28770 Bermuda Bay Way #204 · Bonita Springs, FL 34134

$295,000

2 bd · 2.0 ba · 1,076 sqft · Condo public records · 331 Days on market

Built 1996 $624/mo HOA · 17% of rent

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Why this score? — see what drove the C 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 +21.1/30.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Absolutely gorgeous TURNKEY condo WEST OF 41! Location, Location, Location! Close to Bonita Beach, Barefoot Beach and Vanderbilt Beach, just a short bike ride away! Completely renovated with NEW FLOORS and FRESH PAINT. The kitchen renovation includes GRANITE COUNTERS, NEW CABINETS and NEW STAINLESS APPLIANCES. Both BATHROOMS have been RENOVATED. Being offered TURNKEY with hardly ever used beautiful living room set. You will love this immaculate condo for yourself or as an investment. LOW HOA dues, PET FRIENDLY.

Key facts

• New electrical panel
• New roof
• 2023 refrigerator

Tags

• IMPACT RESISTANT WINDOWS
• NEW ELECTRICAL PANEL
• NEW ROOF
• 2023 REFRIGERATOR

Property features AI

Finance

• Other: Complex has 80 units; 10 units in the building; 1 floor with 2 units per floor
• HOA & community: Mandatory HOA; Master HOA fee $697 annually; Condo fee $1,700 quarterly; Total annual recurring fees $7,497; Total one-time fees $150; Community pool and sidewalks; HOA covers lawn/land maintenance, manager, pest control (exterior), street lights/maintenance, trash removal, legal/accounting

Exterior

• Parking: 1 assigned parking space
• Security: Gated community
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise building (1–3 stories); Built in 1996; Rear exposure facing east; Unit 204 in the development Vanderbilt Lakes (Bermuda Gardens sub-condo)
• Construction: Concrete block construction; Shingle roof
• Exterior features: Stucco exterior; Impact resistant windows; Landscaped view; Central irrigation; Private road; Deeded community restrictions (no commercial, no motorcycles, no RV, no truck)

Interior

• Kitchen: Pantry; Dishwasher; Disposal; Microwave; Range; Refrigerator/ice maker; Breakfast bar / eat-in kitchen
• Bedrooms: 2 bedrooms (split bedroom floor plan)
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heating; Central electric cooling
• Interior features: Cable prewire; Pantry; Vaulted/volume ceilings; Great room; Screened balcony/lanai/porch; Furnished
• Laundry & utility: Washer and dryer in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $295k.

Deal economics

• At list price, monthly cash flow is $423 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $295k).
• Recommended offer: $260k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 rising (+2.9%/yr); 699 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 34% of the median local income ($131k/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 $2k of loan paydown is wiped out by about $9k 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 331 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $23k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $215k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $259,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 331 days. Have you received any prior offers? Is the seller open to a 12% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.25% ✓
• Cap rate: 8.02%
• Cash-on-cash: 6.15%
• DSCR: 1.27
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.85% rent growth · sell at horizon

5-year hold

• IRR: -6.9%
• Equity multiple: 0.75×
• Total profit: $-21,057
• Equity at exit: $43,985

10-year hold

• IRR: 2.6%
• Equity multiple: 1.19×
• Total profit: $15,458
• Equity at exit: $25,506

Cash invested: $82,600 (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 34134

• Rents YoY: 2.9%
• Active inventory: 699
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $3,677 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$188 /mo · $2,251/yr
• Insurance: −$123
• HOA: −$624
• Vacancy / Maint / Mgmt: −$772
• Net cashflow: $423

