669 Spanish Dr N #21 · Longboat Key, FL 34228

$339,000

2 bd · 2.0 ba · 1,087 sqft · SingleFamily · 262 Days on market

Built 1969 25 ac lot Est $525k · 35% under $1340/mo HOA · 27% 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 +16.1/30.0
• ARV discount +15.0/15.0
• 1% rule +9.4/10.0
• Appreciation +5.4/10.0
• DSCR +5.0/10.0
• 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

Major Price Reduction for a quick sale! Calling all boaters. Are you looking for a lovely maintenance-free coastal community that lives like a single-family home? You may have just found your island getaway. Enjoy your million-dollar lifestyle in this manicured waterfront gem nestled between Sarasota Bay and the Gulf of Mexico. Spanish Main Yacht Club is an active and friendly 55-plus community with much to offer. This turnkey furnished villa just had a completely new roof installed in 2021 plus the air conditioning was replaced in 2018. The kitchen with newer white shaker cabinets, lovely granite countertops, undermount sink with all stainless steel appliances, canned lighting and vinyl flooring has recently been modernized. A lovely screened in lanai offers fresh morning breezes and relaxing secluded evenings for grilling, entertaining and the perfect place for your pet to enjoy. Boaters appreciate the on-site marina's deep-water access and accommodation for vessels of up to 40 feet. Boat slips and kayak storage are available for a nominal fee, but no extra charge for the dolphin and manatee watching in the marina waters, not to mention the eagle sightings. Longboat Key presents fabulous restaurants, gyms, Pilates, coffee shops, walk-to breakfast places, lush green parks, two fire stations complete with paramedics, a dedicated police station, banks, shops, plus so much more and a safe environment for all. The famous St. Armands Circle is on your way to downtown Sarasota. Pet-friendly with more activities than you can imagine. You can live full-time at 50 years young. Come on down! Lease in place from Dec, 2023 - March 2024. $24,000. Need to honor the lease.

Key facts

• Shuffleboard courts
• Community marina
• Heated outdoor pool

Tags

• FEMA APPROVED STORM MITIGATION
• PRIVATE BEACH ACCESS
• COMMUNITY MARINA
• HEATED OUTDOOR POOL
• SHUFFLEBOARD COURTS
• CLUBHOUSE WITH GAME ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $339k.

Deal economics

• At list price, monthly cash flow is $-252 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $302k (10.8% below list).
• Meets the 1% rule at list price ($5k rent vs $339k).
• Recommended offer: $298k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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: schools C-, housing C-, amenities 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.
• Market conditions: 539 active listings in the ZIP; 11 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).
• This rent runs 37% of the median local income ($158k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $5k of equity ($2k loan paydown + $2k appreciation (0.7% local appreciation)).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 262 days — a 12% lower offer ($298k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 19y ago; this cycle's ask has dropped $46k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 27% 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 $298,320 (12.0% 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 262 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.44% ✓
• Cap rate: 6.91%
• Cash-on-cash: 2.20%
• DSCR: 1.10
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $525,021
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
636 Tarawitt Dr	0.27mi	2/2.0	1,248 (+15%)	2mo	$750,000	$601	61
780 Jungle Queen Way	0.30mi	2/1.0	1,242 (+14%)	6mo	$600,000	$483	53
750 Saint Judes Dr N	0.31mi	3/2.0 (+1)	1,246 (+15%)	18mo	$600,000	$482	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.73% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.86×
• Total profit: $-13,063
• Equity at exit: $110,952

10-year hold

• IRR: 2.7%
• Equity multiple: 1.32×
• Total profit: $30,834
• Equity at exit: $143,820

Cash invested: $94,920 (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: 5.8×

Monthly cashflow live

• Estimated rent: $4,882 high
• Mortgage (P&I): −$1,778
• Tax est. 1.5%: −$424 /mo · $5,085/yr
• Insurance: −$141
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,340
• Vacancy / Maint / Mgmt: −$1,025
• Net cashflow: $-252

