12507 Cortez Rd W #56 · Cortez, FL 34215

$124,000

2 bd · 1.0 ba · 330 sqft · Manufactured public records · 269 Days on market

Built 1973 1,577 sqft lot $475/mo HOA · 26% of rent ↓ 25% since listing

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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 +20.1/30.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Appreciation +6.6/10.0
• DSCR +6.4/10.0
• Schools +4.4/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This is a pet friendly 55+ Co-op park located in the Historic Cortez Fishing Village. This property was damaged by hurricane Helene and needs total rehab. All appliances have been removed, A/C Window units are in place but may need work. Located just a short walk from Anna Maria Island, come enjoy beautiful sunsets and fun lively neighbors in Cortez Park.

Key facts

• Private docking
• Shuffleboard
• Laundry facility

Tags

• PRIVATE DOCKING
• OUTSIDE GATHERING SPACE
• COMMUNITY SOCIAL ROOM
• SHUFFLEBOARD
• LAUNDRY FACILITY
• CORTEZ BRIDGE

Property features AI

Finance

• Other: Directions available from listing
• Financial info: Total annual fees $5,700; Lease restrictions apply
• HOA & community: Has HOA (monthly fee $475); Association requires approval; Association recreation owned; Clubhouse; Special community restrictions; Senior community; Pets allowed (cats okay, number and size limits; max pet weight 35 lbs)

Exterior

• Parking: Parking pad
• Utilities: Public water; Public sewer; Cable available; Electricity available; Community has water frontage and private docks available
• Home design: Mobile Home (Single Wide); Residential property; One story; Faces south; Entry level: One
• Construction: Metal siding; Metal roof; Crawlspace foundation; Built as a single-wide mobile home
• Exterior features: Awning(s); No patio or porch

Interior

• Kitchen: No appliances listed for the kitchen
• Bedrooms: 2 bedrooms
• Flooring: Laminate flooring; Linoleum flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: No interior features listed
• Laundry & utility: No laundry facilities listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $124k.

Deal economics

• At list price, monthly cash flow is $-272 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $76k (38.7% below list).
• Meets the 1% rule at list price ($2k rent vs $124k).
• Recommended offer: $76k (38.7% below list) — sets the bar for cash-flow.
• Cap rate 7.8% vs local median 1.8% in Cortez — 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 69/100 on livability (#486 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, housing A+; Watch: cost of living C-, schools D-, amenities 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.
• Market conditions: 30 active listings in the ZIP; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($857 loan paydown + $4k appreciation (3.2% local appreciation)).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 269 days — a 12% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $65k; list at $124k implies a 91% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 26% 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,974 (38.7% 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 269 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — 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. 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. 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?
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: 1.47% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.35%
• DSCR: 1.24
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.23% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-327
• Equity at exit: $57,348

10-year hold

• IRR: 4.0%
• Equity multiple: 1.63×
• Total profit: $22,042
• Equity at exit: $89,639

Cash invested: $34,720 (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 34215

• Home prices YoY: 1.2%
• Active inventory: 30
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,824 medium
• Mortgage (P&I): −$650
• Tax from tax record: −$109 /mo · $1,309/yr
• Insurance: −$52
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$475
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $-272

Break-even live

Break-even rent $2,168

Max offer price $75,974

Occupancy floor —

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: $31,000
• Closing costs: $3,720
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $475 · $5,700/yr

