660 Cedars Ct · Longboat Key, FL 34228

$589,000

2 bd · 2.0 ba · 1,440 sqft · Condo public records · 19 Days on market

Built 1988 $873/mo HOA · 14% 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 +18.8/30.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• DSCR +5.9/10.0
• 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

Under contract-accepting backup offers. Rare Turn-Key Gem in Cedars East | Proven $55k+ Annual Income! Experience the ultimate in coastal luxury and investment savvy in this stunning, fully furnished 3-level retreat. Nestled within the lush, sought-after Cedars East community, this 2-bedroom, 2-bathroom home is a proven performer, having generated over $55,000 in short-term rental income in 2025 alone. Whether you are looking for a lucrative addition to your portfolio or a seamless move into your dream primary residence, this property is truly "turn-key"—every piece of stylish furniture and essential household item is included. Simply bring your suitcase and start living th

Key facts

• Attached garage
• Open-concept kitchen
• Bamboo cabinetry

Tags

• FULLY FURNISHED
• ATTACHED GARAGE
• OPEN-CONCEPT KITCHEN
• BAMBOO CABINETRY
• CENTRAL COOKING ISLAND
• ILLUMINATED FEATURE WALL

Property features AI

Finance

• Other: Turnkey furnished; Association recreation available for lease
• Financial info: Total monthly fees listed as $873.33; total annual fees listed as $10,480; Lease restrictions apply
• HOA & community: Has HOA (Coastal Association Management); Monthly condo fee: $873 (quarterly fees shown as $2,620); Association amenities include pool, fitness center, clubhouse, tennis and pickleball courts, recreation facilities, maintenance, cable TV; Association fees include cable TV, pool, and trash; Community features include reclaimed water irrigation, sidewalks, community mailbox, and special community restrictions; Pets allowed

Exterior

• Parking: Covered driveway; Ground level parking; Attached garage (1 car)
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water connected
• Home design: Residential garage condo; Three or more stories; Faces south; Unit on 2nd floor
• Construction: Cement and wood siding; Shingle roof; Slab foundation; Building identified as 660
• Pool Information: Heated in-ground pool
• Exterior features: Covered, screened rear porch; Covered patio/porch; Rain gutters; Sidewalk; Sliding doors; Tennis courts on property; Near marina; Private setting; Landscaped with trees; Concrete road; privately maintained
• Waterfront / Access: Water access to bay/harbor, beach, gulf/ocean; Boat port

Interior

• Kitchen: Built-in oven; Cooktop; Dishwasher; Disposal; Exhaust fan; Freezer; Ice maker; Microwave; Range hood; Refrigerator; Water purifier
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Heat pump; Zoned heating; Central air; Zoned cooling
• Interior features: Ceiling fans; Eat-in kitchen; Kitchen/family room combo; Living room/dining room combo; Open floorplan; Split bedroom layout; Stone countertops; Thermostat; Window treatments; Aluminum window frames; Storm windows
• Laundry & utility: Washer and dryer in garage; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $589k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $589k).
• Recommended offer: $580k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.5% 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); 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 $8k of equity ($4k loan paydown + $4k 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 $165k cash investment doubles in ~10 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($580k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 18y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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 $580,165 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 7.50%
• Cash-on-cash: 4.31%
• DSCR: 1.19
• GRM: 7.6

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: 1.8%
• Equity multiple: 1.09×
• Total profit: $14,384
• Equity at exit: $192,775

10-year hold

• IRR: 6.7%
• Equity multiple: 1.79×
• Total profit: $129,750
• Equity at exit: $249,882

Cash invested: $164,920 (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: 7.6×

Monthly cashflow live

• Estimated rent: $6,446 high
• Mortgage (P&I): −$3,089
• Tax from tax record: −$293 /mo · $3,518/yr
• Insurance: −$245
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$873
• Vacancy / Maint / Mgmt: −$1,354
• Net cashflow: $166

