604 Spanish Dr N · Longboat Key, FL 34228

$465,000

2 bd · 2.0 ba · 1,357 sqft · Condo public records · 49 Days on market

Built 1967 $1340/mo HOA · 22% of rent

---

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 +21.9/30.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 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 MLS

An exceptional lake front villa that has been meticulously maintained located in Spanish Main Yacht Club offers you very affordable living on Longboat Key. The previous owner completely renovated this villa & it included extensive landscaping, paver walkway on each side of home to large paver patio that overlooks the interior lake, private outdoor shower, barrel roof tiles & dbl pane windows. The interior has a large center island in the kitchen & open floor plan to Dining & Living rooms making it perfect for daily living or entertaining your guests. Both bathrooms have completely tiled shower. The rear Florida Room has immediate access to your outdoor patio that is lakeside & beautifully landscaped, it is completely air conditioned & includes a study/office plus a family room that offer great views of the lake. This villa comes completely furnished w/ high quality furniture & includes built-ins. New carpeting has just been installed in both of the bedrooms. It is tastefully decorated with neutral tones plus light & bright w/ tubular skylight providing natural lighting during the day and on those moon-lit evenings. This Villa has an interior laundry room & workshop that can be accessed without going outdoors plus additional storage room & attic that is accessible via the carport. Villa is loaded w/ many features! Spanish Main Yacht Club is a hidden jewel on Longboat Key it includes deeded beach access, pool, recreation club plus a deep water Marina that can accommodate up to a 40' boat at a small annual fee.

Key facts

• Deep-water marina
• Waterfront backyard
• Community pool

Tags

• FULLY RENOVATED VILLA
• OVERSIZED PAVER PATIO
• WATERFRONT BACKYARD
• PRIVATE DEEDED BEACH
• DEEP-WATER MARINA
• COMMUNITY POOL

Property features AI

Finance

• Other: Irrigation equipment; Deeded private beach access to the Gulf of Mexico and community marina access
• Financial info: Lease restrictions apply
• HOA & community: Monthly condo fee: $1,340; Annual association fees: $16,080; Association amenities: Clubhouse, pool, recreation facilities, shuffleboard court, maintenance; Association fee includes: Pool, escrow reserves, insurance, structure maintenance, recreational facilities, sewer, trash, water; Community features: Association recreation (owned), buyer approval required, deed restrictions, street lights; Senior community; Pets allowed (dogs OK) with limits — max pet weight 25 lbs

Exterior

• Parking: Driveway; 1-car carport
• Utilities: Public water; Public sewer; Electricity connected; Cable connected; BB/HS Internet available; Phone available; Underground utilities; Water connected; Sewer connected
• Home design: Condominium; Residential property; One story; Faces north; Entry level: One
• Construction: Block and stucco construction; Tile and other roof types; Slab foundation; Built on waterfront with lake view (40 ft waterfront)
• Exterior features: Patio; Rear porch; Outdoor shower; Rain gutters; Exterior lighting; Storage; Mature landscaping; Trees/landscaped; Private parcel; Paved access; Near marina; Near public transit; Near golf course; City limits; Level lot

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator; Solid surface/stone counters; Eat-in kitchen
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Eat-in kitchen; Kitchen/family room combo; Living room/dining room combo; Open floorplan; Solid surface counters; Stone counters; Window treatments; Skylights; Storm windows; Storage rooms
• Laundry & utility: Laundry room; Washer; Dryer; Inside utility

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $465k.

Deal economics

• At list price, monthly cash flow is $306 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $465k).
• Recommended offer: $451k (3.0% below list) — sets the bar for market timing.

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 $7k 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 $130k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($451k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $30k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $335k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 22% 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 $451,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 1.34% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.75%
• DSCR: 1.30
• GRM: 6.2

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: 3.5%
• Equity multiple: 1.18×
• Total profit: $22,956
• Equity at exit: $152,191

10-year hold

• IRR: 8.3%
• Equity multiple: 1.99×
• Total profit: $128,741
• Equity at exit: $197,275

Cash invested: $130,200 (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: 6.2×

Monthly cashflow live

• Estimated rent: $6,217 high
• Mortgage (P&I): −$2,439
• Tax from tax record: −$207 /mo · $2,486/yr
• Insurance: −$194
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,340
• Vacancy / Maint / Mgmt: −$1,306
• Net cashflow: $306

