3540 Hispania Pl #214 · Southgate, FL 34232

$154,900

1 bd · 1.0 ba · 857 sqft · Condo public records · 13 Days on market

Built 1972 $531/mo HOA · 29% of rent

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Why this score? — see what drove the D- 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 +9.3/30.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +5.4/10.0
• Livability +3.6/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +1.6/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Village Plaza, one of Sarasota’s most sought-after 55+ communities, where easy living, recreation, and a welcoming atmosphere come together. This beautifully updated, first-floor condominium offers 2 bedrooms, 1 bathroom, 857 square feet of thoughtfully designed living space, and the added convenience of covered parking. Inside, you will find tasteful updates, including attractive flooring, solid-surface kitchen countertops, and a stylishly renovated bathroom. Major mechanical updates provide added value and peace of mind, with the A/C and water heater both replaced in 2019. Natural light fills the inviting interior, while the private screened lanai provides a peaceful sett

Key facts

• Renovated bathroom
• Covered parking
• Clubhouse

Tags

• FIRST FLOOR CONDOMINIUM
• COVERED PARKING
• RENOVATED BATHROOM
• PRIVATE SCREENED LANAI
• HEATED SWIMMING POOL
• CLUBHOUSE

Property features AI

Finance

• Other: Lease restrictions apply
• Financial info: Total monthly fees listed as $531.33 and total annual fees $6,376
• HOA & community: Homeowners association managed by MILLER MANAGEMENT; Monthly condo fee of $531 (quarterly fees shown as $1,594); Association fees cover cable TV, pool, insurance, structure and grounds maintenance, recreational facilities, sewer, trash and water; Buyer approval required for association; Community amenities include clubhouse, fitness center, pool, street lights, deed restrictions; Senior community; Pets allowed (maximum weight 30 lbs)

Exterior

• Parking: Carport (1 space)
• Utilities: Public water; Public sewer; Cable available; Electricity connected; Water connected; Sewer connected
• Home design: Condominium; One story; Faces north
• Construction: Block construction; Tile roof; Block foundation; Built as a single-level unit
• Exterior features: Hurricane shutters; Rain gutters; Sliding doors; On-site storage; Tennis court(s); Heated lap pool; Irrigation equipment; Sidewalks and paved surfaces; Asphalt road

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Exhaust fan; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Living room/dining room combo; Solid surface counters; Split bedroom layout; Window treatments
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $155k.

Deal economics

• At list price, monthly cash flow is $-112 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (12.8% below list).
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $135k (12.8% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 71/100 on livability (#397 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing 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.
• Zoned schools: Wilkinson Elementary School (math 43% / reading 43%, grade F, #1,366 of 2,144 statewide, top 64%, 460 students, 77% FRL); Brookside Middle School (math 62% / reading 55%, grade B, #148 of 571 statewide, top 26%, 745 students, 66% FRL); Sarasota High School (math 53% / reading 59%, grade C, #131 of 667 statewide, top 20%, 2,528 students, 43% FRL) — zoned schools average 62% FRL vs 42% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents falling (-3.5%/yr); 268 active listings in the ZIP; solid renter incomes; 7,466 units permitted in Sarasota County in 2024 (2,138 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k 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.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 13y ago; this cycle's ask is 9581% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.
• 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.

Recommended offer $135,043 (12.8% 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. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.19% ✓
• Cap rate: 5.42%
• Cash-on-cash: -3.11%
• DSCR: 0.86
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -26.5%
• Equity multiple: 0.14×
• Total profit: $-37,319
• Equity at exit: $23,096

10-year hold

• IRR: -51.4%
• Equity multiple: -0.41×
• Total profit: $-61,204
• Equity at exit: $13,393

Cash invested: $43,372 (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 34232

• Rents YoY: -3.5%
• Active inventory: 268
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,840 medium
• Mortgage (P&I): −$812
• Tax from tax record: −$158 /mo · $1,897/yr
• Insurance: −$65
• HOA: −$531
• Vacancy / Maint / Mgmt: −$386
• Net cashflow: $-112

