689 Michigan Ave · Englewood, FL 34223

$349,000

2 bd · 2.0 ba · 2,188 sqft · MultiFamily public records · 5 Days on market

Built 1979 0.39 ac lot $160/sqft · 25% below area Est $466k · 25% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.4/10.0
• Rent growth +4.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

* * DUPLEX--IMMEDIATE INCOME--GUARANTEED TENANT * * Welcome to easy coastal living in the heart of Englewood! This well-maintained duplex offers a fantastic opportunity for both investors, part-time, or full-time residents, plus it's just five minutes to the Manasota Key and the Historic Dearborn Street shopping district. Each side features 2 bedrooms, 2 bathrooms, a private entrance, and a spacious layout for a total of 2,188 square feet under roof. The left unit (689) has been tastefully updated and is being sold turnkey furnished, making it ready for immediate enjoyment or rental income. The seller wishes to remain in the right unit (691) as a tenant which provides built-in income fro

Key facts

• Turnkey furnished
• Newer roof
• Two-car carport

Tags

• PRIVATE ENTRANCE
• SPACIOUS LAYOUT
• TURNKEY FURNISHED
• NEWER ROOF
• PRIVATE SCREENED-IN LANAI
• TWO-CAR CARPORT

Property features AI

Finance

• Other: Property marketed as residential income with two 2-bedroom units; Living area reported as 2,188 (public records)
• Financial info: Gross income listed at $36,000; Annual net income listed at $24,000; Tenant pays electricity and water; Pro forma rents: one 2-bedroom unit projected at $1,700, the other at $1,300

Exterior

• Parking: Has a 1-space carport
• Utilities: Public water; Public sewer; Electricity connected; High-speed internet available (BB/HS); Water connected; Sewer connected
• Home design: Duplex residential income property; One building on the lot; Zoned RMF1; Total lot about 0.39 acres (1/4 to less than 1/2 acre)
• Construction: Stucco construction; Shingle roof; Slab foundation; Building area approximately 3,310 square feet
• Exterior features: Sliding doors; Paved road access

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Total of 4 bedrooms
• Bathrooms: Each unit has 2 bathrooms (two 2-bedroom units)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Open floor plan
• Laundry & utility: Washer hookup; Electric dryer hookup

🏷️ Possibly a rental listed for sale. The $349,000 price doesn't fit this home's estimated sale value (~$466,359) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $349k).
• Cap rate 15.4% vs local median 3.8% in Englewood — 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 73/100 on livability (#321 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, health & safety A; Watch: employment C-, amenities F, commute 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: Rents rising fast (+9.0%/yr); 720 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 7,466 units permitted in Sarasota County in 2024 (2,138 in 5+ unit buildings).
• At $6,426/mo this rent would consume 101% of the median local household income ($76k/yr) (locally 290% 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 (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 (-3.0% appreciation + 8.0% rent growth), your $98k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $95k; list at $349k implies a 267% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $349,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
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: 1.84% ✓
• Cap rate: 15.38%
• Cash-on-cash: 32.47%
• DSCR: 2.44
• GRM: 4.5

CMA / ARV

• ARV (median comp): $466,359
• List price: $349,000
• Delta: -25.16%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 33.1%
• Equity multiple: 2.49×
• Total profit: $145,932
• Equity at exit: $52,037

10-year hold

• IRR: 42.8%
• Equity multiple: 6.11×
• Total profit: $498,947
• Equity at exit: $30,175

Cash invested: $97,720 (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 34223

• Home prices YoY: -34.2%
• Rents YoY: 9.0%
• Active inventory: 720
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $6,426 high
• Mortgage (P&I): −$1,830
• Tax from tax record: −$457 /mo · $5,480/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,349
• Net cashflow: $2,644

Break-even live

Break-even rent $3,079

Max offer price $349,000

Occupancy floor 54%

Sensitivity live

Price	-10% $2,842	-5% $2,743	+0% $2,644	+5% $2,545	+10% $2,447
Rent	-10% $2,137	-5% $2,390	+0% $2,644	+5% $2,898	+10% $3,152
Rate	-1.0pp $2,820	-0.5pp $2,733	base $2,644	+0.5pp $2,554	+1.0pp $2,462

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$6,426
Total (2 units)			$6,426

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1501 Helene Ave Englewood, FL	3.0	2.0	1608	$3,200	$1.99	14d	1	0.79mi
1375 Beach Rd #311 Englewood, FL	3.0	2.0	1686	$4,950	$2.94	22d	1	0.99mi
2825 N Beach Rd Englewood, FL	3.0	2.0	1800	$3,750	$2.08	22d	1	1.47mi

Listing history 3 events

1. 2026-05-18
   status Pending 1145-char remark
2. 2026-05-13
   listed $349,000 Active 1145-char remark
3. 1993-11-18
   soldstatus $95,000

ⓘ 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: $5,480 · $457/mo
• Projected year-2 tax: $5,480 · $457/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 6/10 Major FEMA zone X (unshaded) · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 30 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $77,112
• − Mortgage interest: −$19,549
• − Property taxes: −$5,480
• − Insurance: −$1,745
• − Repairs & maintenance: −$6,169
• − Management: −$6,169
• − Depreciation: −$10,153
• Taxable income: $27,847
• Est. tax owed @ 24.0%: −$6,683
• After-tax cash flow: $25,048/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 — Englewood

• Score: 73/100
• State rank: #321
• US rank: #5655

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Englewood, FL
• County: Sarasota County · 448,376 people
• City population: 35,420
• Metro: North Port-Sarasota-Bradenton, FL
• Population (ZIP): 19,884
• Household income: $76,016
• Rent vs Own: 12.5% rent · 87.5% own
• Severe rent burden: 290.0

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 (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 3% Asian 1%
• Common ancestry: Romanian 7% Lithuanian 4% Iranian 2%
• Foreign-born: 9% · Canada
• Languages at home: 94% English-only · German/W. Germanic 2% Spanish 1% 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: ▼ -146.26%
• Current HPI: 281.0529
• Rent YoY: ▲ 9.02%
• 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

+267.4% since first listed

3 events — show timeline

• 2026-05-18 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-05-13 Listed $349,000 Stellar MLS as Distributed by MLS Grid
• 1993-11-18 Sold (Public Records) $95,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $5,480 · +3.1% YoY. Source: county tax records.