2763 Woodgate Ln #111

Ridge Wood Heights, FL 34231

$129,000D+

2 bd · 1.0 ba · 874 sqft · Built 1979 · Condo · Pending · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,927/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$227
• HOA: −$595
• Vac / Maint / Mgmt: −$405
• Net cashflow: $24/mo
• Annual: $287/yr
• Cap rate: 6.52%
• Cash-on-cash: 0.79%
• DSCR: 1.04
• 1% rule: 1.49%
• Cash to close: $36,120

Investor read

• This is a 2-bed/1.0-bath condo listed at $129k.
• At list price, monthly cash flow is $24 ($287/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• It's been on market 88 days — a 6% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#470 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A-; Watch: amenities F, commute F.
• Sarasota (urban): math 63% / reading 63% proficiency, ranked #7 of 73 in FL (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Phillippi Shores Elementary School (math 77% / reading 79%, grade A, #149 of 2,144 statewide, top 8%, 731 students, 38% FRL); Brookside Middle School (math 62% / reading 55%, grade B, #148 of 571 statewide, top 26%, 745 students, 66% FRL); Riverview High School (math 61% / reading 65%, grade B-, #89 of 667 statewide, top 14%, 2,597 students, 35% FRL) — zoned schools at 47% FRL track the district average.
• Watch-outs: HOA is 31% of rent.
• Market conditions: Rents soft (-2.1%/yr); 566 active listings in the ZIP; 7,466 units permitted in Sarasota County in 2024 (2,138 in 5+ unit buildings).
• Sarasota County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $21k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: 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.
• This rent runs 33% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?