10720 Palazzo Way #402 · Fort Myers, FL 33913

$289,000

2 bd · 2.0 ba · 1,242 sqft · Condo public records · 22 Days on market

Built 2019 $1018/mo HOA · 23% of rent ↓ 24% since listing

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Why this score? — see what drove the C 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 +20.5/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lakes, fairway and preserve! This light bright corner unit on the top floor has an AMAZING view! Private lanai over looks Golf course and lakes, as well as preserve area. Spacious, turnkey 2/2 has quartz kitchen counter tops, island in kitchen, open concept with great room and dining area. This immaculate home has lots of crown molding, tile on the diagonal in the living areas and a tiled lanai as well. You have a covered parking space with electric to charge your golf cart-you don't have to be a golfer to enjoy getting around on your own cart! Golf memberships are available, too. Palazzo is a quiet community within Pelican Preserve, an active 55+ lifestyle community, with a private pool, spa and grill area just for residents. Of course, the 3 pools (one indoor) at the town center are available too, along with all the other community activities that make Pelican Preserve a sought after community. Bocce, pickle ball, tennis, billiards, theater, the woodworking shop, art studio, sewing room, butterfly garden, nature trail and so much more! The restaurant and pool bar are perfect for days when you are too busy to cook. Pelican Preserve is a Audubon Society Certified Sanctuary.

Key facts

• Quartz countertops
• Golf and lake views
• Screened lanai

Tags

• GOLF AND LAKE VIEWS
• OPEN CONCEPT LAYOUT
• QUARTZ COUNTERTOPS
• SCREENED LANAI
• PRIVATE COMMUNITY POOL

Property features AI

Finance

• Other: Community of 220 units; Senior community
• Financial info: Association fee collected quarterly
• HOA & community: Homeowners association (quarterly fee); Association amenities include clubhouse, fitness center, pool, golf course access, tennis and pickleball courts, basketball court, bocce, putting greens, playground, park, dog park, bike storage, RV/boat storage, pier, business center, media/library/hobby rooms, billiards, beach rights, and elevator; Association services include management, cable TV, internet, irrigation water, legal/accounting, grounds maintenance, pest control, recreation facilities, reserve fund, road maintenance, sewer, street lights, security, trash and water

Exterior

• Parking: Assigned covered parking; Detached 1-space carport; Electric vehicle charging station(s); Guest parking; Paved
• Security: Gated community with gate and guard; Security gate; Security guard; Fire sprinkler system; Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available; High speed internet available; Underground utilities; Irrigation uses reclaimed water
• Home design: Condominium / multi-unit property; 4 total stories; Entry level: 4; Faces southwest; Resale property
• Construction: Block, concrete and stucco construction; Tile roof
• Exterior features: Balcony (screened); Security/high impact doors; Sprinkler/irrigation system; Storage; Community pool; On golf course; Zero lot line; Sprinklers automatic; Lake frontage; Northeast exposure; Has view

Interior

• Kitchen: Range; Microwave; Dishwasher; Disposal; Refrigerator
• Bedrooms: Guest quarters; Great room
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Separate shower
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Eat-in kitchen; Kitchen island; Pantry; Separate shower (shower only); Cable TV available; High speed internet; Window treatments; Impact glass windows; Furnished
• Laundry & utility: Washer; Dryer; Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $289k.

Deal economics

• At list price, monthly cash flow is $383 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $289k).
• Recommended offer: $285k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 flat; 811 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $4,443/mo this rent would consume 48% of the median local household income ($110k/yr) (locally 276% 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 $9k 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 ($285k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $284,665 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 7.88%
• Cash-on-cash: 5.68%
• DSCR: 1.25
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.37% rent growth · sell at horizon

5-year hold

• IRR: -11.7%
• Equity multiple: 0.59×
• Total profit: $-33,138
• Equity at exit: $43,091

10-year hold

• IRR: -9.4%
• Equity multiple: 0.52×
• Total profit: $-38,960
• Equity at exit: $24,987

Cash invested: $80,920 (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 33913

• Home prices YoY: -10.3%
• Rents YoY: 0.4%
• Active inventory: 811
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $4,443 high
• Mortgage (P&I): −$1,516
• Tax from tax record: −$473 /mo · $5,679/yr
• Insurance: −$120
• HOA: −$1,018
• Vacancy / Maint / Mgmt: −$933
• Net cashflow: $383

