11781 Grand Belvedere Way #203 · Fort Myers, FL 33913

$349,000

2 bd · 2.0 ba · 1,873 sqft · Condo · 7 Days on market

Built 2019 Good condition $421/mo HOA · 11% of rent

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Why this score? — see what drove the C- 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 +17.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• DSCR +5.4/10.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• Condition / age +4.0/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Listing remarks

Top-floor corner living with stunning lake views and a rare financial advantage—HOA and condo fees are fully paid through December 2026. This pristine, turnkey furnished condo in the highly sought-after Arborwood Preserve offers bright, open living with beautiful sunrise exposure. The thoughtfully designed layout features an island kitchen, spacious living and dining areas, a versatile den perfect for a home office or reading retreat, and a screened lanai overlooking the water. Tile flooring runs throughout, and the private stairwell entry leads to a 1-car garage for added convenience. The primary suite is a relaxing retreat with dual quartz vanities, a tiled walk-in shower, and a gen

Key facts

• Lake views
• Island kitchen
• Screened lanai

Tags

• LAKE VIEWS
• ISLAND KITCHEN
• SCREENED LANAI
• PRIVATE STAIRWELL ENTRY
• HURRICANE IMPACT GLASS
• ACCESS TO POOL

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Homeowners association with quarterly fee; HOA covers association management, internet, legal/accounting, grounds maintenance, road maintenance, street lights and trash; Community amenities include clubhouse, pool, bocce court, pickleball, media room, restaurant and sidewalks; Street lights

Exterior

• Parking: Attached garage with garage door opener (1 covered space)
• Security: Gated community; On-site management; Security/high-impact doors
• Utilities: Public water; Public sewer; Cable available; High-speed internet available; Underground utilities
• Home design: 2-story building; Resale property; Faces west; Entry level: 2
• Construction: Block, concrete and stucco construction; Tile roof
• Exterior features: Security/high-impact doors; Automatic sprinklers/irrigation; Lanai; Porch (screened); Community pool; Pond on lot; Rectangular lot; Reclaimed water irrigation; East exposure; Has view (unspecified)

Interior

• Kitchen: Dishwasher; Freezer; Disposal; Microwave; Range; Refrigerator
• Bedrooms: Entry level: 2 (unit entry level is listed as 2); Den; Screened porch; Great room
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: Impact glass windows with window coverings; Breakfast bar; Dual sinks; Combined family and dining area; Open living/dining area; Shower only with separate shower; Walk-in closets; Window treatments; High-speed internet available; Split-bedroom layout; Furnished
• Laundry & utility: Washer and dryer (inside laundry)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $349k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $349k).
• Cap rate 7.2% 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 flat; 811 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 43% of the median local income ($110k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 2y 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.

Risks & watch-outs

• Climate carrying-cost: 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.

Recommended offer $349,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.12% ✓
• Cap rate: 7.20%
• Cash-on-cash: 3.25%
• DSCR: 1.14
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.37% rent growth · sell at horizon

5-year hold

• IRR: -14.6%
• Equity multiple: 0.49×
• Total profit: $-49,468
• Equity at exit: $52,037

10-year hold

• IRR: -11.8%
• Equity multiple: 0.39×
• Total profit: $-59,414
• Equity at exit: $30,175

Cash invested: $97,720 (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 33913

• Home prices YoY: -10.3%
• Rents YoY: 0.4%
• Active inventory: 811
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $3,921 high
• Mortgage (P&I): −$1,830
• Tax est. 1.5%: −$436 /mo · $5,235/yr
• Insurance: −$145
• HOA: −$421
• Vacancy / Maint / Mgmt: −$823
• Net cashflow: $265

