3890 Leeward Passage Ct #201 · Bonita Springs, FL 34134

$349,000

3 bd · 2.0 ba · 1,311 sqft · Condo public records · 112 Days on market

Built 1990 $534/mo HOA · 10% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Amazing vaulted ceilings in this rarely available 3 bedroom unit. One of only 16 that were built with 3 bedrooms in Bermuda isles. Updated granite in the kitchen overlooking your open living area with newer laminate floors. This great unit in a quiet neighborhood of Vanderbilt Lakes west of US41 offers 2 pools 2 spas and Tennis all just a short bike ride to Barefoot beach, with low fees and being sold furnished, this truly will not last long, schedule your showing today! (UPDATE new water heater installed 12/30/2019)

Key facts

• Corner location
• Community pool
• End unit

Tags

• END UNIT
• CORNER LOCATION
• DEEDED PARKING SPOT
• COMMUNITY POOL
• TENNIS PICKLEBALL COURT

Property features AI

Finance

• Other: Part of a complex with 48 units; 8 units in the building; 2 units per floor; building has 2 floors; Total area listed as 1311
• HOA & community: Mandatory HOA; Professional management; Quarterly condo fee (listed); Annual master HOA fee (listed); Community is gated; Community amenities include bike storage, community pool, spa/hot tub, and tennis court; Maintenance provided for insurance, internet/WiFi, irrigation water, lawn/land, legal/accounting, exterior pest control, street lights, trash removal, and water

Exterior

• Utilities: Central water; Central sewer; Cable available
• Home design: Residential end-unit in a low-rise (1-3) building; Built in 1990; Rear exposure to the east; Located in the Vanderbilt Lakes development
• Construction: Concrete block construction
• Exterior features: Tile roof; Stucco exterior finish; Impact resistant windows and shutters; Central irrigation; View described as 'See Remarks'

Interior

• Kitchen: Electric cooktop; Dishwasher; Microwave; Refrigerator/Freezer
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms; Master bathroom with shower only
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Vaulted ceiling; Split bedroom floor plan; Dining area combined with living room; Furnished

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $349k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $349k).
• Recommended offer: $318k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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 23d 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).
• At $5,288/mo this rent would consume 49% of the median local household income ($131k/yr) (locally 554% 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 $2k of loan paydown is wiped out by about $10k 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $98k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($318k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $228k; list at $349k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major 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.

Recommended offer $317,590 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.52% ✓
• Cap rate: 11.05%
• Cash-on-cash: 16.99%
• DSCR: 1.76
• GRM: 5.5

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: 8.1%
• Equity multiple: 1.32×
• Total profit: $31,099
• Equity at exit: $52,037

10-year hold

• IRR: 17.3%
• Equity multiple: 2.42×
• Total profit: $138,584
• Equity at exit: $30,175

Cash invested: $97,720 (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: 5.5×

Monthly cashflow live

• Estimated rent: $5,288 high
• Mortgage (P&I): −$1,830
• Tax from tax record: −$284 /mo · $3,411/yr
• Insurance: −$145
• HOA: −$534
• Vacancy / Maint / Mgmt: −$1,111
• Net cashflow: $1,384

