87 Snead Dr · North Fort Myers, FL 33903

$175,000

2 bd · 2.0 ba · 1,162 sqft · Condo public records · 22 Days on market

Built 1982

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +7.1/30.0
• 1% rule +5.2/10.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• DSCR +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

SIX LAKES ADULT MANUFACTURED HOMES COUNTRY CLUB COMMUNITY. Tennis, golfing, swimming, restaurants, clubhouses. a whole new lifestyle. call for a tour. ,

Key facts

• Gated community
• Huge hall
• Shuffle board courts

Tags

• GATED COMMUNITY
• HUGE HALL
• 18 HOLE EXECUTIVE GOLF COURSE
• POOL AND HOT TUB
• SHUFFLE BOARD COURTS
• TENNIS AND PICKLEBALL COURTS

Property features AI

Exterior

• Home design: Built in 1982
• Construction: Single-family residence
• Exterior features: Located in the Diplomat subdivision

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 $-250 ($-3k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 4.6% vs local median 3.6% in North Fort Myers — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 74/100 on livability (#269 in FL, #4,409 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute 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.
• Market conditions: Rents soft (-1.9%/yr); 472 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 38% of the median local income ($57k/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 22 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $78k; list at $175k implies a 124% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,375 (1.5% 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. 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. 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?
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: 1.02% ✓
• Cap rate: 4.58%
• Cash-on-cash: -6.13%
• DSCR: 0.73
• GRM: 8.1

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: -31.6%
• Equity multiple: -0.01×
• Total profit: $-49,251
• Equity at exit: $26,093

10-year hold

• IRR: -69.3%
• Equity multiple: -0.68×
• Total profit: $-82,463
• 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 33903

• Rents YoY: -1.9%
• Active inventory: 472
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,791 high
• Mortgage (P&I): −$918
• Tax from tax record: −$148 /mo · $1,771/yr
• Insurance: −$73
• HOA est. from 1 same-building comp: −$527
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $-250

Break-even live

Break-even rent $2,108

Max offer price $130,753

Occupancy floor —

Sensitivity live

Price	-10% $-151	-5% $-201	+0% $-250	+5% $-300	+10% $-350
Rent	-10% $-392	-5% $-321	+0% $-250	+5% $-180	+10% $-109
Rate	-1.0pp $-162	-0.5pp $-206	base $-250	+0.5pp $-296	+1.0pp $-342

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 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2700 Diplomat Pkwy E Cape Coral, FL	1.0–3.0	1.0–2.0	1116	$2,382	$2.13	4d	41	0.27mi
8791 Littleton Rd North Fort Myers, FL	2.0	2.0	1074	$1,549	$1.44	25d	1	0.42mi
3260 Stockton St North Fort Myers, FL	3.0	1.0–2.0	976	$2,371	$2.43	3d	27	0.52mi
571 Sunrise Ln North Fort Myers, FL	2.0	2.0	1004	$1,400	$1.39	25d	1	0.61mi
3050 Steeple Cir Cape Coral, FL	1.0–3.0	1.0–2.0	1003	$1,668	$1.66	4d	27	0.65mi
28 Nyborg Ave North Fort Myers, FL	3.0	2.0	1042	$1,299	$1.25	16d	1	0.73mi
538 State St North Fort Myers, FL	3.0	1.5	1000	$1,199	$1.20	25d	1	0.79mi
2627 Riverfield Rd Cape Coral, FL	3.0	2.5	1324	$1,424	$1.08	25d	1	0.89mi
446 San Bernardino St North Fort Myers, FL	2.0	1.0	1104	$1,590	$1.44	11d	1	0.92mi
3404 Rainbow Ln North Fort Myers, FL	2.0	2.0	1056	$1,800	$1.70	4d	1	1.00mi
260 Stockton St North Fort Myers, FL	2.0	2.0	924	$1,200	$1.30	4d	1	1.07mi
247 Stockton St North Fort Myers, FL	3.0	2.0	924	$1,325	$1.43	25d	1	1.10mi
248 Stockton St North Fort Myers, FL	3.0	2.0	924	$1,300	$1.41	25d	1	1.10mi
2309 NE 15th Ln Cape Coral, FL	3.0	2.0	1250	$1,595	$1.28	4d	1	1.11mi
2505 Liberty Park Dr Cape Coral, FL	1.0–2.0	1.0–2.0	1092	$2,203	$2.02	4d	14	1.16mi
2221 NE 15th Ln Cape Coral, FL	2.0	2.0	1400	$1,675	$1.20	17d	1	1.19mi
2500 Ne Pine Island Rd North Fort Myers, FL	1.0–3.0	1.0–2.0	962	$2,018	$2.10	4d	19	1.21mi
2116 NE 25th St Cape Coral, FL	3.0	2.0	1352	$1,891	$1.40	4d	1	1.34mi
1125 Winding Pines Cir #207 Cape Coral, FL	2.0	2.0	1338	$1,550	$1.16	25d	1	1.43mi
1310 Thompson St North Fort Myers, FL	3.0	3.0	1387	$2,800	$2.02	25d	1	1.44mi
1288 Waite Dr North Fort Myers, FL	2.0	2.0	972	$2,200	$2.26	25d	1	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-17
   days on market $175,000 Active 22 DOM
2. 2026-06-16
   days on market $175,000 Active 21 DOM
3. 2026-06-16
   days on market $175,000 Active 20 DOM
4. 2026-06-13
   days on market $175,000 Active 18 DOM
5. 2026-06-09
   days on market $175,000 Active 14 DOM
6. 2026-06-07
   days on market $175,000 Active 12 DOM
7. 2026-06-01
   days on market $175,000 Active 6 DOM
8. 2026-06-01
   days on market $175,000 Active 5 DOM

ⓘ 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: $1,771 · $148/mo
• Projected year-2 tax: $1,771 · $148/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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 5 d/yr ≥106°F today · 21 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: $21,490
• − Mortgage interest: −$9,803
• − Property taxes: −$1,771
• − Insurance: −$875
• − Repairs & maintenance: −$1,719
• − Management: −$1,719
• − HOA: −$6,324
• − Depreciation: −$5,091
• Taxable loss: −$5,812
• Est. tax savings @ 24.0%: +$1,395
• After-tax cash flow: $-1,611/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 — North Fort Myers

• Score: 74/100
• State rank: #269
• US rank: #4409

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment C- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 57,035
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 23,655
• Household income: $56,993
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 468.0

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 14% Two or more races 8% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 3%
• Common ancestry: Lithuanian 4% Romanian 4% Italian 3%
• Foreign-born: 11% · Canada
• Languages at home: 88% English-only · Spanish 9% 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: ▼ -172.26%
• Current HPI: 256.773
• Rent YoY: ▼ -1.94%
• 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

+124.4% since first listed

3 events — show timeline

• 2026-05-26 Listed $175,000 FSBO.com
• 2006-03-03 Price Changed $79,500 FORTMLS
• 2006-03-01 Sold (MLS) $78,000 FORTMLS

Property tax history

+18.4%/yr

Latest (2025): $1,771 · -0.1% YoY. Source: county tax records.