Break-even live

Break-even rent $3,959

Max offer price $289,000

Occupancy floor 86%

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10711 Palazzo Way Unit 203 Fort Myers, FL	2.0	2.0	1257	$5,300	$4.22	21d	1	0.04mi
10711 Palazzo Way Fort Myers, FL	2.0	2.0	1257	$3,900	$3.10	16d	2	0.04mi
10700 Palazzo Way #201 Fort Myers, FL	2.0	2.0	1390	$5,000	$3.60	21d	1	0.05mi
10751 Palazzo Way #103 Fort Myers, FL	2.0	2.0	1235	$5,000	$4.05	23d	1	0.08mi
10791 Palazzo Way #301 Fort Myers, FL	2.0	2.0	1390	$5,300	$3.81	23d	1	0.18mi
10820 Palazzo Way #203 Fort Myers, FL	2.0	2.0	1235	$5,400	$4.37	23d	1	0.25mi
10518 Avila Cir Fort Myers, FL	2.0	2.0	1466	$6,500	$4.43	23d	1	0.53mi
10518 Avila Cir Fort Myers, FL	2.0	2.0	1466	$6,500	$4.43	3d	1	0.53mi
10714 Cetrella Dr Fort Myers, FL	2.0	2.0	1227	$5,500	$4.48	23d	1	0.62mi
10700 Cetrella Dr Fort Myers, FL	2.0	2.0	1227	$3,500	$2.85	23d	1	0.62mi
10702 Cetrella Dr Fort Myers, FL	2.0	2.0	1347	$5,500	$4.08	23d	1	0.62mi
10535 Carolina Willow Dr Fort Myers, FL	3.0	2.0	1290	$2,300	$1.78	21d	1	0.66mi
10111 Colonial Country Club Blvd #2308 Fort Myers, FL	2.0	2.0	1309	$2,000	$1.53	11d	1	0.68mi
11033 Mill Creek Way #202 Fort Myers, FL	2.0	2.0	1379	$5,400	$3.92	23d	1	0.75mi
10130 Colonial Country Club Blvd #707 Fort Myers, FL	2.0	2.0	1116	$4,900	$4.39	23d	1	0.87mi
11011 Mill Creek Way #1307 Fort Myers, FL	2.0	2.0	1379	$5,000	$3.63	23d	1	1.02mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	23d	1	1.12mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	14d	1	1.12mi
10900 Glenhurst St Fort Myers, FL	2.0	2.0	1355	$2,200	$1.62	3d	1	1.14mi
10720 Ravenna Way #104 Fort Myers, FL	2.0	2.0	1251	$5,000	$4.00	23d	1	1.15mi
9639 Hemingway Ln #3505 Fort Myers, FL	2.0	2.0	1234	$4,800	$3.89	23d	1	1.16mi
9667 Hemingway Ln Unit 3107 Fort Myers, FL	2.0	2.0	1209	$4,900	$4.05	23d	1	1.16mi
9661 Hemingway Ln #3207 Fort Myers, FL	2.0	2.0	1300	$3,900	$3.00	3d	1	1.16mi
9582 Hemingway Ln #3402 Fort Myers, FL	2.0	2.0	1382	$5,500	$3.98	23d	1	1.18mi
9582 Hemingway Ln #3403 Fort Myers, FL	2.0	2.0	1385	$5,400	$3.90	14d	1	1.18mi
9582 Hemingway Ln #3403 Fort Myers, FL	2.0	2.0	1385	$5,400	$3.90	23d	1	1.18mi
10700 Ravenna Way Fort Myers, FL	2.0	2.0	1251	$3,488	$2.79	23d	2	1.19mi
12020 Champions Green Way #112 Fort Myers, FL	2.0	2.0	1056	$2,000	$1.89	11d	1	1.21mi
10530 Amiata Way #103 Fort Myers, FL	2.0	2.0	1248	$2,200	$1.76	23d	1	1.23mi
10510 Amiata Way #302 Fort Myers, FL	2.0	2.0	1245	$4,900	$3.94	23d	1	1.24mi
12030 Champions Green Way #212 Fort Myers, FL	2.0	2.0	1056	$1,800	$1.70	3d	1	1.24mi
12171 Treeline Ave Fort Myers, FL	1.0–3.0	1.0–2.0	1321	$2,606	$1.97	3d	23	1.42mi

HOA detail condo

• Monthly dues: $1,018 · $12,216/yr
• Likely covers: electricpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-05-14
   status Pending
2. 2026-04-22
   listed $289,000 Active
3. 2023-05-31
   soldstatus $372,500 Closed 1196-char remark

   Show marketing remark (1196 chars)

   Lakes, fairway and preserve! This light bright corner unit on the top floor has an AMAZING view! Private lanai over looks Golf course and lakes, as well as preserve area. Spacious, turnkey 2/2 has quartz kitchen counter tops, island in kitchen, open concept with great room and dining area. This immaculate home has lots of crown molding, tile on the diagonal in the living areas and a tiled lanai as well. You have a covered parking space with electric to charge your golf cart-you don't have to be a golfer to enjoy getting around on your own cart! Golf memberships are available, too. Palazzo is a quiet community within Pelican Preserve, an active 55+ lifestyle community, with a private pool, spa and grill area just for residents. Of course, the 3 pools (one indoor) at the town center are available too, along with all the other community activities that make Pelican Preserve a sought after community. Bocce, pickle ball, tennis, billiards, theater, the woodworking shop, art studio, sewing room, butterfly garden, nature trail and so much more! The restaurant and pool bar are perfect for days when you are too busy to cook. Pelican Preserve is a Audubon Society Certified Sanctuary.

