17244/17246 Whitewater Ct · Fort Myers Beach, FL 33931

$390,000

4 bd · 4.0 ba · 1,986 sqft · MultiFamily public records · 189 Days on market

Built 1986 9,757 sqft lot

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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 +17.9/30.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 1% rule +4.3/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Not often does a deal like this comes on the market. The most sought after area on this coast. Weather for the investor or vacation. Whitewater Ct. is located minutes to the World famous beaches of Sanibel and Fort Myers Beach. convenient to 175, airport [RSW] and health care facilities. Walk to shopping and restaurants. What would you do if this was your property?? Live on one side, rent the other? Annual rental? Seasonal rental? Whatever you do. .. don't hesitate property will not be available for long!!

Key facts

• 2 year old roof
• New tile floors
• New hvac

Tags

• INCOME PRODUCING DUPLEX
• NEW KITCHEN APPLIANCES
• FRESH FINISHES
• 2 YEAR OLD ROOF
• NEW TILE FLOORS
• NEW HVAC

Property features AI

Finance

• Other: Tenants pay cable TV, electricity, and internet; Pets allowed
• Financial info: Each unit currently rents for $1,400 (actual and pro forma)
• HOA & community: Non-gated community; No association fee

Exterior

• Parking:
• Security:
• Utilities: Public water; Public sewer; Cable available
• Home design: Multifamily property with 1 building and 2 total units; Resale property
• Construction: Block, concrete, and stucco construction; Shingle roof
• Exterior features: Patio

Interior

• Kitchen: Each unit includes dishwasher, microwave, range, and refrigerator; Open lanai/porch off units
• Bedrooms: Two 2-bedroom units
• Flooring: Tile
• Bathrooms: Each unit has 2 full bathrooms (4 full bathrooms total)
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Double-hung windows; Tile flooring
• Laundry & utility: Washer/dryer hookup in each unit

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $-98 ($-1k/yr) — negative. Per door: $-49/mo.
• To cash-flow at today's rent, offer at most $373k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $363k (6.8% below list).
• Recommended offer: $343k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 0.3% in Fort Myers Beach — 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 69/100 on livability (#489 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, schools A-; Watch: amenities F, commute F, cost of living 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: 876 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $3,634/mo this rent would consume 55% of the median local household income ($79k/yr) (locally 145% 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 $12k 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 189 days — a 12% lower offer ($343k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $40k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $390k implies a 388% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $343,200 (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 189 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. 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?
10. 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.
11. 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.
12. 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: 0.93% ✗
• Cap rate: 7.30%
• Cash-on-cash: 3.61%
• DSCR: 1.16
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -18.0%
• Equity multiple: 0.37×
• Total profit: $-69,206
• Equity at exit: $58,150

10-year hold

• IRR: -10.1%
• Equity multiple: 0.38×
• Total profit: $-67,383
• Equity at exit: $33,720

Cash invested: $109,200 (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 33931

• Home prices YoY: -18.8%
• Active inventory: 876
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $3,634 high
• Mortgage (P&I): −$2,045
• Tax from tax record: −$334 /mo · $4,014/yr
• Insurance: −$162
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$763
• Net cashflow: $-98

Break-even live

Break-even rent $3,758

Max offer price $372,714

Occupancy floor 98%

Sensitivity live

Price	-10% $123	-5% $13	+0% $-98	+5% $-208	+10% $-319
Rent	-10% $-385	-5% $-241	+0% $-98	+5% $46	+10% $189
Rate	-1.0pp $99	-0.5pp $1	base $-98	+0.5pp $-199	+1.0pp $-302

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,634
Total (2 units)			$3,634

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: $97,500
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11390 Bayside Blvd Fort Myers Beach, FL	3.0	2.0	2087	$2,500	$1.20	24d	1	0.49mi
11021 Gulf Reflections Dr Fort Myers, FL	2.0–3.0	2.0	1674	$4,200	$2.51	24d	2	0.80mi
11701 Olivetti Ln Unit 1545836P Fort Myers, FL	3.0	2.0	1388	$4,214	$3.04	14d	1	1.16mi
16126 Kelly Woods Dr Fort Myers, FL	3.0	2.0	1564	$5,800	$3.71	4d	1	1.18mi
15773 Beachcomber Ave Unit 1264830P Fort Myers, FL	3.0	2.0	1496	$3,133	$2.09	14d	1	1.21mi
11701 Pasetto Ln Unit 1049715P Fort Myers, FL	3.0	2.0	1496	$2,960	$1.98	22d	1	1.24mi
11596 Palm Dr Fort Myers, FL	3.0	2.0	1394	$2,450	$1.76	24d	1	1.39mi
7 Birch Blvd Fort Myers, FL	3.0	2.0	1280	$1,600	$1.25	24d	1	1.44mi
15645 Ocean Walk Cir Fort Myers, FL	3.0	2.0	1227	$2,774	$2.26	4d	3	1.45mi
15645 Ocean Walk Cir Fort Myers, FL	3.0	2.0	1287	$3,699	$2.87	3d	2	1.45mi

