2366 E Mall Dr Apt 101 · Fort Myers, FL 33901

$97,500

2 bd · 2.0 ba · 1,080 sqft · Condo public records · 87 Days on market

Built 1979 $559/mo HOA · 39% 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).

• 1% rule +9.8/10.0
• Cash flow +7.9/30.0
• ARV discount +7.5/15.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• Rent growth +1.7/5.0
• Appreciation +0.0/10.0

Listing remarks

FIRST FLOOR UNIT IN COZY TOWERS LUXURY CONDOMINIUM COMMUNITY!! This unit features 2 bedrooms and 2 bathrooms and is located on the first floor, right next to the Clubhouse and HEATED community pool! There are many amenities including grills, landscaped courtyard, heated swimming pool, car ports, etc. Located within walking distance of the Edison Mall and tons of other shopping plazas! The unit is completely remodeled and comes with a BRAND NEW SET OF WHIRLPOOL APPLIANCES (Not in photos)!

Key facts

• First floor unit
• Landscaped courtyard
• $559 HOA

Tags

• FIRST FLOOR UNIT
• HEATED COMMUNITY POOL
• LANDSCAPED COURTYARD
• WALKING DISTANCE TO SHOPPING

Property features AI

Finance

• Other: No motorcycles or RVs allowed (restrictions)
• HOA & community: Mandatory condo association; Annual HOA fee of $6,708; HOA covers cable, laundry facilities, lawn/land maintenance, manager, trash removal, and water; Community amenities include a clubhouse and community pool; Management: Condo

Exterior

• Parking: 1 assigned parking space; Detached 1-car carport
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential condo in a mid-rise (4–7) building; Multi-story home; Rear exposure faces west; Part of TOWERS CONDO development; Entry level: first floor unit
• Construction: Concrete block construction; Metal roof; Built in 1979
• Exterior features: Patio; Stucco exterior; Windows: see remarks

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 2 bedrooms (one on the first floor)
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms; Master bath with combo tub and shower
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Dining area open to living room; Screened lanai/porch; Common elevator access; Unfurnished
• Laundry & utility: Laundry facilities available (community)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $98k.

Deal economics

• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $79k (19.1% below list).
• Meets the 1% rule at list price ($1k rent vs $98k).
• Recommended offer: $79k (19.1% below list) — sets the bar for cash-flow.
• Cap rate 5.0% vs local median 3.0% in 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 86/100 on livability (#14 in FL, #383 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• 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 falling (-3.2%/yr); 286 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); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 33% of the median local income ($52k/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 $674 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 87 days — a 6% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 8y ago; this cycle's ask has dropped $28k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $74k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→33/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,910 (19.1% 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 87 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.48% ✓
• Cap rate: 5.00%
• Cash-on-cash: -4.63%
• DSCR: 0.79
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -30.6%
• Equity multiple: 0.03×
• Total profit: $-26,360
• Equity at exit: $14,538

10-year hold

• IRR: -82.6%
• Equity multiple: -0.70×
• Total profit: $-46,420
• Equity at exit: $8,430

Cash invested: $27,300 (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 33901

• Home prices YoY: -25.9%
• Rents YoY: -3.2%
• Active inventory: 286
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,444 high
• Mortgage (P&I): −$511
• Tax from tax record: −$135 /mo · $1,619/yr
• Insurance: −$41
• HOA: −$559
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $-105

Break-even live

Break-even rent $1,577

Max offer price $78,910

Occupancy floor —

Sensitivity live

Price	-10% $-50	-5% $-78	+0% $-105	+5% $-133	+10% $-160
Rent	-10% $-219	-5% $-162	+0% $-105	+5% $-48	+10% $9
Rate	-1.0pp $-56	-0.5pp $-80	base $-105	+0.5pp $-131	+1.0pp $-156

