701 Spanish Main Dr #28 · Cudjoe Key, FL 33042

$339,000

1 bd · 1.0 ba · 388 sqft · Manufactured public records · 81 Days on market

Built 1983 2,078 sqft lot $513/mo HOA · 19% 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.9/30.0
• Schools +4.6/10.0
• 1% rule +3.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.1/10.0

Listing remarks MLS

Welcome to your slice of paradise! This beautifully updated home is on the quiet, serene southwest side of the highly sought-after Venture Out Resort. With no neighbors behind you, you can enjoy added privacy and tranquility. The home is conveniently located next to the bathhouse for added convenience. Featuring two bedrooms and one bathroom, there is plenty of space to spread out and relax. The home has an excellent rental history, making it a genuine turnkey investment opportunity. Only 20 minutes from Key West, you can enjoy paradise full-time or part-time with the ability to rent on a daily basis. This property checks all the boxes with a full-service marina, boat ramp, swimming pool, spa, tennis courts, basketball court, ship store, and more at your fingertips. This property truly has it all. Don't miss out on this fantastic opportunity. Hurry and make this your new home today!

Key facts

• Gated community
• Community boat ramp
• Private lot

Tags

• GATED COMMUNITY
• PRIVATE LOT
• WATERFRONT COMMUNITY
• HEATED SALTWATER POOL
• COMMUNITY BOAT RAMP
• PICKLEBALL COURTS

Property features AI

Finance

• Other: Rentals allowed (minimum 1 day); Pets allowed with restrictions; Property in flood zone AE; Zoned URM - Urban Res Mobile Home District; Lot size: less than 1/4 acre; Deed restrictions: unknown
• Financial info: No seller financing; cash and other terms considered
• HOA & community: Mandatory homeowners association; Quarterly association fee; HOA fee covers common area maintenance and security; First right of refusal: No

Exterior

• Parking: Space for 1 car
• Security: Electric gate; Manned gate; Patrolled area; Community security included in HOA
• Utilities: Public sewer hookup; FKAA water; Cable available; Buyer to verify utilities
• Home design: Single wide manufactured home with addition; Stilt/short columns (4 ft and under); Metal roof; Built in 1983; Facing ocean side (location side: Ocean)
• Construction: Manufactured / combination construction; Metal roof
• Exterior features: Community heated in-ground pool with decking and concrete finish; Tennis court; Community pool and spa; Community boat ramp and dockage; Fire hydrant on site; Manager on premises

Interior

• Kitchen: Range; Oven; Refrigerator; Built-in appliances included
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Interior features: Tile floors; Furnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $339k.

Deal economics

• At list price, monthly cash flow is $-943 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (49.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $274k (19.1% below list).
• Recommended offer: $172k (49.1% below list) — sets the bar for cash-flow.
• Cap rate 4.5% vs local median 1.5% in Cudjoe 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 59/100 on livability (#811 in FL) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+, housing B; Watch: schools D, health & safety D, amenities F.
• Monroe (town): math 50% / reading 55% proficiency, ranked #23 of 73 in FL (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 239 active listings in the ZIP; solid renter incomes; 332 units permitted in Monroe County in 2024 (42 in 5+ unit buildings).
• This rent runs 32% of the median local income ($103k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $36k of equity ($2k loan paydown + $34k appreciation (10.0% local appreciation)).
• Monroe County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$58k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($319k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y ago; this cycle's ask has dropped $210k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,455 (49.1% 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 81 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 4.47%
• Cash-on-cash: -6.53%
• DSCR: 0.71
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 2.32×
• Total profit: $125,096
• Equity at exit: $305,398

10-year hold

• IRR: 15.5%
• Equity multiple: 5.39×
• Total profit: $416,625
• Equity at exit: $658,602

Cash invested: $94,920 (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 33042

• Home prices YoY: 2.5%
• Active inventory: 239
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,743 medium
• Mortgage (P&I): −$1,778
• Tax from tax record: −$251 /mo · $3,016/yr
• Insurance: −$141
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$513
• Vacancy / Maint / Mgmt: −$576
• Net cashflow: $-943

