4201 Lake Forest Dr #1112 · Bonita Springs, FL 34134

$389,000

3 bd · 2.0 ba · 1,393 sqft · Condo public records · 57 Days on market

Built 1991 $1035/mo HOA · 17% of rent

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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 +27.6/30.0
• 1% rule +10.0/10.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this completely updated, furnished unit in Sandpiper at Bonita Bay. New kitchen has solid wood cabinets, beautiful granite counter tops, under mount sink, new appliances. Open floor plan with 2 bedrooms, 2 baths, den, lanai, private patio. New Air Conditioner, both compressor and air handler have been replaced in 2008. Roofs have been replaced this summer with all asessments paid. This unit is ready for your enjoyment, with no major expenses expected for the foreseeable future. Shuttle to Bonita Bay's private beach club. This community has so many activities that it will be difficult be bored. Yhere are many socials and picnics, most free of charge, classes such as art, gourmet cooking, decorating, ThiChi and many more. Shuttle to private beach park. Check out the virtual tour.

Key facts

• Detached carport
• Community pool
• Private courtyard

Tags

• PRIVATE TENNIS COURTS
• ENCLOSED LANAI
• PRIVATE COURTYARD
• DETACHED CARPORT
• COMMUNITY POOL
• WALKING AND BIKING TRAILS

Property features AI

Finance

• Financial info: Total annual recurring fees $13,450; Total one-time fees $1,945
• HOA & community: Mandatory HOA; Master HOA fee $4,420 annually; Condo fee $2,000 quarterly; Professional management; HOA maintenance covers cable, internet/WiFi, lawn/land maintenance, legal/accounting, exterior pest control, recreation facilities, reserves, sewer, street maintenance, trash removal, and water; Community amenities include basketball, BBQ/picnic areas, beach access, beach club, bike/jog paths, bike storage, boat storage, bocce court, community boat ramp, community gulf boat access, community park, community pool, spa/hot tub, dog park, internet access, marina, pickleball, private beach pavilion, restaurant, tennis court; Community types: boating, gated, golf course, tennis; Golf equity available

Exterior

• Parking: 1 assigned covered deeded space; Detached 1-car carport; Guest parking; Paved parking
• Security: Gated community with guard at gate and patrolled security
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property in Bonita Bay community (Sandpiper at Bonita Bay); Low-rise building (1-3); 2-story building; Rear exposure to the east; Lot/unit number 1112
• Construction: Concrete block construction; Stucco exterior finish; Tile roof; Built in 1991
• Exterior features: Courtyard; Patio; Storage; Tennis court; Private road; Zero lot line; Landscaped area view; Central irrigation

Interior

• Kitchen: Pantry; Dishwasher; Disposal; Microwave; Range; Refrigerator/Freezer; Refrigerator/Icemaker
• Bedrooms: 2 bedrooms plus a den
• Flooring: Tile; Wood
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower only
• Heating & cooling: Central electric heating; Central electric cooling; Ceiling fans
• Interior features: Cable prewire; Closet cabinets; Foyer; High-speed internet available; Pantry; Smoke detectors; Walk-in closet; Window coverings; Breakfast bar; Dining (family); Great room floor plan; Den / study; Glass porch; Guest room; Open porch/lanai; Screened lanai/porch; Negotiable furnished status; 5 ceiling fans
• Laundry & utility: Washer; Dryer; Laundry in residence

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $389k.

