2609 Woodgate Ln Unit K4 · Ridge Wood Heights, FL 34231

$159,900

2 bd · 2.0 ba · 1,100 sqft · Condo public records · 67 Days on market

Built 1982 $588/mo HOA · 29% of rent

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Why this score? — see what drove the D 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 +10.4/30.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• Livability +3.5/5.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

You're five miles from one of the best beaches in America. You just didn't know you could afford to live this close. Ground floor, pool-facing, fully furnished 2BR/2BA in Pinewood Village. Walk out your lanai and you're at the pool. Walk out the front door and Siesta Key Beach, St. Armands Circle, Marina Jack, and downtown Sarasota are minutes away. The best-priced unit in the community — and better than anything else available right now. Ground floor instead of stairs. Tile throughout instead of carpet. Fully furnished and move-in ready the day you close. The only comparable unit in this section spent 385 days on the market and just went pending. This one won't last that long. Flood Zone X. No flood insurance required — a real financial advantage in today's Sarasota market. Outside your door, Sarasota delivers everything. Sarasota Memorial Hospital three miles away. Phillippi Estate Park around the corner. The Van Wezel, the Asolo, the Ringling, the Opera — ten minutes from your front door. The restaurants, the boutiques of St. Armands, the farmers markets, the sailing — all of it yours. Pinewood Village itself overdelivers at this price. Heated pool, fitness center, sauna, shuffleboard, full clubhouse with kitchen. HOA covers cable, water, sewer, trash, pest control, exterior maintenance and building insurance. Phillippi Shores Elementary, Brookside Middle, Riverview High. Association approval required. Sold As-Is. Seller motivated.

Key facts

• Fitness center
• Sauna
• Pool facing

Tags

• POOL FACING
• FULLY FURNISHED
• MOVE IN READY
• HEATED POOL
• FITNESS CENTER
• SAUNA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $-85 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (9.4% below list).
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $145k (9.4% below list) — sets the bar for cash-flow.

Location & tenants

• 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.
• 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).
• This rent runs 35% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Sarasota County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $54k; list at $160k implies a 196% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.
• 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.

Recommended offer $144,814 (9.4% 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 67 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.27% ✓
• Cap rate: 5.65%
• Cash-on-cash: -2.29%
• DSCR: 0.90
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -25.2%
• Equity multiple: 0.18×
• Total profit: $-36,911
• Equity at exit: $23,842

10-year hold

• IRR: -48.5%
• Equity multiple: -0.35×
• Total profit: $-60,559
• Equity at exit: $13,825

Cash invested: $44,772 (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 34231

• Rents YoY: -2.1%
• Active inventory: 566
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,031 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$196 /mo · $2,358/yr
• Insurance: −$67
• HOA: −$588
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $-85

Break-even live

Break-even rent $2,139

Max offer price $144,814

Occupancy floor 99%

Sensitivity live

Price	-10% $5	-5% $-40	+0% $-85	+5% $-131	+10% $-176
Rent	-10% $-246	-5% $-166	+0% $-85	+5% $-5	+10% $75
Rate	-1.0pp $-5	-0.5pp $-45	base $-85	+0.5pp $-127	+1.0pp $-169

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $588 · $7,056/yr
• Likely covers: watersewertrashcableexterior maint.insurancepoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $159,900 Active 67 DOM
2. 2026-06-18
   days on market $159,900 Active 64 DOM
3. 2026-06-17
   days on market $159,900 Active 63 DOM
4. 2026-06-16
   days on market $159,900 Active 62 DOM
5. 2026-06-15
   days on market $159,900 Active 61 DOM
6. 2026-06-13
   days on market $159,900 Active 59 DOM
7. 2026-06-13
   days on market $159,900 Active 58 DOM
8. 2026-06-10
   days on market $159,900 Active 56 DOM
9. 2026-06-09
   days on market $159,900 Active 55 DOM
10. 2026-06-08
    days on market $159,900 Active 54 DOM
11. 2026-06-08
    days on market $159,900 Active 53 DOM
12. 2026-06-05
    days on market $159,900 Active 50 DOM
13. 2026-06-03
    days on market $159,900 Active 49 DOM
14. 2026-06-02
    days on market $159,900 Active 48 DOM
15. 2026-06-02
    price $159,900 Active 47 DOM
16. 2026-06-01
    days on market $164,900 Active 47 DOM
17. 2026-05-31
    days on market $164,900 Active 46 DOM
18. 2026-04-15
    listed $164,900 Active 1482-char remark

