10818 Alvara Point Dr · Bonita Springs, FL 34135

$405,000

3 bd · 3.0 ba · 1,826 sqft · Townhouse public records · 22 Days on market

Built 2016 2,613 sqft lot Est $360k · 13% over $383/mo HOA · 11% of rent

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Why this score? — see what drove the F 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 +11.6/30.0
• Schools +4.1/10.0
• 1% rule +3.7/10.0
• Livability +3.5/5.0
• DSCR +3.4/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• ARV discount +1.8/15.0
• Appreciation +0.0/10.0

Listing remarks

Discover contemporary townhome living in Cordera, a gated community in Bonita Springs. Built in 2016, this two-story residence offers three bedrooms, two-and-one-half baths and approximately 1,826 square feet of thoughtfully designed living space with lake and fountain views. The open-concept floor plan connects the kitchen, dining and living areas, creating a comfortable setting for everyday living and entertaining. The kitchen features granite countertops, 42-inch cabinetry and new stainless steel appliances, complemented by tile flooring throughout the main living areas and newer carpeting in the bedrooms. Sliding glass doors open to a paved lanai with northern exposure overlooking the c

Key facts

• Gated community
• Paved lanai
• Fitness center

Tags

• GATED COMMUNITY
• LAKE VIEWS
• PAVED LANAI
• COMMUNITY AMENITIES
• FITNESS CENTER
• RESORT-STYLE POOL

Property features AI

Finance

• Other: Property is part of a complex with 138 units and 6 units in the building; single unit per floor and two floors total; Zoning: RPD; lot is designated as Lot Unit 107 with deeded restrictions including architectural controls and no RVs
• HOA & community: Mandatory HOA (professional management); Quarterly HOA fee; HOA covers cable, lawn/land maintenance, legal/accounting, reserves, street lights and street maintenance; Community amenities include pool, spa/hot tub, exercise room, community room, internet access, sidewalks, streetlights, and underground utilities; Gated community; Total annual recurring HOA fees listed as $4,600 and total one-time fees listed as $1,017

Exterior

• Parking: Attached 2-car garage; Paved driveway
• Security: Gated community
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential townhouse; Two-story, carriage/coach style; Zero lot line; Rear exposure faces north; Located in the Cordera community (development)
• Construction: Built in 2016; Concrete block construction; Brick and stucco exterior; Tile roof
• Exterior features: Decorative shutters; Privacy wall; Automatic sprinkler system; Water feature/display; Shutters for storm protection; Single hung and sliding windows

Interior

• Kitchen: Pantry; Dishwasher; Disposal; Microwave; Range; Refrigerator/Freezer
• Bedrooms: 3 bedrooms; Master bedroom upstairs
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; 1 half bathroom; Master bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Cable prewire; Pantry; Smoke detectors; Walk-in closet; Breakfast bar and family dining area; Screened lanai/porch; Laundry in residence; Unfurnished
• Laundry & utility: Washer; Dryer; Auto garage door

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $405k.

Deal economics

• At list price, monthly cash flow is $-123 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $383k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $352k (13.0% below list).
• Recommended offer: $352k (13.0% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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 soft (-0.6%/yr); 835 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $3,524/mo this rent would consume 46% of the median local household income ($91k/yr) (locally 976% 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 $3k of loan paydown is wiped out by about $12k 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 22 days — a 2% lower offer ($399k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $352,385 (13.0% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.87% ✗
• Cap rate: 5.93%
• Cash-on-cash: -1.30%
• DSCR: 0.94
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $359,722
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10804 Alvara Point Dr	0.03mi	3/2.5	1,826 (0%)	2mo	$360,000	$197	95

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -22.0%
• Equity multiple: 0.26×
• Total profit: $-83,666
• Equity at exit: $60,387

10-year hold

• IRR: -26.1%
• Equity multiple: -0.08×
• Total profit: $-122,362
• Equity at exit: $35,017

Cash invested: $113,400 (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 34135

• Rents YoY: -0.6%
• Active inventory: 835
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $3,524 high
• Mortgage (P&I): −$2,124
• Tax from tax record: −$231 /mo · $2,774/yr
• Insurance: −$169
• HOA: −$383
• Vacancy / Maint / Mgmt: −$740
• Net cashflow: $-123