Deal economics

• At list price, monthly cash flow is $735 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $389k).
• Recommended offer: $377k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 1.7% in Bonita Springs — 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 70/100 on livability (#428 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: schools C-, cost of living C-, health & safety 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.
• Market conditions: Rents rising (+2.9%/yr); 699 active listings in the ZIP; 40 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).
• At $5,986/mo this rent would consume 55% of the median local household income ($131k/yr) (locally 554% 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 $12k 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 57 days — a 3% lower offer ($377k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $280k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $377,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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.
7. 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.
8. 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: 1.54% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.80%
• DSCR: 1.57
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.85% rent growth · sell at horizon

5-year hold

• IRR: -4.0%
• Equity multiple: 0.85×
• Total profit: $-16,233
• Equity at exit: $58,001

10-year hold

• IRR: 5.7%
• Equity multiple: 1.42×
• Total profit: $46,078
• Equity at exit: $33,634

Cash invested: $108,920 (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 34134

• Rents YoY: 2.9%
• Active inventory: 699
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $5,986 high
• Mortgage (P&I): −$2,040
• Tax from tax record: −$331 /mo · $3,968/yr
• Insurance: −$162
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,035
• Vacancy / Maint / Mgmt: −$1,257
• Net cashflow: $735

Break-even live

Break-even rent $5,056

Max offer price $389,000

Occupancy floor 83%

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4111 Lake Forest Dr #523 Bonita Springs, FL	2.0	2.0	1393	$5,000	$3.59	23d	1	0.03mi
4251 Lake Forest Dr #214 Bonita Springs, FL	2.0	2.0	1393	$6,000	$4.31	23d	1	0.08mi
4240 Lake Forest Dr #423 Bonita Springs, FL	2.0	2.0	1450	$6,500	$4.48	23d	1	0.09mi
27080 Lake Harbor Ct #201 Bonita Springs, FL	3.0	2.0	1764	$7,500	$4.25	23d	1	0.17mi
27080 Lake Harbor Ct #202 Bonita Springs, FL	3.0	2.0	1654	$7,200	$4.35	23d	1	0.17mi
4041 Whiskey Pointe Ln #102 Bonita Springs, FL	2.0	2.0	1345	$6,500	$4.83	23d	1	0.21mi
4120 Bayhead Dr #303 Bonita Springs, FL	2.0	2.0	1523	$7,000	$4.60	23d	1	0.27mi
4140 Bayhead Dr #106 Bonita Springs, FL	3.0	2.0	1583	$8,200	$5.18	23d	1	0.27mi
4130 Bayhead Dr Bonita Springs, FL	2.0	2.0	1336	$8,000	$5.99	23d	2	0.28mi
26850 Wedgewood Dr #202 Bonita Springs, FL	3.0	3.0	1781	$8,500	$4.77	23d	1	0.34mi
26881 Wedgewood Dr #201 Bonita Springs, FL	3.0	2.0	1640	$8,000	$4.88	23d	1	0.35mi
27190 Oakwood Lake Dr #102 Bonita Springs, FL	3.0	2.0	1603	$7,500	$4.68	23d	1	0.44mi
27038 Oakwood Lake Dr Bonita Springs, FL	3.0	3.0	1818	$8,500	$4.68	23d	1	0.44mi
27119 Oakwood Lake Dr Bonita Springs, FL	3.0	2.5	1812	$7,500	$4.14	23d	1	0.47mi
26930 Wedgewood Dr #202 Bonita Springs, FL	2.0	2.0	1620	$5,500	$3.40	23d	1	0.48mi
27579 Big Bend Rd Bonita Springs, FL	3.0	2.0	1512	$2,700	$1.79	23d	1	0.63mi
27625 Riverdale Ln Unit 27627 Bonita Springs, FL	2.0	1.0	960	$1,795	$1.87	23d	1	0.66mi
27581 Imperial Shores Blvd Unit 2 Bonita Springs, FL	2.0	2.0	900	$1,900	$2.11	3d	1	0.66mi
27585 Imperial Shores Blvd Bonita Springs, FL	3.0	3.0	1576	$8,000	$5.08	23d	1	0.67mi
3621 Wild Pines Dr #207 Bonita Springs, FL	2.0	2.0	1064	$6,000	$5.64	23d	1	0.68mi
27594 Shore Dr Bonita Springs, FL	3.0	2.0	1426	$5,500	$3.86	23d	1	0.69mi
3611 Wild Pines Dr #202 Bonita Springs, FL	2.0	2.0	995	$5,400	$5.43	23d	1	0.70mi
27052 Kindlewood Ln Bonita Springs, FL	2.0	2.0	1584	$3,700	$2.34	3d	1	0.75mi
27123 Kindlewood Ln Bonita Springs, FL	2.0	2.0	1715	$4,500	$2.62	23d	1	0.80mi
4212 Rita Ln Bonita Springs, FL	2.0	2.0	1428	$1,475	$1.03	23d	1	0.80mi
4426 Little Hickory Rd Bonita Springs, FL	2.0	1.0	979	$1,900	$1.94	19d	1	0.80mi
4412 Vanda Dr Bonita Springs, FL	3.0	2.0	1800	$2,800	$1.56	23d	1	0.92mi
27921 Bonita Village Blvd Bonita Springs, FL	2.0–3.0	2.0	1429	$3,745	$2.62	23d	3	0.97mi
4860 Gary Rd Unit 4 Bonita Springs, FL	3.0	2.0	1875	$2,900	$1.55	23d	1	1.01mi
4851 Gary Rd Bonita Springs, FL	2.0	1.0	1281	$2,250	$1.76	23d	1	1.02mi
8659 River Homes Ln #1307 Bonita Springs, FL	2.0	2.0	1087	$1,850	$1.70	19d	1	1.09mi
8659 River Homes Ln #1108 Bonita Springs, FL	2.0	2.0	1087	$4,500	$4.14	23d	1	1.09mi
11 2nd St Bonita Springs, FL	3.0	2.0	1595	$9,500	$5.96	23d	1	1.13mi
3503 Brink Cir Bonita Springs, FL	2.0	3.0	1300	$2,200	$1.69	23d	1	1.13mi
3463 Brink Cir Bonita Springs, FL	2.0	1.0	1000	$2,150	$2.15	23d	1	1.14mi
3561 Imperial Crossing Dr Bonita Springs, FL	1.0–3.0	1.0–2.0	1122	$3,650	$3.25	2d	19	1.16mi
8736 River Homes Ln #7302 Bonita Springs, FL	2.0	2.0	1087	$1,950	$1.79	23d	1	1.16mi
75 3rd St Bonita Springs, FL	3.0	3.0	1630	$8,900	$5.46	23d	1	1.17mi
8735 River Homes Ln #6302 Bonita Springs, FL	2.0	2.0	1087	$1,875	$1.72	23d	1	1.20mi
8735 River Homes Ln #6108 Bonita Springs, FL	3.0	2.0	1223	$2,000	$1.64	14d	1	1.20mi

