24050 Redfish Cove Dr · Burnt Store Marina, FL 33955

$475,000

3 bd · 3.0 ba · 2,080 sqft · Condo public records · 24 Days on market

Built 1997 $562/mo HOA · 11% of rent

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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 +17.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• 1% rule +5.3/10.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

TIRED OF CONDO LIVING SPREAD OUT IN THIS ESTATE PROPERTY. This is the much sought after 3 full bedroom Regatta Estate Home with a two car garage. This home features a split floor plan, formal dining area, a master suite that opens to the huge lanai. Also, a large master bath with dual vanities, walk in shower and a garden tub. The home has exquisite mature landscaping. This is the Grand-Daddy of the WCI Estate Homes. Call today for an appointment to view this magnificent one owner home. The marina features a 27 hole golf course, multiple restaurants, an activity and recreation center, tennis courts, and much more. Come and enjoy what others dream of. .. ..

Key facts

• Master suite
• Dual vanities
• Split floor plan

Tags

• SPLIT FLOOR PLAN
• FORMAL DINING AREA
• MASTER SUITE
• HUGE LANAI
• LARGE MASTER BATH
• DUAL VANITIES

Property features AI

Finance

• Other: Furnished; Private marina access with boat ramp, fishing pier, no-wake zone, sailboat water, concrete seawall; bridges: no fixed bridges
• Financial info: Lease restrictions apply
• HOA & community: HOA managed by Alliant Property Management; HOA required with annual association fee ($1,045) and monthly HOA amount ($87.08); Monthly condo fee $475 (if applicable); Community amenities: pool, fitness center, tennis courts, dog park; Deed restrictions and special community restrictions; Pets allowed (cats and dogs)

Exterior

• Parking: Attached 2-car garage (20 x 21)
• Security: Gated community
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Phone available; Broadband/high-speed internet available; Sprinkler recycled; Water connected; Sewer connected
• Home design: Single-family residence; One story; Faces east; Located in a gated community
• Construction: Block and stucco construction; Tile roof; Slab foundation; Built on 0.15 acre lot; Asphalt road access
• Exterior features: Balcony; Sliding doors; Hurricane shutters; Sprinkler meter

Interior

• Kitchen: Cooktop; Dishwasher; Disposal; Microwave
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Cathedral ceilings; Vaulted ceilings; Ceiling fans; Open floorplan; Eat-in kitchen; Split bedroom layout; Walk-in closets; Window treatments (blinds, drapes)
• Laundry & utility: Laundry room; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $475k.

Deal economics

• At list price, monthly cash flow is $-47 ($-565/yr) — negative.
• To cash-flow at today's rent, offer at most $467k (1.8% below list).
• Meets the 1% rule at list price ($5k rent vs $475k).
• Recommended offer: $467k (1.8% below list) — sets the bar for cash-flow.
• Cap rate 7.3% vs local median 4.8% in Burnt Store Marina — 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 72/100 on livability (#354 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living C-, 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.
• Zoned schools: Gulf Elementary School (math 70% / reading 65%, grade B+, #435 of 2,144 statewide, top 21%, 1,231 students, 38% FRL); Challenger Middle School (math 59% / reading 56%, grade B, #157 of 571 statewide, top 28%, 1,124 students, 50% FRL); Ida S. Baker High School (math 44% / reading 47%, grade D-, #223 of 667 statewide, top 34%, 1,933 students, 39% FRL) — zoned schools average 42% FRL vs 57% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 1490 active listings in the ZIP; 19 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 $4,906/mo this rent would consume 77% of the median local household income ($77k/yr) (locally 226% 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 $3k of loan paydown is wiped out by about $14k 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 24 days — a 2% lower offer ($468k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $194k; list at $475k implies a 145% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: 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 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $466,675 (1.8% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.03% ✓
• Cap rate: 7.25%
• Cash-on-cash: 3.42%
• DSCR: 1.15
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.40×
• Total profit: $-79,504
• Equity at exit: $70,824

10-year hold

• IRR: -8.5%
• Equity multiple: 0.46×
• Total profit: $-71,196
• Equity at exit: $41,069

Cash invested: $133,000 (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 33955

• Home prices YoY: -24.5%
• Active inventory: 1490
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $4,906 high
• Mortgage (P&I): −$2,491
• Tax from tax record: −$246 /mo · $2,949/yr
• Insurance: −$198
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$562
• Vacancy / Maint / Mgmt: −$1,030
• Net cashflow: $-47

Break-even live

Break-even rent $4,966

Max offer price $466,675

Occupancy floor 96%

Sensitivity live

Price	-10% $222	-5% $87	+0% $-47	+5% $-182	+10% $-316
Rent	-10% $-435	-5% $-241	+0% $-47	+5% $147	+10% $340
Rate	-1.0pp $192	-0.5pp $74	base $-47	+0.5pp $-170	+1.0pp $-295