Break-even live

Break-even rent $3,937

Max offer price $172,455

Occupancy floor —

Sensitivity live

Price	-10% $-751	-5% $-847	+0% $-943	+5% $-1,039	+10% $-1,135
Rent	-10% $-1,159	-5% $-1,051	+0% $-943	+5% $-834	+10% $-726
Rate	-1.0pp $-772	-0.5pp $-857	base $-943	+0.5pp $-1,031	+1.0pp $-1,120

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: $84,750
• Closing costs: $10,170
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $513 · $6,156/yr
• Likely covers: pool

Listing history 34 events

1. 2026-06-19
   days on market $339,000 Active 81 DOM
2. 2026-06-18
   days on market $339,000 Active 80 DOM
3. 2026-06-17
   days on market $339,000 Active 79 DOM
4. 2026-06-16
   days on market $339,000 Active 78 DOM
5. 2026-06-15
   days on market $339,000 Active 77 DOM
6. 2026-06-14
   days on market $339,000 Active 75 DOM
7. 2026-06-13
   days on market $339,000 Active 74 DOM
8. 2026-06-10
   days on market $339,000 Active 72 DOM
9. 2026-06-09
   days on market $339,000 Active 71 DOM
10. 2026-06-08
    days on market $339,000 Active 70 DOM
11. 2026-06-07
    days on market $339,000 Active 69 DOM
12. 2026-06-05
    days on market $339,000 Active 66 DOM
13. 2026-06-03
    days on market $339,000 Active 65 DOM
14. 2026-06-02
    days on market $339,000 Active 64 DOM
15. 2026-06-01
    days on market $339,000 Active 63 DOM
16. 2026-05-31
    days on market $339,000 Active 62 DOM
17. 2026-05-30
    days on market $339,000 Active 61 DOM
18. 2026-05-12
    price $339,000
19. 2026-03-30
    price $349,000
20. 2026-03-30
    listed $549,000 Active
21. 2025-04-23
    soldstatus $330,000
22. 2025-04-17
    soldstatus $330,000 Closed 895-char remark

    Show marketing remark (895 chars)

    Welcome to your slice of paradise! This beautifully updated home is on the quiet, serene southwest side of the highly sought-after Venture Out Resort. With no neighbors behind you, you can enjoy added privacy and tranquility. The home is conveniently located next to the bathhouse for added convenience. Featuring two bedrooms and one bathroom, there is plenty of space to spread out and relax. The home has an excellent rental history, making it a genuine turnkey investment opportunity. Only 20 minutes from Key West, you can enjoy paradise full-time or part-time with the ability to rent on a daily basis. This property checks all the boxes with a full-service marina, boat ramp, swimming pool, spa, tennis courts, basketball court, ship store, and more at your fingertips. This property truly has it all. Don't miss out on this fantastic opportunity. Hurry and make this your new home today!

23. 2025-04-11
    historical Contingent 895-char remark

    Show marketing remark (895 chars)

    Welcome to your slice of paradise! This beautifully updated home is on the quiet, serene southwest side of the highly sought-after Venture Out Resort. With no neighbors behind you, you can enjoy added privacy and tranquility. The home is conveniently located next to the bathhouse for added convenience. Featuring two bedrooms and one bathroom, there is plenty of space to spread out and relax. The home has an excellent rental history, making it a genuine turnkey investment opportunity. Only 20 minutes from Key West, you can enjoy paradise full-time or part-time with the ability to rent on a daily basis. This property checks all the boxes with a full-service marina, boat ramp, swimming pool, spa, tennis courts, basketball court, ship store, and more at your fingertips. This property truly has it all. Don't miss out on this fantastic opportunity. Hurry and make this your new home today!

24. 2025-01-29
    listed $359,000 Active 895-char remark

    Show marketing remark (895 chars)

    Welcome to your slice of paradise! This beautifully updated home is on the quiet, serene southwest side of the highly sought-after Venture Out Resort. With no neighbors behind you, you can enjoy added privacy and tranquility. The home is conveniently located next to the bathhouse for added convenience. Featuring two bedrooms and one bathroom, there is plenty of space to spread out and relax. The home has an excellent rental history, making it a genuine turnkey investment opportunity. Only 20 minutes from Key West, you can enjoy paradise full-time or part-time with the ability to rent on a daily basis. This property checks all the boxes with a full-service marina, boat ramp, swimming pool, spa, tennis courts, basketball court, ship store, and more at your fingertips. This property truly has it all. Don't miss out on this fantastic opportunity. Hurry and make this your new home today!

