16015 Tangelo Way · North Fort Myers, FL 33903

$115,900

2 bd · 2.0 ba · 1,104 sqft · Manufactured public records · 537 Days on market

Built 1980 4,051 sqft lot Est $113k · at est.

---

Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +6.2/15.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large double wide, very clean and neat, new carpet, new tile in kitchen, large breakfast bar, large front flordia room, side lanai, great price for home located in one of our best 55+ parks, Tamiami Village.

Key facts

• On demand hot water
• Fitness center
• New vinyl windows

Tags

• 3 HEATED SWIMMING POOLS
• FITNESS CENTER
• NEW LUXURY VINYL FLOORING
• NEW SHINGLE ROOF
• ON DEMAND HOT WATER
• NEW VINYL WINDOWS

Property features AI

Finance

• Financial info: Pets allowed conditionally (call for details); maximum 2 pets, max weight 25 lbs
• HOA & community: On-site management; Community of 729 units; Association amenities include clubhouse, fitness center, pool, spa/hot tub, sauna, billiards/billiard room, shuffleboard court, dog park; Association covers management, recreation facilities, road maintenance, street lights; Senior community; Street lights

Exterior

• Parking: Covered parking; Attached carport (2 spaces); Driveway (paved)
• Utilities: Public water; Public sewer; Cable available; High-speed internet available
• Home design: Manufactured home with aluminum siding; Single-story; Entry on level 1; Property faces east; West exposure noted on lot
• Construction: Aluminum siding; Manufactured construction; Roof over
• Exterior features: Patio; Lanai; Screened porch; Porch; Storage; Manual shutters; Community pool

Interior

• Kitchen: Dishwasher; Microwave; Range; Self-cleaning oven; Refrigerator
• Bedrooms: Includes screened porch and great room (room types listed)
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Breakfast bar; Open living/dining area; Pantry; Separate shower (shower only); Cable TV available; Walk-in closet(s); Window treatments; High-speed internet available; Single-hung windows; Window coverings; Furnished
• Laundry & utility: Washer included; Laundry tub

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $116k.

Deal economics

• At list price, monthly cash flow is $123 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $116k).
• Recommended offer: $102k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 3.6% in North Fort Myers — 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 74/100 on livability (#269 in FL, #4,409 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Lee (suburban): math 47% / reading 50% proficiency, ranked #42 of 73 in FL (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.9%/yr); 472 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 35% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $801 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 537 days — a 12% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $30k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 6→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,992 (12.0% below list)

Questions for the listing agent

1. It's been on market 537 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.43% ✓
• Cap rate: 11.98%
• Cash-on-cash: 20.32%
• DSCR: 1.90
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $112,608
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3204 Pluto Cir	0.21mi	2/2.0	1,104 (0%)	7mo	$110,000	$100	84
3167 Pluto Cir	0.20mi	2/2.0	1,150 (+4%)	15mo	$126,000	$110	71
3500 Celestial Way	0.19mi	2/2.0	1,100 (-0%)	24mo	$85,000	$77	71
16034 Citron Way	0.05mi	2/2.0	960 (-13%)	7mo	$125,000	$130	70
16041 Citron Way	0.08mi	2/2.0	960 (-13%)	6mo	$92,000	$96	69
9250 Caloosa Dr	0.25mi	2/2.0	1,149 (+4%)	17mo	$139,500	$121	68
486 Horizon Dr	0.57mi	2/2.0	1,080 (-2%)	14mo	$110,000	$102	58
170 Lakeside Dr	0.35mi	2/2.0	1,196 (+8%)	14mo	$79,000	$66	58
612 Sunrise Ave	0.60mi	2/2.0	1,049 (-5%)	13mo	$173,000	$165	53
516 Horizon Dr	0.54mi	2/2.0	1,198 (+8%)	14mo	$119,500	$100	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -13.9%
• Equity multiple: 0.52×
• Total profit: $-15,542
• Equity at exit: $17,281

10-year hold

• IRR: -14.0%
• Equity multiple: 0.35×
• Total profit: $-21,144
• Equity at exit: $10,021

Cash invested: $32,452 (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 33903

• Rents YoY: -1.9%
• Active inventory: 472
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,656 high
• Mortgage (P&I): −$608
• Tax from tax record: −$103 /mo · $1,230/yr
• Insurance: −$48
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $123