Break-even live

Break-even rent $3,586

Max offer price $349,000

Occupancy floor 88%

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12090 Summergate Cir #101 Fort Myers, FL	3.0	2.0	1231	$1,825	$1.48	23d	1	0.47mi
12062 Via Lighthouse Ln Fort Myers, FL	3.0	2.5	1879	$1,995	$1.06	3d	1	0.58mi
11530 Villa Grand Fort Myers, FL	3.0	2.0	1336	$1,750	$1.31	3d	1	0.60mi
11571 Villa Grand #617 Fort Myers, FL	3.0	2.0	1336	$2,200	$1.65	16d	1	0.70mi
11012 Castlereagh St Fort Myers, FL	3.0	3.0	2517	$12,000	$4.77	23d	1	0.79mi
11701 Avingston Ter Fort Myers, FL	2.0	2.0	1553	$5,500	$3.54	14d	1	0.84mi
10952 Clarendon St Fort Myers, FL	2.0	2.0	1582	$4,000	$2.53	23d	1	0.85mi
10900 Glenhurst St Fort Myers, FL	2.0	2.0	1355	$2,200	$1.62	3d	1	0.86mi
12300 Professional Park Dr Fort Myers, FL	1.0–3.0	1.0–2.0	1058	$1,945	$1.84	23d	25	0.87mi
10879 Rutherford Rd Fort Myers, FL	2.0	2.0	1566	$3,500	$2.23	23d	1	0.92mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	14d	1	0.92mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	23d	1	0.92mi
12096 Ledgewood Cir Fort Myers, FL	3.0	2.0	1798	$2,850	$1.59	23d	1	0.95mi
11442 Tiverton Trce Fort Myers, FL	3.0	2.0	2010	$9,500	$4.73	23d	1	1.01mi
10271 Glastonbury Cir #102 Fort Myers, FL	2.0	2.0	1550	$4,500	$2.90	23d	1	1.10mi
11230 Suffield St Fort Myers, FL	2.0	2.0	1560	$8,500	$5.45	23d	1	1.12mi
12908 New Market St #201 Fort Myers, FL	3.0	2.5	2198	$3,000	$1.36	23d	1	1.14mi
11343 Tiverton Trce Fort Myers, FL	2.0	2.0	1685	$4,000	$2.37	3d	1	1.16mi
11801 Pine Timber Ln Fort Myers, FL	3.0	2.5	2508	$8,000	$3.19	23d	1	1.16mi
11619 Meadowrun Cir Fort Myers, FL	3.0	2.5	2242	$2,495	$1.11	23d	1	1.21mi
11225 Lithgow Ln Fort Myers, FL	2.0	2.0	2153	$8,000	$3.72	23d	1	1.23mi
10535 Carolina Willow Dr Fort Myers, FL	3.0	2.0	1290	$2,300	$1.78	21d	1	1.24mi
12171 Treeline Ave Fort Myers, FL	1.0–3.0	1.0–2.0	1321	$2,606	$1.97	3d	23	1.25mi
12016 Five Waters Cir Fort Myers, FL	3.0	2.0	1646	$4,500	$2.73	23d	1	1.28mi
10820 Palazzo Way #203 Fort Myers, FL	2.0	2.0	1235	$5,400	$4.37	23d	1	1.32mi
13071 Georges Cay Pl Fort Myers, FL	3.0	3.0	1600	$3,800	$2.38	23d	1	1.32mi
10791 Palazzo Way #301 Fort Myers, FL	2.0	2.0	1390	$5,300	$3.81	23d	1	1.34mi
13068 Georges Cay Pl Fort Myers, FL	3.0	2.5	1590	$2,900	$1.82	14d	1	1.34mi
10900 Legacy Gateway Cir Fort Myers, FL	1.0–3.0	1.0–2.5	1115	$1,962	$1.76	2d	36	1.38mi
13104 Georges Cay Pl Fort Myers, FL	3.0	2.5	1590	$3,100	$1.95	23d	1	1.38mi
10529 Casella Way #102 Fort Myers, FL	3.0	2.0	1722	$4,500	$2.61	23d	1	1.41mi
10751 Palazzo Way #103 Fort Myers, FL	2.0	2.0	1235	$5,000	$4.05	23d	1	1.43mi
10520 Casella Way #101 Fort Myers, FL	3.0	2.0	1722	$7,000	$4.07	23d	1	1.48mi
10711 Palazzo Way Unit 203 Fort Myers, FL	2.0	2.0	1257	$5,300	$4.22	21d	1	1.48mi
10711 Palazzo Way Fort Myers, FL	2.0	2.0	1257	$3,900	$3.10	16d	2	1.48mi
12021 Brassie Cir #201 Fort Myers, FL	3.0	2.0	2343	$2,700	$1.15	3d	1	1.49mi

HOA detail condo

• Monthly dues: $421 · $5,052/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-05-01
   status Pending
2. 2026-04-24
   listed $349,000 Active
3. 2026-03-28
   historical $2,200
4. 2026-03-06
   listed $2,200
5. 2025-08-15
   historical $2,200
6. 2025-08-08
   price $2,200
7. 2025-07-16
   listed $2,500
8. 2025-06-24
   historical $2,500
9. 2025-06-17
   price $2,500
10. 2025-05-06
    listed $2,600
11. 2024-07-25
    historical $2,600
12. 2024-05-17
    listed $2,600
13. 2024-04-24
    historical $2,800
14. 2024-04-10
    listed $2,800

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 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: $47,056
• − Mortgage interest: −$19,549
• − Property taxes: −$5,235
• − Insurance: −$1,745
• − Repairs & maintenance: −$3,764
• − Management: −$3,764
• − HOA: −$5,052
• − Depreciation: −$10,153
• Taxable loss: −$2,207
• Est. tax savings @ 24.0%: +$530
• After-tax cash flow: $3,710/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.

Condition & rehab AI · 1 photo

Good 80/100 None rehab

This turnkey furnished condo in Arborwood Preserve is in excellent condition with no visible repairs needed. It offers a prime location with stunning lake views and fully paid HOA and condo fees through December 2026.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both Upgrade HVAC system — Improves comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Upgrade HVAC system — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• Census place: Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 278,598
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 31,538
• Household income: $110,373
• Rent vs Own: 9.5% rent · 90.5% own
• Severe rent burden: 276.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 13% Two or more races 11% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 10% Other Indo-European 2% French/Haitian/Cajun 2%

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: ▼ -25.45%
• Current HPI: 221.7115
• Rent YoY: ▲ 0.37%
• 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

+12364.3% since first listed

14 events — show timeline

• 2026-05-01 Pending — FORTMLS
• 2026-04-24 Listed $349,000 FORTMLS
• 2026-03-28 Rental Removed $2,200 TURBOTENANT
• 2026-03-06 Listed for Rent $2,200 TURBOTENANT
• 2025-08-15 Rental Removed $2,200 TURBOTENANT
• 2025-08-08 Price Changed $2,200 TURBOTENANT
• 2025-07-16 Listed for Rent $2,500 TURBOTENANT
• 2025-06-24 Rental Removed $2,500 TURBOTENANT
• 2025-06-17 Price Changed $2,500 TURBOTENANT
• 2025-05-06 Listed for Rent $2,600 TURBOTENANT
• 2024-07-25 Rental Removed $2,600 TURBOTENANT
• 2024-05-17 Listed for Rent $2,600 TURBOTENANT
• 2024-04-24 Rental Removed $2,800 TURBOTENANT
• 2024-04-10 Listed for Rent $2,800 TURBOTENANT