2406 Boone Blvd · Tallahassee, FL 32303

$194,800

3 bd · 2.0 ba · 1,263 sqft · SingleFamily public records · 32 Days on market

Built 2000 Est $237k · 18% under

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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).

• ARV discount +15.0/15.0
• Cash flow +9.2/30.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• 1% rule +3.4/10.0
• Rent growth +3.3/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

attic 400 sq ft heated and cooled GAS FIREPLACE GREAT GAME ROOM VERY LARGE SCREEN PORCH LARGE FRONT PORCH IN THE TREES

Key facts

• Attic 400 sq ft
• Great game room
• Large front porch

Tags

• ATTIC 400 SQ FT
• HEATED AND COOLED
• GAS FIREPLACE
• GREAT GAME ROOM
• VERY LARGE SCREEN PORCH
• LARGE FRONT PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $-146 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (13.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (15.6% below list).
• Recommended offer: $164k (15.6% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 4.2% in Tallahassee — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+3.1%/yr); 238 active listings in the ZIP; 24 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 32% 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 $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 32 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y 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 $78k; list at $195k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $164,356 (15.6% 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. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
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 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: 0.84% ✗
• Cap rate: 5.39%
• Cash-on-cash: -3.22%
• DSCR: 0.86
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $237,444
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
828 Mcguire Ave	0.38mi	3/2.0	1,218 (-4%)	2mo	$260,000	$213	75
2301 Spoonwood Dr	0.18mi	4/2.0 (+1)	1,337 (+6%)	5mo	$255,000	$191	73
868 Tamarack Ave	0.26mi	3/2.0	1,379 (+9%)	3mo	$205,000	$149	70
2406 Tupelo Ter	0.31mi	3/2.0	1,131 (-10%)	1mo	$210,000	$186	68
920 Tamarack Ave	0.52mi	3/2.0	1,334 (+6%)	3mo	$225,000	$169	63
2621 Tupelo Ter	0.68mi	3/2.0	1,269 (+0%)	5mo	$265,000	$209	63
2613 Summerwood Ave	0.60mi	4/2.0 (+1)	1,300 (+3%)	2mo	$245,000	$188	60
827 Alliegood Ave	0.35mi	3/2.0	1,156 (-8%)	12mo	$245,000	$212	60
1714 Monticello Dr	0.52mi	3/2.0	1,376 (+9%)	5mo	$190,000	$138	57
900 Mcguire Ct	0.45mi	3/2.0	1,436 (+14%)	7mo	$260,000	$181	50
910 Blackwood Ave	0.42mi	3/2.0	1,426 (+13%)	11mo	$290,000	$203	49
2107 Old Baindridge Rd	0.69mi	3/2.0	1,445 (+14%)	4mo	$231,000	$160	40

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 · 3.12% rent growth · sell at horizon

5-year hold

• IRR: -21.5%
• Equity multiple: 0.26×
• Total profit: $-40,600
• Equity at exit: $29,045

10-year hold

• IRR: -14.7%
• Equity multiple: 0.15×
• Total profit: $-46,188
• Equity at exit: $16,843

Cash invested: $54,544 (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: 9.9×

Monthly cashflow live

• Estimated rent: $1,644 high
• Mortgage (P&I): −$1,022
• Tax from tax record: −$342 /mo · $4,104/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $-146

Break-even live

Break-even rent $1,829

Max offer price $168,955

Occupancy floor —

Sensitivity live

Price	-10% $-36	-5% $-91	+0% $-146	+5% $-201	+10% $-257
Rent	-10% $-276	-5% $-211	+0% $-146	+5% $-81	+10% $-16
Rate	-1.0pp $-48	-0.5pp $-97	base $-146	+0.5pp $-197	+1.0pp $-248

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: $48,700
• Closing costs: $5,844
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1916 Nannette Dr Unit 1916 Tallahassee, FL	2.0	1.0	1000	$1,100	$1.10	14d	1	0.39mi
1935 Dawsey St Unit 1935-2 Tallahassee, FL	2.0	1.0	875	$975	$1.11	14d	1	0.43mi
2711 Allen Rd Tallahassee, FL	1.0–2.0	1.0–2.0	825	$1,125	$1.36	14d	4	0.52mi
1210 Stone Rd Tallahassee, FL	2.0	2.0	1008	$1,200	$1.19	21d	1	0.73mi
2915 Sharer Rd Tallahassee, FL	2.0–4.0	2.0–4.0	1086	$1,598	$1.47	14d	30	0.86mi
2000 N Meridian Rd Tallahassee, FL	1.0–3.0	1.0–2.0	1174	$1,395	$1.19	14d	22	0.88mi
1004 Volusia St Tallahassee, FL	4.0	2.0	1360	$1,800	$1.32	14d	1	0.95mi
2301 Old Bainbridge Rd Tallahassee, FL	2.0–3.0	1.0–2.0	1084	$1,600	$1.48	21d	1	0.95mi
1325 W Tharpe St Tallahassee, FL	1.0–3.0	1.0–4.0	937	$1,676	$1.79	14d	21	0.98mi
1447 Stone Rd Tallahassee, FL	1.0–3.0	1.0–2.0	890	$1,545	$1.74	21d	1	0.98mi
382 E Bradford Rd Tallahassee, FL	3.0	3.0	1302	$2,200	$1.69	21d	1	1.02mi
2309 Old Bainbridge Rd Tallahassee, FL	1.0–2.0	1.0–2.0	798	$1,420	$1.78	14d	10	1.03mi
1012 Sharer Ct Tallahassee, FL	2.0	2.0	1024	$1,450	$1.42	14d	1	1.05mi
406 Glenview Dr Unit 11 Tallahassee, FL	2.0	1.0	896	$1,100	$1.23	14d	1	1.05mi
2400 Fred Smith Rd #201 Tallahassee, FL	3.0	3.0	1353	$1,650	$1.22	21d	1	1.06mi
1571 Stone Rd Unit 5B Tallahassee, FL	2.0	2.5	1216	$1,795	$1.48	21d	1	1.10mi
2131 N Meridian Rd Tallahassee, FL	2.0–3.0	1.0–2.0	1000	$1,575	$1.57	14d	3	1.15mi
1643 Fernando Dr #2 Tallahassee, FL	2.0	2.0	1000	$1,650	$1.65	21d	1	1.32mi
2520 Graves Rd #103 Tallahassee, FL	3.0	3.0	1216	$1,350	$1.11	21d	1	1.34mi
1107 Basin St Unit A Tallahassee, FL	3.0	2.0	1215	$2,400	$1.98	21d	1	1.35mi
1600 Pullen Rd Tallahassee, FL	1.0–2.0	1.0–2.0	875	$1,345	$1.54	14d	1	1.37mi
1313 N Gadsden St Unit 2 Tallahassee, FL	3.0	1.0	1678	$3,500	$2.09	21d	1	1.39mi
2513 Colleen Dr Tallahassee, FL	4.0	4.0	1700	$2,690	$1.58	21d	1	1.42mi
828 N Duval St Tallahassee, FL	3.0	2.5	1498	$2,600	$1.74	21d	1	1.48mi

