12507 Cortez Rd W #58 · Cortez, FL 34215

$224,900

1 bd · 1.0 ba · 480 sqft · Manufactured public records · 205 Days on market

Built 1968 $460/mo HOA ↓ 10% since listing

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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).

• ARV discount +7.5/15.0
• Cash flow +6.6/30.0
• Appreciation +6.6/10.0
• Schools +4.4/10.0
• 1% rule +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.9/10.0

Listing remarks

Waterfront 55+ Co-Op Near Anna Maria Island | Pet-Friendly | Furnished Coastal Home in Cortez, FL.  Discover affordable coastal living in Bradenton, Florida with this beautifully updated home in a pet-friendly 55+ waterfront co-op community near Sarasota Bay. Ideally located less than one mile from the pristine Gulf beaches of Anna Maria Island, this property is perfect for buyers searching for Florida beach homes near the water or a seasonal retreat on the Gulf Coast. Situated in the heart of Cortez, one of the last authentic fishing villages in the U. S. , this home offers a rare combination of Old Florida charm, waterfront access, and modern updates.  Move-In Ready & Full

Key facts

• Central a/c
• Fully furnished
• New roof

Tags

• WATERFRONT CO-OP COMMUNITY
• FULLY FURNISHED
• NEW ROOF
• CENTRAL A/C
• IN-UNIT LAUNDRY CLOSET
• PRIVATE COMMUNITY DOCK

Property features AI

Finance

• Other: Lease restrictions apply
• Financial info: Total monthly fees $460; total annual fees $5,520
• HOA & community: Monthly association fee $460 (includes water, sewer, trash, maintenance of grounds, private road, recreational facilities, insurance, escrow reserves and fidelity bond); Association requires approval; Association amenities: laundry, maintenance, shuffleboard court; Community features: clubhouse, fitness center, street lights, golf carts OK, buyer approval required; Senior community; Pets allowed (cats and dogs, number limit)

Exterior

• Parking: Unpaved parking
• Utilities: Public water; Public sewer; Electricity connected; High-speed internet available; Sewer connected; Water connected
• Home design: Residential mobile home (double wide); One story; Southeast facing; Entry level: one
• Construction: Vinyl siding; Membrane roof; Block foundation; Built as a double wide mobile home
• Exterior features: Outdoor lighting; Storage; Shed(s); Workshop

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms (one-level)
• Flooring: Carpet; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Kitchen/family room combo; Open floorplan; Window treatments
• Laundry & utility: Washer hookup inside; Dryer hookup (electric); Electric water heater

🏢 Co-op / cooperative unit. The $224,900 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $-796 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $84k (62.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $191k (15.0% below list).
• Recommended offer: $84k (62.5% below list) — sets the bar for cash-flow.
• Cap rate 4.3% 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 $9k of equity ($2k loan paydown + $7k 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 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 24% 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 6→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $84,274 (62.5% 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 205 days. Have you received any prior offers? Is the seller open to a 63% concession, seller financing, or rate buy-down credit?
3. Built in 1968 — 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. 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?
10. 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.
11. 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.
12. 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: 0.85% ✗
• Cap rate: 4.32%
• Cash-on-cash: -7.04%
• DSCR: 0.69
• GRM: 9.8

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: -5.5%
• Equity multiple: 0.68×
• Total profit: $-20,402
• Equity at exit: $104,013

10-year hold

• IRR: -0.4%
• Equity multiple: 0.93×
• Total profit: $-4,201
• Equity at exit: $162,579

Cash invested: $62,972 (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: 9.8×

Monthly cashflow live

• Estimated rent: $1,912 medium
• Mortgage (P&I): −$1,179
• Tax from tax record: −$147 /mo · $1,760/yr
• Insurance: −$94
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$460
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $-796

Break-even live

Break-even rent $2,919

Max offer price $84,274

Occupancy floor —

Sensitivity live

Price	-10% $-669	-5% $-732	+0% $-796	+5% $-860	+10% $-923
Rent	-10% $-947	-5% $-872	+0% $-796	+5% $-721	+10% $-645
Rate	-1.0pp $-683	-0.5pp $-739	base $-796	+0.5pp $-854	+1.0pp $-914

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $460 · $5,520/yr
• Likely covers: water

Listing history 17 events

1. 2026-06-18
   days on market $224,900 Active 205 DOM
2. 2026-06-17
   days on market $224,900 Active 204 DOM
3. 2026-06-16
   days on market $224,900 Active 203 DOM
4. 2026-06-15
   days on market $224,900 Active 202 DOM
5. 2026-06-13
   days on market $224,900 Active 200 DOM
6. 2026-06-13
   days on market $224,900 Active 199 DOM
7. 2026-06-10
   days on market $224,900 Active 197 DOM
8. 2026-06-09
   days on market $224,900 Active 196 DOM
9. 2026-06-08
   days on market $224,900 Active 195 DOM
10. 2026-06-08
    days on market $224,900 Active 194 DOM
11. 2026-06-03
    days on market $224,900 Active 190 DOM
12. 2026-06-02
    days on market $224,900 Active 189 DOM
13. 2026-06-01
    days on market $224,900 Active 188 DOM
14. 2026-05-31
    days on market $224,900 Active 187 DOM
15. 2025-11-25
    listed $224,900 Active
16. 2025-06-15
    historical
17. 2024-12-21
    listed $250,000 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: $1,760 · $147/mo
• Projected year-2 tax: $1,867 · $156/mo
• Expected delta: +$106/yr (+$9/mo · 6.0%)

ⓘ 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 6 d/yr ≥106°F today · 23 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: $22,941
• − Mortgage interest: −$12,598
• − Property taxes: −$1,760
• − Insurance: −$6,243
• − Repairs & maintenance: −$1,835
• − Management: −$1,835
• − HOA: −$5,520
• − Depreciation: −$6,543
• Taxable loss: −$13,393
• Est. tax savings @ 24.0%: +$3,214
• After-tax cash flow: $-6,338/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

-10.0% since first listed

3 events — show timeline

• 2025-11-25 Listed $224,900 Stellar MLS as Distributed by MLS Grid
• 2025-06-15 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-12-21 Listed $250,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2025): $1,760 · -2.3% YoY. Source: county tax records.