Listing history 22 events

1. 2026-06-18
   days on market $124,000 Active 269 DOM
2. 2026-06-17
   days on market $124,000 Active 268 DOM
3. 2026-06-16
   days on market $124,000 Active 267 DOM
4. 2026-06-15
   days on market $124,000 Active 266 DOM
5. 2026-06-13
   days on market $124,000 Active 264 DOM
6. 2026-06-13
   days on market $124,000 Active 263 DOM
7. 2026-06-10
   days on market $124,000 Active 261 DOM
8. 2026-06-09
   days on market $124,000 Active 260 DOM
9. 2026-06-08
   days on market $124,000 Active 259 DOM
10. 2026-06-08
    days on market $124,000 Active 258 DOM
11. 2026-06-03
    days on market $124,000 Active 254 DOM
12. 2026-06-02
    days on market $124,000 Active 253 DOM
13. 2026-06-01
    days on market $124,000 Active 252 DOM
14. 2026-05-31
    days on market $124,000 Active 251 DOM
15. 2025-09-22
    listed $124,000 Active
16. 2025-05-01
    soldstatus $65,000
17. 2025-04-30
    soldstatus $65,000 Closed 357-char remark

    Show marketing remark (357 chars)

    This is a pet friendly 55+ Co-op park located in the Historic Cortez Fishing Village. This property was damaged by hurricane Helene and needs total rehab. All appliances have been removed, A/C Window units are in place but may need work. Located just a short walk from Anna Maria Island, come enjoy beautiful sunsets and fun lively neighbors in Cortez Park.

18. 2025-04-07
    status Pending 357-char remark

    Show marketing remark (357 chars)

    This is a pet friendly 55+ Co-op park located in the Historic Cortez Fishing Village. This property was damaged by hurricane Helene and needs total rehab. All appliances have been removed, A/C Window units are in place but may need work. Located just a short walk from Anna Maria Island, come enjoy beautiful sunsets and fun lively neighbors in Cortez Park.

19. 2025-03-11
    price $90,000 357-char remark

    Show marketing remark (357 chars)

    This is a pet friendly 55+ Co-op park located in the Historic Cortez Fishing Village. This property was damaged by hurricane Helene and needs total rehab. All appliances have been removed, A/C Window units are in place but may need work. Located just a short walk from Anna Maria Island, come enjoy beautiful sunsets and fun lively neighbors in Cortez Park.

20. 2024-12-09
    listed $110,000 Active 357-char remark

    Show marketing remark (357 chars)

    This is a pet friendly 55+ Co-op park located in the Historic Cortez Fishing Village. This property was damaged by hurricane Helene and needs total rehab. All appliances have been removed, A/C Window units are in place but may need work. Located just a short walk from Anna Maria Island, come enjoy beautiful sunsets and fun lively neighbors in Cortez Park.

21. 2021-09-17
    historical
22. 2021-07-01
    listed $165,000 Active

ⓘ 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: $1,309 · $109/mo
• Projected year-2 tax: $1,309 · $109/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 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 · 25 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: $21,885
• − Mortgage interest: −$6,946
• − Property taxes: −$1,309
• − Insurance: −$5,738
• − Repairs & maintenance: −$1,751
• − Management: −$1,751
• − HOA: −$5,700
• − Depreciation: −$3,607
• Taxable loss: −$4,918
• Est. tax savings @ 24.0%: +$1,180
• After-tax cash flow: $-2,082/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 — Cortez

• Score: 69/100
• State rank: #486
• US rank: #8944

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cortez, FL
• City population: 759
• Population (ZIP): 759

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 (97%)
• Race & ethnicity: White 97% Hispanic / Latino 2%
• Common ancestry: Slovak 11% Romanian 7% German 4%
• Foreign-born: 18% · Canada, China

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: ▲ 3.23%
• Current HPI: 281.3803
• Rent YoY: —
• Metro: —
• 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

-24.8% since first listed

8 events — show timeline

• 2025-09-22 Listed $124,000 Stellar MLS as Distributed by MLS Grid
• 2025-05-01 Sold (Public Records) $65,000 Public Records
• 2025-04-30 Sold (MLS) $65,000 Stellar MLS as Distributed by MLS Grid
• 2025-04-07 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-03-11 Price Changed $90,000 Stellar MLS as Distributed by MLS Grid
• 2024-12-09 Listed $110,000 Stellar MLS as Distributed by MLS Grid
• 2021-09-17 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2021-07-01 Listed $165,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2025): $1,309 · +79.9% YoY. Source: county tax records.