2012 S Olga Dr #38 · Fort Myers Shores, FL 33905

$37,500

1 bd · 1.0 ba · 624 sqft · Condo public records · 130 Days on market

Built 1971 $230/mo HOA · 17% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

SELLER HIGHLY MOTIVATED! Great winter getaway or weekend escape. Hurricane Ian left it's mark in this community, but the spirit to rebuild is strong! Turn this gem into one of the largest square footage homes in the park. This is a perfect place to enjoy the river life in SWFL. Tile floors throughout, even in finished enclosed lanai area with single hung windows to create extra living space. Take a break from your labors and hop on your boat for a peaceful ride down the beautiful Caloosahatchee River, with million dollar sunset views! This community that was once used as a fishing camp is a hidden gem.

Key facts

• On-site shed
• Caloosahatchee river
• Direct river access

Tags

• CALOOSAHATCHEE RIVER
• COMMUNITY BOAT DOCKS
• DIRECT RIVER ACCESS
• BOAT SLIPS AVAILABLE
• ON-SITE SHED
• EXTRA STORAGE

Property features AI

Finance

• Financial info: Pets are not allowed
• HOA & community: Homeowners association with a monthly fee of $230; Association covers irrigation water, legal/accounting, grounds maintenance, trash, and water; Community amenities include boat dock, pier, boat slip, RV/boat storage, and laundry; Non-gated community; 50 units in the community

Exterior

• Parking: Assigned parking; Guest parking available; One assigned space
• Utilities: Public water; Septic tank sewer; Cable available; High-speed internet available
• Home design: Manufactured home with aluminum siding; Single-story; Entry at level 1; Faces southwest
• Construction: Metal and rolled/hot mop roofing; Manufactured construction; Aluminum siding
• Exterior features: Deck; Lanai (open); Porch (screened); Storage; Has view; Waterfront: basin and across-the-road water frontage; Lot exposures to the northeast; Irrigation from municipal source

Interior

• Kitchen: Electric cooktop; Microwave; Refrigerator; Freezer
• Bedrooms: Includes a screened porch (listed as a room type)
• Flooring: Laminate; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Partially furnished; Family/dining room; Living/dining room; Kitchen island; Split bedrooms; Shower only with separate shower; Window treatments; Single hung and sliding windows
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $38k.

Deal economics

• At list price, monthly cash flow is $65 ($775/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Recommended offer: $33k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.0% vs local median 3.1% in Fort Myers Shores — 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 (#433 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: schools F, 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 (-3.0%/yr); 763 active listings in the ZIP; 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 $259 of loan paydown is wiped out by about $1k 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 130 days — a 12% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $15k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.0% of price; 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 8→33/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $33,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 3.58% ✓
• Cap rate: 22.01%
• Cash-on-cash: 56.13%
• DSCR: 3.50
• GRM: 2.3

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: -16.0%
• Equity multiple: 0.48×
• Total profit: $-5,420
• Equity at exit: $5,591

10-year hold

• IRR: —
• Equity multiple: -0.21×
• Total profit: $-12,693
• Equity at exit: $3,242

Cash invested: $10,500 (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 33905

• Home prices YoY: -31.4%
• Rents YoY: -3.0%
• Active inventory: 763
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,342 medium
• Mortgage (P&I): −$197
• Tax from tax record: −$126 /mo · $1,516/yr
• Insurance: −$16
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$230
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $65

Break-even live

Break-even rent $1,260

Max offer price $37,500

Occupancy floor 90%

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: $9,375
• Closing costs: $1,125
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $230 · $2,760/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-17
   days on market $37,500 Active 130 DOM
2. 2026-06-16
   status $37,500 Active 129 DOM
3. 2026-06-01
   statusdays on market $37,500 Pending 129 DOM
4. 2026-06-01
   days on market $37,500 Active 128 DOM
5. 2026-05-20
   price $37,500
6. 2026-04-15
   price $39,900
7. 2026-03-13
   price $42,900
8. 2026-02-13
   price $47,900
9. 2026-01-19
   listed $52,900 Active
10. 2024-04-07
    historical
11. 2024-02-29
    price $94,900
12. 2024-01-28
    price $99,000
13. 2024-01-18
    price $109,500
14. 2023-10-30
    status Active
15. 2023-10-30
    price $109,900
16. 2023-09-12
    historical
17. 2023-08-07
    price $149,900
18. 2023-07-17
    listed $159,000 Active
19. 2023-04-06
    soldstatus $58,000 Closed 612-char remark

    Show marketing remark (612 chars)

    SELLER HIGHLY MOTIVATED! Great winter getaway or weekend escape. Hurricane Ian left it's mark in this community, but the spirit to rebuild is strong! Turn this gem into one of the largest square footage homes in the park. This is a perfect place to enjoy the river life in SWFL. Tile floors throughout, even in finished enclosed lanai area with single hung windows to create extra living space. Take a break from your labors and hop on your boat for a peaceful ride down the beautiful Caloosahatchee River, with million dollar sunset views! This community that was once used as a fishing camp is a hidden gem.

