10220 Wales Loop · Bonita Springs, FL 34135

$164,900

2 bd · 2.0 ba · 960 sqft · Manufactured public records · 62 Days on market

Built 1988 7,927 sqft lot Est $181k · 9% under $95/mo HOA · 4% of rent

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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
• ARV discount +11.6/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

All offers considered! Whether you’re looking for a full-time residence or a seasonal getaway, this open-floor plan manufactured home offers the perfect combination of space and conveinence. From the moment you step inside, you’ll notice the brand-new flooring that spans the entire layout, providing a fresh, cohesive look that is as durable as it is attractive. This home has been competitively priced to offer incredible value, ensuring you don't have to sacrifice quality for affordability. Beyond the aesthetic updates, this property has been enhanced with significant mechanical and structural improvements designed for long-term comfort. The HVAC system (2018) ensures reliable cl

Key facts

• Open-floor plan
• Brand-new flooring
• Hurricane straps

Tags

• OPEN-FLOOR PLAN
• BRAND-NEW FLOORING
• HVAC SYSTEM REPLACED
• BLOWN INSULATION
• DURABLE RUBBER ROOF
• HURRICANE STRAPS

Property features AI

Finance

• Other: Part of a community of 125 units; single-unit building; 1 floor; Zoning: MH-1; Lot unit 116; Approximately 0.182 acres
• HOA & community: Mandatory HOA; HOA fee $95 monthly; Total annual recurring fees $1,140; One-time fees $150; Professional management; HOA maintenance includes lawn/land maintenance, manager, recreation facilities, reserves, street lights, street maintenance; Community amenities include billiards, boat storage, bocce court, community park, community pool, community room, spa/hot tub, extra storage, library, shuffleboard, underground utilities, streetlights; Community type: Mobile/Manufactured, Non-Gated

Exterior

• Parking: Paved driveway; Attached 1-car carport
• Utilities: Central water; Central sewer; Cable available
• Home design: Manufactured residential home; 1 story / ranch; Built in 1988; Located in Bonita St James Village
• Construction: Manufactured construction
• Exterior features: Rolled roof; Single hung windows; Vinyl siding; Paved road and private road access; Regular lot; Rear exposure to the east; No canal; Lot restrictions: Deeded, No RV

Interior

• Kitchen: Walk-in pantry; Range; Microwave
• Bedrooms: 2 bedrooms; Master bedroom on ground level
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms; Master bathroom with shower only
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans (2)
• Interior features: Cable prewire; Pantry; Vaulted ceiling; Window coverings; Great room floor plan; Turnkey furnished; Glass porch; Screened lanai/porch; Dining area open to living
• Laundry & utility: Washer and dryer; Laundry in garage

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $165k.

Deal economics

• At list price, monthly cash flow is $645 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $155k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 1.7% in Bonita Springs — 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 70/100 on livability (#428 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: schools C-, cost of living C-, health & safety D.
• 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 (-0.6%/yr); 835 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $46k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $53k; list at $165k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.36% ✓
• Cap rate: 10.99%
• Cash-on-cash: 16.76%
• DSCR: 1.75
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $181,440
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26236 Queen Mary Ln	0.52mi	2/2.0	1,072 (+12%)	4mo	$230,000	$215	53
26282 Princess Ln	0.69mi	2/1.5	1,000 (+4%)	19mo	$140,000	$140	43
26271 Princess Ln	0.71mi	2/2.0	897 (-7%)	23mo	$142,000	$158	37
26104 Kings Rd	0.74mi	2/2.0	1,056 (+10%)	17mo	$215,000	$204	35
26149 Kings Rd	0.68mi	2/2.0	1,056 (+10%)	23mo	$200,000	$189	32
26191 Kings Rd	0.65mi	2/1.0	862 (-10%)	22mo	$138,500	$161	30

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: 4.5%
• Equity multiple: 1.17×
• Total profit: $7,803
• Equity at exit: $24,587

10-year hold

• IRR: 11.0%
• Equity multiple: 1.74×
• Total profit: $34,356
• Equity at exit: $14,258

Cash invested: $46,172 (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 34135

• Rents YoY: -0.6%
• Active inventory: 835
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,247 high
• Mortgage (P&I): −$865
• Tax from tax record: −$102 /mo · $1,224/yr
• Insurance: −$69
• HOA: −$95
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $645