Break-even live

Break-even rent $5,202

Max offer price $302,486

Occupancy floor —

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: $84,750
• Closing costs: $10,170
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
676 El Centro Longboat Key, FL	2.0	2.0	1427	$3,250	$2.28	23d	1	0.08mi
573 Spanish Dr N Longboat Key, FL	2.0	2.0	1380	$3,500	$2.54	16d	1	0.09mi
730 Spanish Dr S #99 Longboat Key, FL	2.0	2.0	1255	$2,800	$2.23	2d	1	0.13mi
655 Cedars Ct #655 Longboat Key, FL	1.0	2.0	1244	$7,000	$5.63	23d	1	0.17mi
535 Forest Way Longboat Key, FL	2.0	2.5	1440	$6,900	$4.79	23d	1	0.19mi
820 Spanish Dr S Longboat Key, FL	2.0	2.0	1390	$3,000	$2.16	16d	1	0.20mi
914 Spanish Dr S #76 Longboat Key, FL	2.0	2.0	1341	$6,500	$4.85	23d	1	0.30mi
957 Spanish Dr N Longboat Key, FL	2.0	2.0	1399	$5,500	$3.93	23d	1	0.31mi
5621 Gulf of Mexico Dr #102 Longboat Key, FL	2.0	2.0	1346	$6,000	$4.46	23d	1	0.35mi
615 Dream Island Rd #107 Longboat Key, FL	2.0	2.0	1293	$12,500	$9.67	23d	1	0.45mi
4825 Gulf of Mexico Dr #201 Longboat Key, FL	2.0	2.0	1393	$7,800	$5.60	23d	1	1.38mi

HOA detail

• Monthly dues: $1,340 · $16,080/yr
• Likely covers: watergym

Listing history 19 events

1. 2026-03-30
   status Pending
2. 2026-03-12
   price $339,000
3. 2026-02-15
   price $355,000
4. 2026-02-03
   status Active
5. 2026-01-31
   historical
6. 2025-12-04
   price $375,000
7. 2025-12-01
   price $398,000
8. 2025-10-14
   status Active
9. 2025-10-02
   status Pending
10. 2025-09-28
    status Active
11. 2025-08-29
    price $399,000
12. 2025-07-10
    price $359,000
13. 2025-05-28
    listed $385,000 Active
14. 2023-10-27
    soldstatus $400,000 Closed 1688-char remark

    Show marketing remark (1688 chars)

    Major Price Reduction for a quick sale! Calling all boaters. Are you looking for a lovely maintenance-free coastal community that lives like a single-family home? You may have just found your island getaway. Enjoy your million-dollar lifestyle in this manicured waterfront gem nestled between Sarasota Bay and the Gulf of Mexico. Spanish Main Yacht Club is an active and friendly 55-plus community with much to offer. This turnkey furnished villa just had a completely new roof installed in 2021 plus the air conditioning was replaced in 2018. The kitchen with newer white shaker cabinets, lovely granite countertops, undermount sink with all stainless steel appliances, canned lighting and vinyl flooring has recently been modernized. A lovely screened in lanai offers fresh morning breezes and relaxing secluded evenings for grilling, entertaining and the perfect place for your pet to enjoy. Boaters appreciate the on-site marina's deep-water access and accommodation for vessels of up to 40 feet. Boat slips and kayak storage are available for a nominal fee, but no extra charge for the dolphin and manatee watching in the marina waters, not to mention the eagle sightings. Longboat Key presents fabulous restaurants, gyms, Pilates, coffee shops, walk-to breakfast places, lush green parks, two fire stations complete with paramedics, a dedicated police station, banks, shops, plus so much more and a safe environment for all. The famous St. Armands Circle is on your way to downtown Sarasota. Pet-friendly with more activities than you can imagine. You can live full-time at 50 years young. Come on down! Lease in place from Dec, 2023 - March 2024. $24,000. Need to honor the lease.

15. 2023-09-27
    status Pending 1688-char remark

    Show marketing remark (1688 chars)

    Major Price Reduction for a quick sale! Calling all boaters. Are you looking for a lovely maintenance-free coastal community that lives like a single-family home? You may have just found your island getaway. Enjoy your million-dollar lifestyle in this manicured waterfront gem nestled between Sarasota Bay and the Gulf of Mexico. Spanish Main Yacht Club is an active and friendly 55-plus community with much to offer. This turnkey furnished villa just had a completely new roof installed in 2021 plus the air conditioning was replaced in 2018. The kitchen with newer white shaker cabinets, lovely granite countertops, undermount sink with all stainless steel appliances, canned lighting and vinyl flooring has recently been modernized. A lovely screened in lanai offers fresh morning breezes and relaxing secluded evenings for grilling, entertaining and the perfect place for your pet to enjoy. Boaters appreciate the on-site marina's deep-water access and accommodation for vessels of up to 40 feet. Boat slips and kayak storage are available for a nominal fee, but no extra charge for the dolphin and manatee watching in the marina waters, not to mention the eagle sightings. Longboat Key presents fabulous restaurants, gyms, Pilates, coffee shops, walk-to breakfast places, lush green parks, two fire stations complete with paramedics, a dedicated police station, banks, shops, plus so much more and a safe environment for all. The famous St. Armands Circle is on your way to downtown Sarasota. Pet-friendly with more activities than you can imagine. You can live full-time at 50 years young. Come on down! Lease in place from Dec, 2023 - March 2024. $24,000. Need to honor the lease.

