915 Seaside Dr Unit 410, Weeks 4-7

Siesta Key, FL 34242

$115,000C-

3 bd · 3.0 ba · 1,900 sqft · Built 2009 · Condo · Active · 134 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,537/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$618
• HOA: −$2,204
• Vac / Maint / Mgmt: −$1,163
• Net cashflow: $949/mo
• Annual: $11,388/yr
• Cap rate: 20.65%
• Cash-on-cash: 51.26%
• DSCR: 3.28
• 1% rule: 4.81%
• Cash to close: $32,200

Investor read

• This is a 3-bed/3.0-bath condo listed at $115k. Condition is rated excellent.
• At list price, monthly cash flow is $949 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $115k).
• It's been on market 134 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-0.7%/yr); year-one equity from $795 of loan paydown is wiped out by about $799 of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#512 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A-; Watch: amenities F, commute F, cost of living 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.
• Watch-outs: flood insurance adds $427/mo; HOA is 40% of rent.
• Market conditions: 525 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.
• At projected returns (-0.7% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $5,537/mo this rent would consume 57% of the median local household income ($116k/yr) (locally 147% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 134 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.