10651 Wales Loop · Bonita Springs, FL 34135

$175,000

2 bd · 2.0 ba · 928 sqft · Condo public records · 42 Days on market

Built 1991 $95/mo HOA · 4% 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 +28.9/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Fabulous home located in a 55+ community in the heart of Southwest Florida is a recent addition to the market! Community is located only about a mile to popular Old Bonita Springs! A single wide home that lives like a double wide! A tour is a must to appreciate the spaciousness of this home! The home features vaulted ceilings throughout, updated flooring throughout, 2 spacious bedrooms along with 2 generous baths. Primary bedroom also has huge walk in closet. Living room is open to full sized kitchen with plentiful countertops and cabinetry. There are multiple areas in this home to consider for dining. The four season Florida Room is perfection! Laundry inside the utility room off the F

Key facts

• Covered parking
• Community pool
• Community center

Tags

• TURNKEY MANUFACTURED HOME
• FLORIDA ROOM
• COVERED PARKING
• STORM PROTECTION
• COMMUNITY POOL
• COMMUNITY CENTER

Property features AI

Finance

• Other: Property zoned MHPD; Lot unit 188; Canal width 1-30; Total units in complex: 118; single unit in building; one floor
• HOA & community: Mandatory HOA; HOA fee $95 monthly (total annual recurring fees $1,140); One-time fees $300; Professional management; Community amenities: clubhouse, community pool, community spa/hot tub, bocce court, shuffleboard, extra storage, underground utilities; HOA maintenance covers: lawn/land maintenance, legal/accounting, manager, exterior pest control, recreation facilities, reserves, street lights, street maintenance, trash removal

Exterior

• Parking: Covered parking; Attached 1-car carport; Paved driveway
• Utilities: Central water; Central sewer; Cable available
• Home design: Manufactured residential home; Built in 1991; Single-story; Rear exposure: SE; Located in BONITA ST JAMES VILLAGE (Mobile/Manufactured community)
• Construction: Vinyl siding exterior; Shingle roof; Manufactured building design; See remarks for building description
• Exterior features: Patio; Double-hung windows; Storm protection (see remarks); Canal view / waterfront (canal)

Interior

• Kitchen: Range; Microwave; Refrigerator/Freezer; Dishwasher; Garbage disposal
• Bedrooms: 2 bedrooms with a split bedroom floor plan
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: 2 full bathrooms; Master bathroom with shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning
• Interior features: Vaulted ceiling; Breakfast bar; Den / study; Turnkey furnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $594 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (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 soft (-0.6%/yr); 835 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• This rent runs 30% of the median local income ($91k/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 $1k of loan paydown is wiped out by about $5k 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 42 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate 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 $169,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.31% ✓
• Cap rate: 10.37%
• Cash-on-cash: 14.55%
• DSCR: 1.65
• GRM: 6.4

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: 1.5%
• Equity multiple: 1.06×
• Total profit: $2,802
• Equity at exit: $26,093

10-year hold

• IRR: 7.9%
• Equity multiple: 1.52×
• Total profit: $25,348
• Equity at exit: $15,131

Cash invested: $49,000 (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: 6.4×

Monthly cashflow live

• Estimated rent: $2,294 high
• Mortgage (P&I): −$918
• Tax from tax record: −$133 /mo · $1,591/yr
• Insurance: −$73
• HOA: −$95
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $594

Break-even live

Break-even rent $1,542

Max offer price $175,000

Occupancy floor 69%

Sensitivity live

Price	-10% $693	-5% $644	+0% $594	+5% $545	+10% $495
Rent	-10% $413	-5% $504	+0% $594	+5% $685	+10% $775
Rate	-1.0pp $682	-0.5pp $639	base $594	+0.5pp $549	+1.0pp $503

