422 Snead Dr · North Fort Myers, FL 33903

$95,000

2 bd · 2.0 ba · 1,272 sqft · Condo public records · 479 Days on market

Built 1978 $525/mo HOA · 29% of rent ↓ 20% since listing

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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 +25.3/30.0
• 1% rule +10.0/10.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Excellent opportunity in the Pet Section of Six Lakes Country Club. This home is located on the perimeter of the community so no neighbors directly behind you. The large screened lanai is tiled and a perfect spot to sit out and enjoy the breeze. Two storage sheds are a bonus, one for your golf cart and the other for extra storage. Laminate flooring extends throughout the living area of the home with tile in the kitchen and baths. The Florida room has been enclosed and has central air. This home has great potential and is priced to sell. Six Lakes Golf & Country Club is a well-maintained, vibrant golfing community where the greens are as inviting as the camaraderie. With an active pro

Key facts

• Laminate flooring
• Florida room
• Large screened lanai

Tags

• LARGE SCREENED LANAI
• TWO STORAGE SHEDS
• LAMINATE FLOORING
• FLORIDA ROOM
• CENTRAL AIR
• GOLFING COMMUNITY

Property features AI

Finance

• Financial info: Community contains 594 units; Senior community; Pets allowed on a conditional basis (call) — maximum 1 pet up to 30 lbs
• HOA & community: Homeowners association with onsite management; Quarterly association fee; Association covers cable TV, management, legal/accounting, grounds maintenance, recreation facilities, reserve fund, road maintenance, street lights, security, and trash; Community amenities: clubhouse, fitness center, golf course, pool, spa/hot tub, tennis courts, pickleball, shuffleboard, putting greens, billiards, restaurant, library

Exterior

• Parking: Attached carport; 1 covered carport space
• Security: Gated community with guard; Security guard; Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available; High-speed internet available; Underground utilities
• Home design: Manufactured home; Vinyl siding; Metal roof; Single-story; Entry at level 1; Property faces north; South exposure
• Construction: Manufactured construction; Vinyl siding exterior; Metal roof
• Exterior features: Lanai; Porch (screened); Storage; Privacy wall; Community pool

Interior

• Kitchen: Dishwasher; Disposal; Icemaker; Microwave; Self-cleaning oven; Refrigerator (with ice maker)
• Bedrooms: Florida room; Screened porch
• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms; Separate shower; Shower only
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Furnished; Living/dining room; Walk-in closet(s); Cable TV available; High-speed internet available; Window treatments; Single-hung and sliding windows
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $95k.

Deal economics

• At list price, monthly cash flow is $217 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.6% in North 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 74/100 on livability (#269 in FL, #4,409 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment 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.
• Market conditions: Rents soft (-1.9%/yr); 472 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 38% of the median local income ($57k/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 $657 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 479 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 5→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $83,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 479 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.91% ✓
• Cap rate: 9.03%
• Cash-on-cash: 9.78%
• DSCR: 1.43
• GRM: 4.4

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: -7.0%
• Equity multiple: 0.75×
• Total profit: $-6,528
• Equity at exit: $14,165

10-year hold

• IRR: -5.1%
• Equity multiple: 0.74×
• Total profit: $-6,915
• Equity at exit: $8,214

Cash invested: $26,600 (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 33903

• Rents YoY: -1.9%
• Active inventory: 472
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,810 high
• Mortgage (P&I): −$498
• Tax from tax record: −$151 /mo · $1,809/yr
• Insurance: −$40
• HOA: −$525
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $217

