2240 Palo Duro Blvd · North Fort Myers, FL 33917

$379,000

3 bd · 2.0 ba · 1,705 sqft · SingleFamily public records · 81 Days on market

Built 1997 7,753 sqft lot Est $351k · 8% over $242/mo HOA · 7% of rent

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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).

• Cash flow +12.7/30.0
• Schools +4.1/10.0
• 1% rule +3.9/10.0
• ARV discount +3.9/15.0
• DSCR +3.8/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Truly unique and custom-built, this exceptional home combines the best of the IBIS IV and IBIS II models, offering a spacious and versatile layout in the highly sought-after, resident-owned Herons Glen community. The expansive IBIS IV master suite provides a private retreat, complete with a large bedroom, en-suite bath, and an additional flex room—perfect as a music room, office, or private sitting area. The IBIS II portion of the home features an open-concept design with a bright kitchen, dining area, and living room, along with a guest bedroom, guest bath, and a den with elegant French doors that can easily serve as a third bedroom. Enjoy tile flooring throughout the main living are

Key facts

• Ibis iv master suite
• Open concept design
• Flex room

Tags

• CUSTOM BUILT
• IBIS IV MASTER SUITE
• FLEX ROOM
• OPEN CONCEPT DESIGN
• TILE FLOORING
• SPACIOUS COVERED LANAI

Property features AI

Finance

• Other: Part of a large community with approximately 1,370 units
• Financial info: Pets allowed conditionally (call), maximum of 3
• HOA & community: Homeowners association with quarterly fee; Association fee includes cable TV, internet, irrigation water, grounds maintenance, recreation facilities, reserve fund, street lights and security; Community amenities: clubhouse, fitness center, golf course, putting greens, bocce, pickleball, tennis courts, shuffleboard, billiards, library, hobby room, pool, spa/hot tub, restaurant, sidewalks, trails, management

Exterior

• Parking: Attached 2-car garage with garage door opener; Assigned parking; Driveway; Paved parking; Two covered parking spaces
• Security: Gated community with security gate; Gated with guard and on-site security guard
• Utilities: Cable available; High-speed internet available; Natural gas available; Underground utilities; Sewer assessment paid; Water assessment paid
• Home design: Single-story home; Entry level: 1; North-facing; Resale property; Has a view
• Construction: Block, concrete and stucco construction; Built-up and flat roof
• Exterior features: Screened lanai/patio/porch; Patio; Outdoor grill; Fire pit; Room for pool; Tennis courts (community); Sprinkler/irrigation system (automatic); Community pool

Interior

• Kitchen: Range; Self-cleaning oven; Microwave; Dishwasher; Disposal; Refrigerator with icemaker; Freezer; Pantry; Eat-in kitchen with breakfast bar; Icemaker
• Bedrooms: Primary bedroom on main level; Additional bedroom(s) on main level
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: Two full bathrooms; Dual sinks; Separate shower and bathtub
• Heating & cooling: Central electric heating; Central electric cooling (air conditioning)
• Interior features: Attic access with pull-down stairs; Breakfast bar; Eat-in kitchen; Living/dining room; Main level primary bedroom; Bedroom on main level; Dual sinks in bath; Separate shower and bathtub; Walk-in closet(s); Window coverings and treatments; Cable TV and high-speed internet available; Split bedrooms
• Laundry & utility: Washer; Dryer; Laundry tub; Inside laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $379k.