20. 2023-03-21
    status Pending 612-char remark

    Show marketing remark (612 chars)

    SELLER HIGHLY MOTIVATED! Great winter getaway or weekend escape. Hurricane Ian left it's mark in this community, but the spirit to rebuild is strong! Turn this gem into one of the largest square footage homes in the park. This is a perfect place to enjoy the river life in SWFL. Tile floors throughout, even in finished enclosed lanai area with single hung windows to create extra living space. Take a break from your labors and hop on your boat for a peaceful ride down the beautiful Caloosahatchee River, with million dollar sunset views! This community that was once used as a fishing camp is a hidden gem.

21. 2023-03-14
    price $64,900 612-char remark

    Show marketing remark (612 chars)

    SELLER HIGHLY MOTIVATED! Great winter getaway or weekend escape. Hurricane Ian left it's mark in this community, but the spirit to rebuild is strong! Turn this gem into one of the largest square footage homes in the park. This is a perfect place to enjoy the river life in SWFL. Tile floors throughout, even in finished enclosed lanai area with single hung windows to create extra living space. Take a break from your labors and hop on your boat for a peaceful ride down the beautiful Caloosahatchee River, with million dollar sunset views! This community that was once used as a fishing camp is a hidden gem.

22. 2023-03-03
    listed $79,000 Active 612-char remark

    Show marketing remark (612 chars)

    SELLER HIGHLY MOTIVATED! Great winter getaway or weekend escape. Hurricane Ian left it's mark in this community, but the spirit to rebuild is strong! Turn this gem into one of the largest square footage homes in the park. This is a perfect place to enjoy the river life in SWFL. Tile floors throughout, even in finished enclosed lanai area with single hung windows to create extra living space. Take a break from your labors and hop on your boat for a peaceful ride down the beautiful Caloosahatchee River, with million dollar sunset views! This community that was once used as a fishing camp is a hidden gem.

23. 1989-01-01
    soldstatus $376,000

ⓘ 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: $1,516 · $126/mo
• Projected year-2 tax: $1,516 · $126/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 7/10 Severe FEMA zone AE · 98% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 8 d/yr ≥107°F today · 33 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: $16,098
• − Mortgage interest: −$2,101
• − Property taxes: −$1,516
• − Insurance: −$5,306
• − Repairs & maintenance: −$1,288
• − Management: −$1,288
• − HOA: −$2,760
• − Depreciation: −$1,091
• Taxable income: $749
• Est. tax owed @ 24.0%: −$180
• After-tax cash flow: $596/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 Shores

• Score: 70/100
• State rank: #433
• US rank: #7747

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Myers Shores, FL
• County: Lee County · 788,662 people
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 41,381
• Household income: $71,987
• Rent vs Own: 37.2% rent · 62.8% own
• Severe rent burden: 1358.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 53% Hispanic / Latino 34% Two or more races 17% Black 9% Native American 4% Asian 2%
• Hispanic origin (detail): Mexican 11% Puerto Rican 5% Cuban 2%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 20% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 29% Other Indo-European 1% German/W. Germanic 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: ▼ -122.89%
• Current HPI: 268.4598
• Rent YoY: ▼ -2.97%
• 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

-90.0% since first listed

19 events — show timeline

• 2026-05-20 Price Changed $37,500 FORTMLS
• 2026-04-15 Price Changed $39,900 FORTMLS
• 2026-03-13 Price Changed $42,900 FORTMLS
• 2026-02-13 Price Changed $47,900 FORTMLS
• 2026-01-19 Listed $52,900 FORTMLS
• 2024-04-07 Listing Removed — FORTMLS
• 2024-02-29 Price Changed $94,900 FORTMLS
• 2024-01-28 Price Changed $99,000 FORTMLS
• 2024-01-18 Price Changed $109,500 FORTMLS
• 2023-10-30 Relisted — FORTMLS
• 2023-10-30 Price Changed $109,900 FORTMLS
• 2023-09-12 Listing Removed — FORTMLS
• 2023-08-07 Price Changed $149,900 FORTMLS
• 2023-07-17 Listed $159,000 FORTMLS
• 2023-04-06 Sold (MLS) $58,000 FORTMLS
• 2023-03-21 Pending — FORTMLS
• 2023-03-14 Price Changed $64,900 FORTMLS
• 2023-03-03 Listed $79,000 FORTMLS
• 1989-01-01 Sold (Public Records) $376,000 Public Records

Property tax history

+10.4%/yr

Latest (2025): $1,516 · +18.3% YoY. Source: county tax records.