17244/17246 Whitewater Ct

Fort Myers Beach, FL 33931

$390,000D+

4 bd · 4.0 ba · 1,986 sqft · Built 1986 · MultiFamily · Active · 189 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,634/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$924
• HOA: −$0
• Vac / Maint / Mgmt: −$763
• Net cashflow: $-98/mo
• Annual: $-1,174/yr
• Cap rate: 7.30%
• Cash-on-cash: 3.61%
• DSCR: 1.16
• 1% rule: 0.93%
• Cash to close: $109,200

Investor read

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $390k.
• 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).
• It's been on market 189 days — a 12% lower offer ($343k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $343k (12.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: flood insurance adds $427/mo.
• 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).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?