Hehe. No, not particularly. When reading quickly, you get the uncomfortable impression that ‘it’ refers to the apartment. In everyday conversation, however, sentences and paragraphs don’t always have ideal construction, and I’m pretty sure even a fairly dense person would be able to figure out that ‘it’ refers to the lost key.
The use of the future continuous may mean that the speaker has not begun looking for the key yet, OR it may simply be a reference to what the speaker will be doing while the listener is out doing something else.
[size=75]“For many, immaturity is an ideal, not a defect.” ~ Mason Cooley[/size]