4380 Exeter Dr #101 · Longboat Key, FL 34228

$389,500

2 bd · 2.0 ba · 1,376 sqft · Condo public records · 97 Days on market

Built 1970 $1613/mo HOA · 28% of rent

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Why this score? — see what drove the C+ 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 +21.0/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• Appreciation +5.4/10.0
• Schools +4.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Gorgeous, updated end unit walk-out w/ a new to die for kitchen featuring granite counters, maple wood Kraftmaid cabinets, & new appliances, all opened up to the tranquil view of a beautiful orchid tree that overlooks the canal and boat docks. Completely updated bathrooms, glass enclosed lanai w/ new sliders, new double hung windows, decorative ceramic tile, your clients will love this condo!

Key facts

• Waterview
• End unit
• Hurricane shutters

Tags

• WATERVIEW
• END UNIT
• HURRICANE SHUTTERS
• PRIVATE DEEDED BEACH ACCESS
• RENOVATED RECREATION ROOM
• HEATED SWIMMING POOLS

Property features AI

Finance

• Other: Buyer approval required for community; Pets not allowed; Community features include deed restrictions and special community restrictions
• Financial info: Total annual fees: $19,356; Total monthly fees: $1,613; Lease restrictions apply
• HOA & community: Has HOA (association: Michelle Andrews); Monthly condo fee of $1,613; Association approval required; Association amenities: clubhouse, pool, fitness center, recreational facilities, pickleball and tennis courts, gated access, elevator, storage, maintenance, management, private road, community mailbox, street lights; Association fees include insurance, reserves, internet, pool, maintenance of structure and grounds, management, security, sewer, trash and water

Exterior

• Parking: Covered parking; Private maintained road; Guest parking available
• Security: Gated community; Security listed in association amenities; Fire sprinkler system; Smoke detectors
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Water connected; Sewer connected
• Home design: Condominium; One story; Unit on floor 1; Northeast facing
• Construction: Block construction; Built-up roof; Block foundation; Building/Unit 101
• Exterior features: Hurricane shutters; Sidewalk; Tennis courts; Canal water view; Water access to bay/harbor, brackish canal, gulf/ocean and intracoastal; Private boat ramp, no-wake zone, concrete seawall

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Stone countertops; Storm windows; Elevator in building
• Laundry & utility: Washer; Dryer; Laundry inside the unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $390k.

Deal economics

• At list price, monthly cash flow is $119 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $390k).
• Recommended offer: $354k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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); Bayshore High School (math 17% / reading 26%, grade F, #546 of 667 statewide, top 82%, 1,435 students, 65% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: 539 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $6k of equity ($3k loan paydown + $3k appreciation (0.7% local appreciation)).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.7% appreciation + 3.0% rent growth), your $109k cash investment doubles in ~10 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 28% 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $354,445 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.50% ✓
• Cap rate: 7.97%
• Cash-on-cash: 6.00%
• DSCR: 1.27
• GRM: 5.5

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: 2.0%
• Equity multiple: 1.10×
• Total profit: $10,920
• Equity at exit: $127,481

10-year hold

• IRR: 7.0%
• Equity multiple: 1.83×
• Total profit: $91,038
• Equity at exit: $165,245

Cash invested: $109,060 (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: 539
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $5,856 high
• Mortgage (P&I): −$2,043
• Tax from tax record: −$262 /mo · $3,148/yr
• Insurance: −$162
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,613
• Vacancy / Maint / Mgmt: −$1,230
• Net cashflow: $119

