26381 Coco Cay Cir #203 · Bonita Springs, FL 34135

$485,000

3 bd · 3.5 ba · 1,840 sqft · Condo · 236 Days on market

Built 2023 $694/mo HOA · 14% of rent

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Why this score? — see what drove the D- 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 +11.2/30.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Beautiful NEW CONSTRUCTION Bonita Beach condo is close to everything! Built in 2023! 3 Bedrooms and 3 Bathrooms ELEVATOR condo is perfect for you! Don't miss this opportunity! The screened in balcony is a great place to enjoy your morning coffee while enjoying the Florida breezes. This unit is steps away from the community pool. If its shopping, great restaurants, and beaches you love - You are minutes away from both! The open floor plan makes it perfect for entertaining. Stainless appliances, granite counter tops, spacious bedrooms and much more! The private ELEVATOR travels straight up to your living room & is a very special touch. Enjoy the Florida sunshine in the heart of Bonita Springs! Stop by and see Us!

Key facts

• Open floor plan
• Community pool
• New construction

Tags

• NEW CONSTRUCTION
• SCREENED IN BALCONY
• COMMUNITY POOL
• PRIVATE ELEVATOR
• OPEN FLOOR PLAN

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath condo listed at $485k.

Deal economics

• At list price, monthly cash flow is $-189 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $458k (5.6% below list).
• Meets the 1% rule at list price ($5k rent vs $485k).
• Recommended offer: $427k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.8% 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: cost of living C-, health & safety D, amenities F.
• 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.
• Zoned schools: Pinewoods Elementary School (math 81% / reading 74%, grade A, #163 of 2,144 statewide, top 8%, 1,089 students, 25% FRL); Lexington Middle School (math 55% / reading 54%, grade B-, #183 of 571 statewide, top 34%, 1,138 students, 44% FRL); South Fort Myers High School (math 23% / reading 30%, grade F, #489 of 667 statewide, top 74%, 1,917 students, 50% FRL) — zoned schools average 39% FRL vs 57% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-0.6%/yr); 843 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $4,882/mo this rent would consume 64% 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 $15k 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 236 days — a 12% lower offer ($427k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 5y ago; this cycle's ask is 16067% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $426,800 (12.0% 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. It's been on market 236 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.01% ✓
• Cap rate: 5.83%
• Cash-on-cash: -1.67%
• DSCR: 0.93
• GRM: 8.3

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: -23.1%
• Equity multiple: 0.23×
• Total profit: $-104,423
• Equity at exit: $72,315

10-year hold

• IRR: -32.0%
• Equity multiple: -0.18×
• Total profit: $-159,676
• Equity at exit: $41,934

Cash invested: $135,800 (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: 843
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $4,882 high
• Mortgage (P&I): −$2,543
• Tax est. 1.5%: −$606 /mo · $7,275/yr
• Insurance: −$202
• HOA: −$694
• Vacancy / Maint / Mgmt: −$1,025
• Net cashflow: $-189

Break-even live

Break-even rent $5,121

Max offer price $457,680

Occupancy floor 99%

Sensitivity live

Price	-10% $146	-5% $-21	+0% $-189	+5% $-356	+10% $-524
Rent	-10% $-574	-5% $-382	+0% $-189	+5% $4	+10% $197
Rate	-1.0pp $55	-0.5pp $-65	base $-189	+0.5pp $-314	+1.0pp $-442

