10632 Woods Cir #1 · Bonita Springs, FL 34135

$170,000

2 bd · 1.0 ba · 796 sqft · Condo public records · 163 Days on market

Built 1982 $467/mo HOA · 22% of rent

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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 +19.6/30.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 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

Great investment opportunity in Bonita Springs. This 2-bedroom, 1-bath apartment offers a functional layout and strong rental potential. Convenient location near shopping, dining, major roads, and beaches.

Key facts

• Near dining
• Near shopping
• Functional layout

Tags

• INVESTMENT OPPORTUNITY
• FUNCTIONAL LAYOUT
• STRONG RENTAL POTENTIAL
• CONVENIENT LOCATION
• NEAR SHOPPING
• NEAR DINING

Property features AI

Finance

• Other: Part of a 9-unit complex with 1 unit per building
• HOA & community: Mandatory HOA (Condo-managed); Quarterly HOA fee of $1,400; Total annual recurring fees $5,600; Community is non-gated; No listed community amenities; No maintenance included

Exterior

• Parking: Detached 2-car garage
• Utilities: Central water; Central sewer; Window unit cooling
• Home design: Residential property; Low-rise building (1–3 stories); 2-story building; Rear exposure facing east; Located in Bonita Royal Condo Phase 1
• Construction: Concrete block construction; Built in 1982
• Exterior features: Stucco exterior; Windows — see remarks; Wood roof

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 2 bedrooms
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom; Master bath with tub only
• Heating & cooling: Window unit cooling
• Interior features: See remarks for additional interior details; Eat-in kitchen; Unfurnished; Split bedroom floor plan

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $170k.

Deal economics

• At list price, monthly cash flow is $196 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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; 40 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).

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 163 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 15y 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.
• Current owner paid $78k; list at $170k implies a 119% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 4→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.26% ✓
• Cap rate: 7.68%
• Cash-on-cash: 4.95%
• DSCR: 1.22
• GRM: 6.6

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: -12.7%
• Equity multiple: 0.56×
• Total profit: $-21,095
• Equity at exit: $25,348

10-year hold

• IRR: -10.7%
• Equity multiple: 0.46×
• Total profit: $-25,607
• Equity at exit: $14,698

Cash invested: $47,600 (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: 6.6×

Monthly cashflow live

• Estimated rent: $2,143 high
• Mortgage (P&I): −$891
• Tax from tax record: −$67 /mo · $810/yr
• Insurance: −$71
• HOA: −$467
• Vacancy / Maint / Mgmt: −$450
• Net cashflow: $196