Break-even live

Break-even rent $3,537

Max offer price $349,000

Occupancy floor 69%

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3921 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$3,500	$2.91	23d	1	0.11mi
3941 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$2,000	$1.66	23d	1	0.16mi
28712 Carmel Way Bonita Springs, FL	3.0	2.5	1626	$9,250	$5.69	23d	1	0.21mi
3951 Windward Passage Cir #102 Bonita Springs, FL	2.0	2.0	1397	$5,200	$3.72	23d	1	0.23mi
3930 Windward Passage Cir #202 Bonita Springs, FL	2.0	2.0	1478	$1,900	$1.29	15d	1	0.24mi
28327 Hidden Lake Dr Bonita Springs, FL	3.0	2.0	1567	$8,950	$5.71	23d	1	0.27mi
28720 Bermuda Bay Way #205 Bonita Springs, FL	2.0	2.0	1097	$2,200	$2.01	14d	1	0.34mi
28611 Carriage Home Dr #101 Bonita Springs, FL	2.0	2.0	1433	$2,550	$1.78	23d	1	0.40mi
28650 Carriage Home Dr Unit 1049692P Bonita Springs, FL	3.0	2.0	1528	$3,980	$2.60	15d	1	0.40mi
28178 Sunset Dr Bonita Springs, FL	2.0	1.0	936	$2,550	$2.72	21d	1	0.41mi
28940 Bermuda Pointe Cir #102 Bonita Springs, FL	2.0	2.0	1076	$5,500	$5.11	23d	1	0.45mi
74 7th St Bonita Springs, FL	3.0	2.0	1124	$3,150	$2.80	23d	1	0.48mi
60 4th St Bonita Springs, FL	3.0	2.0	1860	$11,400	$6.13	23d	1	0.49mi
62 8th St Unit 1073526P Bonita Springs, FL	2.0	2.0	1593	$5,435	$3.41	23d	1	0.49mi
11 2nd St Bonita Springs, FL	3.0	2.0	1595	$9,500	$5.96	23d	1	0.50mi
64 4th St Bonita Springs, FL	2.0	2.0	1231	$3,700	$3.01	23d	2	0.51mi
28700 Trails Edge Blvd Bonita Springs, FL	3.0	2.0	1458	$2,175	$1.49	3d	2	0.58mi
75 3rd St Bonita Springs, FL	3.0	3.0	1630	$8,900	$5.46	23d	1	0.60mi
3503 Brink Cir Bonita Springs, FL	2.0	3.0	1300	$2,200	$1.69	23d	1	0.62mi
27921 Bonita Village Blvd Bonita Springs, FL	2.0–3.0	2.0	1429	$3,745	$2.62	23d	3	0.63mi
3463 Brink Cir Bonita Springs, FL	2.0	1.0	1000	$2,150	$2.15	23d	1	0.64mi
28790 Versol Dr Bonita Springs, FL	1.0–3.0	1.0–2.0	1075	$3,391	$3.15	1d	19	0.71mi
999 E Valley Dr Unit 1073522P Bonita Springs, FL	3.0	2.5	1668	$9,929	$5.95	21d	1	0.74mi
9021 Las Maderas Dr #202 Bonita Springs, FL	2.0	2.0	1674	$7,500	$4.48	23d	1	0.81mi
1345 Sweetwater Cv #203 Naples, FL	2.0	2.0	1279	$4,800	$3.75	23d	1	0.81mi
1340 Sweetwater Cv #103 Naples, FL	2.0	2.0	1279	$5,000	$3.91	23d	1	0.82mi
9030 Las Maderas Dr #101 Bonita Springs, FL	2.0	2.0	1432	$2,500	$1.75	23d	1	0.83mi
9050 Las Maderas Dr #101 Bonita Springs, FL	2.0	2.0	1364	$2,100	$1.54	23d	1	0.83mi
4212 Rita Ln Bonita Springs, FL	2.0	2.0	1428	$1,475	$1.03	23d	1	0.84mi
8981 Palmas Grandes Blvd #102 Bonita Springs, FL	2.0	2.0	1791	$7,500	$4.19	23d	1	0.85mi
1360 Sweetwater Cv #202 Naples, FL	2.0	2.0	1279	$5,500	$4.30	23d	1	0.86mi
1325 Sweetwater Cv #201 Naples, FL	3.0	2.0	1381	$6,000	$4.34	23d	1	0.86mi
1415 Sweetwater Cv #104 Naples, FL	3.0	2.0	1381	$6,500	$4.71	23d	1	0.86mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	13d	1	0.87mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	23d	1	0.87mi
8990 Palmas Grandes Blvd #201 Bonita Springs, FL	2.0	2.0	1797	$5,000	$2.78	23d	1	0.87mi
1420 Sweetwater Cv #102 Naples, FL	2.0	2.0	1279	$5,000	$3.91	23d	1	0.88mi
1420 Sweetwater Cv #102 Naples, FL	2.0	2.0	1279	$5,000	$3.91	21d	1	0.88mi
9111 Las Maderas Dr #102 Bonita Springs, FL	2.0	2.0	1624	$7,500	$4.62	23d	1	0.89mi
4412 Vanda Dr Bonita Springs, FL	3.0	2.0	1800	$2,800	$1.56	23d	1	0.90mi

HOA detail condo

• Monthly dues: $534 · $6,408/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-17
   days on market $349,000 Active 112 DOM
2. 2026-06-16
   pricedays on market $349,000 Active 111 DOM
3. 2026-06-15
   days on market $355,000 Active 110 DOM
4. 2026-06-13
   days on market $355,000 Active 108 DOM
5. 2026-06-10
   days on market $355,000 Active 105 DOM
6. 2026-06-09
   days on market $355,000 Active 104 DOM
7. 2026-06-07
   days on market $355,000 Active 102 DOM
8. 2026-06-02
   days on market $355,000 Active 97 DOM
9. 2026-06-01
   days on market $355,000 Active 96 DOM
10. 2026-06-01
    days on market $355,000 Active 95 DOM
11. 2026-03-19
    price $355,000
12. 2026-02-25
    listed $365,000 Active
13. 2020-04-03
    historical 522-char remark

    Show marketing remark (522 chars)

    Amazing vaulted ceilings in this rarely available 3 bedroom unit. One of only 16 that were built with 3 bedrooms in Bermuda isles. Updated granite in the kitchen overlooking your open living area with newer laminate floors. This great unit in a quiet neighborhood of Vanderbilt Lakes west of US41 offers 2 pools 2 spas and Tennis all just a short bike ride to Barefoot beach, with low fees and being sold furnished, this truly will not last long, schedule your showing today! (UPDATE new water heater installed 12/30/2019)

14. 2020-04-02
    soldstatus $228,000
15. 2020-03-31
    soldstatus $228,000 Closed 522-char remark

