597 Spanish Dr N #12 · Longboat Key, FL 34228

$350,000

2 bd · 2.0 ba · 1,429 sqft · Condo · 58 Days on market

Built 1968 Good condition $1340/mo HOA · 22% 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 +28.6/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.4/10.0
• Schools +4.4/10.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0

Listing remarks

Enjoy the Florida lifestyle in this beautifully renovated 2-bedroom + den, 2-bath villa in the highly desirable Spanish Main Yacht Club on Longboat Key. Offering 1,429 sq. ft. of move-in-ready living space, this home features ceramic tile flooring throughout, an open-concept living and dining area, and a bright Florida room ideal for relaxing or entertaining. The den includes a closet, making it perfect as a home office or optional third bedroom. This maintenance-free residence offers exceptional amenities including deeded beach access, shuffleboard courts, and a clubhouse with a library and social rooms. Boating enthusiasts will appreciate bay and harbor access along with an on-site marina

Key facts

• Deeded beach access
• Shuffleboard courts
• On-site marina

Tags

• DEEDED BEACH ACCESS
• SHUFFLEBOARD COURTS
• CLUBHOUSE WITH A LIBRARY
• BAY AND HARBOR ACCESS
• ON-SITE MARINA
• HEATED POOL

Property features AI

Finance

• Other: Condo land not included; Unfurnished
• Financial info: Total monthly fees $1,340 (total annual $16,080); Lease restrictions apply
• HOA & community: Has HOA (monthly condo fee $1,340); Association requires approval; Association fees include pool and insurance; Community features: clubhouse, deed restrictions, buyer approval required; Pets allowed: cats and dogs; Senior community

Exterior

• Parking: Carport (1 space)
• Utilities: Public water; Public sewer; Cable available; Electricity connected; Underground utilities; Water connected; Sewer connected
• Home design: Residential condominium; One story; Faces south; Ground-level unit (floor 1)
• Construction: Block and stucco construction; Tile roof; Slab foundation; Built as part of building number 597
• Exterior features: Other exterior features; Public paved road access; Beach/bay access (deeded)

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Built-in features; Ceiling fans; Living room/dining room combo; Thermostat
• Laundry & utility: Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $350k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $731 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $350k).
• Recommended offer: $340k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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: 540 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $6,223/mo this rent would consume 47% 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 ($2k 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 $98k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.

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 $339,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 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 1968 — 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. 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.
8. 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.
9. 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: 1.78% ✓
• Cap rate: 10.26%
• Cash-on-cash: 14.17%
• DSCR: 1.63
• GRM: 4.7

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: 10.1%
• Equity multiple: 1.51×
• Total profit: $49,648
• Equity at exit: $114,552

10-year hold

• IRR: 14.4%
• Equity multiple: 2.71×
• Total profit: $168,060
• Equity at exit: $148,487

Cash invested: $98,000 (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 34228

• Home prices YoY: 0.3%
• Active inventory: 540
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $6,223 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,340
• Vacancy / Maint / Mgmt: −$1,307
• Net cashflow: $731

Break-even live

Break-even rent $5,298

Max offer price $350,000

Occupancy floor 83%

Sensitivity live

Price	-10% $973	-5% $852	+0% $731	+5% $610	+10% $489
Rent	-10% $239	-5% $485	+0% $731	+5% $977	+10% $1,223
Rate	-1.0pp $907	-0.5pp $820	base $731	+0.5pp $640	+1.0pp $548

