563 Spanish Dr S · Longboat Key, FL 34228

$615,000

2 bd · 2.0 ba · 1,516 sqft · Condo public records · 124 Days on market

Built 1971 $1340/mo HOA · 21% 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 +12.9/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Appreciation +5.4/10.0
• Schools +4.4/10.0
• DSCR +3.9/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Wow… A RARE Three bedroom, 2 bath 1516 Sq. ft. stand-alone villa with lake views in this highly sought after waterfront boutique community is a real find. Welcome to Spanish Main Yacht Club where a beautiful 40 slip upscale deep water private Marina is nestled between the gorgeous pristine beaches of Longboat Key and the gorgeous blue waters of Sarasota Bay. Interior villa is decorated beautifully with 16” neutral tile on the diagonal, redesigned open floor plan, tastefully and spectacularly remodeled with x-large master bath granite counters, new tile, shower, cabinets, fixtures, extra closet and so much more. Same lovely touches with the guest bath which also includes wainscoting. Master walk in closet with interior washer/dryer only 2 years old - Samsung with high end features including steamer in dryer. This spacious villa includes a highly coveted 3rd bedroom that can double as an office or flex room. Now step out onto the expansive brick paver patio overlooking a lovely serene lake which is the perfect backdrop for your evening sunsets. Your toes will be on the white sandy beaches in just a 2 minute jaunt. This very active pet-friendly complex lives like a neighborhood, offers a community pool, numerous activities, kayak storage, deeded beach access and located just minutes to fabulous restaurants, shopping, lush parks, St. Armands Circle and downtown Sarasota. A soft place to land whether you are a boater, golfer, cyclist or just want to relax and enjoy life. Nature at its best.

Key facts

• Newer roof
• Newer a/c system
• New water heater

Tags

• NEW IMPACT WINDOWS AND DOORS
• NEW WATER HEATER
• NEWER ROOF
• NEWER A/C SYSTEM
• WATERFRONT POOL
• 40-SLIP DEEP-WATER MARINA

Property features AI

Finance

• Other: Deed restrictions; Buyer approval required for association
• Financial info: Total monthly fees $1,340 (total annual fees $16,080); Lease restrictions apply
• HOA & community: Has HOA (monthly fee $1,340) with buyer approval required; Association amenities: clubhouse, pool, cable TV, maintenance; Association fee includes cable TV, common area taxes, pool, structural and grounds maintenance, management, sewer, trash, water; Association name: SMYC Barb or Judy; Senior community; Pets allowed (cats OK, max pet weight 25 lbs)

Exterior

• Parking: Has carport (1 car)
• Utilities: Public water; Public sewer; Cable connected; Electricity available; Water connected; Sewer connected
• Home design: Residential villa; Single-story (one level); South-facing
• Construction: Block and stucco construction; Tile roof; Slab foundation; Built on 25.24 acres total parcel
• Exterior features: On waterfront with pond and lake views; Water access to bay/harbor and marina; Asphalt road

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Open floorplan; Living room/dining room combo; Solid surface counters; Walk-in closet(s)
• Laundry & utility: Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $615k.

Deal economics

• At list price, monthly cash flow is $-471 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $532k (13.5% below list).
• Meets the 1% rule at list price ($6k rent vs $615k).
• Recommended offer: $532k (13.5% below list) — sets the bar for cash-flow.
• Cap rate 6.2% 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: housing C-, amenities F, commute 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.
• Zoned schools: Anna Maria Elementary School (math 77% / reading 77%, grade A, #170 of 2,144 statewide, top 9%, 190 students, 36% FRL); Martha B. King Middle School (math 48% / reading 39%, grade D, #329 of 571 statewide, top 58%, 848 students, 63% FRL); Bayshore High School (math 17% / reading 26%, grade F, #546 of 667 statewide, top 82%, 1,435 students, 65% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: 543 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).

Forward outlook

• In year one you build about $9k of equity ($4k loan paydown + $4k appreciation (0.7% local appreciation)).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 5, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($541k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago 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.
• Current owner paid $399k; list at $615k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 21% 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 $531,727 (13.5% 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 124 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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.
11. 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.
12. 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: 1.04% ✓
• Cap rate: 6.21%
• Cash-on-cash: -0.31%
• DSCR: 0.99
• GRM: 8.0

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: -3.0%
• Equity multiple: 0.85×
• Total profit: $-25,798
• Equity at exit: $201,285

10-year hold

• IRR: 2.4%
• Equity multiple: 1.28×
• Total profit: $47,982
• Equity at exit: $260,913

Cash invested: $172,200 (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: 543
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $6,376 high
• Mortgage (P&I): −$3,225
• Tax from tax record: −$261 /mo · $3,128/yr
• Insurance: −$256
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,340
• Vacancy / Maint / Mgmt: −$1,339
• Net cashflow: $-471

