10800 Palazzo Way #105 · Fort Myers, FL 33913

$245,900

2 bd · 2.0 ba · 1,242 sqft · Condo public records · 312 Days on market

Built 2008 $974/mo HOA · 21% 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 +29.5/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Are you looking for an all-around great condo home in Pelican Preserve that's also an outstanding value? This move in ready turnkey home features the improved open Kitchen, Great Room and Lanai design built by WCI. Inside you'll find: a modern large kitchen island accented with granite tops. The spacious double-sided lanai feels like living in a corner unit with privacy and natural light to enjoy the park like setting. New water heater 10/20. The Palazzo neighborhood includes a private resort style pool, spa, BBQ area & bath house. Just a short ride away is the town center where your biggest decision of the day is what to do next from: organized tennis & Pickleball, staffed fitness & wellness, indoor pool & jogging track, 2 resort pools w/ outdoor drinks & dining, theater & concert pavilion, billiards, fishing, walking & biking trails, arts, crafts, woodshop, softball & opt. golf memberships. Just outside the community gates awaits a whole new world of activities: shopping, local restaurants, beaches & medical. The international airport is an easy 15-minute drive making short stays or picking up friends & family a snap, so you can spend more time being here not getting there!

Key facts

• Tennis
• Golf membership
• Community pool

Tags

• IMPACT WINDOWS
• PRIVATE STORAGE
• COMMUNITY POOL
• GOLF MEMBERSHIP
• TENNIS
• PICKLEBALL

Property features AI

Finance

• Financial info: Pets allowed conditionally (call), maximum 2 pets
• HOA & community: Homeowners association with quarterly fee; Association fee includes insurance, internet, irrigation water, grounds maintenance, pest control, reserve fund, sewer, security, trash and water; Community amenities: clubhouse, fitness center, pool, spa/hot tub, sauna, tennis courts, pickleball, bocce court, billiard room, media room, library, hobby room, restaurant, pier, park, trails, dog park, management, golf; Elevator on-site; Gated community; Senior community; 220 units in community

Exterior

• Parking: Detached carport; 1 covered space / 1 carport space
• Security: Gated community with guard; Security gate; Security guard; Fire sprinkler system; Smoke detectors
• Utilities: Public water; Public sewer; Cable available; High-speed internet available; Underground utilities
• Home design: Single-story; Entry at level 1; Property resale; Faces south
• Construction: Tile roof; Block, concrete and stucco construction
• Exterior features: Lanai; Porch; Screened patio/porch; Community pool; Rectangular lot; Publicly maintained road; North exposure; Has a view; Reclaimed water irrigation

Interior

• Kitchen: Dishwasher; Disposal; Icemaker; Microwave; Refrigerator; Self-cleaning oven
• Bedrooms: Includes screened porch and great room (room types listed)
• Flooring: Laminate; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Partially furnished; Breakfast bar and breakfast area; Tray ceilings; Pantry; Cable TV; Walk-in closet(s); Double hung and sliding windows; Shower-only with separate shower
• Laundry & utility: Washer; Dryer; Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $246k.

Deal economics

• At list price, monthly cash flow is $878 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $246k).
• Recommended offer: $216k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 3.0% in Fort Myers — 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 86/100 on livability (#14 in FL, #383 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• 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 flat; 811 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• At $4,542/mo this rent would consume 49% of the median local household income ($110k/yr) (locally 276% 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 $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.

Negotiation context

• It's been on market 312 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $19k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $185k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $216,392 (12.0% below list)

Questions for the listing agent

1. It's been on market 312 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: 1.85% ✓
• Cap rate: 10.58%
• Cash-on-cash: 15.29%
• DSCR: 1.68
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.37% rent growth · sell at horizon

5-year hold

• IRR: 2.0%
• Equity multiple: 1.07×
• Total profit: $5,025
• Equity at exit: $36,664

10-year hold

• IRR: 7.7%
• Equity multiple: 1.49×
• Total profit: $33,557
• Equity at exit: $21,261

Cash invested: $68,852 (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 33913

• Home prices YoY: -10.3%
• Rents YoY: 0.4%
• Active inventory: 811
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $4,542 high
• Mortgage (P&I): −$1,290
• Tax from tax record: −$345 /mo · $4,135/yr
• Insurance: −$102
• HOA: −$974
• Vacancy / Maint / Mgmt: −$954
• Net cashflow: $878