Listing history 21 events

1. 2026-06-17
   days on market $390,000 Active 189 DOM
2. 2026-06-16
   days on market $390,000 Active 188 DOM
3. 2026-06-15
   days on market $390,000 Active 187 DOM
4. 2026-06-13
   days on market $390,000 Active 185 DOM
5. 2026-06-10
   days on market $390,000 Active 182 DOM
6. 2026-06-09
   days on market $390,000 Active 181 DOM
7. 2026-06-07
   days on market $390,000 Active 179 DOM
8. 2026-06-02
   days on market $390,000 Active 174 DOM
9. 2026-06-01
   days on market $390,000 Active 173 DOM
10. 2026-06-01
    days on market $390,000 Active 172 DOM
11. 2026-05-18
    price $390,000
12. 2026-03-17
    price $420,000
13. 2025-12-10
    listed $430,000 Active
14. 2017-04-18
    soldstatus $80,000
15. 2017-04-10
    soldstatus $160,000 Sold 511-char remark

    Show marketing remark (511 chars)

    Not often does a deal like this comes on the market. The most sought after area on this coast. Weather for the investor or vacation. Whitewater Ct. is located minutes to the World famous beaches of Sanibel and Fort Myers Beach. convenient to 175, airport [RSW] and health care facilities. Walk to shopping and restaurants. What would you do if this was your property?? Live on one side, rent the other? Annual rental? Seasonal rental? Whatever you do. .. don't hesitate property will not be available for long!!

16. 2017-02-23
    status Pending 511-char remark

    Show marketing remark (511 chars)

    Not often does a deal like this comes on the market. The most sought after area on this coast. Weather for the investor or vacation. Whitewater Ct. is located minutes to the World famous beaches of Sanibel and Fort Myers Beach. convenient to 175, airport [RSW] and health care facilities. Walk to shopping and restaurants. What would you do if this was your property?? Live on one side, rent the other? Annual rental? Seasonal rental? Whatever you do. .. don't hesitate property will not be available for long!!

17. 2017-02-15
    listed $199,999 Active 511-char remark

    Show marketing remark (511 chars)

    Not often does a deal like this comes on the market. The most sought after area on this coast. Weather for the investor or vacation. Whitewater Ct. is located minutes to the World famous beaches of Sanibel and Fort Myers Beach. convenient to 175, airport [RSW] and health care facilities. Walk to shopping and restaurants. What would you do if this was your property?? Live on one side, rent the other? Annual rental? Seasonal rental? Whatever you do. .. don't hesitate property will not be available for long!!

18. 2009-01-02
    historical
19. 2007-07-02
    listed $233,950
20. 1999-11-15
    soldstatus $110,000
21. 1993-08-09
    soldstatus $90,000

ⓘ 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: $4,014 · $334/mo
• Projected year-2 tax: $4,014 · $334/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,608
• − Mortgage interest: −$21,846
• − Property taxes: −$4,014
• − Insurance: −$7,069
• − Repairs & maintenance: −$3,489
• − Management: −$3,489
• − Depreciation: −$11,345
• Taxable loss: −$7,643
• Est. tax savings @ 24.0%: +$1,834
• After-tax cash flow: $660/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 Beach

• Score: 69/100
• State rank: #489
• US rank: #8995

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lee County · 788,662 people
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 8,350
• Household income: $79,018
• Rent vs Own: 10.7% rent · 89.3% own
• Severe rent burden: 145.0

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 (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Romanian 5% Portuguese 3% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% German/W. Germanic 1% French/Haitian/Cajun 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: ▼ -194.12%
• Current HPI: 837.37
• Rent YoY: —
• 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

+333.3% since first listed

11 events — show timeline

• 2026-05-18 Price Changed $390,000 FORTMLS
• 2026-03-17 Price Changed $420,000 FORTMLS
• 2025-12-10 Listed $430,000 FORTMLS
• 2017-04-18 Sold (Public Records) $80,000 Public Records
• 2017-04-10 Sold (MLS) $160,000 FORTMLS
• 2017-02-23 Pending — FORTMLS
• 2017-02-15 Listed $199,999 FORTMLS
• 2009-01-02 Listing Removed — FORTMLS
• 2007-07-02 Listed $233,950 FORTMLS
• 1999-11-15 Sold (Public Records) $110,000 Public Records
• 1993-08-09 Sold (Public Records) $90,000 Public Records

Property tax history

+8.3%/yr

Latest (2025): $4,014 · +3.8% YoY. Source: county tax records.