Here are the macroeconomics for Tallahassee:

Population Growth since 2000: 20%

Median HH Income increase since 2000: 30%

Median HH Value Increase since 2000: 50%

Crime: Just below the national average and slowly trending downward (484 of 1000)

Job growth (12 months): 3.2%  (highest in the Panhandle of Florida)

All in all, Tallahassee appears to be a healthy, prosperous, city.

Are there any local experts who would like to share the ground truth.  My partner and I are looking to purchase stable multi-family units with short term rental potential (walkability).  Class b and C only. 

Interested to hear your thoughts.

Ramsey

@Ramsey Blankenship

Will you be living here and managing the property here?

(I’ve been here 27 yrs)

I just bought my first 3/1 SFH in Tallahassee in August. I did a BRRRR and now I am in the process of buying my next 3/1 SFH to BRRRR. I got a renter in the 1st one in less than 6 weeks on the market. Both of my SFH are near FSU at TCC. I would LOVE to find a multi-family to purchase there. FYI, I live in South Florida (Broward Country). I love Tallahassee real estate prices and I want to get a LOT MORE rental properties there.

Originally posted by @Alexander Johnosn :

@Ramsey Blankenship

Will you be living here and managing the property here?

(I’ve been here 27 yrs)

@Alexander Johnosn  I will not be living in the area. Once we identify the market we intend to invest in, my partner and I will begin to develop our team. 

@Louis Porter Jr. 6 weeks to find a tenant does not seem quick. I may be used to the multifamily realm where tenants move in with a week or two of vacancy. I am sure SFH takes longer.

Hello Ramsey,

I would hit up this agent that works in the Tallahassee area. This is my point of contact when I start investing up there. Give his a call and see if he's a match. He is a BP member too. DM me for his contact info since we can't post it on here. Thanks.

Willie Davis, REALTOR

I don't invest in large multifamily but from my perspective from living here for 18 years and working in construction is the market is beyond flooded. I receive weekly requests to bid on projects for new apartments that range from 10 - 170 million. These are weekly bids. There are so many apartments here that are 10+ years old and I see them constantly changing ownership or switching from trying to rent to students to being low-income or some other type of government program. They are constantly offering highly discounted rates to get people to rent. This may be a normal multifamily marketing tactic but to me it appears more like desperation. The population of the major universities hasn't changed much but the available apartments has increased exponentially. Maybe there is possibility of making money on B and C class apartments but I personally wouldn't consider it due to the abundance of doors, and amount of current apartments under construction.

After working on and discussing the numbers with some of the owners of assisted living facilities, I believe that is the most profitable avenue though not easy to get into. A lot more regulations, high turn over, but incredibly profitable. 

Originally posted by @Jovan Hardwick :

Willie Davis, REALTOR

I must also agree, Willie Davis has been my agent in Tallahassee and and amazing guy. I can not recommend him enough.