Break-even live

Break-even rent $1,500

Max offer price $115,900

Occupancy floor 88%

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: $28,975
• Closing costs: $3,477
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3404 Rainbow Ln North Fort Myers, FL	2.0	2.0	1056	$1,800	$1.70	3d	1	0.07mi
28 Nyborg Ave North Fort Myers, FL	3.0	2.0	1042	$1,299	$1.25	15d	1	0.46mi
571 Sunrise Ln North Fort Myers, FL	2.0	2.0	1004	$1,400	$1.39	24d	1	0.67mi
8791 Littleton Rd North Fort Myers, FL	2.0	2.0	1074	$1,549	$1.44	24d	1	0.69mi
2774 Wedgewood Dr North Fort Myers, FL	2.0	2.0	880	$1,300	$1.48	24d	1	0.89mi
266 Mongoose Ln #266 North Fort Myers, FL	3.0	2.0	1372	$1,499	$1.09	3d	1	0.91mi
4120 Pine Drop Ln North Fort Myers, FL	3.0	2.0	957	$1,895	$1.98	24d	1	1.12mi
3957 Pomodoro Cir #301 Cape Coral, FL	2.0	2.0	1270	$1,450	$1.14	16d	1	1.15mi
3953 Pomodoro Cir Cape Coral, FL	1.0–3.0	1.0–2.0	1044	$1,462	$1.40	15d	9	1.16mi
3260 Stockton St North Fort Myers, FL	3.0	1.0–2.0	976	$2,371	$2.43	2d	27	1.19mi
3961 Pomodoro Cir #204 Cape Coral, FL	2.0	2.0	1270	$1,450	$1.14	16d	1	1.19mi
3961 Pomodoro Cir #204 Cape Coral, FL	2.0	2.0	1270	$1,450	$1.14	24d	1	1.19mi
3940 Villa Del Mar CIR Cape Coral, FL	1.0–3.0	1.0–2.0	1051	$2,116	$2.01	2d	21	1.22mi
3944 Pomodoro Cir #202 Cape Coral, FL	3.0	2.0	1411	$2,200	$1.56	24d	1	1.24mi
2700 Diplomat Pkwy E Cape Coral, FL	1.0–3.0	1.0–2.0	1116	$2,382	$2.13	3d	41	1.25mi
2904 Tuscan Dr #303 Cape Coral, FL	2.0	2.0	1460	$1,450	$0.99	24d	1	1.26mi
3940 Pomodoro Cir Cape Coral, FL	2.0	2.0	1270	$1,475	$1.16	3d	2	1.26mi
3968 Pomodoro Cir #202 Cape Coral, FL	2.0	2.0	1469	$1,475	$1.00	15d	1	1.28mi
535 Zebra Dr #535 North Fort Myers, FL	3.0	2.0	1352	$1,499	$1.11	15d	1	1.30mi
3973 Pomodoro Cir Cape Coral, FL	2.0	2.0	1534	$1,575	$1.03	3d	3	1.30mi
3973 Pomodoro Cir Cape Coral, FL	2.0	2.0	1469	$1,498	$1.02	24d	2	1.30mi
2909 Tuscan Dr Cape Coral, FL	2.0	2.0	1469	$1,475	$1.00	24d	2	1.31mi
2913 Tuscan Dr #102 Cape Coral, FL	2.0	2.0	1469	$1,450	$0.99	24d	1	1.31mi
2095 Eloise Cir North Fort Myers, FL	2.0	1.0	840	$1,295	$1.54	24d	1	1.34mi
538 State St North Fort Myers, FL	3.0	1.5	1000	$1,199	$1.20	24d	1	1.36mi
2027 Eloise Cir North Fort Myers, FL	2.0	1.0	822	$1,300	$1.58	3d	1	1.36mi
260 Stockton St North Fort Myers, FL	2.0	2.0	924	$1,200	$1.30	3d	1	1.45mi
248 Stockton St North Fort Myers, FL	3.0	2.0	924	$1,300	$1.41	24d	1	1.46mi
2116 NE 25th St Cape Coral, FL	3.0	2.0	1352	$1,891	$1.40	3d	1	1.48mi
247 Stockton St North Fort Myers, FL	3.0	2.0	924	$1,325	$1.43	24d	1	1.48mi
16363 Teresa Ln North Fort Myers, FL	2.0	1.0	1000	$1,000	$1.00	24d	1	1.49mi