Break-even live

Break-even rent $5,830

Max offer price $465,000

Occupancy floor 90%

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: $116,250
• Closing costs: $13,950
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
573 Spanish Dr N Longboat Key, FL	2.0	2.0	1380	$3,500	$2.54	16d	1	0.05mi
676 El Centro Longboat Key, FL	2.0	2.0	1427	$3,250	$2.28	23d	1	0.08mi
535 Forest Way Longboat Key, FL	2.0	2.5	1440	$6,900	$4.79	23d	1	0.13mi
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	0.14mi
820 Spanish Dr S Longboat Key, FL	2.0	2.0	1390	$3,000	$2.16	16d	1	0.22mi
5621 Gulf of Mexico Dr #103 Longboat Key, FL	3.0	2.0	1731	$5,500	$3.18	23d	1	0.28mi
5621 Gulf of Mexico Dr #102 Longboat Key, FL	2.0	2.0	1346	$6,000	$4.46	23d	1	0.28mi
5611 Gulf of Mexico Dr #3 Longboat Key, FL	3.0	2.0	1635	$5,000	$3.06	23d	1	0.30mi
5611 Gulf of Mexico Dr #5 Longboat Key, FL	3.0	3.0	1672	$7,750	$4.64	23d	1	0.30mi
5611 Gulf of Mexico Dr #1 Longboat Key, FL	3.0	2.0	1675	$14,000	$8.36	23d	1	0.30mi
914 Spanish Dr S #76 Longboat Key, FL	2.0	2.0	1341	$6,500	$4.85	23d	1	0.33mi
957 Spanish Dr N Longboat Key, FL	2.0	2.0	1399	$5,500	$3.93	23d	1	0.35mi
615 Dream Island Rd #107 Longboat Key, FL	2.0	2.0	1293	$12,500	$9.67	23d	1	0.50mi
615 Dream Island Rd #201 Longboat Key, FL	2.0	2.0	1514	$10,500	$6.94	23d	1	0.50mi
4825 Gulf of Mexico Dr #201 Longboat Key, FL	2.0	2.0	1393	$7,800	$5.60	23d	1	1.33mi

HOA detail condo

• Monthly dues: $1,340 · $16,080/yr
• Likely covers: waterlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-05-11
   status Pending
2. 2026-04-27
   price $465,000
3. 2026-03-23
   listed $495,000 Active
4. 2014-04-25
   soldstatus $335,000
5. 2014-04-23
   soldstatus $335,000 Sold 1593-char remark

   Show marketing remark (1593 chars)

   An exceptional lake front villa that has been meticulously maintained located in Spanish Main Yacht Club offers you very affordable living on Longboat Key. The previous owner completely renovated this villa & it included extensive landscaping, paver walkway on each side of home to large paver patio that overlooks the interior lake, private outdoor shower, barrel roof tiles & dbl pane windows. The interior has a large center island in the kitchen & open floor plan to Dining & Living rooms making it perfect for daily living or entertaining your guests. Both bathrooms have completely tiled shower. The rear Florida Room has immediate access to your outdoor patio that is lakeside & beautifully landscaped, it is completely air conditioned & includes a study/office plus a family room that offer great views of the lake. This villa comes completely furnished w/ high quality furniture & includes built-ins. New carpeting has just been installed in both of the bedrooms. It is tastefully decorated with neutral tones plus light & bright w/ tubular skylight providing natural lighting during the day and on those moon-lit evenings. This Villa has an interior laundry room & workshop that can be accessed without going outdoors plus additional storage room & attic that is accessible via the carport. Villa is loaded w/ many features! Spanish Main Yacht Club is a hidden jewel on Longboat Key it includes deeded beach access, pool, recreation club plus a deep water Marina that can accommodate up to a 40' boat at a small annual fee.

6. 2014-04-18
   status Pending 1593-char remark

   Show marketing remark (1593 chars)

   An exceptional lake front villa that has been meticulously maintained located in Spanish Main Yacht Club offers you very affordable living on Longboat Key. The previous owner completely renovated this villa & it included extensive landscaping, paver walkway on each side of home to large paver patio that overlooks the interior lake, private outdoor shower, barrel roof tiles & dbl pane windows. The interior has a large center island in the kitchen & open floor plan to Dining & Living rooms making it perfect for daily living or entertaining your guests. Both bathrooms have completely tiled shower. The rear Florida Room has immediate access to your outdoor patio that is lakeside & beautifully landscaped, it is completely air conditioned & includes a study/office plus a family room that offer great views of the lake. This villa comes completely furnished w/ high quality furniture & includes built-ins. New carpeting has just been installed in both of the bedrooms. It is tastefully decorated with neutral tones plus light & bright w/ tubular skylight providing natural lighting during the day and on those moon-lit evenings. This Villa has an interior laundry room & workshop that can be accessed without going outdoors plus additional storage room & attic that is accessible via the carport. Villa is loaded w/ many features! Spanish Main Yacht Club is a hidden jewel on Longboat Key it includes deeded beach access, pool, recreation club plus a deep water Marina that can accommodate up to a 40' boat at a small annual fee.