Break-even live

Break-even rent $5,705

Max offer price $389,500

Occupancy floor 93%

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: $97,375
• Closing costs: $11,685
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4340 Falmouth Dr Longboat Key, FL	2.0	2.0	1330	$3,000	$2.26	23d	1	0.03mi
4420 Exeter Dr #208 Longboat Key, FL	2.0	2.0	1168	$4,900	$4.20	23d	1	0.04mi
4485 Gulf of Mexico Dr #2 Longboat Key, FL	3.0	2.0	1576	$10,500	$6.66	23d	1	0.10mi
4325 Gulf of Mexico Dr Longboat Key, FL	2.0–3.0	2.0–2.5	1373	$5,500	$4.00	16d	3	0.26mi
4825 Gulf of Mexico Dr #201 Longboat Key, FL	2.0	2.0	1393	$7,800	$5.60	23d	1	0.52mi

HOA detail condo

• Monthly dues: $1,613 · $19,356/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $389,500 Active 97 DOM
2. 2026-06-17
   days on market $389,500 Active 96 DOM
3. 2026-06-16
   days on market $389,500 Active 95 DOM
4. 2026-06-15
   days on market $389,500 Active 94 DOM
5. 2026-06-13
   days on market $389,500 Active 92 DOM
6. 2026-06-13
   days on market $389,500 Active 91 DOM
7. 2026-06-10
   days on market $389,500 Active 89 DOM
8. 2026-06-09
   days on market $389,500 Active 88 DOM
9. 2026-06-08
   days on market $389,500 Active 87 DOM
10. 2026-06-08
    days on market $389,500 Active 86 DOM
11. 2026-06-03
    days on market $389,500 Active 82 DOM
12. 2026-06-02
    days on market $389,500 Active 81 DOM
13. 2026-06-01
    days on market $389,500 Active 80 DOM
14. 2026-05-31
    days on market $389,500 Active 79 DOM
15. 2026-05-06
    price $389,500
16. 2026-03-13
    listed $390,000 Active
17. 2008-06-17
    soldstatus $457,000
18. 2008-06-10
    soldstatus $457,000 400-char remark

    Show marketing remark (400 chars)

    Gorgeous, updated end unit walk-out w/ a new to die for kitchen featuring granite counters, maple wood Kraftmaid cabinets, & new appliances, all opened up to the tranquil view of a beautiful orchid tree that overlooks the canal and boat docks. Completely updated bathrooms, glass enclosed lanai w/ new sliders, new double hung windows, decorative ceramic tile, your clients will love this condo!

19. 2008-01-25
    listed $485,000 400-char remark

    Show marketing remark (400 chars)

    Gorgeous, updated end unit walk-out w/ a new to die for kitchen featuring granite counters, maple wood Kraftmaid cabinets, & new appliances, all opened up to the tranquil view of a beautiful orchid tree that overlooks the canal and boat docks. Completely updated bathrooms, glass enclosed lanai w/ new sliders, new double hung windows, decorative ceramic tile, your clients will love this condo!

20. 2006-06-20
    soldstatus $350,000

ⓘ 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: $3,148 · $262/mo
• Projected year-2 tax: $3,233 · $269/mo
• Expected delta: +$85/yr (+$7/mo · 2.7%)

ⓘ 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
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 27 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $70,268
• − Mortgage interest: −$21,818
• − Property taxes: −$3,148
• − Insurance: −$7,066
• − Repairs & maintenance: −$5,621
• − Management: −$5,621
• − HOA: −$19,356
• − Depreciation: −$11,331
• Taxable loss: −$3,694
• Est. tax savings @ 24.0%: +$887
• After-tax cash flow: $2,317/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

+11.3% since first listed

6 events — show timeline

• 2026-05-06 Price Changed $389,500 Stellar MLS as Distributed by MLS Grid
• 2026-03-13 Listed $390,000 Stellar MLS as Distributed by MLS Grid
• 2008-06-17 Sold (Public Records) $457,000 Public Records
• 2008-06-10 Sold (MLS) $457,000 Stellar MLS as Distributed by MLS Grid
• 2008-01-25 Listed $485,000 Stellar MLS as Distributed by MLS Grid
• 2006-06-20 Sold (Public Records) $350,000 Public Records

Property tax history

+1.7%/yr

Latest (2024): $3,148 · +1.1% YoY. Source: county tax records.