Turnkey 2BR Rental in Tallahassee – $1,400/mo Income – Fully Furnished – $185K

[Brian Allen]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $133,300
Cash invested: $28,000

Turnkey 2BR/2.5BA in Tallahassee. Purchased for $115K and fully renovated in Aug 2024 using a $133K hard money loan (includes $28K rehab). Airbnb earned $4,419 in 2.5 months before transitioning to a long-term tenant in Dec 2024 at $1,400/mo. No HOA, fully furnished, tenant-occupied, and listed at $185K. Ideal for cash flow, DSCR, or 1031 buyers.

What made you interested in investing in this type of deal?

I focus on acquiring undervalued rental properties that can be quickly stabilized and cash-flowing. This deal fit perfectly due to its low acquisition cost, strong rental demand, and potential for both short- and long-term returns.

How did you find this deal and how did you negotiate it?

I found the property through local networking. It needed cosmetic rehab, which gave me leverage to negotiate a below-market price and structure the renovation into the financing.

How did you finance this deal?

I used a hard money loan for $133,000, which covered the $115K purchase and $28K in rehab costs. This allowed me to close quickly and complete all renovations without using personal capital upfront.

How did you add value to the deal?

I completed a full interior renovation, added all furnishings, and launched it as a short-term rental. After confirming the income potential, I transitioned it to a long-term tenant for passive cash flow and positioned it for resale.

What was the outcome?

The Airbnb phase earned $4,419.15 in just 2.5 months. The current tenant pays $1,400/month, providing positive monthly income. The property is now listed for $185K and requires no additional work, making it ideal for passive investors or those looking to switch back to STR.

Lessons learned? Challenges?

Coordinating short-term rental setup and a smooth transition to a long-term tenant required tight scheduling. Also, working with hard money taught me the importance of staying well ahead of draw schedules and contractor timelines. Overall, this was a repeatable, high-leverage success.