Deal economics

• At list price, monthly cash flow is $-39 ($-464/yr) — negative.
• To cash-flow at today's rent, offer at most $372k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $336k (11.5% below list).
• Recommended offer: $336k (11.5% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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.
• Zoned schools: Diplomat Elementary School (math 67% / reading 60%, grade B, #564 of 2,144 statewide, top 27%, 1,069 students, 56% FRL); Mariner Middle School (math 50% / reading 47%, grade C-, #274 of 571 statewide, top 50%, 1,001 students, 53% FRL); Ida S. Baker High School (math 44% / reading 47%, grade D-, #223 of 667 statewide, top 34%, 1,933 students, 39% FRL).
• Market conditions: Rents rising (+2.6%/yr); 846 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $3,355/mo this rent would consume 73% of the median local household income ($55k/yr) (locally 775% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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 81 days — a 6% lower offer ($356k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $335,519 (11.5% 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 81 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.89% ✗
• Cap rate: 6.17%
• Cash-on-cash: -0.44%
• DSCR: 0.98
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $351,230
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2411 Palo Duro Blvd	0.16mi	2/2.0 (-1)	1,814 (+6%)	0mo	$488,000	$269	76
20736 Mystic Way	0.51mi	3/2.0	1,700 (-0%)	3mo	$350,000	$206	74
20056 Sweetbay Dr	0.53mi	3/2.0	1,672 (-2%)	4mo	$278,500	$167	69
20686 Dennisport Ln	0.52mi	3/2.0	1,617 (-5%)	2mo	$460,000	$284	65
20605 Long Pond Rd	0.40mi	2/2.0 (-1)	1,805 (+6%)	6mo	$410,000	$227	62
1950 Corona Del Sire Dr	0.39mi	2/2.0 (-1)	1,602 (-6%)	11mo	$250,000	$156	58
2640 Palo Duro Blvd	0.40mi	3/2.0	1,917 (+12%)	6mo	$440,000	$230	56
20526 Plumwood Loop	0.31mi	2/2.0 (-1)	1,497 (-12%)	18mo	$285,000	$190	45
20502 Plumwood Loop	0.35mi	2/2.0 (-1)	1,497 (-12%)	18mo	$330,000	$220	44
20708 Tisbury Ln	0.62mi	2/2.0 (-1)	1,500 (-12%)	6mo	$272,000	$181	41
2136 Pigeon Plum Way	0.65mi	4/2.0 (+1)	1,828 (+7%)	14mo	$346,900	$190	41
2036 Pigeon Plum Way	0.69mi	2/2.0 (-1)	1,497 (-12%)	4mo	$272,000	$182	39

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 · 2.63% rent growth · sell at horizon

5-year hold

• IRR: -17.4%
• Equity multiple: 0.39×
• Total profit: $-65,026
• Equity at exit: $56,510

10-year hold

• IRR: -10.1%
• Equity multiple: 0.39×
• Total profit: $-64,480
• Equity at exit: $32,769

Cash invested: $106,120 (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 33917

• Home prices YoY: -30.2%
• Rents YoY: 2.6%
• Active inventory: 846
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $3,355 high
• Mortgage (P&I): −$1,988
• Tax from tax record: −$302 /mo · $3,622/yr
• Insurance: −$158
• HOA: −$242
• Vacancy / Maint / Mgmt: −$705
• Net cashflow: $-39

Break-even live

Break-even rent $3,404

Max offer price $372,175

Occupancy floor 96%

Sensitivity live

Price	-10% $176	-5% $69	+0% $-39	+5% $-146	+10% $-253
Rent	-10% $-304	-5% $-171	+0% $-39	+5% $94	+10% $226
Rate	-1.0pp $152	-0.5pp $58	base $-39	+0.5pp $-137	+1.0pp $-237