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17849 Hibiscus Cove Ct #1 Punta Gorda, FL	3.0	2.0	1937	$6,250	$3.23	25d	1	0.26mi
2060 Matecumbe Key Rd Punta Gorda, FL	2.0–3.0	2.0	1271	$5,400	$4.25	25d	3	0.41mi
3255 Sugarloaf Key Rd Unit 31B Punta Gorda, FL	2.0	2.0	1516	$3,000	$1.98	18d	1	0.45mi
1610 Islamorada Blvd Unit 64A Punta Gorda, FL	2.0	2.0	1516	$2,000	$1.32	25d	1	0.51mi
3471 Sunset Key Cir #102 Punta Gorda, FL	3.0	2.0	1991	$5,750	$2.89	25d	1	0.56mi
4005 Big Pass Ln Punta Gorda, FL	2.0	2.0	1423	$5,500	$3.87	18d	1	0.62mi
5 Pirates Ln Unit 54B Punta Gorda, FL	2.0	2.0	1516	$4,600	$3.03	25d	1	0.62mi
17314 Cape Horn Blvd Punta Gorda, FL	3.0	2.0	2216	$2,800	$1.26	15d	1	0.64mi
17434 Oro Ct Punta Gorda, FL	3.0	2.5	1864	$2,000	$1.07	23d	1	0.65mi
3304 Sunset Key Cir Unit D Punta Gorda, FL	3.0	2.0	2255	$5,750	$2.55	25d	1	0.66mi
3313 Sunset Key Cir Punta Gorda, FL	3.0	2.0–3.0	2089	$6,750	$3.23	25d	4	0.69mi
3313 Sunset Key Cir Unit Reservation spot 1 Punta Gorda, FL	2.0	2.0	2099	$2,750	$1.31	25d	1	0.69mi
24417 Baltic Ave #1102 Punta Gorda, FL	2.0	2.0	1788	$5,250	$2.94	25d	1	0.70mi
1010 Islamorada Blvd Punta Gorda, FL	3.0	2.0	1592	$4,700	$2.95	25d	1	0.70mi
3270 Southshore Dr Unit 72B Punta Gorda, FL	3.0	2.0	2069	$5,750	$2.78	25d	1	0.81mi
3250 Southshore Dr Unit 54B Punta Gorda, FL	3.0	2.0	2069	$5,750	$2.78	25d	1	0.81mi
3280 Southshore Dr Unit 87A Punta Gorda, FL	3.0	2.0	2069	$4,000	$1.93	25d	1	0.85mi
2091 King Tarpon Dr Punta Gorda, FL	3.0	2.0	1640	$5,200	$3.17	25d	1	0.96mi
3001 King Tarpon Dr Punta Gorda, FL	3.0	2.0	1734	$5,500	$3.17	25d	1	0.96mi

HOA detail condo

• Monthly dues: $562 · $6,744/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-22
   days on market $475,000 Active 24 DOM
2. 2026-06-18
   days on market $475,000 Active 21 DOM
3. 2026-06-17
   days on market $475,000 Active 20 DOM
4. 2026-06-16
   days on market $475,000 Active 19 DOM
5. 2026-06-15
   days on market $475,000 Active 18 DOM
6. 2026-06-13
   days on market $475,000 Active 16 DOM
7. 2026-06-10
   days on market $475,000 Active 13 DOM
8. 2026-06-09
   days on market $475,000 Active 12 DOM
9. 2026-06-08
   days on market $475,000 Active 11 DOM
10. 2026-06-07
    days on market $475,000 Active 10 DOM
11. 2026-06-03
    days on market $475,000 Active 6 DOM
12. 2026-06-02
    days on market $475,000 Active 5 DOM
13. 2026-06-01
    days on market $475,000 Active 4 DOM
14. 2026-05-31
    days on market $475,000 Active 3 DOM

ⓘ 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: $2,949 · $246/mo
• Projected year-2 tax: $3,942 · $329/mo
• Expected delta: +$993/yr (+$83/mo · 33.7%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% 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: $58,877
• − Mortgage interest: −$26,607
• − Property taxes: −$2,949
• − Insurance: −$7,494
• − Repairs & maintenance: −$4,710
• − Management: −$4,710
• − HOA: −$6,744
• − Depreciation: −$13,818
• Taxable loss: −$8,156
• Est. tax savings @ 24.0%: +$1,957
• After-tax cash flow: $1,392/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 — Burnt Store Marina

• Score: 72/100
• State rank: #354
• US rank: #6145

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burnt Store Marina, FL
• County: Charlotte County · 196,994 people
• Metro: Punta Gorda, FL
• Population (ZIP): 12,399
• Household income: $76,943
• Rent vs Own: 9.5% rent · 90.5% own
• Severe rent burden: 226.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 10% Two or more races 9% Black 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Cuban 4%
• Common ancestry: Romanian 5% Italian 3% Serbian 3%
• Foreign-born: 8% · Canada
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 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: ▼ -78.71%
• Current HPI: 242.9043
• Rent YoY: —
• Metro: Punta Gorda, 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

+137.5% since first listed

7 events — show timeline

• 2026-05-28 Listed $475,000 Stellar MLS as Distributed by MLS Grid
• 2005-11-11 Listing Removed — FORTMLS
• 2005-11-11 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2005-03-14 Listed $449,000 FORTMLS
• 2005-03-14 Listed $449,000 Stellar MLS as Distributed by MLS Grid
• 1997-09-30 Sold (Public Records) $194,000 Public Records
• 1995-08-29 Sold (Public Records) $200,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $2,949 · +4.5% YoY. Source: county tax records.