10900 Santa Margherita Rd #103 · Estero, FL 34135

$345,000

3 bd · 2.0 ba · 1,279 sqft · Condo public records · 219 Days on market

Built 2002 $793/mo HOA · 21% of rent ↓ 8% since listing

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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 +12.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• DSCR +3.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

First-Floor Coach Home! Step into this whimsical, sun-filled coach home and instantly feel like you’re on vacation every day! Offered partially furnished, this charming 3-bedroom, 2-bath residence with a 1-car garage is perfect as a full-time retreat or your seasonal escape. Neutral tile flows through the entry, kitchen, and baths, while wood-look luxury vinyl plank flooring creates a warm, inviting foundation in the living areas and bedrooms. The spacious primary suite offers private access to the screened lanai and features an ensuite bath with dual vanities and a large walk-in shower. The kitchen is a showstopper with a subway tile backsplash, granite countertops, updated soft clo

Key facts

• Lake views
• Screened lanai
• Five pools

Tags

• FIRST FLOOR COACH HOME
• SCREENED LANAI
• LAKE VIEWS
• STONE COATED STEEL ROOFING
• FIVE POOLS
• WALKING JOGGING PATHS

Property features AI

Finance

• Other: Development: Lighthouse Bay at The Brooks; Subdivision/complex includes 146 units; 8 units in the building; 1 unit per floor; building described as carriage/coach; Condo restrictions: Architectural, deeded, no commercial, no RV
• Financial info: Total annual recurring fees provided as a quarterly condo fee (quarterly fee listed); Total one-time fees apply
• HOA & community: Mandatory HOA; Quarterly condo fee; Professional management; Maintenance covers cable, insurance, internet/WiFi, irrigation water, lawn/land maintenance, legal/accounting, manager, master association fee, pest control (exterior), repairs, reserve, security, sewer, street lights, street maintenance, trash removal and water; Community amenities include basketball, BBQ/picnic area, beach club access, bike/jog paths, community pool, community room, spa/hot tub, exercise room, fishing pier, internet access, lakefront beach, library, sauna, sidewalks, streetlights, tennis courts, underground utilities

Exterior

• Parking: Paved driveway; Detached 1-car garage
• Security: Gated community; Community security included in maintenance
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential carriage/coach style; Low-rise building (1–3 stories); Built in 2002; Rear exposure facing northeast; Unit number 103
• Construction: Concrete block construction
• Exterior features: Stucco exterior; Metal roof; Impact-resistant windows; Gated community; Lakefront with water feature; Irrigation with reclaimed water; Screened lanai/porch

Interior

• Kitchen: Pantry; Dishwasher; Disposal; Microwave; Range/stove; Refrigerator/freezer; Self-cleaning oven; Breakfast bar; Dining area open to living
• Bedrooms: 3 bedrooms
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Cable prewire; Foyer; High-speed internet available; Pantry; Smoke detectors; Walk-in closet; Split bedroom floor plan; Partially furnished; Screened lanai/porch
• Laundry & utility: Washer and dryer in residence; Auto garage door

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $345k.

Deal economics

• At list price, monthly cash flow is $-56 ($-667/yr) — negative.
• To cash-flow at today's rent, offer at most $335k (2.8% below list).
• Meets the 1% rule at list price ($4k rent vs $345k).
• Recommended offer: $304k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.1% vs local median 3.4% in Estero — 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 79/100 on livability (#149 in FL, #2,242 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living D-.
• 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: Pinewoods Elementary School (math 81% / reading 74%, grade A, #163 of 2,144 statewide, top 8%, 1,089 students, 25% FRL); Lexington Middle School (math 55% / reading 54%, grade B-, #183 of 571 statewide, top 34%, 1,138 students, 44% FRL); South Fort Myers High School (math 23% / reading 30%, grade F, #489 of 667 statewide, top 74%, 1,917 students, 50% FRL) — zoned schools average 39% FRL vs 57% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-0.6%/yr); 843 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $3,717/mo this rent would consume 49% of the median local household income ($91k/yr) (locally 976% 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 $2k of loan paydown is wiped out by about $10k 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 219 days — a 12% lower offer ($304k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $303,600 (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 219 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.08% ✓
• Cap rate: 6.10%
• Cash-on-cash: -0.69%
• DSCR: 0.97
• GRM: 7.7

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: -21.6%
• Equity multiple: 0.28×
• Total profit: $-69,912
• Equity at exit: $51,441

10-year hold

• IRR: -28.5%
• Equity multiple: -0.10×
• Total profit: $-105,796
• Equity at exit: $29,829

Cash invested: $96,600 (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 34135

• Rents YoY: -0.6%
• Active inventory: 843
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $3,717 high
• Mortgage (P&I): −$1,809
• Tax from tax record: −$246 /mo · $2,957/yr
• Insurance: −$144
• HOA: −$793
• Vacancy / Maint / Mgmt: −$781
• Net cashflow: $-56

Break-even live

Break-even rent $3,788

Max offer price $335,174

Occupancy floor 96%

Sensitivity live

Price	-10% $140	-5% $42	+0% $-56	+5% $-153	+10% $-251
Rent	-10% $-349	-5% $-202	+0% $-56	+5% $91	+10% $238
Rate	-1.0pp $118	-0.5pp $32	base $-56	+0.5pp $-145	+1.0pp $-236

