537 Palmer Blvd · North Fort Myers, FL 33903

$110,000

2 bd · 2.0 ba · 1,084 sqft · Condo public records · 105 Days on market

Built 1976 $550/mo HOA · 32% 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 +14.9/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your dream home in the beautiful Six Lakes Country Club! This stunning manufactured home offers everything you could possibly want and more. With 2 bedrooms and 2 bathrooms, there is plenty of space for you and your guests to relax and unwind. The open floor plan creates a spacious and inviting atmosphere, perfect for entertaining or simply enjoying a quiet night in. The kitchen features a pantry for all your storage needs and comes fully furnished with all the essentials. Step outside onto the screened lanai and take in the breathtaking views of the surrounding landscape. And the best part? A golf cart is included with the home, making it easy to explore the community and all it

Key facts

• Open floor plan
• Exercise room
• Screened lanai

Tags

• OPEN FLOOR PLAN
• SCREENED LANAI
• GOLF CART INCLUDED
• EXECUTIVE 18-HOLE GOLF COURSE
• COMMUNITY POOL SPA
• EXERCISE ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $32 ($385/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $100k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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.
• Market conditions: Rents soft (-1.9%/yr); 472 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 36% of the median local income ($57k/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 $761 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 105 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 4→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $100,100 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.54% ✓
• Cap rate: 6.64%
• Cash-on-cash: 1.25%
• DSCR: 1.06
• GRM: 5.4

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: -19.9%
• Equity multiple: 0.34×
• Total profit: $-20,396
• Equity at exit: $16,401

10-year hold

• IRR: -32.1%
• Equity multiple: -0.07×
• Total profit: $-32,894
• Equity at exit: $9,511

Cash invested: $30,800 (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 33903

• Rents YoY: -1.9%
• Active inventory: 472
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,699 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$550
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $32

Break-even live

Break-even rent $1,658

Max offer price $110,000

Occupancy floor 93%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8791 Littleton Rd North Fort Myers, FL	2.0	2.0	1074	$1,549	$1.44	24d	1	0.32mi
571 Sunrise Ln North Fort Myers, FL	2.0	2.0	1004	$1,400	$1.39	24d	1	0.45mi
2700 Diplomat Pkwy E Cape Coral, FL	1.0–3.0	1.0–2.0	1116	$2,382	$2.13	3d	41	0.47mi
28 Nyborg Ave North Fort Myers, FL	3.0	2.0	1042	$1,299	$1.25	14d	1	0.58mi
3260 Stockton St North Fort Myers, FL	3.0	1.0–2.0	976	$2,371	$2.43	2d	27	0.62mi
3404 Rainbow Ln North Fort Myers, FL	2.0	2.0	1056	$1,800	$1.70	3d	1	0.80mi
3050 Steeple Cir Cape Coral, FL	1.0–3.0	1.0–2.0	1003	$1,668	$1.66	3d	27	0.85mi
538 State St North Fort Myers, FL	3.0	1.5	1000	$1,199	$1.20	24d	1	0.88mi
446 San Bernardino St North Fort Myers, FL	2.0	1.0	1104	$1,590	$1.44	10d	1	1.04mi
2627 Riverfield Rd Cape Coral, FL	3.0	2.5	1324	$1,424	$1.08	24d	1	1.09mi
260 Stockton St North Fort Myers, FL	2.0	2.0	924	$1,200	$1.30	3d	1	1.13mi
248 Stockton St North Fort Myers, FL	3.0	2.0	924	$1,300	$1.41	24d	1	1.15mi
247 Stockton St North Fort Myers, FL	3.0	2.0	924	$1,325	$1.43	24d	1	1.16mi
2309 NE 15th Ln Cape Coral, FL	3.0	2.0	1250	$1,595	$1.28	3d	1	1.22mi
2116 NE 25th St Cape Coral, FL	3.0	2.0	1352	$1,891	$1.40	3d	1	1.27mi
2221 NE 15th Ln Cape Coral, FL	2.0	2.0	1400	$1,675	$1.20	16d	1	1.30mi
2505 Liberty Park Dr Cape Coral, FL	1.0–2.0	1.0–2.0	1092	$2,203	$2.02	3d	14	1.32mi
2500 Ne Pine Island Rd North Fort Myers, FL	1.0–3.0	1.0–2.0	962	$2,018	$2.10	3d	19	1.38mi
2774 Wedgewood Dr North Fort Myers, FL	2.0	2.0	880	$1,300	$1.48	24d	1	1.41mi

HOA detail condo

• Monthly dues: $550 · $6,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-02-25
   status Pending
2. 2025-11-12
   listed $110,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 4 d/yr ≥107°F today · 15 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: $20,389
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,631
• − Management: −$1,631
• − HOA: −$6,600
• − Depreciation: −$3,200
• Taxable loss: −$1,035
• Est. tax savings @ 24.0%: +$248
• After-tax cash flow: $634/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): 23,655
• Household income: $56,993
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 468.0

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 14% Two or more races 8% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 3%
• Common ancestry: Lithuanian 4% Romanian 4% Italian 3%
• Foreign-born: 11% · Canada
• Languages at home: 88% English-only · Spanish 9% 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: ▼ -172.26%
• Current HPI: 256.773
• Rent YoY: ▼ -1.94%
• 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

2 events — show timeline

• 2026-02-25 Pending — FORTMLS
• 2025-11-12 Listed $110,000 FORTMLS

Property tax history

-0.9%/yr

Latest (2025): $196 · +10.0% YoY. Source: county tax records.