Break-even live

Break-even rent $1,895

Max offer price $170,000

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10710 Rosemary Dr #712 Bonita Springs, FL	1.0	1.0	984	$1,750	$1.78	23d	1	0.24mi
27250 Shriver Ave Unit 1073504P Bonita Springs, FL	2.0	1.0	661	$4,275	$6.46	3d	2	0.40mi
10897 Goodwin St #899 Bonita Springs, FL	2.0	1.0	770	$1,950	$2.53	23d	1	0.41mi
27249 Pullen Ave #5 Bonita Springs, FL	2.0	2.0	956	$1,950	$2.04	23d	1	0.42mi
27249 Pullen Ave #4 Bonita Springs, FL	2.0	2.5	956	$3,200	$3.35	23d	1	0.42mi
27020 Williams Rd #5 Bonita Springs, FL	1.0	1.0	595	$1,700	$2.86	23d	1	0.45mi
10725 Wilson St #11 Bonita Springs, FL	2.0	12.0	1008	$1,800	$1.79	23d	1	0.46mi
27083 Matheson Ave #208 Bonita Springs, FL	2.0	2.0	970	$1,750	$1.80	23d	1	0.51mi
27302 Dortch Ave #304 Bonita Springs, FL	2.0	1.0	800	$2,550	$3.19	2d	1	0.52mi
27095 Matheson Ave #206 Bonita Springs, FL	1.0	1.0	715	$1,500	$2.10	23d	1	0.56mi
27109 Matheson Ave Unit 206 Bonita Springs, FL	1.0	1.0	770	$1,700	$2.21	3d	1	0.59mi
27103 Matheson Ave #206 Bonita Springs, FL	1.0	1.0	770	$1,500	$1.95	23d	1	0.60mi
27103 Matheson Ave #206 Bonita Springs, FL	1.0	1.0	713	$1,700	$2.38	14d	1	0.60mi
27123 Matheson Ave #106 Bonita Springs, FL	1.0	1.0	713	$1,600	$2.24	23d	1	0.60mi
27107 Matheson Ave Unit 4-108 Bonita Springs, FL	2.0	2.0	975	$3,995	$4.10	23d	1	0.61mi
27123 Matheson Ave Bonita Springs, FL	2.0	2.0	970	$1,300	$1.34	3d	1	0.61mi
26239 Bonita Fairways Cir Bonita Springs, FL	2.0	2.0	1088	$2,500	$2.30	23d	1	0.62mi
10101 Sandy Hollow Ln #102 Bonita Springs, FL	2.0	2.5	808	$1,645	$2.04	23d	1	0.78mi
10575 Crockett St Unit 406 Bonita Springs, FL	2.0	2.0	900	$2,450	$2.72	3d	1	0.82mi
10575 Crockett St Unit 303 Bonita Springs, FL	2.0	2.0	1000	$2,400	$2.40	23d	1	0.82mi
27715 Tennessee St Unit b Bonita Springs, FL	2.0	1.0	885	$1,750	$1.98	23d	1	0.90mi
10280 Carolina St Unit 1 Bonita Springs, FL	2.0	1.5	1040	$2,200	$2.12	19d	1	0.99mi
26589-610 Rosewood Pointe Dr Unit A 301 Bonita Springs, FL	2.0	2.0	986	$3,500	$3.55	23d	1	1.06mi
26600 Rosewood Pointe Dr Unit 102 Bonita Springs, FL	1.0	2.0	833	$2,900	$3.48	3d	1	1.06mi
26600 Rosewood Pointe Dr Unit B-101 Bonita Springs, FL	2.0	2.0	983	$2,200	$2.24	3d	1	1.06mi
27599 Lime St Bonita Springs, FL	2.0	1.0	900	$1,800	$2.00	23d	1	1.06mi
10325 Tarrah Ln Unit 1073517P Bonita Springs, FL	2.0	1.0	818	$4,608	$5.63	2d	1	1.11mi
25806 Cockleshell Dr #314 Bonita Springs, FL	2.0	2.0	975	$1,800	$1.85	23d	1	1.11mi
11355 Ridge Rd Bonita Springs, FL	1.0	1.0	704	$2,250	$3.20	21d	1	1.15mi
9450 Highland Woods Blvd #6203 Bonita Springs, FL	2.0	2.0	1100	$6,000	$5.45	14d	1	1.16mi
9861 Alabama St #3 Bonita Springs, FL	2.0	2.0	866	$2,100	$2.42	19d	1	1.22mi
9861 Alabama St #3 Bonita Springs, FL	2.0	2.0	866	$2,100	$2.42	23d	1	1.22mi
28121 Pine Haven Way #110 Bonita Springs, FL	2.0	2.0	884	$2,100	$2.38	23d	1	1.29mi
28121 Pine Haven Way #109 Bonita Springs, FL	2.0	2.0	1040	$1,795	$1.73	23d	1	1.29mi
9250 Highland Woods Blvd #2308 Bonita Springs, FL	2.0	2.0	1100	$1,995	$1.81	23d	1	1.31mi
9250 Highland Woods Blvd #2308 Bonita Springs, FL	2.0	2.0	1100	$1,995	$1.81	3d	1	1.31mi
11350 Pendleton St #352 Bonita Springs, FL	2.0	1.0	1020	$1,800	$1.76	23d	1	1.31mi
28100 Pine Haven Way #6 Bonita Springs, FL	2.0	2.0	884	$1,895	$2.14	23d	1	1.31mi
28100 Pine Haven Way #5 Bonita Springs, FL	2.0	2.0	884	$1,800	$2.04	23d	1	1.31mi
11931 Palm Bay Ct Unit 102 Bonita Springs, FL	2.0	2.0	940	$1,800	$1.91	23d	1	1.32mi

HOA detail condo

• Monthly dues: $467 · $5,604/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 47 events

