3952 Coleridge Pl

Lake Sarasota, FL 34241

$359,000C-

3 bd · 2.0 ba · 1,623 sqft · Built 1964 · SingleFamily · Pending · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,337/mo
• Mortgage (P&I): −$1,883
• Tax + insurance: −$376
• HOA: −$0
• Vac / Maint / Mgmt: −$701
• Net cashflow: $377/mo
• Annual: $4,530/yr
• Cap rate: 7.55%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• 1% rule: 0.93%
• Cash to close: $100,520

Investor read

• This is a 3-bed/2.0-bath single-family listed at $359k.
• At list price, monthly cash flow is $377 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $334k (7.0% below list).
• It's been on market 47 days — a 3% lower offer ($348k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $334k (7.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#365 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools D, 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.
• Market conditions: Rents soft (-0.1%/yr); 565 active listings in the ZIP; high-income renter base; 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.
• 6 sale attempts since 23y ago; this cycle's ask has dropped $30k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $157k; list at $359k implies a 129% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 34% of the median local income ($116k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.