5691 Bentgrass Dr Unit 15-209 · The Meadows, FL 34235

$259,000

2 bd · 2.0 ba · 1,246 sqft · Condo public records · 150 Days on market

Built 2002 $208/sqft · 15% below area Est $304k · 15% under $615/mo HOA · 28% 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).

• ARV discount +14.2/15.0
• Schools +5.4/10.0
• Cash flow +5.3/30.0
• Rent growth +4.9/5.0
• 1% rule +3.5/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

LOCATION - LOCATION - LOCATION -- Granite counter tops, upgraded appliances, private wooded view from the 2nd floor lanai are just a few of the features that compliment this multi story townhouse style condo with a 1 car attached garage. Las Palmas is a resort style community located adjacent to Nathan Benderson Recreational Lake Park and the UTC MALL. The community offers 2 clubhouses, 2 heated pools, hot tub, gas grills, tennis court, playground and RV/Boat parking onsite. Easy I-75 access and abundant upscale shopping, dining and entertainment within 1 mile of community.

Key facts

• 2 clubhouses
• 2 heated pools
• Granite counter tops

Tags

• GRANITE COUNTER TOPS
• UPGRADED APPLIANCES
• PRIVATE WOODED VIEW
• RESORT STYLE COMMUNITY
• 2 CLUBHOUSES
• 2 HEATED POOLS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $259k.

Deal economics

• At list price, monthly cash flow is $-575 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (39.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (14.7% below list).
• Recommended offer: $158k (39.2% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 69/100 on livability (#465 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A; Watch: amenities F, commute 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.
• Market conditions: Rents rising fast (+9.7%/yr); 227 active listings in the ZIP; solid renter incomes; 7,466 units permitted in Sarasota County in 2024 (2,138 in 5+ unit buildings).
• This rent runs 34% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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

• It's been on market 150 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $157,511 (39.2% 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. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.85% ✗
• Cap rate: 3.63%
• Cash-on-cash: -9.51%
• DSCR: 0.58
• GRM: 9.8

CMA / ARV

• ARV (median comp): $304,005
• List price: $259,000
• Delta: -14.80%
• Verdict: UNDERPRICED
• Comps: 20 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -25.7%
• Equity multiple: 0.08×
• Total profit: $-66,527
• Equity at exit: $38,618

10-year hold

• IRR: -8.8%
• Equity multiple: 0.30×
• Total profit: $-50,456
• Equity at exit: $22,394

Cash invested: $72,520 (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 34235

• Rents YoY: 9.7%
• Active inventory: 227
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,209 medium
• Mortgage (P&I): −$1,358
• Tax from tax record: −$238 /mo · $2,861/yr
• Insurance: −$108
• HOA: −$615
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $-575

Break-even live

Break-even rent $2,936

Max offer price $157,511

Occupancy floor —

Sensitivity live

Price	-10% $-428	-5% $-501	+0% $-575	+5% $-648	+10% $-721
Rent	-10% $-749	-5% $-662	+0% $-575	+5% $-487	+10% $-400
Rate	-1.0pp $-444	-0.5pp $-509	base $-575	+0.5pp $-642	+1.0pp $-710

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $615 · $7,380/yr
• Likely covers: gaspool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $259,000 Active 150 DOM
2. 2026-06-17
   days on market $259,000 Active 149 DOM
3. 2026-06-16
   days on market $259,000 Active 148 DOM
4. 2026-06-15
   days on market $259,000 Active 147 DOM
5. 2026-06-13
   days on market $259,000 Active 145 DOM
6. 2026-06-13
   days on market $259,000 Active 144 DOM
7. 2026-06-10
   days on market $259,000 Active 142 DOM
8. 2026-06-09
   days on market $259,000 Active 141 DOM
9. 2026-06-08
   days on market $259,000 Active 140 DOM
10. 2026-06-08
    days on market $259,000 Active 139 DOM
11. 2026-06-05
    days on market $259,000 Active 136 DOM
12. 2026-06-03
    days on market $259,000 Active 135 DOM
13. 2026-06-02
    days on market $259,000 Active 134 DOM
14. 2026-06-01
    days on market $259,000 Active 133 DOM
15. 2026-05-31
    days on market $259,000 Active 132 DOM
16. 2026-03-01
    historical $1,995
17. 2026-01-19
    listed $259,000 Active 580-char remark

    Show marketing remark (580 chars)

    LOCATION - LOCATION - LOCATION -- Granite counter tops, upgraded appliances, private wooded view from the 2nd floor lanai are just a few of the features that compliment this multi story townhouse style condo with a 1 car attached garage. Las Palmas is a resort style community located adjacent to Nathan Benderson Recreational Lake Park and the UTC MALL. The community offers 2 clubhouses, 2 heated pools, hot tub, gas grills, tennis court, playground and RV/Boat parking onsite. Easy I-75 access and abundant upscale shopping, dining and entertainment within 1 mile of community.

18. 2025-12-29
    price $1,995
19. 2025-12-10
    listed $2,095
20. 2022-12-14
    historical
21. 2004-09-23
    soldstatus $34,951,328

ⓘ 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: $2,861 · $238/mo
• Projected year-2 tax: $2,861 · $238/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 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 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: $26,508
• − Mortgage interest: −$14,508
• − Property taxes: −$2,861
• − Insurance: −$1,295
• − Repairs & maintenance: −$2,121
• − Management: −$2,121
• − HOA: −$7,380
• − Depreciation: −$7,535
• Taxable loss: −$11,313
• Est. tax savings @ 24.0%: +$2,715
• After-tax cash flow: $-4,179/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 — The Meadows

• Score: 69/100
• State rank: #465
• US rank: #8393

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sarasota County · 448,376 people
• City population: 15,114
• Metro: North Port-Sarasota-Bradenton, FL
• Population (ZIP): 15,146
• Household income: $78,958
• Rent vs Own: 23.5% rent · 76.5% own
• Severe rent burden: 512.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 22% Two or more races 18% Black 2%
• Hispanic origin (detail): Mexican 12% Puerto Rican 2% Cuban 4%
• Common ancestry: Romanian 5% Slovak 3% Scotch-Irish 2%
• Foreign-born: 19% · Canada, Jamaica
• Languages at home: 76% English-only · Spanish 18% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -307.37%
• Current HPI: 253.3964
• Rent YoY: ▲ 9.68%
• 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

-100.0% since first listed

6 events — show timeline

• 2026-03-01 Rental Removed $1,995 STELLARMLS
• 2026-01-19 Listed $259,000 Stellar MLS as Distributed by MLS Grid
• 2025-12-29 Price Changed $1,995 STELLARMLS
• 2025-12-10 Listed for Rent $2,095 STELLARMLS
• 2022-12-14 Rental Removed — STELLARMLS
• 2004-09-23 Sold (Public Records) $34,951,328 Public Records

Property tax history

+9.2%/yr

Latest (2025): $2,861 · -2.5% YoY. Source: county tax records.