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: $24,375
• Closing costs: $2,925
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2366 E Mall Dr #406 Fort Myers, FL	2.0	2.0	1092	$1,500	$1.37	24d	1	0.03mi
4127 Residence Dr Fort Myers, FL	2.0	2.0	1003	$1,400	$1.40	24d	1	0.09mi
4135 Residence Dr #618 Fort Myers, FL	3.0	2.0	1121	$1,700	$1.52	24d	1	0.09mi
4113 Residence Dr #211 Fort Myers, FL	2.0	2.0	1080	$1,400	$1.30	15d	1	0.16mi
4109 Residence Dr Fort Myers, FL	2.0–3.0	2.0	1062	$1,350	$1.27	4d	2	0.17mi
4109 Residence Dr Fort Myers, FL	2.0–3.0	2.0	1062	$1,350	$1.27	15d	3	0.17mi
4105 Residence Dr Fort Myers, FL	1.0	1.0	757	$1,098	$1.45	15d	2	0.17mi
2346 Winkler Ave Fort Myers, FL	1.0–3.0	1.0–2.0	812	$1,694	$2.09	3d	28	0.23mi
2264 Winkler Ave Fort Myers, FL	2.0	2.0	1160	$1,270	$1.09	24d	2	0.29mi
2264 Winkler Ave #202 Fort Myers, FL	2.0	2.0	1160	$1,450	$1.25	4d	1	0.30mi
2244 Winkler Ave #207 Fort Myers, FL	2.0	2.0	1187	$1,400	$1.18	24d	1	0.33mi
3891 Solomon Blvd Fort Myers, FL	1.0–3.0	1.0–2.0	856	$1,390	$1.62	2d	23	0.40mi
2719 Colonial Blvd Fort Myers, FL	1.0–2.0	1.0–2.0	771	$1,353	$1.75	2d	17	0.42mi
3726 Central Ave Fort Myers, FL	1.0–2.0	1.0–2.0	907	$1,700	$1.87	24d	1	0.53mi
3706 Broadway #18 Fort Myers, FL	1.0	1.0	752	$1,000	$1.33	24d	1	0.61mi
3706 Broadway #30 Fort Myers, FL	2.0	2.0	962	$1,100	$1.14	24d	1	0.61mi
3706 Broadway #29 Fort Myers, FL	2.0	2.0	949	$1,150	$1.21	4d	1	0.61mi
3706 Broadway Unit A29 Fort Myers, FL	2.0	2.0	949	$1,250	$1.32	24d	1	0.62mi
3704 Broadway #101 Fort Myers, FL	2.0	1.0	910	$1,100	$1.21	24d	1	0.64mi
3704 Broadway #310 Fort Myers, FL	1.0	1.0	702	$1,000	$1.42	24d	1	0.64mi
1905 Winkler Ave Unit 7 Fort Myers, FL	2.0	1.0	1000	$1,400	$1.40	24d	1	0.67mi
2121 Collier Ave Fort Myers, FL	2.0	2.0	958	$1,375	$1.44	12d	4	0.69mi
2121 Collier Ave Fort Myers, FL	2.0	2.0	958	$1,448	$1.51	4d	3	0.69mi
2650 Park Windsor Dr #111 Fort Myers, FL	2.0	2.0	752	$1,300	$1.73	24d	1	0.71mi
2690 Park Windsor Dr #601 Fort Myers, FL	2.0	2.0	752	$1,374	$1.83	24d	1	0.72mi
2680 Park Windsor Dr #503 Fort Myers, FL	2.0	2.0	752	$1,300	$1.73	3d	1	0.73mi
2700 Park Windsor Dr #713 Fort Myers, FL	2.0	2.0	752	$1,500	$1.99	17d	1	0.74mi
2865 Winkler Ave #411 Fort Myers, FL	2.0	2.0	883	$1,250	$1.42	24d	1	0.74mi
2875 Winkler Ave #511 Fort Myers, FL	2.0	2.0	883	$1,500	$1.70	4d	1	0.76mi
2905 Winkler Ave #713 Fort Myers, FL	2.0	2.0	883	$1,075	$1.22	22d	1	0.77mi
3585 Central Ave Fort Myers, FL	1.0–2.0	1.0–2.0	1000	$1,450	$1.45	24d	1	0.78mi
4790 S Cleveland Ave Fort Myers, FL	2.0	2.0	801	$1,088	$1.36	24d	2	0.81mi
3835 Lake St Fort Myers, FL	3.0	1.0	976	$1,350	$1.38	12d	1	0.84mi
4637 Deleon St Fort Myers, FL	3.0	1.0–2.0	815	$1,447	$1.78	4d	37	0.85mi
33 Broadway Cir Fort Myers, FL	3.0	2.0	1122	$1,800	$1.60	17d	1	0.85mi
4610 Deleon St Fort Myers, FL	2.0	1.0	1000	$1,225	$1.23	24d	1	0.88mi
4172 Castilla Cir #101 Fort Myers, FL	3.0	2.0	1088	$1,800	$1.65	24d	1	0.89mi
4172 Castilla Cir #105 Fort Myers, FL	2.0	2.0	939	$1,349	$1.44	15d	1	0.89mi
1927 Hill Ave Unit 8 Fort Myers, FL	2.0	2.0	880	$1,150	$1.31	24d	1	0.90mi
1927 Hill Ave Fort Myers, FL	2.0	2.0	800	$1,150	$1.44	24d	1	0.90mi