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: $121,250
• Closing costs: $14,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26390 Coco Cay Cir #101 Bonita Springs, FL	2.0	2.5	1498	$2,700	$1.80	25d	1	0.02mi
26343 Clarkston Dr Bonita Springs, FL	3.0	2.0	2148	$9,500	$4.42	25d	1	0.06mi
26331 Coco Cay Cir #203 Bonita Springs, FL	3.0	3.5	2027	$3,500	$1.73	25d	1	0.07mi
26331 Coco Cay Cir Unit 103 Bonita Springs, FL	2.0	2.5	1520	$2,100	$1.38	23d	1	0.07mi
26310 Coco Cay Cir Unit 201 Bonita Springs, FL	3.0	3.5	1840	$3,195	$1.74	25d	1	0.10mi
3321 Glen Cairn Ct #102 Bonita Springs, FL	3.0	2.5	1912	$9,000	$4.71	25d	1	0.41mi
25817 Pebblecreek Dr Bonita Springs, FL	4.0	2.0	1718	$3,500	$2.04	3d	1	0.57mi
8850 Creek Run Dr Bonita Springs, FL	4.0	3.0	2370	$7,900	$3.33	25d	1	0.62mi
9550 Cedar Creek Dr Bonita Springs, FL	4.0	3.0	2354	$8,000	$3.40	25d	1	0.63mi
25925 Pebblecreek Dr Bonita Springs, FL	2.0	2.0	1498	$3,400	$2.27	23d	1	0.64mi
26751 Clarkston Dr #102 Bonita Springs, FL	2.0	2.0	1256	$6,500	$5.18	25d	1	0.64mi
3431 Pointe Creek Ct Bonita Springs, FL	2.0–3.0	2.0	1414	$2,590	$1.83	21d	2	0.72mi
9124 Brendan Preserve Ct Bonita Springs, FL	3.0	2.0	1699	$2,950	$1.74	25d	1	0.72mi
3412 Pointe Creek Ct #102 Bonita Springs, FL	3.0	2.0	1622	$6,250	$3.85	25d	1	0.74mi
3442 Pointe Creek Ct #201 Bonita Springs, FL	3.0	2.0	1673	$7,000	$4.18	5d	1	0.76mi
3461 Pointe Creek Ct #306 Bonita Springs, FL	3.0	2.0	1650	$3,150	$1.91	25d	1	0.79mi
26282 Queen Mary Ln Bonita Springs, FL	2.0	2.0	1236	$1,800	$1.46	25d	1	0.80mi
26610 Rosewood Pointe Dr #308 Bonita Springs, FL	2.0	2.0	1231	$2,100	$1.71	5d	1	0.80mi
26991 Clarkston Dr #8106 Bonita Springs, FL	2.0	2.0	1556	$7,875	$5.06	25d	1	0.81mi
3460 Pointe Creek Ct #102 Bonita Springs, FL	3.0	2.0	1622	$6,800	$4.19	25d	1	0.81mi
9192 Brendan Preserve Ct Bonita Springs, FL	3.0	2.5	1681	$6,500	$3.87	25d	1	0.81mi
27123 Kindlewood Ln Bonita Springs, FL	2.0	2.0	1715	$4,500	$2.62	25d	1	0.83mi
26600 Rosewood Pointe Dr Unit B-107 Bonita Springs, FL	3.0	2.0	1616	$6,000	$3.71	25d	1	0.83mi
9304 Lake Abby Ln Bonita Springs, FL	3.0	2.0	1631	$3,700	$2.27	5d	1	0.87mi
3421 Marbella Ct Bonita Springs, FL	3.0	3.5	2073	$10,000	$4.82	25d	1	0.89mi
27140 Brendan Way Bonita Springs, FL	4.0	3.0	2467	$10,000	$4.05	15d	1	0.90mi
27052 Kindlewood Ln Bonita Springs, FL	2.0	2.0	1584	$3,700	$2.34	5d	1	0.90mi
27157 Edenbridge Ct Bonita Springs, FL	3.0	2.0	1600	$4,000	$2.50	25d	1	0.90mi
26391 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.5	2002	$3,200	$1.60	23d	1	0.94mi
26603 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.0	1308	$4,500	$3.44	17d	1	0.94mi
26475 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.5	2171	$3,800	$1.75	25d	1	0.96mi
9061 Isla Bella Cir Bonita Springs, FL	3.0	2.0	1929	$7,900	$4.10	25d	1	0.96mi
9510 Village View Blvd Bonita Springs, FL	3.0	2.0	1587	$3,700	$2.33	25d	1	0.97mi
26930 Wedgewood Dr #202 Bonita Springs, FL	2.0	2.0	1620	$5,500	$3.40	25d	1	0.97mi
9371 Lake Abby Ln Bonita Springs, FL	3.0	2.0	1796	$2,850	$1.59	25d	1	1.02mi
27113 Oakwood Lake Dr Bonita Springs, FL	3.0	2.5	1879	$7,500	$3.99	25d	1	1.02mi
27119 Oakwood Lake Dr Bonita Springs, FL	3.0	2.5	1812	$7,500	$4.14	25d	1	1.03mi
27121 Oakwood Lake Dr Bonita Springs, FL	3.0	2.5	1892	$8,900	$4.70	5d	1	1.04mi
25240 Pelican Creek Cir #202 Bonita Springs, FL	2.0	2.0	1846	$6,500	$3.52	25d	1	1.05mi
25240 Pelican Creek Cir #202 Bonita Springs, FL	2.0	2.0	1846	$6,500	$3.52	17d	1	1.05mi

