711 Spanish Dr S · Longboat Key, FL 34228

$435,000

2 bd · 2.0 ba · 1,327 sqft · Condo public records · 36 Days on market

Built 1970 $1340/mo HOA · 21% of rent

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Why this score? — see what drove the B- 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).

• Cash flow +25.6/30.0
• 1% rule +9.7/10.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• Appreciation +5.4/10.0
• Schools +4.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Lovely updated villa in the sought-after Spanish Main Yacht Club waterfront community. Renovations from 2015-2021. New hurricane windows, relined pipes, AC, newer appliances and lovely brick paver patio. Immaculate and well-maintained. Polished terrazzo flooring throughout.

Key facts

• Open beam ceiling
• Brick patio
• Oversized island

Tags

• OPEN BEAM CEILING
• OVERSIZED ISLAND
• BRICK PATIO
• NEWLY INSTALLED PVC GATE
• HURRICANE RATED WINDOWS
• PRIVATE DEEDED BEACH ACCESS

Property features AI

Finance

• Other: Irrigation equipment; Directions: From the south follow Gulf of Mexico Drive north to Spanish Main Yacht Club on the right; enter Spanish Main and take an immediate right onto Spanish Drive South; follow to villa on the left
• Financial info: Total annual fees: $16,080; Lease restrictions apply
• HOA & community: Monthly condo fee: $1,340 (includes pool, sewer, water, trash, common area taxes, insurance, maintenance of structure and grounds, management, private road, escrow reserves); Association amenities: Clubhouse, Pool, Shuffleboard court; Association approval required; Senior community; Pets allowed (cats and dogs allowed with number and size limits; max pet weight 25 lbs); Full-time management; Deed-restricted community; Buyer approval required

Exterior

• Parking: Carport with 1 space; Guest parking; On-street parking
• Security: Buyer approval required for community
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water connected; Underground utilities; Sprinkler well
• Home design: Attached villa; Single-story; Facing south; Completed condition; One-level living; Entry level: 1
• Construction: Block and stucco construction; Membrane and tile roof; Slab foundation; Built as part of a completed development
• Exterior features: Front porch; Patio; Storage; Mature landscaping with trees; Landscaped; Near marina; Near public transit; Private lot; Paved asphalt road; Street dead-end; Flood zone (flood insurance required)

Interior

• Kitchen: Convection oven; Dishwasher; Disposal; Microwave; Range; Refrigerator; Stone/solid surface counters; Solid wood cabinetry
• Bedrooms: 2 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; High ceilings; Living room/dining room combo; Open floorplan; Solid surface counters; Solid wood cabinets; Split bedroom layout; Stone counters; Vaulted ceilings; Walk-in closets; Storm windows
• Laundry & utility: Washer and dryer (inside); Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $435k.

Deal economics

• At list price, monthly cash flow is $599 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $435k).
• Recommended offer: $422k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#693 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: housing C-, amenities F, commute F.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Anna Maria Elementary School (math 77% / reading 77%, grade A, #170 of 2,144 statewide, top 9%, 190 students, 36% FRL); Bayshore High School (math 17% / reading 26%, grade F, #546 of 667 statewide, top 82%, 1,435 students, 65% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: 539 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($3k loan paydown + $3k appreciation (0.7% local appreciation)).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.7% appreciation + 3.0% rent growth), your $122k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($422k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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 $240k; list at $435k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 21% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $421,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.47% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.11%
• DSCR: 1.45
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.73% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.8%
• Equity multiple: 1.34×
• Total profit: $41,516
• Equity at exit: $142,372

10-year hold

• IRR: 11.3%
• Equity multiple: 2.35×
• Total profit: $163,942
• Equity at exit: $184,548

Cash invested: $121,800 (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 34228

• Home prices YoY: 0.3%
• Active inventory: 539
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $6,379 high
• Mortgage (P&I): −$2,281
• Tax from tax record: −$212 /mo · $2,539/yr
• Insurance: −$181
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,340
• Vacancy / Maint / Mgmt: −$1,340
• Net cashflow: $599