    Show marketing remark (1482 chars)

    You're five miles from one of the best beaches in America. You just didn't know you could afford to live this close. Ground floor, pool-facing, fully furnished 2BR/2BA in Pinewood Village. Walk out your lanai and you're at the pool. Walk out the front door and Siesta Key Beach, St. Armands Circle, Marina Jack, and downtown Sarasota are minutes away. The best-priced unit in the community — and better than anything else available right now. Ground floor instead of stairs. Tile throughout instead of carpet. Fully furnished and move-in ready the day you close. The only comparable unit in this section spent 385 days on the market and just went pending. This one won't last that long. Flood Zone X. No flood insurance required — a real financial advantage in today's Sarasota market. Outside your door, Sarasota delivers everything. Sarasota Memorial Hospital three miles away. Phillippi Estate Park around the corner. The Van Wezel, the Asolo, the Ringling, the Opera — ten minutes from your front door. The restaurants, the boutiques of St. Armands, the farmers markets, the sailing — all of it yours. Pinewood Village itself overdelivers at this price. Heated pool, fitness center, sauna, shuffleboard, full clubhouse with kitchen. HOA covers cable, water, sewer, trash, pest control, exterior maintenance and building insurance. Phillippi Shores Elementary, Brookside Middle, Riverview High. Association approval required. Sold As-Is. Seller motivated.

19. 2025-10-13
    price $199,000
20. 2025-03-03
    price $225,000
21. 2024-12-04
    listed $230,000 Active
22. 1982-11-01
    soldstatus $54,000

ⓘ 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: $2,358 · $196/mo
• Projected year-2 tax: $2,358 · $196/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,368
• − Mortgage interest: −$8,957
• − Property taxes: −$2,358
• − Insurance: −$800
• − Repairs & maintenance: −$1,949
• − Management: −$1,949
• − HOA: −$7,056
• − Depreciation: −$4,652
• Taxable loss: −$3,352
• Est. tax savings @ 24.0%: +$805
• After-tax cash flow: $-220/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: Sarasota
• NCES district ID: 1201680
• Math proficiency: 63% ▼ -8.00%
• Reading proficiency: 63% ▼ -3.00%
• Median HH income: $51,167
• Composite: 53.68/100
• National rank: #1428
• State rank: #7 of 73 in FL

Livability — Ridge Wood Heights

• Score: 69/100
• State rank: #470
• US rank: #8497

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ridge Wood Heights, FL
• County: Sarasota County · 448,376 people
• Metro: North Port-Sarasota-Bradenton, FL
• Population (ZIP): 32,404
• Household income: $69,925
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 1983.0

Population outlook (Sarasota County) Hauer SSP2

• Today (2025): 452,380 people
• By 2030: 474,175 · +4.8%
• By 2040: 511,577 · +13.1%
• By 2050: 541,467 · +19.7%
• By 2075: 604,947 · +33.7%
• By 2100: 621,965 · +37.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 10% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 4% Slovak 3% Lithuanian 3%
• Foreign-born: 11% · Canada, Jamaica, China
• Languages at home: 88% English-only · Spanish 6% Russian/Polish/Slavic 2% German/W. Germanic 1%

Political lean MEDSL · Sarasota

• 2024 margin: R (+18.2) · D 40.5% · R 58.7%
• 2008→2024 swing: -18.1pp toward R · 2008: -0.1pp · 2024: -18.2pp
• All cycles: 2024: R+18.2 2020: R+10.4 2016: R+11.6 2012: R+7.4 2008: R+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -448.92%
• Current HPI: 292.9055
• Rent YoY: ▼ -2.13%
• 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

+205.4% since first listed

5 events — show timeline

• 2026-04-15 Listed $164,900 Stellar MLS as Distributed by MLS Grid
• 2025-10-13 Price Changed $199,000 Stellar MLS as Distributed by MLS Grid
• 2025-03-03 Price Changed $225,000 Stellar MLS as Distributed by MLS Grid
• 2024-12-04 Listed $230,000 Stellar MLS as Distributed by MLS Grid
• 1982-11-01 Sold (Public Records) $54,000 Public Records

Property tax history

+7.3%/yr

Latest (2025): $2,358 · -1.4% YoY. Source: county tax records.