    Show marketing remark (522 chars)

    Amazing vaulted ceilings in this rarely available 3 bedroom unit. One of only 16 that were built with 3 bedrooms in Bermuda isles. Updated granite in the kitchen overlooking your open living area with newer laminate floors. This great unit in a quiet neighborhood of Vanderbilt Lakes west of US41 offers 2 pools 2 spas and Tennis all just a short bike ride to Barefoot beach, with low fees and being sold furnished, this truly will not last long, schedule your showing today! (UPDATE new water heater installed 12/30/2019)

16. 2020-02-29
    status Pending 522-char remark

    Show marketing remark (522 chars)

    Amazing vaulted ceilings in this rarely available 3 bedroom unit. One of only 16 that were built with 3 bedrooms in Bermuda isles. Updated granite in the kitchen overlooking your open living area with newer laminate floors. This great unit in a quiet neighborhood of Vanderbilt Lakes west of US41 offers 2 pools 2 spas and Tennis all just a short bike ride to Barefoot beach, with low fees and being sold furnished, this truly will not last long, schedule your showing today! (UPDATE new water heater installed 12/30/2019)

17. 2020-02-03
    price $236,000 522-char remark

    Show marketing remark (522 chars)

    Amazing vaulted ceilings in this rarely available 3 bedroom unit. One of only 16 that were built with 3 bedrooms in Bermuda isles. Updated granite in the kitchen overlooking your open living area with newer laminate floors. This great unit in a quiet neighborhood of Vanderbilt Lakes west of US41 offers 2 pools 2 spas and Tennis all just a short bike ride to Barefoot beach, with low fees and being sold furnished, this truly will not last long, schedule your showing today! (UPDATE new water heater installed 12/30/2019)

18. 2019-12-11
    listed $237,900 Active 522-char remark

    Show marketing remark (522 chars)

    Amazing vaulted ceilings in this rarely available 3 bedroom unit. One of only 16 that were built with 3 bedrooms in Bermuda isles. Updated granite in the kitchen overlooking your open living area with newer laminate floors. This great unit in a quiet neighborhood of Vanderbilt Lakes west of US41 offers 2 pools 2 spas and Tennis all just a short bike ride to Barefoot beach, with low fees and being sold furnished, this truly will not last long, schedule your showing today! (UPDATE new water heater installed 12/30/2019)

19. 2010-06-04
    soldstatus $140,000
20. 2010-06-02
    soldstatus $140,000 354-char remark

    Show marketing remark (354 chars)

    Tastefully furnished turnkey condo with designer flare! Beautiful neutral decor. Kitchen with tile and newer appliances. Warm and inviting, this condo offers you over 1400 square feet of living area featuring 3 bedrooms and 2 full baths. This is a private end unit conveniently located west of 41 near beaches, shopping, dining and all SWFL attractions.

21. 2010-05-04
    listed $150,000 354-char remark

    Show marketing remark (354 chars)

    Tastefully furnished turnkey condo with designer flare! Beautiful neutral decor. Kitchen with tile and newer appliances. Warm and inviting, this condo offers you over 1400 square feet of living area featuring 3 bedrooms and 2 full baths. This is a private end unit conveniently located west of 41 near beaches, shopping, dining and all SWFL attractions.

22. 1997-04-24
    soldstatus $95,000
23. 1992-08-31
    soldstatus $84,900

ⓘ 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: $3,411 · $284/mo
• Projected year-2 tax: $3,411 · $284/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 6/10 Major FEMA zone X (shaded) · 56% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 30 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: $63,458
• − Mortgage interest: −$19,549
• − Property taxes: −$3,411
• − Insurance: −$1,745
• − Repairs & maintenance: −$5,077
• − Management: −$5,077
• − HOA: −$6,408
• − Depreciation: −$10,153
• Taxable income: $12,039
• Est. tax owed @ 24.0%: −$2,889
• After-tax cash flow: $13,716/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

+318.1% since first listed

13 events — show timeline

• 2026-03-19 Price Changed $355,000 NAPLESMLS
• 2026-02-25 Listed $365,000 NAPLESMLS
• 2020-04-03 Listing Removed — FORTMLS
• 2020-04-02 Sold (Public Records) $228,000 Public Records
• 2020-03-31 Sold (MLS) $228,000 FORTMLS
• 2020-02-29 Pending — FORTMLS
• 2020-02-03 Price Changed $236,000 FORTMLS
• 2019-12-11 Listed $237,900 FORTMLS
• 2010-06-04 Sold (Public Records) $140,000 Public Records
• 2010-06-02 Sold (MLS) $140,000 NAPLESMLS
• 2010-05-04 Listed $150,000 NAPLESMLS
• 1997-04-24 Sold (Public Records) $95,000 Public Records
• 1992-08-31 Sold (Public Records) $84,900 Public Records

Property tax history

+6.1%/yr

Latest (2025): $3,411 · -0.2% YoY. Source: county tax records.