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10101 Sandy Hollow Ln #102 Bonita Springs, FL	2.0	2.5	808	$1,645	$2.04	24d	1	0.26mi
10325 Tarrah Ln Unit 1073517P Bonita Springs, FL	2.0	1.0	818	$4,608	$5.63	4d	1	0.33mi
25806 Cockleshell Dr #314 Bonita Springs, FL	2.0	2.0	975	$1,800	$1.85	24d	1	0.38mi
10710 Rosemary Dr #712 Bonita Springs, FL	1.0	1.0	984	$1,750	$1.78	24d	1	0.64mi
25480 Cockleshell Dr #1005 Bonita Springs, FL	2.0	2.5	1119	$4,600	$4.11	24d	1	0.65mi
26239 Bonita Fairways Cir Bonita Springs, FL	2.0	2.0	1088	$2,500	$2.30	24d	1	0.82mi
27020 Williams Rd #5 Bonita Springs, FL	1.0	1.0	595	$1,700	$2.86	24d	1	0.99mi
10041 Maddox Ln #203 Bonita Springs, FL	3.0	2.0	1083	$5,000	$4.62	24d	1	1.14mi
26589-610 Rosewood Pointe Dr Unit A 301 Bonita Springs, FL	2.0	2.0	986	$3,500	$3.55	24d	1	1.14mi
10897 Goodwin St #899 Bonita Springs, FL	2.0	1.0	770	$1,950	$2.53	24d	1	1.14mi
26600 Rosewood Pointe Dr Unit B-101 Bonita Springs, FL	2.0	2.0	983	$2,200	$2.24	4d	1	1.16mi
26600 Rosewood Pointe Dr Unit 102 Bonita Springs, FL	1.0	2.0	833	$2,900	$3.48	4d	1	1.16mi
27083 Matheson Ave #208 Bonita Springs, FL	2.0	2.0	970	$1,750	$1.80	24d	1	1.16mi
27250 Shriver Ave Unit 1073504P Bonita Springs, FL	2.0	1.0	661	$4,275	$6.46	4d	2	1.18mi
9250 Highland Woods Blvd #2308 Bonita Springs, FL	2.0	2.0	1100	$1,995	$1.81	4d	1	1.18mi
9250 Highland Woods Blvd #2308 Bonita Springs, FL	2.0	2.0	1100	$1,995	$1.81	24d	1	1.18mi
9450 Highland Woods Blvd #6203 Bonita Springs, FL	2.0	2.0	1100	$6,000	$5.45	15d	1	1.18mi
27249 Pullen Ave #4 Bonita Springs, FL	2.0	2.5	956	$3,200	$3.35	24d	1	1.19mi
27249 Pullen Ave #5 Bonita Springs, FL	2.0	2.0	956	$1,950	$2.04	24d	1	1.19mi
9200 Highland Woods Blvd Bonita Springs, FL	2.0	2.0	1083	$4,050	$3.74	17d	3	1.23mi
10725 Wilson St #11 Bonita Springs, FL	2.0	12.0	1008	$1,800	$1.79	24d	1	1.24mi
27095 Matheson Ave #206 Bonita Springs, FL	1.0	1.0	715	$1,500	$2.10	24d	1	1.25mi
27103 Matheson Ave #206 Bonita Springs, FL	1.0	1.0	713	$1,700	$2.38	15d	1	1.26mi
27103 Matheson Ave #206 Bonita Springs, FL	1.0	1.0	770	$1,500	$1.95	24d	1	1.26mi
27107 Matheson Ave Unit 4-108 Bonita Springs, FL	2.0	2.0	975	$3,995	$4.10	24d	1	1.28mi
27302 Dortch Ave #304 Bonita Springs, FL	2.0	1.0	800	$2,550	$3.19	4d	1	1.29mi
27109 Matheson Ave Unit 206 Bonita Springs, FL	1.0	1.0	770	$1,700	$2.21	4d	1	1.30mi
27123 Matheson Ave #106 Bonita Springs, FL	1.0	1.0	713	$1,600	$2.24	24d	1	1.31mi
27123 Matheson Ave Bonita Springs, FL	2.0	2.0	970	$1,300	$1.34	4d	1	1.32mi

HOA detail condo

• Monthly dues: $95 · $1,140/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-17
   days on market $175,000 Active 42 DOM
2. 2026-06-16
   days on market $175,000 Active 41 DOM
3. 2026-06-15
   days on market $175,000 Active 40 DOM
4. 2026-06-13
   days on market $175,000 Active 38 DOM
5. 2026-06-10
   days on market $175,000 Active 35 DOM
6. 2026-06-09
   days on market $175,000 Active 34 DOM
7. 2026-06-08
   days on market $175,000 Active 33 DOM
8. 2026-06-07
   days on market $175,000 Active 32 DOM
9. 2026-06-03
   days on market $175,000 Active 28 DOM
10. 2026-06-02
    days on market $175,000 Active 27 DOM
11. 2026-06-01
    days on market $175,000 Active 26 DOM
12. 2026-05-31
    days on market $175,000 Active 25 DOM
13. 2026-05-06
    listed $175,000 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: $1,591 · $133/mo
• Projected year-2 tax: $1,591 · $133/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 5/10 Major FEMA zone X (shaded) · 42% chance over 30 yrs
• 🔥 Wildfire 2/10 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 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,530
• − Mortgage interest: −$9,803
• − Property taxes: −$1,591
• − Insurance: −$875
• − Repairs & maintenance: −$2,202
• − Management: −$2,202
• − HOA: −$1,140
• − Depreciation: −$5,091
• Taxable income: $4,625
• Est. tax owed @ 24.0%: −$1,110
• After-tax cash flow: $6,020/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

1 event — show timeline

• 2026-05-06 Listed $175,000 NAPLESMLS

Property tax history

+11.0%/yr

Latest (2025): $1,591 · +5.5% YoY. Source: county tax records.