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: $87,500
• Closing costs: $10,500
• 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	17d	1	0.01mi
676 El Centro Longboat Key, FL	2.0	2.0	1427	$3,250	$2.28	25d	1	0.13mi
535 Forest Way Longboat Key, FL	2.0	2.5	1440	$6,900	$4.79	25d	1	0.15mi
655 Cedars Ct #655 Longboat Key, FL	1.0	2.0	1244	$7,000	$5.63	25d	1	0.20mi
730 Spanish Dr S #99 Longboat Key, FL	2.0	2.0	1255	$2,800	$2.23	3d	1	0.20mi
820 Spanish Dr S Longboat Key, FL	2.0	2.0	1390	$3,000	$2.16	17d	1	0.28mi
5621 Gulf of Mexico Dr #103 Longboat Key, FL	3.0	2.0	1731	$5,500	$3.18	25d	1	0.29mi
5621 Gulf of Mexico Dr #102 Longboat Key, FL	2.0	2.0	1346	$6,000	$4.46	25d	1	0.29mi
5611 Gulf of Mexico Dr #3 Longboat Key, FL	3.0	2.0	1635	$5,000	$3.06	25d	1	0.32mi
5611 Gulf of Mexico Dr #5 Longboat Key, FL	3.0	3.0	1672	$7,750	$4.64	25d	1	0.32mi
5611 Gulf of Mexico Dr #1 Longboat Key, FL	3.0	2.0	1675	$14,000	$8.36	25d	1	0.32mi
914 Spanish Dr S #76 Longboat Key, FL	2.0	2.0	1341	$6,500	$4.85	25d	1	0.38mi
957 Spanish Dr N Longboat Key, FL	2.0	2.0	1399	$5,500	$3.93	25d	1	0.40mi
615 Dream Island Rd #107 Longboat Key, FL	2.0	2.0	1293	$12,500	$9.67	25d	1	0.47mi
615 Dream Island Rd #201 Longboat Key, FL	2.0	2.0	1514	$10,500	$6.94	25d	1	0.47mi
4825 Gulf of Mexico Dr #201 Longboat Key, FL	2.0	2.0	1393	$7,800	$5.60	25d	1	1.36mi

HOA detail condo

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

Listing history 15 events

1. 2026-06-18
   days on market $350,000 Active 58 DOM
2. 2026-06-17
   days on market $350,000 Active 57 DOM
3. 2026-06-16
   days on market $350,000 Active 56 DOM
4. 2026-06-15
   days on market $350,000 Active 55 DOM
5. 2026-06-13
   days on market $350,000 Active 53 DOM
6. 2026-06-13
   days on market $350,000 Active 52 DOM
7. 2026-06-10
   days on market $350,000 Active 50 DOM
8. 2026-06-09
   days on market $350,000 Active 49 DOM
9. 2026-06-08
   days on market $350,000 Active 48 DOM
10. 2026-06-08
    days on market $350,000 Active 47 DOM
11. 2026-06-03
    days on market $350,000 Active 43 DOM
12. 2026-06-02
    days on market $350,000 Active 42 DOM
13. 2026-06-01
    days on market $350,000 Active 41 DOM
14. 2026-05-31
    days on market $350,000 Active 40 DOM
15. 2026-04-21
    listed $350,000 Active

ⓘ 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: $74,679
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$6,868
• − Repairs & maintenance: −$5,974
• − Management: −$5,974
• − HOA: −$16,080
• − Depreciation: −$10,182
• Taxable income: $4,744
• Est. tax owed @ 24.0%: −$1,139
• After-tax cash flow: $7,634/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 · 12 photos

Good 80/100 Cosmetic rehab

This move-in-ready, well-maintained 2-bedroom + den villa in the Spanish Main Yacht Club offers a great Florida lifestyle with modern amenities and a prime location.

Value-add opportunities

• Both Paint exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics
• Both Replace window screens — Screens can improve energy efficiency and reduce maintenance
• Both Install smart home devices — Smart home devices can increase home's value and appeal to tech-savvy buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Replace window screens — Screens can improve energy efficiency and reduce maintenance ↑
• Both Install smart home devices — Smart home devices can increase home's value and appeal to tech-savvy buyers ↑

ⓘ 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

• 2026-04-21 Listed $350,000 Stellar MLS as Distributed by MLS Grid