25. 2020-02-11
    soldstatus $120,000
26. 2019-02-21
    historical
27. 2018-10-05
    soldstatus $188,100
28. 2018-09-20
    soldstatus $188,500
29. 2018-07-30
    listed $205,000
30. 2016-06-09
    soldstatus $121,500
31. 2016-06-06
    soldstatus $121,500
32. 2016-01-20
    listed $137,500
33. 2013-09-11
    listed $140,000
34. 1983-02-01
    soldstatus $15,500

ⓘ 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: $3,016 · $251/mo
• Projected year-2 tax: $3,016 · $251/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,918
• − Mortgage interest: −$18,989
• − Property taxes: −$3,016
• − Insurance: −$6,814
• − Repairs & maintenance: −$2,633
• − Management: −$2,633
• − HOA: −$6,156
• − Depreciation: −$9,862
• Taxable loss: −$17,185
• Est. tax savings @ 24.0%: +$4,125
• After-tax cash flow: $-7,189/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: Monroe
• NCES district ID: 1201320
• Math proficiency: 50% ▼ -14.00%
• Reading proficiency: 55% ▼ -6.00%
• Median HH income: $56,955
• Composite: 45.51/100
• National rank: #2608
• State rank: #23 of 73 in FL

Livability — Cudjoe Key

• Score: 59/100
• State rank: #811
• US rank: #19681

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cudjoe Key, FL
• County: Monroe County · 66,185 people
• City population: 6,781
• Metro: Key West, FL
• Population (ZIP): 6,441
• Household income: $103,041
• Rent vs Own: 17.3% rent · 82.7% own
• Severe rent burden: 146.0

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 90,706 people
• By 2030: 96,308 · +6.2%
• By 2040: 106,565 · +17.5%
• By 2050: 116,500 · +28.4%
• By 2075: 141,423 · +55.9%
• By 2100: 151,947 · +67.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 12% Hispanic / Latino 12% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2% Cuban 5%
• Common ancestry: Romanian 3% Slovak 3% Iranian 3%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% German/W. Germanic 1%

Political lean MEDSL · Monroe

• 2024 margin: R (+18.3) · D 40.5% · R 58.8%
• 2008→2024 swing: -23.2pp toward R · 2008: 4.9pp · 2024: -18.3pp
• All cycles: 2024: R+18.3 2020: R+7.9 2016: R+6.9 2012: D+0.4 2008: D+4.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.11%
• Current HPI: 491.52
• Rent YoY: —
• Metro: Key West, 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

+2087.1% since first listed

17 events — show timeline

• 2026-05-12 Price Changed $339,000 FLKMLS
• 2026-03-30 Price Changed $349,000 FLKMLS
• 2026-03-30 Listed $549,000 FLKMLS
• 2025-04-23 Sold (Public Records) $330,000 Public Records
• 2025-04-17 Sold (MLS) $330,000 FLKMLS
• 2025-04-11 Contingent — FLKMLS
• 2025-01-29 Listed $359,000 FLKMLS
• 2020-02-11 Sold (Public Records) $120,000 Public Records
• 2019-02-21 Listing Removed — FLKMLS
• 2018-10-05 Sold (Public Records) $188,100 Public Records
• 2018-09-20 Sold (MLS) $188,500 FLKMLS
• 2018-07-30 Listed $205,000 FLKMLS
• 2016-06-09 Sold (Public Records) $121,500 Public Records
• 2016-06-06 Sold (MLS) $121,500 FLKMLS
• 2016-01-20 Listed $137,500 FLKMLS
• 2013-09-11 Listed $140,000 FLKMLS
• 1983-02-01 Sold (Public Records) $15,500 Public Records

Property tax history

+5.6%/yr

Latest (2025): $3,016 · +6.5% YoY. Source: county tax records.