701 Saint Judes Dr S #3 · Longboat Key, FL 34228

$259,000

1 bd · 1.0 ba · 630 sqft · Condo public records · 172 Days on market

Built 1966 $786/mo HOA · 24% of rent

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Why this score? — see what drove the C 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 +16.9/30.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Appreciation +5.4/10.0
• DSCR +5.2/10.0
• Schools +4.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

DIRECT WATERFRONT OPPORTUNITY IN LONGBOAT KEY! Here's your rare chance to own a waterfront property with direct access to the Intercoastal Waterway! Perfectly located for vacation rentals, this canal-front 1-bedroom, 1-bathroom end unit offers incredible potential for income, especially with high demand bookings from January to April. This property boasts 21 feet of water frontage and a newly installed seawall (June 2021). Enjoy the Florida lifestyle with easy access to boating, kayaking, and fishing. Additional outdoor amenities include a paver patio. Just steps away from the beach access and kayak launch! The property also has direct access to the scenic Joan M. Durante Park, with 32 acre

Key facts

• Water frontage
• Private beach access
• Paver patio

Tags

• DIRECT WATERFRONT OPPORTUNITY
• WATERFRONT PROPERTY
• WATER FRONTAGE
• NEWLY INSTALLED SEAWALL
• PAVER PATIO
• PRIVATE BEACH ACCESS

Property features AI

Finance

• Other: Unfurnished unit; Living area listed as 630 square feet
• Financial info: Total monthly fees: $229 (total annual fees: $2,748); Lease restrictions apply
• HOA & community: Has HOA (association: RICHARD KROOKS); Quarterly association fees; additional monthly maintenance $229; Association fees cover insurance, grounds maintenance, pest control, private road, sewer, trash and water

Exterior

• Parking: Has carport (1 space)
• Utilities: Public water; Public sewer; Electricity connected; Water and sewer connected
• Home design: Residential condominium; One story; Faces south; Floor 1 unit
• Construction: Block and brick construction; Shingle roof; Block foundation; Built as a single-level building
• Exterior features: On waterfront (canal - brackish); Water view: Bay/Harbor partial and canal; Water access via brackish canal; Davits on property; Asphalt road surface; Park in community; Pets allowed (max 15 lbs)

Interior

• Kitchen: No appliances included
• Bedrooms: 1 bedroom (floor 1)
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Wall/window air conditioning units
• Interior features: Kitchen/family room combo; Four total rooms
• Laundry & utility: Laundry room with electric dryer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $259k.

Deal economics

• At list price, monthly cash flow is $-257 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $214k (17.5% below list).
• Meets the 1% rule at list price ($3k rent vs $259k).
• Recommended offer: $214k (17.5% below list) — sets the bar for cash-flow.
• Cap rate 7.1% vs local median 0.5% in Longboat Key — 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.

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); Martha B. King Middle School (math 48% / reading 39%, grade D, #329 of 571 statewide, top 58%, 848 students, 63% FRL); Bayshore High School (math 17% / reading 26%, grade F, #546 of 667 statewide, top 82%, 1,435 students, 65% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: 543 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $4k of equity ($2k loan paydown + $2k appreciation (0.7% local appreciation)).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 172 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $48k; list at $259k implies a 440% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 24% 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,609 (17.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 172 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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.
10. 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.
11. 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: 1.26% ✓
• Cap rate: 7.08%
• Cash-on-cash: 2.81%
• DSCR: 1.12
• GRM: 6.6

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: -4.0%
• Equity multiple: 0.80×
• Total profit: $-14,263
• Equity at exit: $84,769

10-year hold

• IRR: 1.6%
• Equity multiple: 1.19×
• Total profit: $13,768
• Equity at exit: $109,880

Cash invested: $72,520 (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: 543
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $3,259 medium
• Mortgage (P&I): −$1,358
• Tax from tax record: −$152 /mo · $1,830/yr
• Insurance: −$108
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$786
• Vacancy / Maint / Mgmt: −$684
• Net cashflow: $-257

Break-even live

Break-even rent $3,584

Max offer price $213,609

Occupancy floor —

Sensitivity live

Price	-10% $-110	-5% $-184	+0% $-257	+5% $-330	+10% $-404
Rent	-10% $-514	-5% $-386	+0% $-257	+5% $-128	+10% $0
Rate	-1.0pp $-127	-0.5pp $-191	base $-257	+0.5pp $-324	+1.0pp $-392

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
747 Saint Judes Dr S #2 Longboat Key, FL	1.0	1.0	667	$3,200	$4.80	25d	1	0.21mi

HOA detail condo

• Monthly dues: $786 · $9,432/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-22
   days on market $259,000 Active 172 DOM
2. 2026-06-18
   days on market $259,000 Active 169 DOM
3. 2026-06-17
   days on market $259,000 Active 168 DOM
4. 2026-06-16
   days on market $259,000 Active 167 DOM
5. 2026-06-15
   days on market $259,000 Active 166 DOM
6. 2026-06-13
   days on market $259,000 Active 164 DOM
7. 2026-06-13
   days on market $259,000 Active 163 DOM
8. 2026-06-10
   days on market $259,000 Active 161 DOM
9. 2026-06-09
   days on market $259,000 Active 160 DOM
10. 2026-06-08
    days on market $259,000 Active 159 DOM
11. 2026-06-08
    days on market $259,000 Active 158 DOM
12. 2026-06-03
    days on market $259,000 Active 154 DOM
13. 2026-06-02
    days on market $259,000 Active 153 DOM
14. 2026-06-01
    days on market $259,000 Active 152 DOM
15. 2026-05-31
    days on market $259,000 Active 151 DOM
16. 2025-12-31
    listed $259,000 Active
17. 2000-02-11
    soldstatus $48,000
18. 1986-07-01
    soldstatus $50,000
19. 1981-03-01
    soldstatus $39,000

ⓘ 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: $1,830 · $152/mo
• Projected year-2 tax: $2,150 · $179/mo
• Expected delta: +$320/yr (+$27/mo · 17.5%)

ⓘ 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 · 27 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: $39,102
• − Mortgage interest: −$14,508
• − Property taxes: −$1,830
• − Insurance: −$6,414
• − Repairs & maintenance: −$3,128
• − Management: −$3,128
• − HOA: −$9,432
• − Depreciation: −$7,535
• Taxable loss: −$6,872
• Est. tax savings @ 24.0%: +$1,649
• After-tax cash flow: $-1,434/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

+564.1% since first listed

4 events — show timeline

• 2025-12-31 Listed $259,000 Stellar MLS as Distributed by MLS Grid
• 2000-02-11 Sold (Public Records) $48,000 Public Records
• 1986-07-01 Sold (Public Records) $50,000 Public Records
• 1981-03-01 Sold (Public Records) $39,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $1,830 · -52.8% YoY. Source: county tax records.