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: $86,250
• Closing costs: $10,350
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10911 Santa Margherita Rd #102 Estero, FL	2.0	2.0	1279	$2,800	$2.19	25d	1	0.04mi
10910 Santa Margherita Rd #102 Estero, FL	3.0	2.0	1279	$2,200	$1.72	25d	1	0.04mi
23810 Costa del Sol Rd #203 Estero, FL	2.0	2.0	1276	$2,400	$1.88	17d	1	0.06mi
23810 Marbella Bay Rd #102 Estero, FL	2.0	2.0	1103	$5,000	$4.53	25d	1	0.17mi
23821 Marbella Bay Rd #102 Estero, FL	2.0	2.0	1279	$5,750	$4.50	25d	1	0.22mi
23821 Marbella Bay Rd Ofc Season Bonita Springs, FL	2.0	2.0	1279	$2,500	$1.95	25d	1	0.22mi
23501 Wisteria Pointe Dr #1206 Estero, FL	3.0	2.0	1560	$7,000	$4.49	25d	1	0.55mi
23785 Clear Spring Ct #2305 Estero, FL	3.0	2.0	1811	$7,500	$4.14	25d	1	0.72mi
9030 Spring Run Blvd #508 Estero, FL	2.0	2.0	1333	$6,500	$4.88	25d	1	1.19mi
25161 Killdeer Dr Bonita Springs, FL	3.0	2.0	1777	$3,200	$1.80	16d	1	1.24mi
10818 Alvara Way Bonita Springs, FL	2.0	2.5	1628	$2,500	$1.54	25d	1	1.30mi
10041 Maddox Ln Bonita Springs, FL	2.0	2.0	1213	$5,000	$4.12	25d	1	1.32mi
10041 Maddox Ln #203 Bonita Springs, FL	3.0	2.0	1083	$5,000	$4.62	25d	1	1.32mi
10030 Maddox Ln #206 Bonita Springs, FL	3.0	2.0	1327	$2,150	$1.62	23d	1	1.33mi
10020 Maddox Ln #213 Bonita Springs, FL	2.0	2.0	1224	$2,350	$1.92	23d	1	1.36mi
10850 Alvara Point Dr Bonita Springs, FL	2.0	2.5	1628	$4,000	$2.46	25d	1	1.38mi
10010 Maddox Ln #318 Bonita Springs, FL	2.0	2.0	1224	$1,550	$1.27	25d	1	1.38mi
10000 Maddox Ln #125 Bonita Springs, FL	2.0	2.0	1129	$4,000	$3.54	25d	1	1.40mi
23541 Sandycreek Ter #806 Estero, FL	2.0	2.0	1700	$6,000	$3.53	25d	1	1.44mi
23591 Sandycreek Ter #1006 Estero, FL	2.0	2.0	1209	$6,000	$4.96	25d	1	1.45mi
23601 Sandycreek Ter #903 Estero, FL	2.0	2.0	1246	$6,000	$4.82	25d	1	1.45mi
23526 Sandycreek Ter #304 Estero, FL	2.0	2.0	1368	$6,500	$4.75	25d	1	1.46mi

HOA detail condo

• Monthly dues: $793 · $9,516/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-22
   days on market $345,000 Active 219 DOM
2. 2026-06-17
   days on market $345,000 Active 215 DOM
3. 2026-06-16
   days on market $345,000 Active 214 DOM
4. 2026-06-16
   days on market $345,000 Active 213 DOM
5. 2026-06-13
   days on market $345,000 Active 211 DOM
6. 2026-06-09
   days on market $345,000 Active 207 DOM
7. 2026-06-07
   days on market $345,000 Active 205 DOM
8. 2026-06-02
   days on market $345,000 Active 200 DOM
9. 2026-06-01
   days on market $345,000 Active 199 DOM
10. 2026-06-01
    days on market $345,000 Active 198 DOM
11. 2026-03-14
    price $345,000
12. 2026-02-15
    price $360,000
13. 2025-11-14
    listed $375,000 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: $2,957 · $246/mo
• Projected year-2 tax: $2,957 · $246/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,610
• − Mortgage interest: −$19,325
• − Property taxes: −$2,957
• − Insurance: −$1,725
• − Repairs & maintenance: −$3,569
• − Management: −$3,569
• − HOA: −$9,516
• − Depreciation: −$10,036
• Taxable loss: −$6,088
• Est. tax savings @ 24.0%: +$1,461
• After-tax cash flow: $794/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 — Estero

• Score: 79/100
• State rank: #149
• US rank: #2242

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Estero, FL
• County: Lee County · 788,662 people
• City population: 64,727
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 48,252
• Household income: $91,380
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 976.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 26% Two or more races 13% Native American 3% Black 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 4% Cuban 3%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 22% · Canada, Jamaica
• Languages at home: 74% English-only · Spanish 21% French/Haitian/Cajun 1% Russian/Polish/Slavic 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: ▼ -188.86%
• Current HPI: 243.4153
• Rent YoY: ▼ -0.61%
• 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

-8.0% since first listed

3 events — show timeline

• 2026-03-14 Price Changed $345,000 NAPLESMLS
• 2026-02-15 Price Changed $360,000 NAPLESMLS
• 2025-11-14 Listed $375,000 NAPLESMLS

Property tax history

+2.5%/yr

Latest (2025): $2,957 · +3.4% YoY. Source: county tax records.