602 Spanish Dr S #115 · Longboat Key, FL 34228

$379,900

2 bd · 2.0 ba · 1,427 sqft · Condo · 7 Days on market

Built 1969 Good condition $1340/mo HOA · 21% of rent

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Why this score? — see what drove the B 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 +26.7/30.0
• 1% rule +10.0/10.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• Appreciation +5.4/10.0
• Schools +4.4/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0

Listing remarks

Welcome to Spanish Main Yacht Club, one of Longboat Key's most beloved waterfront communities, where 55-plus living unfolds at an easy, unhurried pace between the Gulf of Mexico and Sarasota Bay. Tucked along a quiet street lined with tidy single-story villas and swaying palms, this fully renovated two-bedroom retreat captures the old-Florida charm that makes this island enclave so special, paired with the fresh, move-in-ready updates. Behind the arched front entry and crisp white stucco exterior with its white tile roof, a bright open interior welcomes you, where neutral tile floors run throughout and natural light pours through plantation-shuttered windows. The renovated kitchen is the he

Key facts

• Fully renovated
• Covered carport
• Open interior

Tags

• FULLY RENOVATED
• OPEN INTERIOR
• RENOVATED KITCHEN
• UPDATED BATHROOMS
• COVERED CARPORT
• HEATED POOL

Property features AI

Finance

• Other: Directions: Gulf of Mexico Dr. to Spanish Main, make left and follow Spanish Dr. N. to house on right
• Financial info: Total annual fees: $16,080; Lease restrictions apply
• HOA & community: Has HOA; association name: Shane Ranieire; Monthly condo fee: $1,340 (monthly); HOA includes cable TV, common area taxes, pool, escrow reserves, building and grounds maintenance, management, private road, sewer and water; Buyer approval required by association; Community features: clubhouse, pool; Senior community; Pets allowed with limits (max 35 lb)

Exterior

• Parking: Carport (1 space)
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity available; Cable available; Broadband/high-speed internet available
• Home design: Condominium; One story; Faces northwest
• Construction: Block and stucco construction; Tile roof; Slab foundation; Built with non-applicable acreage
• Exterior features: Patio; Exterior lighting; Private mailbox; Rain gutters; Landscaped yard; Near marina; Paved access

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Eat-in kitchen
• Bedrooms: 2 bedrooms (one-level)
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Crown molding; Eat-in kitchen; Open floorplan; Split bedroom layout; Thermostat; Walk-in closets; Window treatments; Smoke detectors
• Laundry & utility: Inside laundry; Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $380k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $603 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $380k).
• Cap rate 9.5% 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).
• At $6,323/mo this rent would consume 48% of the median local household income ($158k/yr) (locally 98% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $5k of equity ($3k loan paydown + $3k 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 $106k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 21% 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $379,900

Questions for the listing agent

1. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.66% ✓
• Cap rate: 9.55%
• Cash-on-cash: 11.62%
• DSCR: 1.52
• GRM: 5.0

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: 7.8%
• Equity multiple: 1.39×
• Total profit: $41,686
• Equity at exit: $124,339

10-year hold

• IRR: 12.3%
• Equity multiple: 2.46×
• Total profit: $155,800
• Equity at exit: $161,172

Cash invested: $106,372 (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: 5.0×

Monthly cashflow live

• Estimated rent: $6,323 high
• Mortgage (P&I): −$1,992
• Tax est. 1.5%: −$475 /mo · $5,698/yr
• Insurance: −$158
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,340
• Vacancy / Maint / Mgmt: −$1,328
• Net cashflow: $603

Break-even live

Break-even rent $5,559

Max offer price $379,900

Occupancy floor 85%

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: $94,975
• Closing costs: $11,397
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
535 Forest Way Longboat Key, FL	2.0	2.5	1440	$6,900	$4.79	23d	1	0.06mi
573 Spanish Dr N Longboat Key, FL	2.0	2.0	1380	$3,500	$2.54	16d	1	0.08mi
676 El Centro Longboat Key, FL	2.0	2.0	1427	$3,250	$2.28	23d	1	0.12mi
655 Cedars Ct #655 Longboat Key, FL	1.0	2.0	1244	$7,000	$5.63	23d	1	0.14mi
730 Spanish Dr S #99 Longboat Key, FL	2.0	2.0	1255	$2,800	$2.23	2d	1	0.18mi
5621 Gulf of Mexico Dr #102 Longboat Key, FL	2.0	2.0	1346	$6,000	$4.46	23d	1	0.21mi
5621 Gulf of Mexico Dr #103 Longboat Key, FL	3.0	2.0	1731	$5,500	$3.18	23d	1	0.21mi
5611 Gulf of Mexico Dr #5 Longboat Key, FL	3.0	3.0	1672	$7,750	$4.64	23d	1	0.23mi
5611 Gulf of Mexico Dr #3 Longboat Key, FL	3.0	2.0	1635	$5,000	$3.06	23d	1	0.23mi
5611 Gulf of Mexico Dr #1 Longboat Key, FL	3.0	2.0	1675	$14,000	$8.36	23d	1	0.23mi
820 Spanish Dr S Longboat Key, FL	2.0	2.0	1390	$3,000	$2.16	16d	1	0.26mi
914 Spanish Dr S #76 Longboat Key, FL	2.0	2.0	1341	$6,500	$4.85	23d	1	0.37mi
957 Spanish Dr N Longboat Key, FL	2.0	2.0	1399	$5,500	$3.93	23d	1	0.40mi
615 Dream Island Rd #201 Longboat Key, FL	2.0	2.0	1514	$10,500	$6.94	23d	1	0.56mi
615 Dream Island Rd #107 Longboat Key, FL	2.0	2.0	1293	$12,500	$9.67	23d	1	0.56mi
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: $1,340 · $16,080/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-18
   days on market $379,900 Active 7 DOM
2. 2026-06-17
   days on market $379,900 Active 6 DOM
3. 2026-06-16
   days on market $379,900 Active 5 DOM
4. 2026-06-15
   days on market $379,900 Active 4 DOM
5. 2026-06-13
   days on market $379,900 Active 2 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $379,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 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: $75,879
• − Mortgage interest: −$21,280
• − Property taxes: −$5,698
• − Insurance: −$7,018
• − Repairs & maintenance: −$6,070
• − Management: −$6,070
• − HOA: −$16,080
• − Depreciation: −$11,052
• Taxable income: $2,610
• Est. tax owed @ 24.0%: −$626
• After-tax cash flow: $6,615/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This fully renovated two-bedroom townhouse in Spanish Main Yacht Club is in good condition with neutral tile floors and plantation shutters. It is move-in ready with a good curb appeal and a good location.

Value-add opportunities

• Both Paint the exterior — Enhances curb appeal and resale value
• Both Landscaping improvements — Enhances curb appeal and resale value
• Both Replace plantation shutters — Modernizes the look and improves energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior — Enhances curb appeal and resale value ↑
• Both Landscaping improvements — Enhances curb appeal and resale value ↑
• Both Replace plantation shutters — Modernizes the look and improves energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-06-11 Listed $379,900 Stellar MLS as Distributed by MLS Grid