Listing history 20 events

1. 2026-06-17
   days on market $115,900 Active 537 DOM
2. 2026-06-16
   days on market $115,900 Active 536 DOM
3. 2026-06-16
   days on market $115,900 Active 535 DOM
4. 2026-06-13
   days on market $115,900 Active 533 DOM
5. 2026-06-09
   days on market $115,900 Active 529 DOM
6. 2026-06-07
   days on market $115,900 Active 527 DOM
7. 2026-06-02
   days on market $115,900 Active 522 DOM
8. 2026-06-01
   days on market $115,900 Active 521 DOM
9. 2026-06-01
   days on market $115,900 Active 520 DOM
10. 2025-12-10
    price $115,900
11. 2025-02-07
    price $119,900
12. 2024-12-27
    listed $146,000 Active
13. 2024-06-29
    historical
14. 2023-12-29
    listed $186,900 Active
15. 2006-01-05
    soldstatus $85,000
16. 2005-12-15
    soldstatus $85,000 207-char remark

    Show marketing remark (207 chars)

    Large double wide, very clean and neat, new carpet, new tile in kitchen, large breakfast bar, large front flordia room, side lanai, great price for home located in one of our best 55+ parks, Tamiami Village.

17. 2005-12-02
    price $89,900 207-char remark

    Show marketing remark (207 chars)

    Large double wide, very clean and neat, new carpet, new tile in kitchen, large breakfast bar, large front flordia room, side lanai, great price for home located in one of our best 55+ parks, Tamiami Village.

18. 2003-12-23
    soldstatus $60,000
19. 2002-04-27
    soldstatus $56,000
20. 2000-03-23
    soldstatus $39,000

ⓘ 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: $1,230 · $103/mo
• Projected year-2 tax: $1,230 · $103/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 1/10 Low FEMA zone AE · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 6 d/yr ≥107°F today · 24 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,870
• − Mortgage interest: −$6,492
• − Property taxes: −$1,230
• − Insurance: −$5,698
• − Repairs & maintenance: −$1,590
• − Management: −$1,590
• − Depreciation: −$3,372
• Taxable loss: −$102
• Est. tax savings @ 24.0%: +$24
• After-tax cash flow: $1,500/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: Lee
• NCES district ID: 1201080
• Math proficiency: 47% ▼ -11.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $49,518
• Composite: 41.49/100
• National rank: #3458
• State rank: #42 of 73 in FL

Livability — North Fort Myers

• Score: 74/100
• State rank: #269
• US rank: #4409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 57,035
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 23,655
• Household income: $56,993
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 468.0

Population outlook (Lee County) Hauer SSP2

• Today (2025): 871,946 people
• By 2030: 955,468 · +9.6%
• By 2040: 1,113,587 · +27.7%
• By 2050: 1,256,891 · +44.1%
• By 2075: 1,560,270 · +78.9%
• By 2100: 1,726,848 · +98.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 14% Two or more races 8% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 3%
• Common ancestry: Lithuanian 4% Romanian 4% Italian 3%
• Foreign-born: 11% · Canada
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 1%

Political lean MEDSL · Lee

• 2024 margin: Strong R (+28.4) · D 35.5% · R 63.9%
• 2008→2024 swing: -18.0pp toward R · 2008: -10.4pp · 2024: -28.4pp
• All cycles: 2024: R+28.4 2020: R+19.2 2016: R+20.4 2012: R+16.6 2008: R+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -172.26%
• Current HPI: 256.773
• Rent YoY: ▼ -1.94%
• Metro: Cape Coral-Fort Myers, FL
• 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

+197.2% since first listed

11 events — show timeline

• 2025-12-10 Price Changed $115,900 FORTMLS
• 2025-02-07 Price Changed $119,900 FORTMLS
• 2024-12-27 Listed $146,000 FORTMLS
• 2024-06-29 Listing Removed — FORTMLS
• 2023-12-29 Listed $186,900 FORTMLS
• 2006-01-05 Sold (Public Records) $85,000 Public Records
• 2005-12-15 Sold (MLS) $85,000 FORTMLS
• 2005-12-02 Price Changed $89,900 FORTMLS
• 2003-12-23 Sold (Public Records) $60,000 Public Records
• 2002-04-27 Sold (Public Records) $56,000 Public Records
• 2000-03-23 Sold (Public Records) $39,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $1,230 · -1.1% YoY. Source: county tax records.