Score
0Santa Rosa Beach, FL
11 Beachside Dr UNIT 514
525K
2 beds
2 baths
836 sqft
2 bd • 2 ba • 836 sf
This analysis was generated on 1/26/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$524,500
Price/Sq.Ft
$627
Year Built
1993
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Strong Rental History: The property has a proven track record as a successful rental, with $53,943 in gross revenue in 2023, and around $48,500 in 2021 and 2022, even with some blocked time for renovations. This strong rental performance makes it an appealing option for investors looking for immediate income. The 10/10 rating on 62 reviews further validates its appeal.
• Turn-Key Condition: The unit is fully renovated and furnished, making it ready for immediate rental. The recent upgrades, including new tile showers, vanities, paint, extended cabinets, and luxury furnishings, add significant value and appeal. This turn-key status saves time and money for new owners.
• Excellent Location: The property is located in Seagrove Beach, south of 30A, offering easy access to the beach and other attractions. The free shuttle service to the beach is a major convenience. The proximity to popular destinations like Seaside (4 miles) and Alys Beach (5 miles) makes it a desirable location for renters. The location is also close to the Greenway Station.
• Recent Renovations: The complex has undergone a complete exterior renovation, including a new metal roof, hardie plank siding, new lights, windows, doors, and fiber optic internet. The unit also has a new HVAC (2023) and water heater (2020). These updates minimize maintenance costs and enhance property value.
• Desirable Amenities: The complex features two pools (one heated seasonally), tennis courts, pickleball courts, outdoor grills, and a sitting area around the lake. These amenities enhance the property's appeal and attract a broader range of renters. The larger floorplan of this two-bedroom unit is also a plus.
The Bad
• Small Living Space: At 836 sqft, the unit is relatively small, which may not be suitable for larger families or those who prefer spacious living areas. The median income in Santa Rosa Beach is $94,648, which suggests that many residents could afford a larger property. The average two-bedroom rental rate in the area is $1,710, indicating a potential preference for larger units.
• High Price per Square Foot: The price per square foot is $627.39, which is higher than the market average for similar properties in Santa Rosa Beach. This high price might deter some buyers who are looking for better value for their money. The previous sales history shows a significant increase in price since 2017, which might indicate an overvaluation.
• Limited Public Transportation: The area has limited public transportation, making a personal vehicle necessary. This can be an inconvenience for some buyers, especially those who prefer to rely on public transport. Traffic congestion, particularly during peak seasons, can also be a concern.
• HOA Fees: While the HOA includes several services, the exact fee amount is not specified, and it could be a significant monthly expense. It is crucial to investigate the specific fee amount and any potential future increases. The lack of clarity on the HOA fee is a negative aspect.
• Days on Market: The property has been on the market for 184 days, which is longer than the average for properties in Santa Rosa Beach. This longer listing period could indicate a potential issue with the pricing or the property's appeal. It is crucial to investigate why the property hasn't sold yet.
The Ugly
• Extreme Climate Risks: The property faces an extreme heat risk (10/10), with a 98th percentile temperature of 105°F and 8 hot days per year, and an extreme wind risk (10/10). The moderate flood risk (3/10) and major fire risk (5/10) further compound the issue. These risks mean higher insurance costs, potential property damage, and lower resale value. The need for critical fire and wind insurance is a significant concern.
• High Insurance Costs: The combination of climate risks translates to high insurance premiums, which can be a significant ongoing expense. The estimated annual insurance cost of $1,888.2 is likely an underestimate, and actual costs may be higher, especially considering the extreme wind and heat risks. This high cost directly impacts the overall affordability of the property.
• Potential for Coastal Erosion: As a coastal property, the unit is susceptible to beach erosion. This is a continuous concern that can affect property values and require expensive mitigation efforts. The property is also in a hurricane-prone zone which means potential storm surge damage.
• Limited Long-Term Value Appreciation: The property's value is heavily dependent on the rental market, which can be volatile. While there is a strong rental history, any downturn in tourism or changes in rental regulations could impact income and property value. The 63.9% price increase since 2020 is not sustainable and the price could drop.
