915 Seaside Dr Unit 402, Weeks 10-13

Siesta Key, FL 34242

$100,000C-

2 bd · 3.0 ba · 1,750 sqft · Built 2009 · Condo · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,250/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$593
• HOA: −$1,491
• Vac / Maint / Mgmt: −$1,102
• Net cashflow: $1,539/mo
• Annual: $18,463/yr
• Cap rate: 29.87%
• Cash-on-cash: 84.22%
• DSCR: 4.75
• 1% rule: 5.25%
• Cash to close: $28,000

Investor read

• This is a 2-bed/3.0-bath condo listed at $100k.
• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $100k).
• It's been on market 27 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-0.7%/yr); year-one equity from $691 of loan paydown is wiped out by about $694 of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#512 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A-; Watch: amenities F, commute F, cost of living 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); Sarasota High School (math 53% / reading 59%, grade C, #131 of 667 statewide, top 20%, 2,528 students, 43% FRL).
• Watch-outs: flood insurance adds $427/mo; HOA is 28% of rent.
• Market conditions: 525 active listings in the ZIP; high-income renter base; 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.
• 17 sale attempts since 17y 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 $13k; list at $100k implies a 669% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.7% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $5,250/mo this rent would consume 54% of the median local household income ($116k/yr) (locally 147% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.