Break-even live

Break-even rent $5,621

Max offer price $435,000

Occupancy floor 86%

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: $108,750
• Closing costs: $13,050
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
730 Spanish Dr S #99 Longboat Key, FL	2.0	2.0	1255	$2,800	$2.23	1d	1	0.02mi
676 El Centro Longboat Key, FL	2.0	2.0	1427	$3,250	$2.28	23d	1	0.07mi
820 Spanish Dr S Longboat Key, FL	2.0	2.0	1390	$3,000	$2.16	16d	1	0.08mi
655 Cedars Ct #655 Longboat Key, FL	1.0	2.0	1244	$7,000	$5.63	23d	1	0.10mi
573 Spanish Dr N Longboat Key, FL	2.0	2.0	1380	$3,500	$2.54	16d	1	0.19mi
914 Spanish Dr S #76 Longboat Key, FL	2.0	2.0	1341	$6,500	$4.85	23d	1	0.19mi
957 Spanish Dr N Longboat Key, FL	2.0	2.0	1399	$5,500	$3.93	23d	1	0.22mi
535 Forest Way Longboat Key, FL	2.0	2.5	1440	$6,900	$4.79	23d	1	0.22mi
5621 Gulf of Mexico Dr #103 Longboat Key, FL	3.0	2.0	1731	$5,500	$3.18	23d	1	0.36mi
5621 Gulf of Mexico Dr #102 Longboat Key, FL	2.0	2.0	1346	$6,000	$4.46	23d	1	0.36mi
5611 Gulf of Mexico Dr #3 Longboat Key, FL	3.0	2.0	1635	$5,000	$3.06	23d	1	0.38mi
5611 Gulf of Mexico Dr #5 Longboat Key, FL	3.0	3.0	1672	$7,750	$4.64	23d	1	0.38mi
5611 Gulf of Mexico Dr #1 Longboat Key, FL	3.0	2.0	1675	$14,000	$8.36	23d	1	0.38mi
615 Dream Island Rd #107 Longboat Key, FL	2.0	2.0	1293	$12,500	$9.67	23d	1	0.54mi
615 Dream Island Rd #201 Longboat Key, FL	2.0	2.0	1514	$10,500	$6.94	23d	1	0.54mi
4825 Gulf of Mexico Dr #201 Longboat Key, FL	2.0	2.0	1393	$7,800	$5.60	23d	1	1.33mi

HOA detail condo

• Monthly dues: $1,340 · $16,080/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $435,000 Active 36 DOM
2. 2026-06-17
   days on market $435,000 Active 35 DOM
3. 2026-06-16
   days on market $435,000 Active 34 DOM
4. 2026-06-15
   days on market $435,000 Active 33 DOM
5. 2026-06-13
   days on market $435,000 Active 31 DOM
6. 2026-06-13
   days on market $435,000 Active 30 DOM
7. 2026-06-10
   days on market $435,000 Active 28 DOM
8. 2026-06-09
   days on market $435,000 Active 27 DOM
9. 2026-06-08
   days on market $435,000 Active 26 DOM
10. 2026-06-08
    days on market $435,000 Active 25 DOM
11. 2026-06-03
    days on market $435,000 Active 21 DOM
12. 2026-06-02
    days on market $435,000 Active 20 DOM
13. 2026-06-01
    days on market $435,000 Active 19 DOM
14. 2026-05-31
    days on market $435,000 Active 18 DOM
15. 2026-05-13
    listed $435,000 Active
16. 2025-12-09
    soldstatus $240,000
17. 2022-12-07
    soldstatus $500,000
18. 2022-03-18
    soldstatus $450,000 Closed 274-char remark

    Show marketing remark (274 chars)

    Lovely updated villa in the sought-after Spanish Main Yacht Club waterfront community. Renovations from 2015-2021. New hurricane windows, relined pipes, AC, newer appliances and lovely brick paver patio. Immaculate and well-maintained. Polished terrazzo flooring throughout.

19. 2022-03-18
    soldstatus $450,000

    Show marketing remark (274 chars)

    Lovely updated villa in the sought-after Spanish Main Yacht Club waterfront community. Renovations from 2015-2021. New hurricane windows, relined pipes, AC, newer appliances and lovely brick paver patio. Immaculate and well-maintained. Polished terrazzo flooring throughout.

20. 2022-02-15
    status Pending 274-char remark

    Show marketing remark (274 chars)

    Lovely updated villa in the sought-after Spanish Main Yacht Club waterfront community. Renovations from 2015-2021. New hurricane windows, relined pipes, AC, newer appliances and lovely brick paver patio. Immaculate and well-maintained. Polished terrazzo flooring throughout.

21. 2022-01-28
    listed $450,000 Active 274-char remark

    Show marketing remark (274 chars)

    Lovely updated villa in the sought-after Spanish Main Yacht Club waterfront community. Renovations from 2015-2021. New hurricane windows, relined pipes, AC, newer appliances and lovely brick paver patio. Immaculate and well-maintained. Polished terrazzo flooring throughout.

22. 2012-04-02
    soldstatus $159,000
23. 2012-03-29
    soldstatus $159,000 1185-char remark

    Show marketing remark (1185 chars)

    Maintenance-free, turnkey furnished villa in a lovely deep water marina, waterfront complex. This well-maintained property is clean and ready for a new owner. Polished terrazzo throughout, roof is 4 years old, A/C is 7 and the stove is less than one year. There is a water purifier for the kitchen plus the lanai/sunroom is an optional third room to be used as a sleeping room. Just steps away to deeded beach access. Pet friendly, free Wi-Fi, heated community pool and easy access to kayaking within the community. Shopping and dining at St. Armands Circle and the cultural center of Sarasota just minutes away. Longboat Key offers golf, tennis, boating, kayaking, fishing and beaches plus quiet dining and restaurants. Dolphins, Manatees and Bird Sanctuaries surround this community. GREAT VALUE, GREAT INVESTMENT!! NOT A SHORT SALE BUT PRICED LIKE ONE! Just reduced price AGAIN! Also, all the carpeting has been taken up and the owners are paying thousands of dollars to have the terrzzo diamond polished to look likenew, it will be beautiful. Owners just spent $4000 to have the terrazzo diamond polished. Took out carpeting and freshened the look of the villa. Come make an offer!