Break-even live

Break-even rent $3,141

Max offer price $295,000

Occupancy floor 83%

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28720 Bermuda Bay Way #205 Bonita Springs, FL	2.0	2.0	1097	$2,200	$2.01	15d	1	0.04mi
28940 Bermuda Pointe Cir #102 Bonita Springs, FL	2.0	2.0	1076	$5,500	$5.11	24d	1	0.12mi
3930 Windward Passage Cir #202 Bonita Springs, FL	2.0	2.0	1478	$1,900	$1.29	16d	1	0.19mi
3951 Windward Passage Cir #102 Bonita Springs, FL	2.0	2.0	1397	$5,200	$3.72	24d	1	0.23mi
3941 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$2,000	$1.66	24d	1	0.27mi
3921 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$3,500	$2.91	24d	1	0.27mi
74 7th St Bonita Springs, FL	3.0	2.0	1124	$3,150	$2.80	23d	1	0.45mi
28611 Carriage Home Dr #101 Bonita Springs, FL	2.0	2.0	1433	$2,550	$1.78	24d	1	0.55mi
64 4th St Bonita Springs, FL	2.0	2.0	1231	$3,700	$3.01	23d	2	0.57mi
28178 Sunset Dr Bonita Springs, FL	2.0	1.0	936	$2,550	$2.72	21d	1	0.63mi
15400 Cedarwood Ln #102 Naples, FL	2.0	2.0	1286	$6,300	$4.90	14d	1	0.66mi
15400 Cedarwood Ln Unit 1-201 Naples, FL	2.0	2.0	1286	$6,000	$4.67	23d	1	0.66mi
28700 Trails Edge Blvd Bonita Springs, FL	3.0	2.0	1458	$2,175	$1.49	3d	2	0.70mi
15415 Cedarwood Ln Unit 3 Naples, FL	2.0	2.0	1428	$2,200	$1.54	14d	1	0.75mi
285 Naples Cove Dr #1103 Naples, FL	2.0	2.0	1267	$2,475	$1.95	23d	1	0.76mi
290 Naples Cove Dr Naples, FL	2.0	2.0	1327	$3,400	$2.56	23d	3	0.79mi
270 Naples Cove Dr #3506 Naples, FL	3.0	2.0	1475	$2,500	$1.69	21d	1	0.80mi
15191 Cedarwood Ln #2602 Naples, FL	2.0	2.0	1267	$2,300	$1.82	23d	1	0.84mi
27921 Bonita Village Blvd Bonita Springs, FL	2.0–3.0	2.0	1429	$3,045	$2.13	24d	3	0.86mi
1345 Sweetwater Cv #203 Naples, FL	2.0	2.0	1279	$4,800	$3.75	23d	1	0.87mi
1340 Sweetwater Cv #103 Naples, FL	2.0	2.0	1279	$5,000	$3.91	23d	1	0.88mi
15161 Cedarwood Ln Naples, FL	2.0	2.0	1267	$4,000	$3.16	23d	3	0.88mi
1360 Sweetwater Cv #202 Naples, FL	2.0	2.0	1279	$5,500	$4.30	23d	1	0.89mi
386 Emerald Bay Cir Unit G4 Naples, FL	3.0	2.0	1490	$2,500	$1.68	23d	1	0.90mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	14d	1	0.90mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	23d	1	0.90mi
28790 Versol Dr Bonita Springs, FL	1.0–3.0	1.0–2.0	1075	$2,632	$2.45	2d	19	0.91mi
1415 Sweetwater Cv #104 Naples, FL	3.0	2.0	1381	$6,500	$4.71	23d	1	0.91mi
4073 Springs Ln Unit 4073 Bonita Springs, FL	2.0	1.0	720	$1,995	$2.77	24d	1	0.91mi
1390 Sweetwater Cv #203 Naples, FL	2.0	2.0	1279	$2,200	$1.72	14d	1	0.93mi
1325 Sweetwater Cv #201 Naples, FL	3.0	2.0	1381	$6,000	$4.34	23d	1	0.93mi
1420 Sweetwater Cv #102 Naples, FL	2.0	2.0	1279	$5,000	$3.91	21d	1	0.94mi
1420 Sweetwater Cv #102 Naples, FL	2.0	2.0	1279	$5,000	$3.91	23d	1	0.94mi
3503 Brink Cir Bonita Springs, FL	2.0	3.0	1300	$2,200	$1.69	24d	1	0.94mi
298 Emerald Bay Cir Unit K6 Naples, FL	2.0	2.0	1202	$4,750	$3.95	23d	1	0.95mi
306 Emerald Bay Cir Unit J8 Naples, FL	2.0	2.0	1350	$4,000	$2.96	23d	1	0.95mi
306 Emerald Bay Cir Unit J5 Naples, FL	3.0	2.0	1490	$5,900	$3.96	23d	1	0.95mi
3463 Brink Cir Bonita Springs, FL	2.0	1.0	1000	$2,150	$2.15	24d	1	0.96mi
505 Lake Louise Cir #101 Naples, FL	2.0	2.0	1444	$5,500	$3.81	23d	1	1.00mi
4212 Rita Ln Bonita Springs, FL	2.0	2.0	1428	$1,475	$1.03	24d	1	1.02mi

HOA detail condo

• Monthly dues: $624 · $7,488/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-17
   days on market $295,000 Active 331 DOM
2. 2026-06-16
   days on market $295,000 Active 330 DOM
3. 2026-06-16
   days on market $295,000 Active 329 DOM
4. 2026-06-13
   days on market $295,000 Active 327 DOM
5. 2026-06-09
   days on market $295,000 Active 323 DOM
6. 2026-06-07
   days on market $295,000 Active 321 DOM
7. 2026-06-02
   days on market $295,000 Active 316 DOM
8. 2026-06-01
   days on market $295,000 Active 315 DOM
9. 2026-06-01
   days on market $295,000 Active 314 DOM
10. 2026-03-18
    price $295,000
11. 2026-02-18
    price $310,000
12. 2025-07-21
    listed $318,000 Active
13. 2020-03-30
    soldstatus $215,000 Closed 516-char remark

    Show marketing remark (516 chars)

    Absolutely gorgeous TURNKEY condo WEST OF 41! Location, Location, Location! Close to Bonita Beach, Barefoot Beach and Vanderbilt Beach, just a short bike ride away! Completely renovated with NEW FLOORS and FRESH PAINT. The kitchen renovation includes GRANITE COUNTERS, NEW CABINETS and NEW STAINLESS APPLIANCES. Both BATHROOMS have been RENOVATED. Being offered TURNKEY with hardly ever used beautiful living room set. You will love this immaculate condo for yourself or as an investment. LOW HOA dues, PET FRIENDLY.

