219 Temple Dr #219

Fort Myers, FL 33905

$115,000D+

2 bd · 2.0 ba · 864 sqft · Built 1978 · Manufactured · Active · 233 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,262/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$618
• HOA: −$406
• Vac / Maint / Mgmt: −$265
• Net cashflow: $-631/mo
• Annual: $-7,568/yr
• Cap rate: 4.16%
• Cash-on-cash: -7.61%
• DSCR: 0.66
• 1% rule: 1.10%
• Cash to close: $32,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $115k. Condition is rated good.
• At list price, monthly cash flow is $-631 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $24k (79.4% below list).
• Meets the 1% rule at list price ($1k rent vs $115k).
• It's been on market 233 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $24k (79.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Veterans Park Academy For The Arts (math 41% / reading 45%, grade F, #1,366 of 2,144 statewide, top 64%, 2,133 students, 36% FRL); Oak Hammock Middle School (math 43% / reading 41%, grade D-, #340 of 571 statewide, top 61%, 1,563 students, 56% FRL); Lehigh Senior High School (math 23% / reading 45%, grade F, #394 of 667 statewide, top 60%, 2,476 students, 57% FRL).
• Watch-outs: flood insurance adds $427/mo; HOA is 32% of rent.
• Market conditions: Rents soft (-3.0%/yr); 1226 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 124d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 63% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.2% vs local median 2.7% 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.

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 233 days. Have you received any prior offers? Is the seller open to a 79% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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?