3900 Roxane Blvd Unit 11B

Kensington Park, FL 34235

$134,000B-

2 bd · 1.0 ba · 984 sqft · Built 1964 · Condo · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,074/mo
• Mortgage (P&I): −$703
• Tax + insurance: −$109
• HOA: −$475
• Vac / Maint / Mgmt: −$435
• Net cashflow: $351/mo
• Annual: $4,215/yr
• Cap rate: 9.44%
• Cash-on-cash: 11.23%
• DSCR: 1.50
• 1% rule: 1.55%
• Cash to close: $37,520

Investor read

• This is a 2-bed/1.0-bath condo listed at $134k.
• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• It's been on market 50 days — a 3% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $130k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $926 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#243 in FL, #3,836 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: commute D+, amenities F, health & safety 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.
• Zoned schools: Gocio Elementary School (math 46% / reading 44%, grade D-, #1,271 of 2,144 statewide, top 60%, 644 students, 86% FRL); Booker Middle School (math 45% / reading 41%, grade D-, #331 of 571 statewide, top 59%, 950 students, 76% FRL); Booker High School (math 26% / reading 43%, grade F, #386 of 667 statewide, top 59%, 1,309 students, 68% FRL) — zoned schools average 77% FRL vs 42% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 41% at this address vs 63% district-wide (-22 pts) — the specific schools serving this property underperform the Sarasota average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising fast (+9.7%/yr); 228 active listings in the ZIP; solid renter incomes; 7,466 units permitted in Sarasota County in 2024 (2,138 in 5+ unit buildings).
• Sarasota County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $32k; list at $134k implies a 325% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $38k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: 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.
• This rent runs 32% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.