• HOA and Community Restrictions: The unit is subject to HOA rules and restrictions, which may limit the owner's flexibility in making changes or renting the property. The HOA fees are not specified, and they could increase in the future. The unknown HOA fee presents a significant financial risk.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
• Vacation Rental Investors: The property has a strong rental history with $53,943 in gross revenue in 2023, despite being blocked for part of the year for renovations. This indicates a robust rental demand and high potential for return on investment. The unit's turn-key nature and established 10/10 rating on 62 reviews make it appealing for hands-off investors. The unit is also located near popular destinations like Seaside and Alys Beach, which attracts a consistent flow of tourists.
• Buyers Seeking Low Maintenance: The recent renovations of both the unit and complex exterior, coupled with a new HVAC (2023) and water heater (2020), mean reduced maintenance and repair costs. This appeals to buyers who prefer a hassle-free property. The HOA also covers many external maintenance costs, further minimizing owner responsibility.
• Buyers Seeking Beach Access and Amenities: The unit is located steps from the beach, with a free shuttle service, eliminating parking and gear-hauling issues. The complex amenities include two pools (one heated), tennis and pickleball courts, outdoor grills, and a lake-side sitting area, which makes it a desirable vacation spot. The ground floor location also makes it easily accessible.
• Buyers Comfortable with Limited Space: At 836 sqft, this is a smaller property, ideal for couples, small families or individuals. The well-designed floor plan and extended kitchen island maximize the use of the space.
Not For
• Buyers Requiring Large Living Spaces: The property's 836 sqft may not be sufficient for larger families or those who prefer spacious living areas. The two bedrooms and two bathrooms are adequate for smaller groups, but not for larger households.
• Budget-Conscious Buyers: The price per square foot is $627.39, which is higher than the average for the Santa Rosa Beach area. Additionally, the high insurance premiums due to the climate risks and HOA fees can make it less affordable for buyers on a tight budget. The current listing price is at a 63.9% increase from the 2020 sale price, which is likely to be at the high end of the market value.
• Buyers Seeking Long-Term Primary Residence: The unit's smaller size and location within a vacation-oriented complex may not be ideal for individuals or families looking for a long-term primary residence. The focus on rental income may not align with the priorities of a full-time resident.
• Buyers with Low Risk Tolerance: The property has a moderate flood risk and major fire risk, coupled with extreme heat and wind risks. Buyers who prefer minimal risk should consider properties with lower climate risk scores. The high insurance costs associated with these risks could also be a deterrent.
Demographics
Area Median Income
$94,648
Property History
Price History
Ownership Timeline
$335,000Financed
Oct 14, 2020Stick Enterprises LpThomas A Zudock, Jacqueline Zudock
Warranty Deed
Standard Sale (Purchase/Resales)
$247,000Financed
Jan 31, 2017Elizabeth W Quillian, Judith W FullerStick Enterprises Llp
Warranty Deed
Standard Sale (Purchase/Resales)
Property Taxes
$3,218
2023 Tax Assessment
10.4%from previous year
Assessed Value$288,295
Tax Rate1.12%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Middle
6.0/10
GoodHigh
8.0/10
ExcellentFinancials
Monthly Costs
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$524,500
Price/sqft
$627
Layout
2 bd•2 ba
Days on market
183 daysat time of analysis
Stats in the Area
Based on 3 comparable properties nearby
Average Price
$2,003,389
73.8%
Your price is 73.8% below average
Median Price
$492,667
6.5%
Based on 3 recent sales
Price per Sq.Ft
$521
20.4%
Your price is 20.4% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 34 Herons Watch Way #4310, Santa Rosa Beach, FL 32459 | $425,000 | 940 | 2 | 2 | $45227.9% | 9/23/2024 |
| 11 Beachside Drive #UNIT 914, Santa Rosa Beach, FL 32459 | $492,667 | 836 | 2 | 2 | $5896.1% | 8/4/2024 |
| 98 Sea Turtle Drive, Santa Rosa Beach, FL 32459 | $5,092,500 | N/A | N/A | N/A | N/A | 11/1/2024 |
34 Herons Watch Way #4310, Santa Rosa Beach, FL 32459
Price: $425,000
Sq.Ft: 940
Beds/Baths: 2/2
$/Sq.Ft:
$45227.9%
Sale Date: 9/23/2024
11 Beachside Drive #UNIT 914, Santa Rosa Beach, FL 32459
Price: $492,667
Sq.Ft: 836
Beds/Baths: 2/2
$/Sq.Ft:
$5896.1%
Sale Date: 8/4/2024
98 Sea Turtle Drive, Santa Rosa Beach, FL 32459
Price: $5,092,500
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 11/1/2024
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