28750 Bermuda Bay Way #104 · Bonita Springs, FL 34134

$234,000

2 bd · 2.0 ba · 1,175 sqft · Condo public records · 54 Days on market

Built 1996 $567/mo HOA · 15% 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 +29.1/30.0
• 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

Step inside this two-bedroom plus den, two-bath condominium and discover a thoughtful, inviting floor plan designed for comfort and flexibility. The spacious great room flows seamlessly into a screened lanai, creating an ideal setting for indoor-outdoor living and entertaining. With opportunities for customization, the interior offers a perfect canvas for your personal design vision. Recent upgrades, including an updated HVAC system and water heater, add peace of mind and long-term value. Moving outdoors, the residence includes a conveniently located assigned carport just steps from the unit, along with additional guest parking. The community features beautifully landscaped grounds, open gr

Key facts

• Guest parking
• Landscaped grounds
• Spa

Tags

• SCREENED LANAI
• ASSIGNED CARPORT
• GUEST PARKING
• LANDSCAPED GROUNDS
• CENTRAL SWIMMING POOL
• SPA

Property features AI

Finance

• Other: Part of a complex with 96 units (12 units in building); 1 unit per floor; total floors 2; Subdivision/Condo: Bermuda Gardens, Lot unit 104
• HOA & community: Mandatory HOA; Quarterly HOA fee ($1,700); Total annual recurring fees $6,800; HOA covers lawn/land maintenance, exterior pest control, sewer, street lights, water, and reserves; Professional management; Community pool, internet access, and underground utilities

Exterior

• Parking: Detached 2-car carport
• Security: Gated community
• Utilities: Water assessment paid; Sewer assessment paid
• Home design: Residential property in Vanderbilt Lakes; Low-rise building (1–3) in a 2-story building; Rear exposure facing south
• Construction: Concrete block construction; Built in 1996
• Exterior features: Stucco exterior; Tile roof; Single-hung windows; Exterior shutters; Landscaped view; Regular lot; deeded restrictions; Irrigation assessment paid

Interior

• Kitchen: Dishwasher; Range; Microwave
• Bedrooms: 2 bedrooms
• Flooring: Carpet
• Bathrooms: 2 full bathrooms; Master bath with separate tub and shower
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Cable prewire; High-speed internet available; Walk-in closet; Breakfast bar and dining in living area; Split-bedroom floor plan; Unfurnished
• Laundry & utility: Washer; Dryer; Smoke detector

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $234k.

Deal economics

• At list price, monthly cash flow is $744 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $234k).
• Recommended offer: $227k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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 25d 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).
• This rent runs 34% of the median local income ($131k/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 $2k of loan paydown is wiped out by about $7k 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 $66k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $98k; list at $234k implies a 139% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $226,980 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 1.61% ✓
• Cap rate: 10.45%
• Cash-on-cash: 14.84%
• DSCR: 1.66
• GRM: 5.2

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: 3.7%
• Equity multiple: 1.14×
• Total profit: $9,318
• Equity at exit: $34,890

10-year hold

• IRR: 13.2%
• Equity multiple: 2.05×
• Total profit: $68,544
• Equity at exit: $20,232

Cash invested: $65,520 (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: 5.2×

Monthly cashflow live

• Estimated rent: $3,757 high
• Mortgage (P&I): −$1,227
• Tax from tax record: −$266 /mo · $3,191/yr
• Insurance: −$98
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$567
• Vacancy / Maint / Mgmt: −$789
• Net cashflow: $744

Break-even live

Break-even rent $2,815

Max offer price $234,000

Occupancy floor 75%

Sensitivity live

Price	-10% $876	-5% $810	+0% $744	+5% $678	+10% $611
Rent	-10% $447	-5% $595	+0% $744	+5% $892	+10% $1,041
Rate	-1.0pp $862	-0.5pp $803	base $744	+0.5pp $683	+1.0pp $621