Break-even live

Break-even rent $1,536

Max offer price $95,000

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2700 Diplomat Pkwy E Cape Coral, FL	1.0–3.0	1.0–2.0	1116	$2,382	$2.13	3d	41	0.25mi
8791 Littleton Rd North Fort Myers, FL	2.0	2.0	1074	$1,549	$1.44	23d	1	0.52mi
571 Sunrise Ln North Fort Myers, FL	2.0	2.0	1004	$1,400	$1.39	23d	1	0.56mi
3260 Stockton St North Fort Myers, FL	3.0	1.0–2.0	976	$2,371	$2.43	1d	27	0.64mi
3050 Steeple Cir Cape Coral, FL	1.0–3.0	1.0–2.0	1003	$1,668	$1.66	2d	27	0.70mi
28 Nyborg Ave North Fort Myers, FL	3.0	2.0	1042	$1,299	$1.25	14d	1	0.81mi
538 State St North Fort Myers, FL	3.0	1.5	1000	$1,199	$1.20	23d	1	0.90mi
2627 Riverfield Rd Cape Coral, FL	3.0	2.5	1324	$1,424	$1.08	23d	1	0.91mi
2309 NE 15th Ln Cape Coral, FL	3.0	2.0	1250	$1,595	$1.28	3d	1	1.00mi
446 San Bernardino St North Fort Myers, FL	2.0	1.0	1104	$1,590	$1.44	10d	1	1.04mi
3404 Rainbow Ln North Fort Myers, FL	2.0	2.0	1056	$1,800	$1.70	3d	1	1.04mi
2116 NE 22nd Ave Cape Coral, FL	3.0	2.0	1759	$2,200	$1.25	16d	1	1.06mi
2116 NE 22nd Ave Cape Coral, FL	3.0	2.0	1759	$2,195	$1.25	3d	1	1.06mi
2505 Liberty Park Dr Cape Coral, FL	1.0–2.0	1.0–2.0	1092	$2,203	$2.02	3d	14	1.08mi
2221 NE 15th Ln Cape Coral, FL	2.0	2.0	1400	$1,675	$1.20	16d	1	1.09mi
2500 Ne Pine Island Rd North Fort Myers, FL	1.0–3.0	1.0–2.0	962	$2,018	$2.10	3d	19	1.14mi
260 Stockton St North Fort Myers, FL	2.0	2.0	924	$1,200	$1.30	3d	1	1.19mi
2044 NE 20th Ter Cape Coral, FL	3.0	2.0	1800	$1,745	$0.97	14d	1	1.21mi
247 Stockton St North Fort Myers, FL	3.0	2.0	924	$1,325	$1.43	23d	1	1.22mi
248 Stockton St North Fort Myers, FL	3.0	2.0	924	$1,300	$1.41	23d	1	1.22mi
2116 NE 25th St Cape Coral, FL	3.0	2.0	1352	$1,891	$1.40	3d	1	1.23mi
2864 Star Coral Dr Unit Na North Fort Myers, FL	3.0	2.0	1614	$1,999	$1.24	23d	1	1.25mi
2105 NE 15th Ter Cape Coral, FL	3.0	2.0	1621	$1,895	$1.17	11d	1	1.26mi
1125 Winding Pines Cir #207 Cape Coral, FL	2.0	2.0	1338	$1,550	$1.16	23d	1	1.37mi
2006 NE 15th Ter Cape Coral, FL	3.0	2.0	1141	$1,999	$1.75	10d	1	1.40mi
2022 NE 25th Ter Cape Coral, FL	3.0	2.0	1600	$2,300	$1.44	3d	1	1.40mi
1085 Hancock Creek South Blvd #203 Cape Coral, FL	2.0	2.0	1199	$1,475	$1.23	3d	1	1.45mi
1030 Hancock Creek South Blvd #204 Cape Coral, FL	2.0	2.0	1199	$1,350	$1.13	23d	1	1.48mi
1310 Thompson St North Fort Myers, FL	3.0	3.0	1387	$2,800	$2.02	23d	1	1.49mi
1080 Hancock Creek South Blvd #201 Cape Coral, FL	2.0	2.0	1199	$1,600	$1.33	23d	1	1.50mi

HOA detail condo

• Monthly dues: $525 · $6,300/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-17
   days on market $95,000 Active 479 DOM
2. 2026-06-16
   days on market $95,000 Active 478 DOM
3. 2026-06-16
   days on market $95,000 Active 477 DOM
4. 2026-06-13
   days on market $95,000 Active 475 DOM
5. 2026-06-09
   days on market $95,000 Active 471 DOM
6. 2026-06-07
   days on market $95,000 Active 469 DOM
7. 2026-06-02
   days on market $95,000 Active 464 DOM
8. 2026-06-01
   days on market $95,000 Active 463 DOM
9. 2026-06-01
   days on market $95,000 Active 462 DOM
10. 2026-03-27
    price $99,000
11. 2026-02-27
    price $110,000
12. 2025-07-23
    price $116,000
13. 2025-02-23
    listed $123,900 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: $1,809 · $151/mo
• Projected year-2 tax: $1,809 · $151/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 5/10 Major
• 🌡 Heat 10/10 Extreme 5 d/yr ≥106°F today · 21 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: $21,726
• − Mortgage interest: −$5,321
• − Property taxes: −$1,809
• − Insurance: −$475
• − Repairs & maintenance: −$1,738
• − Management: −$1,738
• − HOA: −$6,300
• − Depreciation: −$2,764
• Taxable income: $1,580
• Est. tax owed @ 24.0%: −$379
• After-tax cash flow: $2,221/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 — North Fort Myers

• Score: 74/100
• State rank: #269
• US rank: #4409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 57,035
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 23,655
• Household income: $56,993
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 468.0

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 14% Two or more races 8% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 3%
• Common ancestry: Lithuanian 4% Romanian 4% Italian 3%
• Foreign-born: 11% · Canada
• Languages at home: 88% English-only · Spanish 9% 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: ▼ -172.26%
• Current HPI: 256.773
• Rent YoY: ▼ -1.94%
• 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

-20.1% since first listed

4 events — show timeline

• 2026-03-27 Price Changed $99,000 FORTMLS
• 2026-02-27 Price Changed $110,000 FORTMLS
• 2025-07-23 Price Changed $116,000 FORTMLS
• 2025-02-23 Listed $123,900 FORTMLS

Property tax history

+9.0%/yr

Latest (2025): $1,809 · +23.4% YoY. Source: county tax records.