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: $94,750
• Closing costs: $11,370
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2130 Rio Nuevo Dr Unit 1546442P North Fort Myers, FL	2.0	2.0	1248	$4,682	$3.75	16d	1	0.22mi
2481 Palo Duro Blvd North Fort Myers, FL	3.0	2.0	1450	$4,000	$2.76	23d	1	0.24mi
2481 Palo Duro Blvd North Fort Myers, FL	3.0	2.0	1450	$4,000	$2.76	18d	1	0.24mi
2300 Valparaiso Blvd North Fort Myers, FL	2.0	2.0	1237	$3,000	$2.43	18d	1	0.31mi
2300 Valparaiso Blvd North Fort Myers, FL	2.0	2.0	1237	$4,000	$3.23	25d	1	0.31mi
1900 Corona del Sire Dr North Fort Myers, FL	2.0	2.0	1449	$2,400	$1.66	25d	1	0.43mi
20559 Long Pond Rd North Fort Myers, FL	3.0	2.0	1805	$2,295	$1.27	25d	1	0.49mi
20056 Sweetbay Dr North Fort Myers, FL	3.0	2.0	1672	$4,000	$2.39	25d	1	0.53mi
20919 Villareal Way North Fort Myers, FL	2.0	2.0	1428	$4,000	$2.80	25d	1	0.57mi
20038 Fiddlewood Ave North Fort Myers, FL	3.0	2.0	1519	$1,999	$1.32	21d	1	0.59mi
1670 Palo Duro Blvd North Fort Myers, FL	2.0	2.0	1604	$2,700	$1.68	5d	1	0.60mi
20728 Tisbury Ln North Fort Myers, FL	3.0	2.5	2133	$5,000	$2.34	16d	1	0.66mi
20333 Camino Torcido Loop North Fort Myers, FL	4.0	2.0	1828	$3,800	$2.08	25d	1	1.03mi
20461 Camino Torcido Loop North Fort Myers, FL	4.0	2.0	1828	$2,250	$1.23	25d	1	1.17mi
10401 Circle Pine Rd North Fort Myers, FL	2.0	2.0	1294	$3,000	$2.32	25d	1	1.20mi
19621 N Tamiami Trl North Fort Myers, FL	3.0	2.0	1205	$1,300	$1.08	25d	1	1.23mi
20719 Kaidon Ln North Fort Myers, FL	2.0	2.0	1538	$4,000	$2.60	25d	1	1.38mi
20961 Skyler Dr North Fort Myers, FL	3.0	3.0	2133	$6,000	$2.81	25d	1	1.41mi
19477 Bermuda Ct North Fort Myers, FL	3.0	2.0	1460	$1,499	$1.03	4d	1	1.42mi
19421 Bermuda Ct North Fort Myers, FL	3.0	2.0	1198	$1,499	$1.25	4d	1	1.46mi
19414 Bermuda Ct North Fort Myers, FL	3.0	2.0	1251	$1,499	$1.20	4d	1	1.48mi

HOA detail

• Monthly dues: $242 · $2,904/yr

Listing history 15 events

1. 2026-06-22
   days on market $379,000 Active 81 DOM
2. 2026-06-17
   days on market $379,000 Active 77 DOM
3. 2026-06-16
   days on market $379,000 Active 76 DOM
4. 2026-06-15
   days on market $379,000 Active 75 DOM
5. 2026-06-13
   days on market $379,000 Active 73 DOM
6. 2026-06-10
   days on market $379,000 Active 70 DOM
7. 2026-06-09
   days on market $379,000 Active 69 DOM
8. 2026-06-07
   days on market $379,000 Active 67 DOM
9. 2026-06-03
   days on market $379,000 Active 63 DOM
10. 2026-06-02
    days on market $379,000 Active 62 DOM
11. 2026-06-01
    days on market $379,000 Active 61 DOM
12. 2026-06-01
    days on market $379,000 Active 60 DOM
13. 2026-04-27
    price $379,000
14. 2026-04-01
    price $389,000
15. 2026-03-31
    listed $375,000 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: $3,622 · $302/mo
• Projected year-2 tax: $3,622 · $302/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 X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 28 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: $40,262
• − Mortgage interest: −$21,230
• − Property taxes: −$3,622
• − Insurance: −$1,895
• − Repairs & maintenance: −$3,221
• − Management: −$3,221
• − HOA: −$2,904
• − Depreciation: −$11,025
• Taxable loss: −$6,856
• Est. tax savings @ 24.0%: +$1,645
• After-tax cash flow: $1,182/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): 33,380
• Household income: $55,000
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 775.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 10% Two or more races 7% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 3%
• Common ancestry: Lithuanian 3% Romanian 3% Slovak 2%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 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: ▼ -122.28%
• Current HPI: 282.2895
• Rent YoY: ▲ 2.63%
• 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

+1.1% since first listed

3 events — show timeline

• 2026-04-27 Price Changed $379,000 FORTMLS
• 2026-04-01 Price Changed $389,000 FORTMLS
• 2026-03-31 Listed $375,000 FORTMLS

Property tax history

+1.2%/yr

Latest (2025): $3,622 · +3.0% YoY. Source: county tax records.