4. 2023-05-31
   soldstatus $370,000

   Show marketing remark (1196 chars)

   Lakes, fairway and preserve! This light bright corner unit on the top floor has an AMAZING view! Private lanai over looks Golf course and lakes, as well as preserve area. Spacious, turnkey 2/2 has quartz kitchen counter tops, island in kitchen, open concept with great room and dining area. This immaculate home has lots of crown molding, tile on the diagonal in the living areas and a tiled lanai as well. You have a covered parking space with electric to charge your golf cart-you don't have to be a golfer to enjoy getting around on your own cart! Golf memberships are available, too. Palazzo is a quiet community within Pelican Preserve, an active 55+ lifestyle community, with a private pool, spa and grill area just for residents. Of course, the 3 pools (one indoor) at the town center are available too, along with all the other community activities that make Pelican Preserve a sought after community. Bocce, pickle ball, tennis, billiards, theater, the woodworking shop, art studio, sewing room, butterfly garden, nature trail and so much more! The restaurant and pool bar are perfect for days when you are too busy to cook. Pelican Preserve is a Audubon Society Certified Sanctuary.

5. 2023-05-14
   status Pending 1196-char remark

   Show marketing remark (1196 chars)

   Lakes, fairway and preserve! This light bright corner unit on the top floor has an AMAZING view! Private lanai over looks Golf course and lakes, as well as preserve area. Spacious, turnkey 2/2 has quartz kitchen counter tops, island in kitchen, open concept with great room and dining area. This immaculate home has lots of crown molding, tile on the diagonal in the living areas and a tiled lanai as well. You have a covered parking space with electric to charge your golf cart-you don't have to be a golfer to enjoy getting around on your own cart! Golf memberships are available, too. Palazzo is a quiet community within Pelican Preserve, an active 55+ lifestyle community, with a private pool, spa and grill area just for residents. Of course, the 3 pools (one indoor) at the town center are available too, along with all the other community activities that make Pelican Preserve a sought after community. Bocce, pickle ball, tennis, billiards, theater, the woodworking shop, art studio, sewing room, butterfly garden, nature trail and so much more! The restaurant and pool bar are perfect for days when you are too busy to cook. Pelican Preserve is a Audubon Society Certified Sanctuary.

6. 2023-03-23
   listed $382,500 Active 1196-char remark

   Show marketing remark (1196 chars)

   Lakes, fairway and preserve! This light bright corner unit on the top floor has an AMAZING view! Private lanai over looks Golf course and lakes, as well as preserve area. Spacious, turnkey 2/2 has quartz kitchen counter tops, island in kitchen, open concept with great room and dining area. This immaculate home has lots of crown molding, tile on the diagonal in the living areas and a tiled lanai as well. You have a covered parking space with electric to charge your golf cart-you don't have to be a golfer to enjoy getting around on your own cart! Golf memberships are available, too. Palazzo is a quiet community within Pelican Preserve, an active 55+ lifestyle community, with a private pool, spa and grill area just for residents. Of course, the 3 pools (one indoor) at the town center are available too, along with all the other community activities that make Pelican Preserve a sought after community. Bocce, pickle ball, tennis, billiards, theater, the woodworking shop, art studio, sewing room, butterfly garden, nature trail and so much more! The restaurant and pool bar are perfect for days when you are too busy to cook. Pelican Preserve is a Audubon Society Certified Sanctuary.

ⓘ 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: $5,679 · $473/mo
• Projected year-2 tax: $5,679 · $473/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 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: $53,319
• − Mortgage interest: −$16,188
• − Property taxes: −$5,679
• − Insurance: −$1,445
• − Repairs & maintenance: −$4,265
• − Management: −$4,265
• − HOA: −$12,216
• − Depreciation: −$8,407
• Taxable income: $852
• Est. tax owed @ 24.0%: −$204
• After-tax cash flow: $4,391/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): 31,538
• Household income: $110,373
• Rent vs Own: 9.5% rent · 90.5% own
• Severe rent burden: 276.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 13% Two or more races 11% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 10% Other Indo-European 2% French/Haitian/Cajun 2%

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: ▼ -25.45%
• Current HPI: 221.7115
• Rent YoY: ▲ 0.37%
• 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

-24.4% since first listed

6 events — show timeline

• 2026-05-14 Pending — FORTMLS
• 2026-04-22 Listed $289,000 FORTMLS
• 2023-05-31 Sold (Public Records) $370,000 Public Records
• 2023-05-31 Sold (MLS) $372,500 FORTMLS
• 2023-05-14 Pending — FORTMLS
• 2023-03-23 Listed $382,500 FORTMLS

Property tax history

+23.1%/yr

Latest (2025): $5,679 · -7.0% YoY. Source: county tax records.