3615 Higel Ave · Sarasota, FL 34242

$650,000

3 bd · 2.0 ba · 1,550 sqft · MultiFamily public records · 165 Days on market

Built 1951 0.30 ac lot ↓ 24% since listing

---

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 +24.6/30.0
• 1% rule +8.0/10.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• Appreciation +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

An exceptional opportunity on coveted Siesta Key, this duplex property with two units is offered as-is, with flexibility to restore the existing structure or rebuild to suit your vision. Situated on an expansive lot just minutes from Shell Beach and Siesta Key Public Beach, the property offers convenient access to world-famous sand beaches, dining, and shopping. Whether you are a builder, investor, or owner looking to create a custom coastal retreat or income-producing duplex, this property presents outstanding potential in one of Florida’s most desirable island communities. All offers are welcomed and encouraged.

Key facts

• Expansive lot
• 0.3 acre lot
• Built 1951

Tags

• EXPANSIVE LOT
• CUSTOM COASTAL RETREAT
• INCOME-PRODUCING DUPLEX
• OUTSTANDING POTENTIAL

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $918 ($11k/yr) — positive. Per door: $459/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $650k).
• Recommended offer: $572k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#121 in FL, #1,854 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, health & safety A+, commute A; Watch: crime 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.
• Market conditions: 523 active listings in the ZIP; high-income renter base; 7,466 units permitted in Sarasota County in 2024 (2,138 in 5+ unit buildings).
• At $8,425/mo this rent would consume 87% 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.

Forward outlook

• Local home prices are declining (-0.7%/yr); year-one equity from $4k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Sarasota County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-0.7% appreciation + 3.0% rent growth), your $182k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 165 days — a 12% lower offer ($572k) is reasonable based on typical stale-listing flexibility.
• 22 sale attempts since 21y ago; this cycle's ask has dropped $340k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; flood insurance adds $427/mo; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• 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 $572,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 165 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
10. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
11. 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.
12. 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.
13. 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: 1.30% ✓
• Cap rate: 8.77%
• Cash-on-cash: 8.86%
• DSCR: 1.39
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.69% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.4%
• Equity multiple: 1.11×
• Total profit: $19,396
• Equity at exit: $166,480

10-year hold

• IRR: 8.6%
• Equity multiple: 1.87×
• Total profit: $158,133
• Equity at exit: $183,117

Cash invested: $182,000 (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 34242

• Home prices YoY: -0.3%
• Active inventory: 523
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $8,425 medium
• Mortgage (P&I): −$3,409
• Tax from tax record: −$1,632 /mo · $19,585/yr
• Insurance: −$271
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,769
• Net cashflow: $918

Break-even live

Break-even rent $7,263

Max offer price $650,000

Occupancy floor 84%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$8,424
Total (2 units)			$8,425

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $650,000 Active 165 DOM
2. 2026-06-17
   days on market $650,000 Active 164 DOM
3. 2026-06-16
   days on market $650,000 Active 163 DOM
4. 2026-06-15
   price $650,000 Active 162 DOM
5. 2026-06-15
   days on market $699,900 Active 162 DOM
6. 2026-06-13
   days on market $699,900 Active 160 DOM
7. 2026-06-13
   days on market $699,900 Active 159 DOM
8. 2026-06-10
   days on market $699,900 Active 157 DOM
9. 2026-06-09
   days on market $699,900 Active 156 DOM
10. 2026-06-08
    days on market $699,900 Active 155 DOM
11. 2026-06-08
    days on market $699,900 Active 154 DOM
12. 2026-06-05
    days on market $699,900 Active 151 DOM
13. 2026-06-03
    days on market $699,900 Active 150 DOM
14. 2026-06-02
    days on market $699,900 Active 149 DOM
15. 2026-06-01
    days on market $699,900 Active 148 DOM
16. 2026-05-31
    days on market $699,900 Active 147 DOM
17. 2026-05-14
    price $699,900 627-char remark

    Show marketing remark (627 chars)

    An exceptional opportunity on coveted Siesta Key, this duplex property with two units is offered as-is, with flexibility to restore the existing structure or rebuild to suit your vision. Situated on an expansive lot just minutes from Shell Beach and Siesta Key Public Beach, the property offers convenient access to world-famous sand beaches, dining, and shopping. Whether you are a builder, investor, or owner looking to create a custom coastal retreat or income-producing duplex, this property presents outstanding potential in one of Florida’s most desirable island communities. All offers are welcomed and encouraged.

18. 2026-05-01
    status Active 627-char remark

    Show marketing remark (627 chars)

    An exceptional opportunity on coveted Siesta Key, this duplex property with two units is offered as-is, with flexibility to restore the existing structure or rebuild to suit your vision. Situated on an expansive lot just minutes from Shell Beach and Siesta Key Public Beach, the property offers convenient access to world-famous sand beaches, dining, and shopping. Whether you are a builder, investor, or owner looking to create a custom coastal retreat or income-producing duplex, this property presents outstanding potential in one of Florida’s most desirable island communities. All offers are welcomed and encouraged.

