0	750	$1,195	$1.59	15d	12	0.93mi
2022 Trimble Rd Apt 3 Tallahassee, FL	3.0	3.0	1192	$700	$0.59	23d	1	0.94mi
2614 W Tennessee St Tallahassee, FL	1.0–4.0	1.0–4.0	1270	$1,556	$1.22	23d	14	0.97mi
2327 Parrot Ln Tallahassee, FL	3.0	2.0	1088	$1,300	$1.19	23d	1	1.24mi
2259 Parrot Ln Tallahassee, FL	2.0	2.0	992	$1,275	$1.29	23d	1	1.27mi
850 Capital Walk Dr Tallahassee, FL	1.0–3.0	1.0–2.0	1152	$1,599	$1.39	15d	21	1.27mi
2353 W Mission Rd Tallahassee, FL	2.0–3.0	2.0–2.5	1012	$1,450	$1.43	15d	11	1.40mi
1560 San Luis Rd Tallahassee, FL	3.0	3.5	1500	$774	$0.52	23d	22	1.49mi

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-22
   days on market $185,000 Active 22 DOM
2. 2026-06-18
   days on market $185,000 Active 19 DOM
3. 2026-06-17
   days on market $185,000 Active 18 DOM
4. 2026-06-16
   days on market $185,000 Active 17 DOM
5. 2026-06-15
   days on market $185,000 Active 16 DOM
6. 2026-06-14
   days on market $185,000 Active 14 DOM
7. 2026-06-10
   days on market $185,000 Active 11 DOM
8. 2026-06-09
   days on market $185,000 Active 10 DOM
9. 2026-06-08
   days on market $185,000 Active 9 DOM
10. 2026-06-07
    days on market $185,000 Active 8 DOM
11. 2026-06-05
    days on market $185,000 Active 5 DOM
12. 2026-06-03
    days on market $185,000 Active 4 DOM
13. 2026-06-02
    days on market $185,000 Active 3 DOM
14. 2026-06-01
    days on market $185,000 Active 2 DOM
15. 2026-05-30
    remarks 699-char remark
16. 2026-05-30
    listed $185,000 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: $1,481 · $123/mo
• Projected year-2 tax: $1,536 · $128/mo
• Expected delta: +$55/yr (+$5/mo · 3.7%)

ⓘ 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: $18,949
• − Mortgage interest: −$10,363
• − Property taxes: −$1,481
• − Insurance: −$925
• − Repairs & maintenance: −$1,516
• − Management: −$1,516
• − HOA: −$1,800
• − Depreciation: −$5,382
• Taxable loss: −$4,033
• Est. tax savings @ 24.0%: +$968
• After-tax cash flow: $90/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

-96.9% since first listed

3 events — show timeline

• 2026-05-30 Listed $185,000 CATRS
• 2016-12-15 Sold (Public Records) $1,224,000 Public Records
• 2009-08-07 Sold (Public Records) $5,876,400 Public Records

Property tax history

+18.0%/yr

Latest (2025): $1,481 · +3.7% YoY. Source: county tax records.