Break-even live

Break-even rent $3,431

Max offer price $245,900

Occupancy floor 76%

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: $61,475
• Closing costs: $7,377
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10820 Palazzo Way #203 Fort Myers, FL	2.0	2.0	1235	$5,400	$4.37	23d	1	0.05mi
10791 Palazzo Way #301 Fort Myers, FL	2.0	2.0	1390	$5,300	$3.81	23d	1	0.07mi
10751 Palazzo Way #103 Fort Myers, FL	2.0	2.0	1235	$5,000	$4.05	23d	1	0.16mi
10711 Palazzo Way Unit 203 Fort Myers, FL	2.0	2.0	1257	$5,300	$4.22	21d	1	0.20mi
10711 Palazzo Way Fort Myers, FL	2.0	2.0	1257	$3,900	$3.10	16d	2	0.20mi
10700 Palazzo Way #201 Fort Myers, FL	2.0	2.0	1390	$5,000	$3.60	21d	1	0.24mi
10714 Cetrella Dr Fort Myers, FL	2.0	2.0	1227	$5,500	$4.48	23d	1	0.64mi
10702 Cetrella Dr Fort Myers, FL	2.0	2.0	1347	$5,500	$4.08	23d	1	0.66mi
10700 Cetrella Dr Fort Myers, FL	2.0	2.0	1227	$3,500	$2.85	23d	1	0.66mi
10518 Avila Cir Fort Myers, FL	2.0	2.0	1466	$6,500	$4.43	3d	1	0.68mi
10518 Avila Cir Fort Myers, FL	2.0	2.0	1466	$6,500	$4.43	23d	1	0.68mi
10535 Carolina Willow Dr Fort Myers, FL	3.0	2.0	1290	$2,300	$1.78	21d	1	0.70mi
10111 Colonial Country Club Blvd #2308 Fort Myers, FL	2.0	2.0	1309	$2,000	$1.53	12d	1	0.87mi
11033 Mill Creek Way #202 Fort Myers, FL	2.0	2.0	1379	$5,400	$3.92	23d	1	0.94mi
12020 Champions Green Way #112 Fort Myers, FL	2.0	2.0	1056	$2,000	$1.89	12d	1	1.02mi
12030 Champions Green Way #212 Fort Myers, FL	2.0	2.0	1056	$1,800	$1.70	3d	1	1.05mi
10130 Colonial Country Club Blvd #707 Fort Myers, FL	2.0	2.0	1116	$4,900	$4.39	23d	1	1.05mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	23d	1	1.09mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	14d	1	1.09mi
10900 Glenhurst St Fort Myers, FL	2.0	2.0	1355	$2,200	$1.62	3d	1	1.11mi
11011 Mill Creek Way #1307 Fort Myers, FL	2.0	2.0	1379	$5,000	$3.63	23d	1	1.21mi
10720 Ravenna Way #104 Fort Myers, FL	2.0	2.0	1251	$5,000	$4.00	23d	1	1.25mi
10700 Ravenna Way Fort Myers, FL	2.0	2.0	1251	$3,488	$2.79	23d	2	1.30mi
9639 Hemingway Ln #3505 Fort Myers, FL	2.0	2.0	1234	$4,800	$3.89	23d	1	1.36mi
9667 Hemingway Ln Unit 3107 Fort Myers, FL	2.0	2.0	1209	$4,900	$4.05	23d	1	1.36mi
9661 Hemingway Ln #3207 Fort Myers, FL	2.0	2.0	1300	$3,900	$3.00	3d	1	1.36mi
9582 Hemingway Ln #3402 Fort Myers, FL	2.0	2.0	1382	$5,500	$3.98	23d	1	1.37mi
9582 Hemingway Ln #3403 Fort Myers, FL	2.0	2.0	1385	$5,400	$3.90	23d	1	1.37mi
9582 Hemingway Ln #3403 Fort Myers, FL	2.0	2.0	1385	$5,400	$3.90	14d	1	1.37mi
10530 Amiata Way #103 Fort Myers, FL	2.0	2.0	1248	$2,200	$1.76	23d	1	1.38mi
10510 Amiata Way #302 Fort Myers, FL	2.0	2.0	1245	$4,900	$3.94	23d	1	1.39mi
12171 Treeline Ave Fort Myers, FL	1.0–3.0	1.0–2.0	1321	$2,606	$1.97	3d	23	1.44mi

HOA detail condo

• Monthly dues: $974 · $11,688/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-02-02
   price $245,900
2. 2025-10-25
   price $259,900
3. 2025-07-18
   listed $265,000 Active
4. 2021-02-15
   soldstatus $185,000 Closed 1254-char remark

   Show marketing remark (1254 chars)

   Are you looking for an all-around great condo home in Pelican Preserve that's also an outstanding value? This move in ready turnkey home features the improved open Kitchen, Great Room and Lanai design built by WCI. Inside you'll find: a modern large kitchen island accented with granite tops. The spacious double-sided lanai feels like living in a corner unit with privacy and natural light to enjoy the park like setting. New water heater 10/20. The Palazzo neighborhood includes a private resort style pool, spa, BBQ area & bath house. Just a short ride away is the town center where your biggest decision of the day is what to do next from: organized tennis & Pickleball, staffed fitness & wellness, indoor pool & jogging track, 2 resort pools w/ outdoor drinks & dining, theater & concert pavilion, billiards, fishing, walking & biking trails, arts, crafts, woodshop, softball & opt. golf memberships. Just outside the community gates awaits a whole new world of activities: shopping, local restaurants, beaches & medical. The international airport is an easy 15-minute drive making short stays or picking up friends & family a snap, so you can spend more time being here not getting there!