HOA detail condo

• Monthly dues: $559 · $6,708/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-17
   days on market $97,500 Active 87 DOM
2. 2026-06-16
   days on market $97,500 Active 86 DOM
3. 2026-06-15
   days on market $97,500 Active 85 DOM
4. 2026-06-13
   days on market $97,500 Active 83 DOM
5. 2026-06-10
   days on market $97,500 Active 80 DOM
6. 2026-06-09
   days on market $97,500 Active 79 DOM
7. 2026-06-07
   days on market $97,500 Active 77 DOM
8. 2026-06-03
   days on market $97,500 Active 73 DOM
9. 2026-06-02
   days on market $97,500 Active 72 DOM
10. 2026-06-02
    price $97,500 Active 71 DOM
11. 2026-06-01
    days on market $99,000 Active 71 DOM
12. 2026-06-01
    days on market $99,000 Active 70 DOM
13. 2026-05-13
    price $99,000
14. 2026-05-13
    status Active
15. 2026-05-13
    historical
16. 2026-04-08
    price $109,000
17. 2026-03-27
    price $119,000
18. 2026-03-17
    listed $125,000 Active
19. 2026-02-24
    price $110,000
20. 2026-02-14
    listed $129,000 Active
21. 2025-09-30
    historical
22. 2025-09-26
    status Active
23. 2025-09-24
    status Pending
24. 2025-09-16
    price $84,500
25. 2025-09-10
    listed $89,000 Active
26. 2020-04-13
    historical
27. 2020-03-12
    listed $80,500 Active
28. 2018-11-15
    soldstatus $73,800
29. 2018-10-02
    soldstatus $74,800 Sold
30. 2018-09-30
    status Pending
31. 2018-04-20
    listed $79,800 Active
32. 1997-04-03
    soldstatus $22,500
33. 1996-06-05
    soldstatus $295,300

ⓘ 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: $1,619 · $135/mo
• Projected year-2 tax: $1,619 · $135/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 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 33 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: $17,326
• − Mortgage interest: −$5,462
• − Property taxes: −$1,619
• − Insurance: −$488
• − Repairs & maintenance: −$1,386
• − Management: −$1,386
• − HOA: −$6,708
• − Depreciation: −$2,836
• Taxable loss: −$2,559
• Est. tax savings @ 24.0%: +$614
• After-tax cash flow: $-649/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 — Fort Myers

• Score: 86/100
• State rank: #14
• US rank: #383

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 278,598
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 24,481
• Household income: $51,816
• Rent vs Own: 52.8% rent · 47.2% own
• Severe rent burden: 1782.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 50% Hispanic / Latino 23% Black 22% Two or more races 15% Asian 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 4% Cuban 4%
• Common ancestry: Hispanic 7% Estonian 2% Lithuanian 2%
• Foreign-born: 22% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 18% French/Haitian/Cajun 8% Other Indo-European 4%

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: ▼ -108.70%
• Current HPI: 311.8283
• Rent YoY: ▼ -3.23%
• 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

-66.5% since first listed

21 events — show timeline

• 2026-05-13 Price Changed $99,000 BEARMLS
• 2026-05-13 Relisted — BEARMLS
• 2026-05-13 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $109,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-27 Price Changed $119,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-17 Listed $125,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-24 Price Changed $110,000 BEARMLS
• 2026-02-14 Listed $129,000 BEARMLS
• 2025-09-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-09-26 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-09-24 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-09-16 Price Changed $84,500 Stellar MLS as Distributed by MLS Grid
• 2025-09-10 Listed $89,000 Stellar MLS as Distributed by MLS Grid
• 2020-04-13 Listing Removed — FORTMLS
• 2020-03-12 Listed $80,500 FORTMLS
• 2018-11-15 Sold (Public Records) $73,800 Public Records
• 2018-10-02 Sold (MLS) $74,800 FORTMLS
• 2018-09-30 Pending — FORTMLS
• 2018-04-20 Listed $79,800 FORTMLS
• 1997-04-03 Sold (Public Records) $22,500 Public Records
• 1996-06-05 Sold (Public Records) $295,300 Public Records

Property tax history

+8.3%/yr

Latest (2025): $1,619 · -28.6% YoY. Source: county tax records.