Break-even live

Break-even rent $6,973

Max offer price $531,727

Occupancy floor —

Sensitivity live

Price	-10% $-123	-5% $-297	+0% $-471	+5% $-645	+10% $-820
Rent	-10% $-975	-5% $-723	+0% $-471	+5% $-220	+10% $32
Rate	-1.0pp $-162	-0.5pp $-315	base $-471	+0.5pp $-631	+1.0pp $-793

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: $153,750
• Closing costs: $18,450
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
535 Forest Way Longboat Key, FL	2.0	2.5	1440	$6,900	$4.79	25d	1	0.06mi
573 Spanish Dr N Longboat Key, FL	2.0	2.0	1380	$3,500	$2.54	18d	1	0.08mi
676 El Centro Longboat Key, FL	2.0	2.0	1427	$3,250	$2.28	25d	1	0.12mi
655 Cedars Ct #655 Longboat Key, FL	1.0	2.0	1244	$7,000	$5.63	25d	1	0.14mi
730 Spanish Dr S #99 Longboat Key, FL	2.0	2.0	1255	$2,800	$2.23	4d	1	0.18mi
5621 Gulf of Mexico Dr #102 Longboat Key, FL	2.0	2.0	1346	$6,000	$4.46	25d	1	0.21mi
5621 Gulf of Mexico Dr #103 Longboat Key, FL	3.0	2.0	1731	$5,500	$3.18	25d	1	0.21mi
5611 Gulf of Mexico Dr #5 Longboat Key, FL	3.0	3.0	1672	$7,750	$4.64	25d	1	0.23mi
5611 Gulf of Mexico Dr #3 Longboat Key, FL	3.0	2.0	1635	$5,000	$3.06	25d	1	0.23mi
5611 Gulf of Mexico Dr #1 Longboat Key, FL	3.0	2.0	1675	$14,000	$8.36	25d	1	0.23mi
820 Spanish Dr S Longboat Key, FL	2.0	2.0	1390	$3,000	$2.16	18d	1	0.26mi
914 Spanish Dr S #76 Longboat Key, FL	2.0	2.0	1341	$6,500	$4.85	25d	1	0.37mi
957 Spanish Dr N Longboat Key, FL	2.0	2.0	1399	$5,500	$3.93	25d	1	0.40mi
615 Dream Island Rd #201 Longboat Key, FL	2.0	2.0	1514	$10,500	$6.94	25d	1	0.56mi
615 Dream Island Rd #107 Longboat Key, FL	2.0	2.0	1293	$12,500	$9.67	25d	1	0.56mi
4825 Gulf of Mexico Dr #201 Longboat Key, FL	2.0	2.0	1393	$7,800	$5.60	25d	1	1.27mi

HOA detail condo

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

Listing history 25 events

1. 2026-06-22
   days on market $615,000 Active 124 DOM
2. 2026-06-18
   days on market $615,000 Active 121 DOM
3. 2026-06-17
   days on market $615,000 Active 120 DOM
4. 2026-06-16
   days on market $615,000 Active 119 DOM
5. 2026-06-15
   days on market $615,000 Active 118 DOM
6. 2026-06-13
   days on market $615,000 Active 116 DOM
7. 2026-06-13
   days on market $615,000 Active 115 DOM
8. 2026-06-10
   days on market $615,000 Active 113 DOM
9. 2026-06-09
   days on market $615,000 Active 112 DOM
10. 2026-06-08
    days on market $615,000 Active 111 DOM
11. 2026-06-08
    days on market $615,000 Active 110 DOM
12. 2026-06-03
    days on market $615,000 Active 106 DOM
13. 2026-06-02
    days on market $615,000 Active 105 DOM
14. 2026-06-01
    days on market $615,000 Active 104 DOM
15. 2026-05-31
    days on market $615,000 Active 103 DOM
16. 2026-02-17
    listed $615,000 Active
17. 2019-08-31
    soldstatus $399,000 Sold 1523-char remark

    Show marketing remark (1523 chars)

    Wow… A RARE Three bedroom, 2 bath 1516 Sq. ft. stand-alone villa with lake views in this highly sought after waterfront boutique community is a real find. Welcome to Spanish Main Yacht Club where a beautiful 40 slip upscale deep water private Marina is nestled between the gorgeous pristine beaches of Longboat Key and the gorgeous blue waters of Sarasota Bay. Interior villa is decorated beautifully with 16” neutral tile on the diagonal, redesigned open floor plan, tastefully and spectacularly remodeled with x-large master bath granite counters, new tile, shower, cabinets, fixtures, extra closet and so much more. Same lovely touches with the guest bath which also includes wainscoting. Master walk in closet with interior washer/dryer only 2 years old - Samsung with high end features including steamer in dryer. This spacious villa includes a highly coveted 3rd bedroom that can double as an office or flex room. Now step out onto the expansive brick paver patio overlooking a lovely serene lake which is the perfect backdrop for your evening sunsets. Your toes will be on the white sandy beaches in just a 2 minute jaunt. This very active pet-friendly complex lives like a neighborhood, offers a community pool, numerous activities, kayak storage, deeded beach access and located just minutes to fabulous restaurants, shopping, lush parks, St. Armands Circle and downtown Sarasota. A soft place to land whether you are a boater, golfer, cyclist or just want to relax and enjoy life. Nature at its best.