Break-even live

Break-even rent $6,237

Max offer price $589,000

Occupancy floor 92%

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: $147,250
• Closing costs: $17,670
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
655 Cedars Ct #655 Longboat Key, FL	1.0	2.0	1244	$7,000	$5.63	23d	1	0.03mi
730 Spanish Dr S #99 Longboat Key, FL	2.0	2.0	1255	$2,800	$2.23	2d	1	0.05mi
676 El Centro Longboat Key, FL	2.0	2.0	1427	$3,250	$2.28	23d	1	0.06mi
820 Spanish Dr S Longboat Key, FL	2.0	2.0	1390	$3,000	$2.16	16d	1	0.13mi
535 Forest Way Longboat Key, FL	2.0	2.5	1440	$6,900	$4.79	23d	1	0.17mi
573 Spanish Dr N Longboat Key, FL	2.0	2.0	1380	$3,500	$2.54	16d	1	0.17mi
914 Spanish Dr S #76 Longboat Key, FL	2.0	2.0	1341	$6,500	$4.85	23d	1	0.23mi
957 Spanish Dr N Longboat Key, FL	2.0	2.0	1399	$5,500	$3.93	23d	1	0.28mi
5621 Gulf of Mexico Dr #103 Longboat Key, FL	3.0	2.0	1731	$5,500	$3.18	23d	1	0.29mi
5621 Gulf of Mexico Dr #102 Longboat Key, FL	2.0	2.0	1346	$6,000	$4.46	23d	1	0.29mi
5611 Gulf of Mexico Dr #3 Longboat Key, FL	3.0	2.0	1635	$5,000	$3.06	23d	1	0.31mi
5611 Gulf of Mexico Dr #5 Longboat Key, FL	3.0	3.0	1672	$7,750	$4.64	23d	1	0.31mi
5611 Gulf of Mexico Dr #1 Longboat Key, FL	3.0	2.0	1675	$14,000	$8.36	23d	1	0.31mi
615 Dream Island Rd #107 Longboat Key, FL	2.0	2.0	1293	$12,500	$9.67	23d	1	0.59mi
615 Dream Island Rd #201 Longboat Key, FL	2.0	2.0	1514	$10,500	$6.94	23d	1	0.59mi
4825 Gulf of Mexico Dr #201 Longboat Key, FL	2.0	2.0	1393	$7,800	$5.60	23d	1	1.27mi

HOA detail condo

• Monthly dues: $873 · $10,476/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-05-04
   status Pending
2. 2026-04-15
   listed $589,000 Active
3. 2025-04-30
   historical
4. 2025-03-20
   listed $649,000 Active
5. 2024-07-03
   status Pending
6. 2024-07-02
   historical
7. 2024-05-23
   price $720,000
8. 2024-04-25
   listed $760,000 Active
9. 2022-04-29
   soldstatus $600,000 Closed
10. 2022-04-29
    soldstatus $600,000
11. 2022-04-08
    status Pending
12. 2022-04-03
    listed $595,000 Active
13. 2016-02-02
    soldstatus $257,000
14. 2016-02-01
    soldstatus $257,000 Sold
15. 2015-12-05
    status Pending
16. 2015-03-28
    price $265,000
17. 2015-03-18
    listed $275,000 Active
18. 2008-10-22
    listed $319,000
19. 2004-08-19
    soldstatus $389,900
20. 2003-08-13
    soldstatus $275,000
21. 2003-04-08
    soldstatus $235,000
22. 1992-11-19
    soldstatus $199,000
23. 1991-03-22
    soldstatus $199,000
24. 1989-12-01
    soldstatus $1,700,000

ⓘ 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: $3,518 · $293/mo
• Projected year-2 tax: $4,889 · $407/mo
• Expected delta: +$1,370/yr (+$114/mo · 38.9%)

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

Climate risk First Street

• 🌊 Flood 9/10 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: $77,355
• − Mortgage interest: −$32,993
• − Property taxes: −$3,518
• − Insurance: −$8,064
• − Repairs & maintenance: −$6,188
• − Management: −$6,188
• − HOA: −$10,476
• − Depreciation: −$17,135
• Taxable loss: −$7,207
• Est. tax savings @ 24.0%: +$1,730
• After-tax cash flow: $3,717/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

-65.4% since first listed

24 events — show timeline

• 2026-05-04 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-15 Listed $589,000 Stellar MLS as Distributed by MLS Grid
• 2025-04-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-03-20 Listed $649,000 Stellar MLS as Distributed by MLS Grid
• 2024-07-03 Pending — Stellar MLS as Distributed by MLS Grid
• 2024-07-02 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-05-23 Price Changed $720,000 Stellar MLS as Distributed by MLS Grid
• 2024-04-25 Listed $760,000 Stellar MLS as Distributed by MLS Grid
• 2022-04-29 Sold (Public Records) $600,000 Public Records
• 2022-04-29 Sold (MLS) $600,000 Stellar MLS as Distributed by MLS Grid
• 2022-04-08 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-04-03 Listed $595,000 Stellar MLS as Distributed by MLS Grid
• 2016-02-02 Sold (Public Records) $257,000 Public Records
• 2016-02-01 Sold (MLS) $257,000 Stellar MLS as Distributed by MLS Grid
• 2015-12-05 Pending — Stellar MLS as Distributed by MLS Grid
• 2015-03-28 Price Changed $265,000 Stellar MLS as Distributed by MLS Grid
• 2015-03-18 Listed $275,000 Stellar MLS as Distributed by MLS Grid
• 2008-10-22 Listed $319,000 Stellar MLS as Distributed by MLS Grid
• 2004-08-19 Sold (Public Records) $389,900 Public Records
• 2003-08-13 Sold (Public Records) $275,000 Public Records
• 2003-04-08 Sold (Public Records) $235,000 Public Records
• 1992-11-19 Sold (Public Records) $199,000 Public Records
• 1991-03-22 Sold (Public Records) $199,000 Public Records
• 1989-12-01 Sold (Public Records) $1,700,000 Public Records

Property tax history

+0.3%/yr

Latest (2025): $3,518 · -59.5% YoY. Source: county tax records.