Listing history 35 events

1. 2026-06-18
   days on market $194,800 Active 32 DOM
2. 2026-06-17
   days on market $194,800 Active 31 DOM
3. 2026-06-16
   days on market $194,800 Active 30 DOM
4. 2026-06-15
   days on market $194,800 Active 29 DOM
5. 2026-06-14
   days on market $194,800 Active 27 DOM
6. 2026-06-10
   days on market $194,800 Active 24 DOM
7. 2026-06-09
   days on market $194,800 Active 23 DOM
8. 2026-06-08
   days on market $194,800 Active 22 DOM
9. 2026-06-07
   days on market $194,800 Active 21 DOM
10. 2026-06-05
    days on market $194,800 Active 18 DOM
11. 2026-06-03
    days on market $194,800 Active 17 DOM
12. 2026-06-02
    days on market $194,800 Active 16 DOM
13. 2026-06-01
    days on market $194,800 Active 15 DOM
14. 2026-05-31
    days on market $194,800 Active 14 DOM
15. 2026-05-30
    days on market $194,800 Active 13 DOM
16. 2026-05-17
    listed $194,800 Active
17. 2026-03-31
    historical Active Under Contract
18. 2026-03-31
    historical
19. 2026-03-23
    listed $200,000 Active
20. 2024-07-11
    historical
21. 2024-06-25
    price $240,000
22. 2024-06-15
    price $248,900
23. 2024-05-30
    price $249,900
24. 2024-04-10
    listed $259,900 Active
25. 2018-05-03
    historical
26. 2018-02-15
    listed $175,000
27. 2018-02-01
    historical
28. 2017-10-02
    listed $199,900
29. 2017-09-04
    historical
30. 2017-08-26
    listed $204,900
31. 2015-07-23
    historical
32. 2015-02-05
    listed $160,000
33. 1994-07-01
    soldstatus $78,000
34. 1994-06-01
    soldstatus $78,000
35. 1981-05-01
    soldstatus $54,900

ⓘ 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: $4,104 · $342/mo
• Projected year-2 tax: $4,104 · $342/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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 19 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: $19,723
• − Mortgage interest: −$10,912
• − Property taxes: −$4,104
• − Insurance: −$974
• − Repairs & maintenance: −$1,578
• − Management: −$1,578
• − Depreciation: −$5,667
• Taxable loss: −$5,090
• Est. tax savings @ 24.0%: +$1,222
• After-tax cash flow: $-534/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

+254.8% since first listed

20 events — show timeline

• 2026-05-17 Listed $194,800 FSBO.com
• 2026-03-31 Contingent — CATRS
• 2026-03-31 Listing Removed — CATRS
• 2026-03-23 Listed $200,000 CATRS
• 2024-07-11 Listing Removed — CATRS
• 2024-06-25 Price Changed $240,000 CATRS
• 2024-06-15 Price Changed $248,900 CATRS
• 2024-05-30 Price Changed $249,900 CATRS
• 2024-04-10 Listed $259,900 CATRS
• 2018-05-03 Listing Removed — CATRS
• 2018-02-15 Listed $175,000 CATRS
• 2018-02-01 Listing Removed — CATRS
• 2017-10-02 Listed $199,900 CATRS
• 2017-09-04 Listing Removed — CATRS
• 2017-08-26 Listed $204,900 CATRS
• 2015-07-23 Listing Removed — CATRS
• 2015-02-05 Listed $160,000 CATRS
• 1994-07-01 Sold (Public Records) $78,000 Public Records
• 1994-06-01 Sold (Public Records) $78,000 Public Records
• 1981-05-01 Sold (Public Records) $54,900 Public Records

Property tax history

+13.5%/yr

Latest (2025): $4,104 · +6.4% YoY. Source: county tax records.