2203 W Pensacola St · Tallahassee, FL 32304

$122,000

0 bd · 200.0 ba · 1,840 sqft · Condo public records · 15 Days on market

Built 1968

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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 +13.7/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• DSCR +4.1/10.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

2 bedroom 1.5 bath condominium less than 1 mile from Florida State University. Quiet Condo complex.

Key facts

• Listed 15 days

What this means for you Summary

Snapshot

• This is a ?-bed/200.0-bath condo listed at $122k.

Deal economics

• At list price, monthly cash flow is $9 ($107/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $122k).
• Recommended offer: $120k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.4% 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; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $1,606/mo this rent would consume 60% 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 $843 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 15 days — a 2% lower offer ($120k) is reasonable based on typical stale-listing flexibility.
• 2 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

• Watch-outs: HOA is 26% of rent.
• 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 $120,170 (1.5% below list)

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.32% ✓
• Cap rate: 6.38%
• Cash-on-cash: 0.31%
• DSCR: 1.01
• GRM: 6.3

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: -12.8%
• Equity multiple: 0.53×
• Total profit: $-16,143
• Equity at exit: $18,191

10-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-388
• Equity at exit: $10,548

Cash invested: $34,160 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,606 high
• Mortgage (P&I): −$640
• Tax est. 1.5%: −$152 /mo · $1,830/yr
• Insurance: −$51
• HOA est. from 5 same-building comps: −$417
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $9

Break-even live

Break-even rent $1,595

Max offer price $122,000

Occupancy floor 94%

Sensitivity live

Price	-10% $93	-5% $51	+0% $9	+5% $-33	+10% $-75
Rent	-10% $-118	-5% $-55	+0% $9	+5% $72	+10% $136
Rate	-1.0pp $70	-0.5pp $40	base $9	+0.5pp $-23	+1.0pp $-55

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: $30,500
• Closing costs: $3,660
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
205 White Dr Tallahassee, FL	1.0–4.0	1.0–4.0	1155	$637	$0.55	22d	1	0.33mi
2125 Jackson Bluff Rd Tallahassee, FL	1.0–3.0	1.0–2.0	975	$1,172	$1.20	22d	4	0.45mi
2182 Timberwood Cir S Unit 1 Tallahassee, FL	3.0	2.5	1280	$1,599	$1.25	22d	1	0.58mi
1800 W Pensacola St Tallahassee, FL	2.0–5.0	2.0–5.0	1662	$2,458	$1.48	22d	1	0.65mi
103 Cactus St Tallahassee, FL	2.0–4.0	1.0–2.0	1000	$1,195	$1.20	14d	3	0.68mi
1612 Overstreet St Tallahassee, FL	3.0	3.0	1500	$3,300	$2.20	22d	1	0.82mi
747 Gold Nugget Trl Tallahassee, FL	3.0	2.0	1555	$1,700	$1.09	22d	1	1.00mi
1327 Jackson Bluff Rd Tallahassee, FL	2.0–4.0	2.0	1450	$475	$0.33	22d	1	1.06mi
2060 Continental Ave Tallahassee, FL	1.0–3.0	1.0–2.5	1121	$1,052	$0.94	14d	26	1.16mi
832 Arkansas St Tallahassee, FL	3.0	1.0	1296	$1,400	$1.08	22d	1	1.18mi
1303 Ocala Rd Tallahassee, FL	1.0–4.0	1.0–2.0	1121	$1,320	$1.18	14d	48	1.26mi
2614 W Tennessee St Tallahassee, FL	1.0–4.0	1.0–4.0	1270	$1,159	$0.91	22d	14	1.27mi
1329 Nylic St #1 Tallahassee, FL	3.0	3.0	1275	$1,800	$1.41	22d	1	1.32mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-18
   days on market $122,000 Active 15 DOM
2. 2026-06-17
   days on market $122,000 Active 14 DOM
3. 2026-06-16
   days on market $122,000 Active 13 DOM
4. 2026-06-15
   days on market $122,000 Active 12 DOM
5. 2026-06-14
   days on market $122,000 Active 10 DOM
6. 2026-06-10
   days on market $122,000 Active 7 DOM
7. 2026-06-09
   days on market $122,000 Active 6 DOM
8. 2026-06-08
   days on market $122,000 Active 5 DOM
9. 2026-06-07
   days on market $122,000 Active 4 DOM
10. 2026-06-05
    remarks 99-char remark
11. 2026-06-05
    listed $122,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,277
• − Mortgage interest: −$6,834
• − Property taxes: −$1,830
• − Insurance: −$610
• − Repairs & maintenance: −$1,542
• − Management: −$1,542
• − HOA: −$5,004
• − Depreciation: −$3,549
• Taxable loss: −$1,635
• Est. tax savings @ 24.0%: +$392
• After-tax cash flow: $499/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

+47.0% since first listed

4 events — show timeline

• 2026-06-04 Listed $122,000 FSBO.com
• 2022-07-24 Price Changed $900 RENT.
• 2006-10-22 Listing Removed — CATRS
• 2006-05-22 Listed $83,000 CATRS