24797 Lakemont Cove Ln #202

Bonita Springs, FL 34134

$307,500F

2 bd · 2.0 ba · 1,658 sqft · Built 1993 · Condo · Pending · 342 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,236/mo
• Mortgage (P&I): −$1,613
• Tax + insurance: −$352
• HOA: −$1,041
• Vac / Maint / Mgmt: −$680
• Net cashflow: $-449/mo
• Annual: $-5,388/yr
• Cap rate: 4.54%
• Cash-on-cash: -6.26%
• DSCR: 0.72
• 1% rule: 1.05%
• Cash to close: $86,100

Investor read

• This is a 2-bed/2.0-bath condo listed at $308k.
• At list price, monthly cash flow is $-449 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (25.8% below list).
• Meets the 1% rule at list price ($3k rent vs $308k).
• It's been on market 342 days — a 12% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $228k (25.8% below list) — sets the bar for cash-flow.
• 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.
• Location reads 70/100 on livability (#428 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: cost of living C-, health & safety D, amenities 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: Spring Creek Elementary School (math 64% / reading 48%, grade C+, #832 of 2,144 statewide, top 40%, 594 students, 54% FRL); Lexington Middle School (math 55% / reading 54%, grade B-, #183 of 571 statewide, top 34%, 1,138 students, 44% FRL); Bonita Springs High School (math 34% / reading 49%, grade F, #284 of 667 statewide, top 43%, 1,543 students, 35% FRL).
• Watch-outs: HOA is 32% of rent.
• 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 25d 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).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $92k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $124k; list at $308k implies a 148% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.5% 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.

Questions for listing agent

• 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?
• It's been on market 342 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.