18. 2019-08-30
    soldstatus $399,000
19. 2019-08-12
    status Pending 1523-char remark

    Show marketing remark (1523 chars)

    Wow… A RARE Three bedroom, 2 bath 1516 Sq. ft. stand-alone villa with lake views in this highly sought after waterfront boutique community is a real find. Welcome to Spanish Main Yacht Club where a beautiful 40 slip upscale deep water private Marina is nestled between the gorgeous pristine beaches of Longboat Key and the gorgeous blue waters of Sarasota Bay. Interior villa is decorated beautifully with 16” neutral tile on the diagonal, redesigned open floor plan, tastefully and spectacularly remodeled with x-large master bath granite counters, new tile, shower, cabinets, fixtures, extra closet and so much more. Same lovely touches with the guest bath which also includes wainscoting. Master walk in closet with interior washer/dryer only 2 years old - Samsung with high end features including steamer in dryer. This spacious villa includes a highly coveted 3rd bedroom that can double as an office or flex room. Now step out onto the expansive brick paver patio overlooking a lovely serene lake which is the perfect backdrop for your evening sunsets. Your toes will be on the white sandy beaches in just a 2 minute jaunt. This very active pet-friendly complex lives like a neighborhood, offers a community pool, numerous activities, kayak storage, deeded beach access and located just minutes to fabulous restaurants, shopping, lush parks, St. Armands Circle and downtown Sarasota. A soft place to land whether you are a boater, golfer, cyclist or just want to relax and enjoy life. Nature at its best.

20. 2019-06-21
    listed $449,000 Active 1523-char remark

    Show marketing remark (1523 chars)

    Wow… A RARE Three bedroom, 2 bath 1516 Sq. ft. stand-alone villa with lake views in this highly sought after waterfront boutique community is a real find. Welcome to Spanish Main Yacht Club where a beautiful 40 slip upscale deep water private Marina is nestled between the gorgeous pristine beaches of Longboat Key and the gorgeous blue waters of Sarasota Bay. Interior villa is decorated beautifully with 16” neutral tile on the diagonal, redesigned open floor plan, tastefully and spectacularly remodeled with x-large master bath granite counters, new tile, shower, cabinets, fixtures, extra closet and so much more. Same lovely touches with the guest bath which also includes wainscoting. Master walk in closet with interior washer/dryer only 2 years old - Samsung with high end features including steamer in dryer. This spacious villa includes a highly coveted 3rd bedroom that can double as an office or flex room. Now step out onto the expansive brick paver patio overlooking a lovely serene lake which is the perfect backdrop for your evening sunsets. Your toes will be on the white sandy beaches in just a 2 minute jaunt. This very active pet-friendly complex lives like a neighborhood, offers a community pool, numerous activities, kayak storage, deeded beach access and located just minutes to fabulous restaurants, shopping, lush parks, St. Armands Circle and downtown Sarasota. A soft place to land whether you are a boater, golfer, cyclist or just want to relax and enjoy life. Nature at its best.

21. 2016-05-26
    soldstatus $350,000
22. 2008-04-28
    soldstatus $325,000
23. 1997-12-03
    soldstatus $151,500
24. 1996-12-03
    soldstatus $135,000
25. 1986-08-01
    soldstatus $85,000

ⓘ 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: $3,128 · $261/mo
• Projected year-2 tax: $5,104 · $425/mo
• Expected delta: +$1,977/yr (+$165/mo · 63.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $76,514
• − Mortgage interest: −$34,450
• − Property taxes: −$3,128
• − Insurance: −$8,194
• − Repairs & maintenance: −$6,121
• − Management: −$6,121
• − HOA: −$16,080
• − Depreciation: −$17,891
• Taxable loss: −$15,470
• Est. tax savings @ 24.0%: +$3,713
• After-tax cash flow: $-1,944/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: 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

+623.5% since first listed

10 events — show timeline

• 2026-02-17 Listed $615,000 Stellar MLS as Distributed by MLS Grid
• 2019-08-31 Sold (MLS) $399,000 Stellar MLS as Distributed by MLS Grid
• 2019-08-30 Sold (Public Records) $399,000 Public Records
• 2019-08-12 Pending — Stellar MLS as Distributed by MLS Grid
• 2019-06-21 Listed $449,000 Stellar MLS as Distributed by MLS Grid
• 2016-05-26 Sold (Public Records) $350,000 Public Records
• 2008-04-28 Sold (Public Records) $325,000 Public Records
• 1997-12-03 Sold (Public Records) $151,500 Public Records
• 1996-12-03 Sold (Public Records) $135,000 Public Records
• 1986-08-01 Sold (Public Records) $85,000 Public Records

Property tax history

-2.3%/yr

Latest (2025): $3,128 · -60.4% YoY. Source: county tax records.