16. 2023-09-18
    price $425,000 1688-char remark

    Show marketing remark (1688 chars)

    Major Price Reduction for a quick sale! Calling all boaters. Are you looking for a lovely maintenance-free coastal community that lives like a single-family home? You may have just found your island getaway. Enjoy your million-dollar lifestyle in this manicured waterfront gem nestled between Sarasota Bay and the Gulf of Mexico. Spanish Main Yacht Club is an active and friendly 55-plus community with much to offer. This turnkey furnished villa just had a completely new roof installed in 2021 plus the air conditioning was replaced in 2018. The kitchen with newer white shaker cabinets, lovely granite countertops, undermount sink with all stainless steel appliances, canned lighting and vinyl flooring has recently been modernized. A lovely screened in lanai offers fresh morning breezes and relaxing secluded evenings for grilling, entertaining and the perfect place for your pet to enjoy. Boaters appreciate the on-site marina's deep-water access and accommodation for vessels of up to 40 feet. Boat slips and kayak storage are available for a nominal fee, but no extra charge for the dolphin and manatee watching in the marina waters, not to mention the eagle sightings. Longboat Key presents fabulous restaurants, gyms, Pilates, coffee shops, walk-to breakfast places, lush green parks, two fire stations complete with paramedics, a dedicated police station, banks, shops, plus so much more and a safe environment for all. The famous St. Armands Circle is on your way to downtown Sarasota. Pet-friendly with more activities than you can imagine. You can live full-time at 50 years young. Come on down! Lease in place from Dec, 2023 - March 2024. $24,000. Need to honor the lease.

17. 2023-08-09
    listed $455,000 Active 1688-char remark

    Show marketing remark (1688 chars)

    Major Price Reduction for a quick sale! Calling all boaters. Are you looking for a lovely maintenance-free coastal community that lives like a single-family home? You may have just found your island getaway. Enjoy your million-dollar lifestyle in this manicured waterfront gem nestled between Sarasota Bay and the Gulf of Mexico. Spanish Main Yacht Club is an active and friendly 55-plus community with much to offer. This turnkey furnished villa just had a completely new roof installed in 2021 plus the air conditioning was replaced in 2018. The kitchen with newer white shaker cabinets, lovely granite countertops, undermount sink with all stainless steel appliances, canned lighting and vinyl flooring has recently been modernized. A lovely screened in lanai offers fresh morning breezes and relaxing secluded evenings for grilling, entertaining and the perfect place for your pet to enjoy. Boaters appreciate the on-site marina's deep-water access and accommodation for vessels of up to 40 feet. Boat slips and kayak storage are available for a nominal fee, but no extra charge for the dolphin and manatee watching in the marina waters, not to mention the eagle sightings. Longboat Key presents fabulous restaurants, gyms, Pilates, coffee shops, walk-to breakfast places, lush green parks, two fire stations complete with paramedics, a dedicated police station, banks, shops, plus so much more and a safe environment for all. The famous St. Armands Circle is on your way to downtown Sarasota. Pet-friendly with more activities than you can imagine. You can live full-time at 50 years young. Come on down! Lease in place from Dec, 2023 - March 2024. $24,000. Need to honor the lease.

18. 2007-07-15
    listed $309,000
19. 2007-07-15
    listed $339,000

ⓘ 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: $58,587
• − Mortgage interest: −$18,989
• − Property taxes: −$5,085
• − Insurance: −$6,814
• − Repairs & maintenance: −$4,687
• − Management: −$4,687
• − HOA: −$16,080
• − Depreciation: −$9,862
• Taxable loss: −$7,617
• Est. tax savings @ 24.0%: +$1,828
• After-tax cash flow: $-1,200/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

+9.7% since first listed

19 events — show timeline

• 2026-03-30 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-03-12 Price Changed $339,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-15 Price Changed $355,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-03 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-01-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-12-04 Price Changed $375,000 Stellar MLS as Distributed by MLS Grid
• 2025-12-01 Price Changed $398,000 Stellar MLS as Distributed by MLS Grid
• 2025-10-14 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-10-02 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-09-28 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-08-29 Price Changed $399,000 Stellar MLS as Distributed by MLS Grid
• 2025-07-10 Price Changed $359,000 Stellar MLS as Distributed by MLS Grid
• 2025-05-28 Listed $385,000 Stellar MLS as Distributed by MLS Grid
• 2023-10-27 Sold (MLS) $400,000 Stellar MLS as Distributed by MLS Grid
• 2023-09-27 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-09-18 Price Changed $425,000 Stellar MLS as Distributed by MLS Grid
• 2023-08-09 Listed $455,000 Stellar MLS as Distributed by MLS Grid
• 2007-07-15 Listed $339,000 Stellar MLS as Distributed by MLS Grid
• 2007-07-15 Listed $309,000 Stellar MLS as Distributed by MLS Grid