7. 2014-01-12
   listed Active with Contract 1593-char remark

   Show marketing remark (1593 chars)

   An exceptional lake front villa that has been meticulously maintained located in Spanish Main Yacht Club offers you very affordable living on Longboat Key. The previous owner completely renovated this villa & it included extensive landscaping, paver walkway on each side of home to large paver patio that overlooks the interior lake, private outdoor shower, barrel roof tiles & dbl pane windows. The interior has a large center island in the kitchen & open floor plan to Dining & Living rooms making it perfect for daily living or entertaining your guests. Both bathrooms have completely tiled shower. The rear Florida Room has immediate access to your outdoor patio that is lakeside & beautifully landscaped, it is completely air conditioned & includes a study/office plus a family room that offer great views of the lake. This villa comes completely furnished w/ high quality furniture & includes built-ins. New carpeting has just been installed in both of the bedrooms. It is tastefully decorated with neutral tones plus light & bright w/ tubular skylight providing natural lighting during the day and on those moon-lit evenings. This Villa has an interior laundry room & workshop that can be accessed without going outdoors plus additional storage room & attic that is accessible via the carport. Villa is loaded w/ many features! Spanish Main Yacht Club is a hidden jewel on Longboat Key it includes deeded beach access, pool, recreation club plus a deep water Marina that can accommodate up to a 40' boat at a small annual fee.

8. 2011-04-13
   soldstatus $351,500
9. 2011-04-12
   soldstatus $351,500 1347-char remark

   Show marketing remark (1347 chars)

   This impeccably maintained, free standing lake front villa will make your island dreams come true! From the moment you walk up you will realize how much attention was paid to the smallest detail as well as the quality of all products used during thecomplete renovation in 2002. Upgraded landscaping with sprinkler system & lighting, paver path leading to the tranquil patio area enhanced by tropical plantings and serene lake views, and the private outdoor shower, dual pain windows, barrel tile roof andrecent exterior paint are some of the fine exterior features. The completely open living area let's you enjoy the gorgeous lake views from the kitchen, dining and living room, the study with custom built ins galore as well as the comfortable lakeside family room/den. Neutral tile and carpeting, crown molding, tubular skylight, custom blinds and built-ins are some of the other unique features of this comfortable home. Separate laundry room and workshop can be reached without stepping outdoors and an additional storage room and attic storage is accessible from private carport. This lovely villa is located in one of Longboat Key's finest yachting communities near active clubhouse with heated pool and only steps to deeded beach access to catch a gorgeous sunset under swaying palms. Just bring your toothbrush and move right in!

10. 2010-11-19
    listed $375,000 1347-char remark

    Show marketing remark (1347 chars)

    This impeccably maintained, free standing lake front villa will make your island dreams come true! From the moment you walk up you will realize how much attention was paid to the smallest detail as well as the quality of all products used during thecomplete renovation in 2002. Upgraded landscaping with sprinkler system & lighting, paver path leading to the tranquil patio area enhanced by tropical plantings and serene lake views, and the private outdoor shower, dual pain windows, barrel tile roof andrecent exterior paint are some of the fine exterior features. The completely open living area let's you enjoy the gorgeous lake views from the kitchen, dining and living room, the study with custom built ins galore as well as the comfortable lakeside family room/den. Neutral tile and carpeting, crown molding, tubular skylight, custom blinds and built-ins are some of the other unique features of this comfortable home. Separate laundry room and workshop can be reached without stepping outdoors and an additional storage room and attic storage is accessible from private carport. This lovely villa is located in one of Longboat Key's finest yachting communities near active clubhouse with heated pool and only steps to deeded beach access to catch a gorgeous sunset under swaying palms. Just bring your toothbrush and move right in!

11. 2000-03-24
    soldstatus $160,000
12. 1990-11-21
    soldstatus $110,000

ⓘ 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: $2,486 · $207/mo
• Projected year-2 tax: $3,860 · $322/mo
• Expected delta: +$1,373/yr (+$114/mo · 55.2%)

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

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: $74,608
• − Mortgage interest: −$26,047
• − Property taxes: −$2,486
• − Insurance: −$7,444
• − Repairs & maintenance: −$5,969
• − Management: −$5,969
• − HOA: −$16,080
• − Depreciation: −$13,527
• Taxable loss: −$2,914
• Est. tax savings @ 24.0%: +$699
• After-tax cash flow: $4,368/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

+322.7% since first listed

12 events — show timeline

• 2026-05-11 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-27 Price Changed $465,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-23 Listed $495,000 Stellar MLS as Distributed by MLS Grid
• 2014-04-25 Sold (Public Records) $335,000 Public Records
• 2014-04-23 Sold (MLS) $335,000 Stellar MLS as Distributed by MLS Grid
• 2014-04-18 Pending — Stellar MLS as Distributed by MLS Grid
• 2014-01-12 Listed — Stellar MLS as Distributed by MLS Grid
• 2011-04-13 Sold (Public Records) $351,500 Public Records
• 2011-04-12 Sold (MLS) $351,500 Stellar MLS as Distributed by MLS Grid
• 2010-11-19 Listed $375,000 Stellar MLS as Distributed by MLS Grid
• 2000-03-24 Sold (Public Records) $160,000 Public Records
• 1990-11-21 Sold (Public Records) $110,000 Public Records

Property tax history

-3.5%/yr

Latest (2025): $2,486 · -49.7% YoY. Source: county tax records.