Break-even live

Break-even rent $1,982

Max offer price $135,043

Occupancy floor —

Sensitivity live

Price	-10% $-25	-5% $-69	+0% $-112	+5% $-156	+10% $-200
Rent	-10% $-258	-5% $-185	+0% $-112	+5% $-40	+10% $33
Rate	-1.0pp $-34	-0.5pp $-73	base $-112	+0.5pp $-153	+1.0pp $-193

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $531 · $6,372/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-22
   days on market $154,900 Active 13 DOM
2. 2026-06-21
   days on market $154,900 Active 12 DOM
3. 2026-06-18
   days on market $154,900 Active 9 DOM
4. 2026-06-17
   days on market $154,900 Active 8 DOM
5. 2026-06-16
   days on market $154,900 Active 7 DOM
6. 2026-06-15
   days on market $154,900 Active 6 DOM
7. 2026-06-13
   days on market $154,900 Active 4 DOM
8. 2026-06-13
   days on market $154,900 Active 3 DOM
9. 2026-06-10
   remarks 693-char remark
10. 2026-06-10
    listed $154,900 Active 1 DOM

ⓘ 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: $1,897 · $158/mo
• Projected year-2 tax: $1,897 · $158/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 1/10 Low FEMA zone X (unshaded) · 0% 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,079
• − Mortgage interest: −$8,677
• − Property taxes: −$1,897
• − Insurance: −$774
• − Repairs & maintenance: −$1,766
• − Management: −$1,766
• − HOA: −$6,372
• − Depreciation: −$4,506
• Taxable loss: −$3,680
• Est. tax savings @ 24.0%: +$883
• After-tax cash flow: $-466/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 — Southgate

• Score: 71/100
• State rank: #397
• US rank: #7021

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sarasota County · 448,376 people
• City population: 14,795
• Metro: North Port-Sarasota-Bradenton, FL
• Population (ZIP): 34,013
• Household income: $80,795
• Rent vs Own: 32.1% rent · 67.9% own
• Severe rent burden: 1676.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 13% Two or more races 8% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Cuban 3%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 13% · Canada, Jamaica, Vietnam
• Languages at home: 84% English-only · Spanish 10% German/W. Germanic 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: ▼ -426.24%
• Current HPI: 337.9799
• Rent YoY: ▼ -3.45%
• 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

-96.9% since first listed

19 events — show timeline

• 2026-06-10 Listed for Rent $1,600 STELLARMLS
• 2026-06-09 Listed $154,900 Stellar MLS as Distributed by MLS Grid
• 2026-01-30 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-01-05 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-09-17 Listed $167,500 Stellar MLS as Distributed by MLS Grid
• 2023-08-29 Rental Removed $1,600 STELLARMLS
• 2023-08-25 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2023-08-10 Listed for Rent $1,600 STELLARMLS
• 2023-07-31 Rental Removed $1,800 STELLARMLS
• 2023-07-30 Listed for Rent $1,800 STELLARMLS
• 2023-05-16 Listed $239,000 Stellar MLS as Distributed by MLS Grid
• 2021-12-20 Sold (Public Records) $172,000 Public Records
• 2021-12-20 Sold (MLS) $172,000 Stellar MLS as Distributed by MLS Grid
• 2021-12-07 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-11-24 Listed $159,900 Stellar MLS as Distributed by MLS Grid
• 2013-07-17 Sold (Public Records) $57,500 Public Records
• 2013-07-03 Sold (MLS) $57,500 Stellar MLS as Distributed by MLS Grid
• 2013-01-10 Listed $59,900 Stellar MLS as Distributed by MLS Grid
• 1994-05-16 Sold (Public Records) $51,500 Public Records

Property tax history

+9.5%/yr

Latest (2025): $1,897 · -12.0% YoY. Source: county tax records.