Fleetwood Home 307 Plan

Tallahassee, FL 32310

$55,000C

2 bd · 2.0 ba · 960 sqft · Built — · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,208/mo
• Mortgage (P&I): −$644
• Tax + insurance: −$205
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $105/mo
• Annual: $1,257/yr
• Cap rate: 7.32%
• Cash-on-cash: 3.65%
• DSCR: 1.16
• 1% rule: 0.98%
• Cash to close: $34,406

Investor read

• This is a 2-bed/2.0-bath single-family listed at $55k. Condition is rated good.
• At list price, monthly cash flow is $105 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• It's been on market 18 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• In year one you build about $185 of equity ($850 loan paydown + $-665 appreciation (-0.5% local appreciation)).
• 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.
• Watch-outs: property tax is 3.4% of price.
• Market conditions: 94 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,765 units permitted in Leon County in 2024 (975 in 5+ unit buildings).
• Leon County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 7.3% 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.
• This rent runs 38% of the median local income ($38k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.