19. 2026-04-30
    historical 627-char remark

    Show marketing remark (627 chars)

    An exceptional opportunity on coveted Siesta Key, this duplex property with two units is offered as-is, with flexibility to restore the existing structure or rebuild to suit your vision. Situated on an expansive lot just minutes from Shell Beach and Siesta Key Public Beach, the property offers convenient access to world-famous sand beaches, dining, and shopping. Whether you are a builder, investor, or owner looking to create a custom coastal retreat or income-producing duplex, this property presents outstanding potential in one of Florida’s most desirable island communities. All offers are welcomed and encouraged.

20. 2026-04-01
    price $799,900 627-char remark

    Show marketing remark (627 chars)

    An exceptional opportunity on coveted Siesta Key, this duplex property with two units is offered as-is, with flexibility to restore the existing structure or rebuild to suit your vision. Situated on an expansive lot just minutes from Shell Beach and Siesta Key Public Beach, the property offers convenient access to world-famous sand beaches, dining, and shopping. Whether you are a builder, investor, or owner looking to create a custom coastal retreat or income-producing duplex, this property presents outstanding potential in one of Florida’s most desirable island communities. All offers are welcomed and encouraged.

21. 2026-02-08
    price $899,900 627-char remark

    Show marketing remark (627 chars)

    An exceptional opportunity on coveted Siesta Key, this duplex property with two units is offered as-is, with flexibility to restore the existing structure or rebuild to suit your vision. Situated on an expansive lot just minutes from Shell Beach and Siesta Key Public Beach, the property offers convenient access to world-famous sand beaches, dining, and shopping. Whether you are a builder, investor, or owner looking to create a custom coastal retreat or income-producing duplex, this property presents outstanding potential in one of Florida’s most desirable island communities. All offers are welcomed and encouraged.

22. 2026-01-03
    listed $990,000 Active 627-char remark

    Show marketing remark (627 chars)

    An exceptional opportunity on coveted Siesta Key, this duplex property with two units is offered as-is, with flexibility to restore the existing structure or rebuild to suit your vision. Situated on an expansive lot just minutes from Shell Beach and Siesta Key Public Beach, the property offers convenient access to world-famous sand beaches, dining, and shopping. Whether you are a builder, investor, or owner looking to create a custom coastal retreat or income-producing duplex, this property presents outstanding potential in one of Florida’s most desirable island communities. All offers are welcomed and encouraged.

23. 2026-01-03
    historical

    Show marketing remark (627 chars)

    An exceptional opportunity on coveted Siesta Key, this duplex property with two units is offered as-is, with flexibility to restore the existing structure or rebuild to suit your vision. Situated on an expansive lot just minutes from Shell Beach and Siesta Key Public Beach, the property offers convenient access to world-famous sand beaches, dining, and shopping. Whether you are a builder, investor, or owner looking to create a custom coastal retreat or income-producing duplex, this property presents outstanding potential in one of Florida’s most desirable island communities. All offers are welcomed and encouraged.

24. 2025-12-23
    listed $990,000 Active
25. 2025-03-31
    historical
26. 2025-01-02
    status Active
27. 2024-12-30
    historical
28. 2024-09-03
    status Active
29. 2024-08-31
    historical
30. 2024-05-07
    price $1,200,000
31. 2023-11-22
    listed $1,400,000 Active
32. 2023-11-02
    historical
33. 2023-09-01
    price $1,500,000
34. 2023-07-21
    listed $1,600,000 Active
35. 2022-11-27
    price $1,390,000
36. 2022-08-20
    price $1,550,000
37. 2022-07-25
    listed $1,499,000 Active
38. 2021-09-23
    soldstatus $985,000
39. 2019-11-16
    historical
40. 2019-04-27
    price $449,000
41. 2019-04-16
    listed $495,000 Active
42. 2019-04-16
    historical
43. 2019-03-21
    listed $495,000 Active
44. 2017-11-22
    soldstatus $399,000
45. 2017-11-16
    soldstatus $399,000 Sold
46. 2017-10-12
    soldstatus $311,800
47. 2017-10-11
    listed $299,000 Active
48. 2017-10-10
    soldstatus $311,870 Sold
49. 2017-10-05
    status Pending
50. 2017-10-05
    status Pending

ⓘ 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: $19,585 · $1,632/mo
• Projected year-2 tax: $19,585 · $1,632/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥107°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: $101,100
• − Mortgage interest: −$36,410
• − Property taxes: −$19,585
• − Insurance: −$8,368
• − Repairs & maintenance: −$8,088
• − Management: −$8,088
• − Depreciation: −$18,909
• Taxable income: $1,651
• Est. tax owed @ 24.0%: −$396
• After-tax cash flow: $10,615/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.