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: $58,500
• Closing costs: $7,020
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28940 Bermuda Pointe Cir #102 Bonita Springs, FL	2.0	2.0	1076	$5,500	$5.11	24d	1	0.06mi
28720 Bermuda Bay Way #205 Bonita Springs, FL	2.0	2.0	1097	$2,200	$2.01	15d	1	0.10mi
3930 Windward Passage Cir #202 Bonita Springs, FL	2.0	2.0	1478	$1,900	$1.29	17d	1	0.26mi
3951 Windward Passage Cir #102 Bonita Springs, FL	2.0	2.0	1397	$5,200	$3.72	24d	1	0.30mi
3921 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$3,500	$2.91	24d	1	0.33mi
3941 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$2,000	$1.66	24d	1	0.34mi
74 7th St Bonita Springs, FL	3.0	2.0	1124	$3,150	$2.80	24d	1	0.50mi
28611 Carriage Home Dr #101 Bonita Springs, FL	2.0	2.0	1433	$2,550	$1.78	24d	1	0.56mi
15400 Cedarwood Ln #102 Naples, FL	2.0	2.0	1286	$6,300	$4.90	15d	1	0.60mi
15400 Cedarwood Ln Unit 1-201 Naples, FL	2.0	2.0	1286	$6,000	$4.67	24d	1	0.60mi
64 4th St Bonita Springs, FL	2.0	2.0	1231	$3,700	$3.01	24d	2	0.63mi
15415 Cedarwood Ln Unit 3 Naples, FL	2.0	2.0	1428	$2,200	$1.54	15d	1	0.69mi
28178 Sunset Dr Bonita Springs, FL	2.0	1.0	936	$2,550	$2.72	22d	1	0.70mi
285 Naples Cove Dr #1103 Naples, FL	2.0	2.0	1267	$2,475	$1.95	24d	1	0.70mi
28700 Trails Edge Blvd Bonita Springs, FL	3.0	2.0	1458	$2,175	$1.49	4d	2	0.71mi
290 Naples Cove Dr Naples, FL	2.0	2.0	1327	$3,400	$2.56	24d	3	0.73mi
270 Naples Cove Dr #3506 Naples, FL	3.0	2.0	1475	$2,500	$1.69	22d	1	0.74mi
15191 Cedarwood Ln #2602 Naples, FL	2.0	2.0	1267	$2,300	$1.82	24d	1	0.78mi
15161 Cedarwood Ln Naples, FL	2.0	2.0	1267	$4,000	$3.16	24d	3	0.82mi
386 Emerald Bay Cir Unit G4 Naples, FL	3.0	2.0	1490	$2,500	$1.68	24d	1	0.84mi
1345 Sweetwater Cv #203 Naples, FL	2.0	2.0	1279	$4,800	$3.75	24d	1	0.86mi
1340 Sweetwater Cv #103 Naples, FL	2.0	2.0	1279	$5,000	$3.91	24d	1	0.86mi
1360 Sweetwater Cv #202 Naples, FL	2.0	2.0	1279	$5,500	$4.30	24d	1	0.87mi
298 Emerald Bay Cir Unit K6 Naples, FL	2.0	2.0	1202	$4,750	$3.95	24d	1	0.88mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	15d	1	0.89mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	24d	1	0.89mi
306 Emerald Bay Cir Unit J8 Naples, FL	2.0	2.0	1350	$4,000	$2.96	24d	1	0.89mi
306 Emerald Bay Cir Unit J5 Naples, FL	3.0	2.0	1490	$5,900	$3.96	24d	1	0.89mi
1415 Sweetwater Cv #104 Naples, FL	3.0	2.0	1381	$6,500	$4.71	24d	1	0.89mi
1390 Sweetwater Cv #203 Naples, FL	2.0	2.0	1279	$2,200	$1.72	15d	1	0.90mi
1325 Sweetwater Cv #201 Naples, FL	3.0	2.0	1381	$6,000	$4.34	24d	1	0.92mi
28790 Versol Dr Bonita Springs, FL	1.0–3.0	1.0–2.0	1075	$2,632	$2.45	2d	19	0.92mi
1420 Sweetwater Cv #102 Naples, FL	2.0	2.0	1279	$5,000	$3.91	24d	1	0.92mi
1420 Sweetwater Cv #102 Naples, FL	2.0	2.0	1279	$5,000	$3.91	22d	1	0.92mi
27921 Bonita Village Blvd Bonita Springs, FL	2.0–3.0	2.0	1429	$3,045	$2.13	24d	3	0.93mi
505 Lake Louise Cir #101 Naples, FL	2.0	2.0	1444	$5,500	$3.81	24d	1	0.93mi
4073 Springs Ln Unit 4073 Bonita Springs, FL	2.0	1.0	720	$1,995	$2.77	24d	1	0.98mi
513 Lake Louise Cir #202 Naples, FL	2.0	2.0	1444	$5,300	$3.67	24d	1	0.99mi
3503 Brink Cir Bonita Springs, FL	2.0	3.0	1300	$2,200	$1.69	24d	1	1.01mi
3463 Brink Cir Bonita Springs, FL	2.0	1.0	1000	$2,150	$2.15	24d	1	1.02mi

HOA detail condo

• Monthly dues: $567 · $6,804/yr
• Likely covers: waterlandscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-16
   statusdays on market $234,000 Pending 54 DOM
2. 2026-06-15
   days on market $234,000 Active 53 DOM
3. 2026-06-13
   pricedays on market $234,000 Active 51 DOM
4. 2026-06-10
   days on market $249,000 Active 48 DOM
5. 2026-06-09
   days on market $249,000 Active 47 DOM
6. 2026-06-08
   days on market $249,000 Active 46 DOM
7. 2026-06-07
   days on market $249,000 Active 45 DOM
8. 2026-06-03
   days on market $249,000 Active 41 DOM
9. 2026-06-02
   days on market $249,000 Active 40 DOM
10. 2026-06-01
    days on market $249,000 Active 39 DOM
11. 2026-05-31
    days on market $249,000 Active 38 DOM
12. 2026-05-21
    price $249,000
13. 2026-05-08
    price $279,000
14. 2026-04-23
    listed $300,000 Active
15. 1997-03-21
    soldstatus $98,000

ⓘ 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: $3,191 · $266/mo
• Projected year-2 tax: $3,191 · $266/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 7/10 Severe FEMA zone X (shaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 6 d/yr ≥107°F today · 24 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: $45,081
• − Mortgage interest: −$13,108
• − Property taxes: −$3,191
• − Insurance: −$1,967
• − Repairs & maintenance: −$3,606
• − Management: −$3,606
• − HOA: −$6,804
• − Depreciation: −$6,807
• Taxable income: $5,990
• Est. tax owed @ 24.0%: −$1,438
• After-tax cash flow: $7,488/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

+154.1% since first listed

4 events — show timeline

• 2026-05-21 Price Changed $249,000 NAPLESMLS
• 2026-05-08 Price Changed $279,000 NAPLESMLS
• 2026-04-23 Listed $300,000 NAPLESMLS
• 1997-03-21 Sold (Public Records) $98,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $3,191 · +3.4% YoY. Source: county tax records.