14. 2020-02-23
    status Pending 516-char remark

    Show marketing remark (516 chars)

    Absolutely gorgeous TURNKEY condo WEST OF 41! Location, Location, Location! Close to Bonita Beach, Barefoot Beach and Vanderbilt Beach, just a short bike ride away! Completely renovated with NEW FLOORS and FRESH PAINT. The kitchen renovation includes GRANITE COUNTERS, NEW CABINETS and NEW STAINLESS APPLIANCES. Both BATHROOMS have been RENOVATED. Being offered TURNKEY with hardly ever used beautiful living room set. You will love this immaculate condo for yourself or as an investment. LOW HOA dues, PET FRIENDLY.

15. 2020-02-22
    listed $219,900 Active 516-char remark

    Show marketing remark (516 chars)

    Absolutely gorgeous TURNKEY condo WEST OF 41! Location, Location, Location! Close to Bonita Beach, Barefoot Beach and Vanderbilt Beach, just a short bike ride away! Completely renovated with NEW FLOORS and FRESH PAINT. The kitchen renovation includes GRANITE COUNTERS, NEW CABINETS and NEW STAINLESS APPLIANCES. Both BATHROOMS have been RENOVATED. Being offered TURNKEY with hardly ever used beautiful living room set. You will love this immaculate condo for yourself or as an investment. LOW HOA dues, PET FRIENDLY.

16. 2020-02-21
    historical
17. 2020-02-10
    price $219,900
18. 2020-01-29
    price $229,000
19. 2020-01-21
    listed $239,900 Active
20. 2018-01-18
    soldstatus $178,000
21. 2017-11-28
    price $189,000
22. 2017-09-25
    price $199,000
23. 2016-01-02
    price $193,900
24. 2014-01-29
    soldstatus $47,000
25. 2004-09-21
    soldstatus $152,000
26. 2001-01-24
    soldstatus $103,000
27. 1999-12-30
    soldstatus $93,900
28. 1996-02-19
    soldstatus $80,700

ⓘ 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: $2,251 · $188/mo
• Projected year-2 tax: $2,448 · $204/mo
• Expected delta: +$197/yr (+$16/mo · 8.8%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 55% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 6 d/yr ≥107°F today · 25 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: $44,127
• − Mortgage interest: −$16,525
• − Property taxes: −$2,251
• − Insurance: −$1,475
• − Repairs & maintenance: −$3,530
• − Management: −$3,530
• − HOA: −$7,488
• − Depreciation: −$8,582
• Taxable income: $746
• Est. tax owed @ 24.0%: −$179
• After-tax cash flow: $4,903/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): 16,475
• Household income: $130,719
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 554.0

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 (91%)
• Race & ethnicity: White 91% Hispanic / Latino 5% Two or more races 3% Asian 1%
• Common ancestry: Slovak 5% Romanian 4% Serbian 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 4% German/W. Germanic 1% 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: ▼ -236.48%
• Current HPI: 237.4416
• Rent YoY: ▲ 2.85%
• 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

+265.6% since first listed

19 events — show timeline

• 2026-03-18 Price Changed $295,000 NAPLESMLS
• 2026-02-18 Price Changed $310,000 NAPLESMLS
• 2025-07-21 Listed $318,000 NAPLESMLS
• 2020-03-30 Sold (MLS) $215,000 FORTMLS
• 2020-02-23 Pending — FORTMLS
• 2020-02-22 Listed $219,900 FORTMLS
• 2020-02-21 Listing Removed — FORTMLS
• 2020-02-10 Price Changed $219,900 FORTMLS
• 2020-01-29 Price Changed $229,000 FORTMLS
• 2020-01-21 Listed $239,900 FORTMLS
• 2018-01-18 Sold (Public Records) $178,000 Public Records
• 2017-11-28 Price Changed $189,000 BEARMLS
• 2017-09-25 Price Changed $199,000 BEARMLS
• 2016-01-02 Price Changed $193,900 BEARMLS
• 2014-01-29 Sold (Public Records) $47,000 Public Records
• 2004-09-21 Sold (Public Records) $152,000 Public Records
• 2001-01-24 Sold (Public Records) $103,000 Public Records
• 1999-12-30 Sold (Public Records) $93,900 Public Records
• 1996-02-19 Sold (Public Records) $80,700 Public Records

Property tax history

+3.0%/yr

Latest (2025): $2,251 · +3.4% YoY. Source: county tax records.