Break-even live

Break-even rent $3,679

Max offer price $383,280

Occupancy floor 98%

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: $101,250
• Closing costs: $12,150
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25224 Cordera Point Dr Bonita Springs, FL	3.0	3.0	2033	$3,900	$1.92	23d	1	0.07mi
10850 Alvara Point Dr Bonita Springs, FL	2.0	2.5	1628	$4,000	$2.46	23d	1	0.08mi
10818 Alvara Way Bonita Springs, FL	2.0	2.5	1628	$2,500	$1.54	23d	1	0.08mi
25161 Killdeer Dr Bonita Springs, FL	3.0	2.0	1777	$3,200	$1.80	14d	1	0.17mi
24920 Divot Dr Bonita Springs, FL	4.0	2.5	2554	$6,000	$2.35	23d	1	0.32mi
10030 Maddox Ln #206 Bonita Springs, FL	3.0	2.0	1327	$2,150	$1.62	21d	1	0.73mi
10522 Yorkstone Dr Bonita Springs, FL	3.0	3.0	2032	$6,000	$2.95	23d	1	0.75mi
26414 Doverstone St Bonita Springs, FL	3.0	2.0	2162	$3,000	$1.39	23d	1	0.85mi
10328 Windley Key Ter Bonita Springs, FL	3.0	2.0	1400	$2,600	$1.86	14d	1	0.87mi
10304 Wishing Stone Ct Bonita Springs, FL	4.0	3.0	2434	$9,000	$3.70	23d	1	0.93mi
26141 Palace Ln #201 Bonita Springs, FL	3.0	2.0	1661	$2,500	$1.51	23d	1	0.94mi
11305 Monte Carlo Blvd #202 Bonita Springs, FL	3.0	2.0	1532	$2,980	$1.95	11d	1	0.96mi
11305 Monte Carlo Blvd #202 Bonita Springs, FL	3.0	2.0	1532	$5,500	$3.59	23d	1	0.96mi
25727 Lake Amelia Way #105 Bonita Springs, FL	2.0	2.0	1230	$2,200	$1.79	23d	1	0.99mi
11181 Monte Carlo Blvd Bonita Springs, FL	3.0	2.5	2611	$3,550	$1.36	16d	1	1.02mi
25735 Lake Amelia Way #105 Bonita Springs, FL	2.0	2.0	1230	$1,500	$1.22	23d	1	1.02mi
26197 Palace Ln #102 Bonita Springs, FL	2.0	2.0	1279	$4,200	$3.28	23d	1	1.09mi
11195 St Roman Way Bonita Springs, FL	4.0	3.5	2432	$4,250	$1.75	23d	1	1.11mi
26407 Lucky Stone Rd #201 Bonita Springs, FL	3.0	2.0	2178	$3,200	$1.47	23d	1	1.15mi
9510 Village View Blvd Bonita Springs, FL	3.0	2.0	1587	$3,700	$2.33	23d	1	1.18mi
9371 Lake Abby Ln Bonita Springs, FL	3.0	2.0	1796	$2,850	$1.59	23d	1	1.20mi
9304 Lake Abby Ln Bonita Springs, FL	3.0	2.0	1631	$3,700	$2.27	3d	1	1.28mi
9251 Isla Bella Cir Bonita Springs, FL	2.0	3.0	2070	$6,000	$2.90	23d	1	1.28mi
25356 Pinson Dr Bonita Springs, FL	3.0	2.0	1454	$3,800	$2.61	23d	1	1.28mi
25356 Pinson Dr Bonita Springs, FL	3.0	2.0	1454	$3,800	$2.61	3d	1	1.28mi
26240 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.5	1704	$2,999	$1.76	21d	1	1.33mi
26208 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.0	1940	$3,400	$1.75	16d	1	1.34mi
23810 Costa del Sol Rd #203 Estero, FL	2.0	2.0	1276	$2,400	$1.88	16d	1	1.35mi
10911 Santa Margherita Rd #102 Estero, FL	2.0	2.0	1279	$2,800	$2.19	23d	1	1.35mi
26391 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.5	2002	$3,200	$1.60	21d	1	1.38mi
26175 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.0	1308	$3,000	$2.29	16d	1	1.38mi
10910 Santa Margherita Rd #102 Estero, FL	3.0	2.0	1279	$2,200	$1.72	23d	1	1.39mi
23821 Marbella Bay Rd Ofc Season Bonita Springs, FL	2.0	2.0	1279	$2,500	$1.95	23d	1	1.41mi
23821 Marbella Bay Rd #102 Estero, FL	2.0	2.0	1279	$5,750	$4.50	23d	1	1.41mi
26475 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.5	2171	$3,800	$1.75	23d	1	1.42mi
25925 Pebblecreek Dr Bonita Springs, FL	2.0	2.0	1498	$3,400	$2.27	21d	1	1.47mi

HOA detail

• Monthly dues: $383 · $4,596/yr
• Likely covers: security

Listing history 14 events

1. 2026-06-17
   days on market $405,000 Active 22 DOM
2. 2026-06-16
   days on market $405,000 Active 21 DOM
3. 2026-06-15
   days on market $405,000 Active 20 DOM
4. 2026-06-13
   days on market $405,000 Active 18 DOM
5. 2026-06-10
   days on market $405,000 Active 15 DOM
6. 2026-06-09
   days on market $405,000 Active 14 DOM
7. 2026-06-08
   days on market $405,000 Active 13 DOM
8. 2026-06-07
   days on market $405,000 Active 12 DOM
9. 2026-06-03
   days on market $405,000 Active 8 DOM
10. 2026-06-02
    days on market $405,000 Active 7 DOM
11. 2026-06-01
    days on market $405,000 Active 6 DOM
12. 2026-05-31
    days on market $405,000 Active 5 DOM
13. 2026-05-26
    price $405,000
14. 2026-05-26
    listed $365,000 Active

ⓘ 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: $2,774 · $231/mo
• Projected year-2 tax: $3,362 · $280/mo
• Expected delta: +$587/yr (+$49/mo · 21.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,286
• − Mortgage interest: −$22,686
• − Property taxes: −$2,774
• − Insurance: −$2,025
• − Repairs & maintenance: −$3,383
• − Management: −$3,383
• − HOA: −$4,596
• − Depreciation: −$11,782
• Taxable loss: −$8,343
• Est. tax savings @ 24.0%: +$2,002
• After-tax cash flow: $527/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): 48,252
• Household income: $91,380
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 976.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 26% Two or more races 13% Native American 3% Black 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 4% Cuban 3%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 22% · Canada, Jamaica
• Languages at home: 74% English-only · Spanish 21% French/Haitian/Cajun 1% Russian/Polish/Slavic 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: ▼ -188.86%
• Current HPI: 243.4153
• Rent YoY: ▼ -0.61%
• 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

+11.0% since first listed

2 events — show timeline

• 2026-05-26 Price Changed $405,000 NAPLESMLS
• 2026-05-26 Listed $365,000 NAPLESMLS

Property tax history

+32.9%/yr

Latest (2025): $2,774 · +4.4% YoY. Source: county tax records.