Schools (NCES district)

• District: Sarasota
• NCES district ID: 1201680
• Math proficiency: 63% ▼ -8.00%
• Reading proficiency: 63% ▼ -3.00%
• Median HH income: $51,167
• Composite: 53.68/100
• National rank: #1428
• State rank: #7 of 73 in FL

Livability — Sarasota

• Score: 80/100
• State rank: #121
• US rank: #1854

Category grades

Amenities A+ Commute A Cost of living C+ Crime F Employment B- Housing A Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sarasota, FL
• County: Sarasota County · 448,376 people
• City population: 261,896
• Metro: North Port-Sarasota-Bradenton, FL
• Population (ZIP): 7,529
• Household income: $115,967
• Rent vs Own: 9.6% rent · 90.4% own
• Severe rent burden: 147.0

Population outlook (Sarasota County) Hauer SSP2

• Today (2025): 452,380 people
• By 2030: 474,175 · +4.8%
• By 2040: 511,577 · +13.1%
• By 2050: 541,467 · +19.7%
• By 2075: 604,947 · +33.7%
• By 2100: 621,965 · +37.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 4% Lithuanian 3% Portuguese 2%
• Foreign-born: 13% · Canada, China, Jamaica
• Languages at home: 91% English-only · German/W. Germanic 2% Spanish 2% Other Indo-European 1%

Political lean MEDSL · Sarasota

• 2024 margin: R (+18.2) · D 40.5% · R 58.7%
• 2008→2024 swing: -18.1pp toward R · 2008: -0.1pp · 2024: -18.2pp
• All cycles: 2024: R+18.2 2020: R+10.4 2016: R+11.6 2012: R+7.4 2008: R+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.69%
• Current HPI: 237.6266
• 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

-23.9% since first listed

53 events — show timeline

• 2026-05-14 Price Changed $699,900 Stellar MLS as Distributed by MLS Grid
• 2026-05-01 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-04-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-04-01 Price Changed $799,900 Stellar MLS as Distributed by MLS Grid
• 2026-02-08 Price Changed $899,900 Stellar MLS as Distributed by MLS Grid
• 2026-01-03 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-01-03 Listed $990,000 Stellar MLS as Distributed by MLS Grid
• 2025-12-23 Listed $990,000 Stellar MLS as Distributed by MLS Grid
• 2025-03-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-01-02 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-12-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-09-03 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-08-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-05-07 Price Changed $1,200,000 Stellar MLS as Distributed by MLS Grid
• 2023-11-22 Listed $1,400,000 Stellar MLS as Distributed by MLS Grid
• 2023-11-02 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2023-09-01 Price Changed $1,500,000 Stellar MLS as Distributed by MLS Grid
• 2023-07-21 Listed $1,600,000 Stellar MLS as Distributed by MLS Grid
• 2022-11-27 Price Changed $1,390,000 Stellar MLS as Distributed by MLS Grid
• 2022-08-20 Price Changed $1,550,000 Stellar MLS as Distributed by MLS Grid
• 2022-07-25 Listed $1,499,000 Stellar MLS as Distributed by MLS Grid
• 2021-09-23 Sold (Public Records) $985,000 Public Records
• 2019-11-16 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2019-04-27 Price Changed $449,000 Stellar MLS as Distributed by MLS Grid
• 2019-04-16 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2019-04-16 Listed $495,000 Stellar MLS as Distributed by MLS Grid
• 2019-03-21 Listed $495,000 Stellar MLS as Distributed by MLS Grid
• 2017-11-22 Sold (Public Records) $399,000 Public Records
• 2017-11-16 Sold (MLS) $399,000 Stellar MLS as Distributed by MLS Grid
• 2017-10-12 Sold (Public Records) $311,800 Public Records
• 2017-10-11 Listed $299,000 Stellar MLS as Distributed by MLS Grid
• 2017-10-10 Sold (MLS) $311,870 Stellar MLS as Distributed by MLS Grid
• 2017-10-05 Pending — Stellar MLS as Distributed by MLS Grid
• 2017-10-05 Pending — Stellar MLS as Distributed by MLS Grid
• 2017-10-04 Relisted — Stellar MLS as Distributed by MLS Grid
• 2017-10-04 Relisted — Stellar MLS as Distributed by MLS Grid
• 2017-09-23 Pending — Stellar MLS as Distributed by MLS Grid
• 2017-09-23 Pending — Stellar MLS as Distributed by MLS Grid
• 2017-08-14 Listed $379,000 Stellar MLS as Distributed by MLS Grid
• 2017-08-14 Listed $379,000 Stellar MLS as Distributed by MLS Grid
• 2014-09-02 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2014-07-05 Listed $399,000 Stellar MLS as Distributed by MLS Grid
• 2011-10-31 Sold (Public Records) $250,000 Public Records
• 2011-10-28 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2011-10-28 Sold (MLS) $250,000 Stellar MLS as Distributed by MLS Grid
• 2011-10-28 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2010-09-15 Listed $267,500 Stellar MLS as Distributed by MLS Grid
• 2010-09-15 Listed $267,500 Stellar MLS as Distributed by MLS Grid
• 2010-09-15 Listed $267,500 Stellar MLS as Distributed by MLS Grid
• 2010-05-26 Sold (MLS) $180,000 Stellar MLS as Distributed by MLS Grid
• 2009-09-14 Listed $199,900 Stellar MLS as Distributed by MLS Grid
• 2006-11-28 Listed $420,000 Stellar MLS as Distributed by MLS Grid
• 2005-06-24 Listed $920,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+13.8%/yr

Latest (2025): $19,585 · -12.5% YoY. Source: county tax records.