24. 2010-11-06
    listed $169,000 1185-char remark

    Show marketing remark (1185 chars)

    Maintenance-free, turnkey furnished villa in a lovely deep water marina, waterfront complex. This well-maintained property is clean and ready for a new owner. Polished terrazzo throughout, roof is 4 years old, A/C is 7 and the stove is less than one year. There is a water purifier for the kitchen plus the lanai/sunroom is an optional third room to be used as a sleeping room. Just steps away to deeded beach access. Pet friendly, free Wi-Fi, heated community pool and easy access to kayaking within the community. Shopping and dining at St. Armands Circle and the cultural center of Sarasota just minutes away. Longboat Key offers golf, tennis, boating, kayaking, fishing and beaches plus quiet dining and restaurants. Dolphins, Manatees and Bird Sanctuaries surround this community. GREAT VALUE, GREAT INVESTMENT!! NOT A SHORT SALE BUT PRICED LIKE ONE! Just reduced price AGAIN! Also, all the carpeting has been taken up and the owners are paying thousands of dollars to have the terrzzo diamond polished to look likenew, it will be beautiful. Owners just spent $4000 to have the terrazzo diamond polished. Took out carpeting and freshened the look of the villa. Come make an offer!

25. 1988-10-11
    soldstatus $79,500

ⓘ 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: $2,539 · $212/mo
• Projected year-2 tax: $3,610 · $301/mo
• Expected delta: +$1,072/yr (+$89/mo · 42.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 29 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,554
• − Mortgage interest: −$24,367
• − Property taxes: −$2,539
• − Insurance: −$7,294
• − Repairs & maintenance: −$6,124
• − Management: −$6,124
• − HOA: −$16,080
• − Depreciation: −$12,655
• Taxable income: $1,371
• Est. tax owed @ 24.0%: −$329
• After-tax cash flow: $6,862/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: Manatee
• NCES district ID: 1201230
• Math proficiency: 54% ▼ -6.00%
• Reading proficiency: 50% ▼ -2.00%
• Median HH income: $49,607
• Composite: 44.43/100
• National rank: #2806
• State rank: #26 of 73 in FL

Livability — Longboat Key

• Score: 64/100
• State rank: #693
• US rank: #14452

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing C- Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Longboat Key, FL
• County: Sarasota County · 448,376 people
• City population: 7,539
• Metro: North Port-Sarasota-Bradenton, FL
• Population (ZIP): 7,539
• Household income: $158,030
• Rent vs Own: 6.4% rent · 93.6% own
• Severe rent burden: 98.0

Population outlook (Manatee County) Hauer SSP2

• Today (2025): 447,342 people
• By 2030: 488,911 · +9.3%
• By 2040: 567,934 · +27.0%
• By 2050: 637,995 · +42.6%
• By 2075: 781,970 · +74.8%
• By 2100: 848,272 · +89.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 3% Asian 1%
• Common ancestry: Scotch-Irish 7% Romanian 6% Lithuanian 4%
• Foreign-born: 14% · Canada, China
• Languages at home: 92% English-only · Spanish 2% Other Indo-European 2% German/W. Germanic 2%

Political lean MEDSL · Manatee

• 2024 margin: Strong R (+23.5) · D 37.9% · R 61.4%
• 2008→2024 swing: -16.5pp toward R · 2008: -7.0pp · 2024: -23.5pp
• All cycles: 2024: R+23.5 2020: R+16.1 2016: R+17.1 2012: R+12.5 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.73%
• Current HPI: 234.5017
• Rent YoY: —
• Metro: North Port-Sarasota-Bradenton, 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

+447.2% since first listed

11 events — show timeline

• 2026-05-13 Listed $435,000 Stellar MLS as Distributed by MLS Grid
• 2025-12-09 Sold (Public Records) $240,000 Public Records
• 2022-12-07 Sold (Public Records) $500,000 Public Records
• 2022-03-18 Sold (Public Records) $450,000 Public Records
• 2022-03-18 Sold (MLS) $450,000 Stellar MLS as Distributed by MLS Grid
• 2022-02-15 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-01-28 Listed $450,000 Stellar MLS as Distributed by MLS Grid
• 2012-04-02 Sold (Public Records) $159,000 Public Records
• 2012-03-29 Sold (MLS) $159,000 Stellar MLS as Distributed by MLS Grid
• 2010-11-06 Listed $169,000 Stellar MLS as Distributed by MLS Grid
• 1988-10-11 Sold (Public Records) $79,500 Public Records

Property tax history

-0.3%/yr

Latest (2025): $2,539 · -62.8% YoY. Source: county tax records.