268 Shoreland Dr · Fort Myers, FL 33905

$99,000

2 bd · 2.0 ba · 984 sqft · Condo public records · 408 Days on market

Built 1975 $407/mo HOA · 24% of rent ↓ 21% since listing

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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 +28.9/30.0
• 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
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

A handyman is what this 1968 home needs! With 2 beds/2 baths, almost 1200 sq. ft of living space, attached carport and shed the possibilities are endless. Prior to Hurricane Ian kitchen had been remodeled with new cabinets and countertops, which remain. Some remediation has been done from damage sustained with flooring removed down to floor joist. Price includes share for the lot and ownership in the co-op with a monthly fee of $407, which includes water/sewer, trash pick-up, lawn mowing/edging, fiber optics Internet and all amenities in the community. Home is in Orange Harbor, a 55+ waterfront and pet friendly community with many amenities, groups and activities. Community is just off I-75

Key facts

• Kitchen remodeled
• Waterfront community
• New cabinets

Tags

• KITCHEN REMODELED
• NEW CABINETS
• NEW COUNTERTOPS
• WATERFRONT COMMUNITY
• PET FRIENDLY COMMUNITY
• MANY AMENITIES

Property features AI

Finance

• Financial info: Pets allowed on a conditional basis; contact for details
• HOA & community: Homeowners association with monthly fee ($407); HOA fee includes cable TV, internet, grounds maintenance, sewer, street lights, and trash; Community amenities include clubhouse, pool, laundry, library, pier, bocce, pickleball, shuffleboard, billiards, dog park, RV/boat storage, storage, and on-site management; Gated community with street lights; Senior community; Community contains 353 units

Exterior

• Parking: Attached carport with 2 covered spaces; Driveway (paved) providing two spaces
• Utilities: Public water; Public sewer; Cable available; Underground utilities
• Home design: Manufactured home; Single-story; Vinyl siding; Shingle roof; Faces northwest; Known damage noted
• Construction: Manufactured construction; Vinyl siding; Shingle roof
• Exterior features: Across-the-road water frontage; Paved road access; Southeast exposure; None listed

Interior

• Kitchen: Refrigerator; Kitchen island
• Bedrooms: Bedroom located on the main level
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating
• Interior features: Bedroom on main level; Kitchen island; High speed internet; Unfurnished
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $99k.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $83k (16.3% below list).
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $83k (16.3% below list) — sets the bar for cash-flow.
• Cap rate 10.4% 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 soft (-3.0%/yr); 763 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $684 of loan paydown is wiped out by about $3k 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 408 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $21k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 24% of rent.
• 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $82,870 (16.3% 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 408 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
10. 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.
11. 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: 1.75% ✓
• Cap rate: 10.36%
• Cash-on-cash: 14.51%
• DSCR: 1.65
• GRM: 4.8

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: -30.5%
• Equity multiple: 0.05×
• Total profit: $-26,421
• Equity at exit: $14,761

10-year hold

• IRR: -92.5%
• Equity multiple: -0.73×
• Total profit: $-48,033
• Equity at exit: $8,560

Cash invested: $27,720 (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: 4.8×

Monthly cashflow live

• Estimated rent: $1,728 high
• Mortgage (P&I): −$519
• Tax from tax record: −$63 /mo · $751/yr
• Insurance: −$41
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$407
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $-91

Break-even live

Break-even rent $1,844

Max offer price $82,870

Occupancy floor —

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
243 Tangerine Dr Fort Myers, FL	2.0	1.5	720	$1,425	$1.98	24d	1	0.12mi
141 Schneider Dr Fort Myers, FL	3.0	2.0	1048	$2,500	$2.39	24d	1	0.49mi
9950 Sailview Ct #2 Fort Myers, FL	2.0	2.0	964	$1,500	$1.56	24d	1	1.18mi
9970 Sailview Ct #9 Fort Myers, FL	2.0	2.0	988	$1,100	$1.11	3d	1	1.18mi
9970 Sailview Ct #9 Fort Myers, FL	2.0	2.0	988	$1,150	$1.16	24d	1	1.18mi
4681 Lakeside Club Blvd #11 Fort Myers, FL	2.0	2.0	964	$1,300	$1.35	24d	1	1.26mi
215 Delray Ave Fort Myers, FL	2.0	1.0	740	$1,450	$1.96	14d	1	1.28mi
9570 Green Cypress Ln #13 Fort Myers, FL	2.0	2.0	985	$2,800	$2.84	24d	1	1.35mi
9540 Green Cypress Ln #11 Fort Myers, FL	2.0	2.0	988	$2,500	$2.53	24d	1	1.38mi

HOA detail condo

• Monthly dues: $407 · $4,884/yr
• Likely covers: watersewertrashinternet
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-17
   days on market $99,000 Active 408 DOM
2. 2026-06-16
   days on market $99,000 Active 407 DOM
3. 2026-06-16
   days on market $99,000 Active 406 DOM
4. 2026-06-13
   days on market $99,000 Active 404 DOM
5. 2026-06-09
   days on market $99,000 Active 400 DOM
6. 2026-06-07
   days on market $99,000 Active 398 DOM
7. 2026-06-02
   days on market $99,000 Active 393 DOM
8. 2026-06-01
   days on market $99,000 Active 392 DOM
9. 2026-06-01
   days on market $99,000 Active 391 DOM
10. 2026-04-22
    price $99,000
11. 2025-05-06
    price $120,000
12. 2025-05-01
    historical
13. 2024-11-25
    listed $12,000 Active
14. 2024-11-25
    listed $120,000 Active
15. 2024-10-31
    historical
16. 2023-04-14
    listed $125,000 Active

ⓘ 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: $751 · $63/mo
• Projected year-2 tax: $822 · $68/mo
• Expected delta: +$71/yr (+$6/mo · 9.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 58% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 28 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: $20,737
• − Mortgage interest: −$5,546
• − Property taxes: −$751
• − Insurance: −$5,614
• − Repairs & maintenance: −$1,659
• − Management: −$1,659
• − HOA: −$4,884
• − Depreciation: −$2,880
• Taxable loss: −$2,254
• Est. tax savings @ 24.0%: +$541
• After-tax cash flow: $-555/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

• County: Lee County · 788,662 people
• City population: 278,598
• 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

-20.8% since first listed

7 events — show timeline

• 2026-04-22 Price Changed $99,000 FORTMLS
• 2025-05-06 Price Changed $120,000 FORTMLS
• 2025-05-01 Listing Removed — FORTMLS
• 2024-11-25 Listed $120,000 FORTMLS
• 2024-11-25 Listed $12,000 FORTMLS
• 2024-10-31 Listing Removed — FORTMLS
• 2023-04-14 Listed $125,000 FORTMLS

Property tax history

-2.7%/yr

Latest (2025): $751 · -36.6% YoY. Source: county tax records.