HOA detail condo

• Monthly dues: $694 · $8,328/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-22
   days on market $485,000 Active 236 DOM
2. 2026-06-17
   days on market $485,000 Active 232 DOM
3. 2026-06-16
   days on market $485,000 Active 231 DOM
4. 2026-06-16
   days on market $485,000 Active 230 DOM
5. 2026-06-13
   days on market $485,000 Active 228 DOM
6. 2026-06-09
   days on market $485,000 Active 224 DOM
7. 2026-06-07
   days on market $485,000 Active 222 DOM
8. 2026-06-02
   days on market $485,000 Active 217 DOM
9. 2026-06-01
   days on market $485,000 Active 216 DOM
10. 2026-06-01
    days on market $485,000 Active 215 DOM
11. 2026-05-02
    historical $3,000
12. 2026-03-05
    price $485,000 732-char remark

    Show marketing remark (732 chars)

    This Beautiful NEW CONSTRUCTION Bonita Beach condo is close to everything! Built in 2023! 3 Bedrooms and 3 Bathrooms ELEVATOR condo is perfect for you! Don't miss this opportunity! The screened in balcony is a great place to enjoy your morning coffee while enjoying the Florida breezes. This unit is steps away from the community pool. If its shopping, great restaurants, and beaches you love - You are minutes away from both! The open floor plan makes it perfect for entertaining. Stainless appliances, granite counter tops, spacious bedrooms and much more! The private ELEVATOR travels straight up to your living room & is a very special touch. Enjoy the Florida sunshine in the heart of Bonita Springs! Stop by and see Us!

13. 2026-01-31
    listed $3,000
14. 2026-01-31
    historical $3,000
15. 2025-10-28
    listed $499,000 Active 732-char remark

    Show marketing remark (732 chars)

    This Beautiful NEW CONSTRUCTION Bonita Beach condo is close to everything! Built in 2023! 3 Bedrooms and 3 Bathrooms ELEVATOR condo is perfect for you! Don't miss this opportunity! The screened in balcony is a great place to enjoy your morning coffee while enjoying the Florida breezes. This unit is steps away from the community pool. If its shopping, great restaurants, and beaches you love - You are minutes away from both! The open floor plan makes it perfect for entertaining. Stainless appliances, granite counter tops, spacious bedrooms and much more! The private ELEVATOR travels straight up to your living room & is a very special touch. Enjoy the Florida sunshine in the heart of Bonita Springs! Stop by and see Us!

16. 2025-09-14
    historical
17. 2025-07-16
    listed $3,000
18. 2025-07-16
    historical $3,000
19. 2025-05-23
    listed $3,000
20. 2025-05-23
    historical $3,000
21. 2025-05-23
    listed $3,000
22. 2025-05-04
    listed $559,000 Active
23. 2025-04-05
    historical
24. 2024-04-25
    price $559,000
25. 2024-03-21
    price $599,000
26. 2024-02-01
    soldstatus $520,160 Closed
27. 2024-01-31
    listed $625,000 Active
28. 2021-12-29
    status Pending
29. 2021-12-04
    listed $518,990 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $58,586
• − Mortgage interest: −$27,168
• − Property taxes: −$7,275
• − Insurance: −$2,425
• − Repairs & maintenance: −$4,687
• − Management: −$4,687
• − HOA: −$8,328
• − Depreciation: −$14,109
• Taxable loss: −$10,092
• Est. tax savings @ 24.0%: +$2,422
• After-tax cash flow: $156/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

-99.4% since first listed

19 events — show timeline

• 2026-05-02 Rental Removed $3,000 FGCMLS
• 2026-03-05 Price Changed $485,000 FORTMLS
• 2026-01-31 Listed for Rent $3,000 FGCMLS
• 2026-01-31 Rental Removed $3,000 FORTMLS
• 2025-10-28 Listed $499,000 FORTMLS
• 2025-09-14 Listing Removed — FORTMLS
• 2025-07-16 Listed for Rent $3,000 FORTMLS
• 2025-07-16 Rental Removed $3,000 NAPLESMLS
• 2025-05-23 Listed for Rent $3,000 NAPLESMLS
• 2025-05-23 Rental Removed $3,000 FORTMLS
• 2025-05-23 Listed for Rent $3,000 FORTMLS
• 2025-05-04 Listed $559,000 FORTMLS
• 2025-04-05 Listing Removed — FORTMLS
• 2024-04-25 Price Changed $559,000 FORTMLS
• 2024-03-21 Price Changed $599,000 FORTMLS
• 2024-02-01 Sold (MLS) $520,160 FORTMLS
• 2024-01-31 Listed $625,000 FORTMLS
• 2021-12-29 Pending — FORTMLS
• 2021-12-04 Listed $518,990 FORTMLS