HOA detail condo

• Monthly dues: $1,035 · $12,420/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-13
   status $389,000 Pending 57 DOM
2. 2026-06-10
   days on market $389,000 Active 57 DOM
3. 2026-06-09
   days on market $389,000 Active 56 DOM
4. 2026-06-07
   days on market $389,000 Active 54 DOM
5. 2026-06-03
   days on market $389,000 Active 50 DOM
6. 2026-06-02
   days on market $389,000 Active 49 DOM
7. 2026-06-01
   days on market $389,000 Active 48 DOM
8. 2026-05-31
   days on market $389,000 Active 47 DOM
9. 2026-04-14
   listed $389,000 Active
10. 2021-04-05
    soldstatus $280,000
11. 2010-02-27
    price $179,900 799-char remark

    Show marketing remark (799 chars)

    Don't miss this completely updated, furnished unit in Sandpiper at Bonita Bay. New kitchen has solid wood cabinets, beautiful granite counter tops, under mount sink, new appliances. Open floor plan with 2 bedrooms, 2 baths, den, lanai, private patio. New Air Conditioner, both compressor and air handler have been replaced in 2008. Roofs have been replaced this summer with all asessments paid. This unit is ready for your enjoyment, with no major expenses expected for the foreseeable future. Shuttle to Bonita Bay's private beach club. This community has so many activities that it will be difficult be bored. Yhere are many socials and picnics, most free of charge, classes such as art, gourmet cooking, decorating, ThiChi and many more. Shuttle to private beach park. Check out the virtual tour.