5. 2021-02-15
   soldstatus $185,000

   Show marketing remark (1254 chars)

   Are you looking for an all-around great condo home in Pelican Preserve that's also an outstanding value? This move in ready turnkey home features the improved open Kitchen, Great Room and Lanai design built by WCI. Inside you'll find: a modern large kitchen island accented with granite tops. The spacious double-sided lanai feels like living in a corner unit with privacy and natural light to enjoy the park like setting. New water heater 10/20. The Palazzo neighborhood includes a private resort style pool, spa, BBQ area & bath house. Just a short ride away is the town center where your biggest decision of the day is what to do next from: organized tennis & Pickleball, staffed fitness & wellness, indoor pool & jogging track, 2 resort pools w/ outdoor drinks & dining, theater & concert pavilion, billiards, fishing, walking & biking trails, arts, crafts, woodshop, softball & opt. golf memberships. Just outside the community gates awaits a whole new world of activities: shopping, local restaurants, beaches & medical. The international airport is an easy 15-minute drive making short stays or picking up friends & family a snap, so you can spend more time being here not getting there!

6. 2021-01-10
   status Pending 1254-char remark

   Show marketing remark (1254 chars)

   Are you looking for an all-around great condo home in Pelican Preserve that's also an outstanding value? This move in ready turnkey home features the improved open Kitchen, Great Room and Lanai design built by WCI. Inside you'll find: a modern large kitchen island accented with granite tops. The spacious double-sided lanai feels like living in a corner unit with privacy and natural light to enjoy the park like setting. New water heater 10/20. The Palazzo neighborhood includes a private resort style pool, spa, BBQ area & bath house. Just a short ride away is the town center where your biggest decision of the day is what to do next from: organized tennis & Pickleball, staffed fitness & wellness, indoor pool & jogging track, 2 resort pools w/ outdoor drinks & dining, theater & concert pavilion, billiards, fishing, walking & biking trails, arts, crafts, woodshop, softball & opt. golf memberships. Just outside the community gates awaits a whole new world of activities: shopping, local restaurants, beaches & medical. The international airport is an easy 15-minute drive making short stays or picking up friends & family a snap, so you can spend more time being here not getting there!

7. 2021-01-06
   listed $185,000 Active 1254-char remark

   Show marketing remark (1254 chars)

   Are you looking for an all-around great condo home in Pelican Preserve that's also an outstanding value? This move in ready turnkey home features the improved open Kitchen, Great Room and Lanai design built by WCI. Inside you'll find: a modern large kitchen island accented with granite tops. The spacious double-sided lanai feels like living in a corner unit with privacy and natural light to enjoy the park like setting. New water heater 10/20. The Palazzo neighborhood includes a private resort style pool, spa, BBQ area & bath house. Just a short ride away is the town center where your biggest decision of the day is what to do next from: organized tennis & Pickleball, staffed fitness & wellness, indoor pool & jogging track, 2 resort pools w/ outdoor drinks & dining, theater & concert pavilion, billiards, fishing, walking & biking trails, arts, crafts, woodshop, softball & opt. golf memberships. Just outside the community gates awaits a whole new world of activities: shopping, local restaurants, beaches & medical. The international airport is an easy 15-minute drive making short stays or picking up friends & family a snap, so you can spend more time being here not getting there!

ⓘ 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: $4,135 · $345/mo
• Projected year-2 tax: $4,135 · $345/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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 26 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: $54,504
• − Mortgage interest: −$13,774
• − Property taxes: −$4,135
• − Insurance: −$1,230
• − Repairs & maintenance: −$4,360
• − Management: −$4,360
• − HOA: −$11,688
• − Depreciation: −$7,153
• Taxable income: $7,803
• Est. tax owed @ 24.0%: −$1,873
• After-tax cash flow: $8,658/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 — Fort Myers

• Score: 86/100
• State rank: #14
• US rank: #383

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 278,598
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 31,538
• Household income: $110,373
• Rent vs Own: 9.5% rent · 90.5% own
• Severe rent burden: 276.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 13% Two or more races 11% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 10% Other Indo-European 2% French/Haitian/Cajun 2%

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: ▼ -25.45%
• Current HPI: 221.7115
• Rent YoY: ▲ 0.37%
• 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

+32.9% since first listed

7 events — show timeline

• 2026-02-02 Price Changed $245,900 FORTMLS
• 2025-10-25 Price Changed $259,900 FORTMLS
• 2025-07-18 Listed $265,000 FORTMLS
• 2021-02-15 Sold (Public Records) $185,000 Public Records
• 2021-02-15 Sold (MLS) $185,000 FORTMLS
• 2021-01-10 Pending — FORTMLS
• 2021-01-06 Listed $185,000 FORTMLS

Property tax history

+6.7%/yr

Latest (2025): $4,135 · -0.8% YoY. Source: county tax records.