Break-even live

Break-even rent $1,431

Max offer price $164,900

Occupancy floor 66%

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10101 Sandy Hollow Ln #102 Bonita Springs, FL	2.0	2.5	808	$1,645	$2.04	24d	1	0.12mi
25806 Cockleshell Dr #314 Bonita Springs, FL	2.0	2.0	975	$1,800	$1.85	24d	1	0.36mi
10325 Tarrah Ln Unit 1073517P Bonita Springs, FL	2.0	1.0	818	$4,608	$5.63	3d	1	0.39mi
25480 Cockleshell Dr #1005 Bonita Springs, FL	2.0	2.5	1119	$4,600	$4.11	24d	1	0.65mi
10710 Rosemary Dr #712 Bonita Springs, FL	1.0	1.0	984	$1,750	$1.78	24d	1	0.65mi
26239 Bonita Fairways Cir Bonita Springs, FL	2.0	2.0	1088	$2,500	$2.30	24d	1	0.70mi
27020 Williams Rd #5 Bonita Springs, FL	1.0	1.0	595	$1,700	$2.86	24d	1	0.90mi
26589-610 Rosewood Pointe Dr Unit A 301 Bonita Springs, FL	2.0	2.0	986	$3,500	$3.55	24d	1	1.00mi
26600 Rosewood Pointe Dr Unit B-101 Bonita Springs, FL	2.0	2.0	983	$2,200	$2.24	3d	1	1.02mi
26600 Rosewood Pointe Dr Unit 102 Bonita Springs, FL	1.0	2.0	833	$2,900	$3.48	3d	1	1.02mi
9250 Highland Woods Blvd #2308 Bonita Springs, FL	2.0	2.0	1100	$1,995	$1.81	3d	1	1.04mi
9250 Highland Woods Blvd #2308 Bonita Springs, FL	2.0	2.0	1100	$1,995	$1.81	24d	1	1.04mi
9450 Highland Woods Blvd #6203 Bonita Springs, FL	2.0	2.0	1100	$6,000	$5.45	15d	1	1.04mi
9200 Highland Woods Blvd Bonita Springs, FL	2.0	2.0	1083	$4,050	$3.74	16d	3	1.09mi
10897 Goodwin St #899 Bonita Springs, FL	2.0	1.0	770	$1,950	$2.53	24d	1	1.14mi
27250 Shriver Ave Unit 1073504P Bonita Springs, FL	2.0	1.0	661	$4,275	$6.46	3d	2	1.14mi
10041 Maddox Ln #203 Bonita Springs, FL	3.0	2.0	1083	$5,000	$4.62	24d	1	1.17mi
27249 Pullen Ave #5 Bonita Springs, FL	2.0	2.0	956	$1,950	$2.04	24d	1	1.17mi
27249 Pullen Ave #4 Bonita Springs, FL	2.0	2.5	956	$3,200	$3.35	24d	1	1.17mi
27083 Matheson Ave #208 Bonita Springs, FL	2.0	2.0	970	$1,750	$1.80	24d	1	1.18mi
10725 Wilson St #11 Bonita Springs, FL	2.0	12.0	1008	$1,800	$1.79	24d	1	1.21mi
27095 Matheson Ave #206 Bonita Springs, FL	1.0	1.0	715	$1,500	$2.10	24d	1	1.26mi
27302 Dortch Ave #304 Bonita Springs, FL	2.0	1.0	800	$2,550	$3.19	3d	1	1.28mi
27103 Matheson Ave #206 Bonita Springs, FL	1.0	1.0	713	$1,700	$2.38	15d	1	1.28mi
27103 Matheson Ave #206 Bonita Springs, FL	1.0	1.0	770	$1,500	$1.95	24d	1	1.28mi
27107 Matheson Ave Unit 4-108 Bonita Springs, FL	2.0	2.0	975	$3,995	$4.10	24d	1	1.30mi
27109 Matheson Ave Unit 206 Bonita Springs, FL	1.0	1.0	770	$1,700	$2.21	3d	1	1.31mi
27123 Matheson Ave #106 Bonita Springs, FL	1.0	1.0	713	$1,600	$2.24	24d	1	1.32mi
27123 Matheson Ave Bonita Springs, FL	2.0	2.0	970	$1,300	$1.34	3d	1	1.33mi

HOA detail

• Monthly dues: $95 · $1,140/yr

Listing history 15 events

1. 2026-06-17
   days on market $164,900 Active 62 DOM
2. 2026-06-16
   days on market $164,900 Active 61 DOM
3. 2026-06-15
   days on market $164,900 Active 60 DOM
4. 2026-06-13
   days on market $164,900 Active 58 DOM
5. 2026-06-10
   days on market $164,900 Active 55 DOM
6. 2026-06-09
   days on market $164,900 Active 54 DOM
7. 2026-06-07
   days on market $164,900 Active 52 DOM
8. 2026-06-03
   days on market $164,900 Active 48 DOM
9. 2026-06-02
   days on market $164,900 Active 47 DOM
10. 2026-06-01
    days on market $164,900 Active 46 DOM
11. 2026-05-31
    days on market $164,900 Active 45 DOM
12. 2026-04-22
    price $164,900
13. 2026-04-16
    listed $174,900 Active
14. 1993-07-26
    soldstatus $52,900
15. 1988-07-19
    soldstatus $19,500

ⓘ 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: $1,224 · $102/mo
• Projected year-2 tax: $1,369 · $114/mo
• Expected delta: +$145/yr (+$12/mo · 11.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 51% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 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: $26,969
• − Mortgage interest: −$9,237
• − Property taxes: −$1,224
• − Insurance: −$824
• − Repairs & maintenance: −$2,158
• − Management: −$2,158
• − HOA: −$1,140
• − Depreciation: −$4,797
• Taxable income: $5,432
• Est. tax owed @ 24.0%: −$1,304
• After-tax cash flow: $6,437/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 — Bonita Springs

• Score: 70/100
• State rank: #428
• US rank: #7576

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bonita Springs, FL
• County: Lee County · 788,662 people
• City population: 64,727
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 48,252
• Household income: $91,380
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 976.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 26% Two or more races 13% Native American 3% Black 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 4% Cuban 3%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 22% · Canada, Jamaica
• Languages at home: 74% English-only · Spanish 21% French/Haitian/Cajun 1% Russian/Polish/Slavic 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: ▼ -188.86%
• Current HPI: 243.4153
• Rent YoY: ▼ -0.61%
• 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

+745.6% since first listed

4 events — show timeline

• 2026-04-22 Price Changed $164,900 BEARMLS
• 2026-04-16 Listed $174,900 BEARMLS
• 1993-07-26 Sold (Public Records) $52,900 Public Records
• 1988-07-19 Sold (Public Records) $19,500 Public Records

Property tax history

+6.4%/yr

Latest (2025): $1,224 · +6.2% YoY. Source: county tax records.