1. 2026-06-17
   days on market $170,000 Active 163 DOM
2. 2026-06-16
   days on market $170,000 Active 162 DOM
3. 2026-06-15
   days on market $170,000 Active 161 DOM
4. 2026-06-13
   days on market $170,000 Active 159 DOM
5. 2026-06-10
   days on market $170,000 Active 156 DOM
6. 2026-06-09
   days on market $170,000 Active 155 DOM
7. 2026-06-07
   days on market $170,000 Active 153 DOM
8. 2026-06-02
   days on market $170,000 Active 148 DOM
9. 2026-06-01
   days on market $170,000 Active 147 DOM
10. 2026-06-01
    days on market $170,000 Active 146 DOM
11. 2026-01-05
    listed $170,000 Active
12. 2025-12-31
    historical
13. 2025-07-07
    listed $170,000 Active
14. 2022-12-20
    status Active
15. 2022-12-20
    historical
16. 2022-10-08
    status Pending
17. 2022-09-19
    price $159,000
18. 2022-09-06
    price $145,000
19. 2022-08-04
    price $155,000
20. 2022-08-03
    price $159,000
21. 2022-08-03
    status Active
22. 2022-08-03
    status Pending
23. 2022-07-11
    status Active
24. 2022-06-22
    status Pending
25. 2022-06-14
    listed $164,000 Active
26. 2022-06-08
    historical
27. 2022-06-01
    status Active
28. 2022-05-07
    status Pending
29. 2022-05-07
    historical
30. 2022-05-05
    price $160,000
31. 2022-04-02
    price $180,000
32. 2022-02-26
    price $160,000
33. 2022-01-10
    price $180,000
34. 2021-12-14
    listed $170,000 Active
35. 2018-10-11
    soldstatus $77,500
36. 2018-10-05
    soldstatus $77,500 Sold
37. 2018-07-20
    status Pending With Contingencies
38. 2018-06-28
    listed $79,900 Active
39. 2018-05-01
    historical
40. 2018-01-02
    listed $79,900 Active
41. 2017-12-04
    historical
42. 2017-12-03
    listed $79,900
43. 2011-04-06
    historical
44. 2011-03-28
    listed $54,900
45. 2004-11-04
    soldstatus $73,400
46. 2001-04-09
    soldstatus $43,000
47. 1999-04-05
    soldstatus $37,900

ⓘ 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: $810 · $67/mo
• Projected year-2 tax: $1,411 · $118/mo
• Expected delta: +$601/yr (+$50/mo · 74.3%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 4 d/yr ≥107°F today · 16 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: $25,718
• − Mortgage interest: −$9,523
• − Property taxes: −$810
• − Insurance: −$850
• − Repairs & maintenance: −$2,057
• − Management: −$2,057
• − HOA: −$5,604
• − Depreciation: −$4,945
• Taxable loss: −$128
• Est. tax savings @ 24.0%: +$31
• After-tax cash flow: $2,387/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

+348.5% since first listed

37 events — show timeline

• 2026-01-05 Listed $170,000 NAPLESMLS
• 2025-12-31 Listing Removed — NAPLESMLS
• 2025-07-07 Listed $170,000 NAPLESMLS
• 2022-12-20 Relisted — FORTMLS
• 2022-12-20 Listing Removed — FORTMLS
• 2022-10-08 Pending — FORTMLS
• 2022-09-19 Price Changed $159,000 FORTMLS
• 2022-09-06 Price Changed $145,000 FORTMLS
• 2022-08-04 Price Changed $155,000 FORTMLS
• 2022-08-03 Price Changed $159,000 FORTMLS
• 2022-08-03 Relisted — FORTMLS
• 2022-08-03 Pending — FORTMLS
• 2022-07-11 Relisted — FORTMLS
• 2022-06-22 Pending — FORTMLS
• 2022-06-14 Listed $164,000 FORTMLS
• 2022-06-08 Listing Removed — FORTMLS
• 2022-06-01 Relisted — FORTMLS
• 2022-05-07 Pending — FORTMLS
• 2022-05-07 Listing Removed — FORTMLS
• 2022-05-05 Price Changed $160,000 FORTMLS
• 2022-04-02 Price Changed $180,000 FORTMLS
• 2022-02-26 Price Changed $160,000 FORTMLS
• 2022-01-10 Price Changed $180,000 FORTMLS
• 2021-12-14 Listed $170,000 FORTMLS
• 2018-10-11 Sold (Public Records) $77,500 Public Records
• 2018-10-05 Sold (MLS) $77,500 NAPLESMLS
• 2018-07-20 Pending — NAPLESMLS
• 2018-06-28 Listed $79,900 NAPLESMLS
• 2018-05-01 Listing Removed — NAPLESMLS
• 2018-01-02 Listed $79,900 NAPLESMLS
• 2017-12-04 Listing Removed — NAPLESMLS
• 2017-12-03 Listed $79,900 NAPLESMLS
• 2011-04-06 Listing Removed — NAPLESMLS
• 2011-03-28 Listed $54,900 NAPLESMLS
• 2004-11-04 Sold (Public Records) $73,400 Public Records
• 2001-04-09 Sold (Public Records) $43,000 Public Records
• 1999-04-05 Sold (Public Records) $37,900 Public Records

Property tax history

+0.6%/yr

Latest (2025): $810 · +6.5% YoY. Source: county tax records.