4046 S Blair Stone Road

Tallahassee, FL 32311

What if your next home came with a 2.8% mortgage and $1,200 per month in income? This SouthWood property may offer exactly that. The new owner may be able to assume the existing 2.8% mortgage—a rate well below today's market—while the detached carriage house already generates $1,200 per month from a long-term tenant of five years. That's a below-market interest rate and built-in income from day one. Most buyers have to choose between a lower payment and investment potential. Here, you may be able to enjoy both. The main home offers 4 bedrooms, 3 bathrooms, and 2,177 square feet of bright, open living space with new hardwood floors (2025), a cozy fireplace, a new water heater, and HVAC approximately four years old. Move-in ready, with many of the major updates already completed. But the real value isn't just inside the home—it's what the property makes possible. Continue collecting rental income from the detached carriage house, or use it as a guest house, ADU, mother-in-law suite, private home office, multigenerational living space, or housing for a returning college student. Less financial pressure. More flexibility. More options. Step outside to a private deck overlooking your own backyard orchard with apple, peach, orange, and lemon trees. Located in one of Tallahassee's most sought-after communities, SouthWood offers resort-style pools, parks, playgrounds, miles of walking and biking trails, golf course access, and convenient access to shopping, dining, and downtown Tallahassee. Zoned for Conley Elementary, Fairview Middle School, and Florida High/Rickards High School. Homes with assumable mortgages are rare. Homes with rental income are rare. Finding both in SouthWood is even rarer.

Listing courtesy of Keller Williams Town & Country



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Last checked 2026-06-16 10:34 PM EDT