12. 2010-02-19
    soldstatus $159,900 799-char remark

    Show marketing remark (799 chars)

    Don't miss this completely updated, furnished unit in Sandpiper at Bonita Bay. New kitchen has solid wood cabinets, beautiful granite counter tops, under mount sink, new appliances. Open floor plan with 2 bedrooms, 2 baths, den, lanai, private patio. New Air Conditioner, both compressor and air handler have been replaced in 2008. Roofs have been replaced this summer with all asessments paid. This unit is ready for your enjoyment, with no major expenses expected for the foreseeable future. Shuttle to Bonita Bay's private beach club. This community has so many activities that it will be difficult be bored. Yhere are many socials and picnics, most free of charge, classes such as art, gourmet cooking, decorating, ThiChi and many more. Shuttle to private beach park. Check out the virtual tour.

13. 2003-10-31
    soldstatus $145,500 272-char remark

    Show marketing remark (272 chars)

    New Listing! Lowest Price In Bonita Bay! 2/2 With Den, New Paint, Newappliances, New Carpet, . Private Lanai With Garden View. Covered Parkingamenities Include Private Beach And Shuttle, West Of Us 41. Close Tobeaches. Buyer To Pay Transfer Fee. Notify Gate B/4 Showings.

14. 2003-10-22
    price $149,900 272-char remark

    Show marketing remark (272 chars)

    New Listing! Lowest Price In Bonita Bay! 2/2 With Den, New Paint, Newappliances, New Carpet, . Private Lanai With Garden View. Covered Parkingamenities Include Private Beach And Shuttle, West Of Us 41. Close Tobeaches. Buyer To Pay Transfer Fee. Notify Gate B/4 Showings.

15. 2003-08-22
    soldstatus $62,285
16. 1998-05-07
    soldstatus $131,200

ⓘ 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: $3,968 · $331/mo
• Projected year-2 tax: $3,968 · $331/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 8/10 Severe FEMA zone AE · 96% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $71,837
• − Mortgage interest: −$21,790
• − Property taxes: −$3,968
• − Insurance: −$7,064
• − Repairs & maintenance: −$5,747
• − Management: −$5,747
• − HOA: −$12,420
• − Depreciation: −$11,316
• Taxable income: $3,785
• Est. tax owed @ 24.0%: −$908
• After-tax cash flow: $7,911/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 — Bonita Springs

• Score: 70/100
• State rank: #428
• US rank: #7576

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: Bonita Springs, FL
• County: Lee County · 788,662 people
• City population: 64,727
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 16,475
• Household income: $130,719
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 554.0

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 (91%)
• Race & ethnicity: White 91% Hispanic / Latino 5% Two or more races 3% Asian 1%
• Common ancestry: Slovak 5% Romanian 4% Serbian 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 4% German/W. Germanic 1% 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: ▼ -236.48%
• Current HPI: 237.4416
• Rent YoY: ▲ 2.85%
• 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

+196.5% since first listed

8 events — show timeline

• 2026-04-14 Listed $389,000 NAPLESMLS
• 2021-04-05 Sold (Public Records) $280,000 Public Records
• 2010-02-27 Price Changed $179,900 FORTMLS
• 2010-02-19 Sold (MLS) $159,900 FORTMLS
• 2003-10-31 Sold (MLS) $145,500 FORTMLS
• 2003-10-22 Price Changed $149,900 FORTMLS
• 2003-08-22 Sold (Public Records) $62,285 Public Records
• 1998-05-07 Sold (Public Records) $131,200 Public Records

Property tax history

+6.1%/yr

Latest (2025): $3,968 · -12.3% YoY. Source: county tax records.