11785 Grand Belvedere Way #202 · Fort Myers, FL 33913

$322,500

3 bd · 2.0 ba · 1,891 sqft · Condo · 89 Days on market

Built 2020 Good condition $921/mo HOA · 23% 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 +14.3/30.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• 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

Welcome to Arborwood Preserve, a luxury resort-style community offering the perfect vacation retreat or full-time residence. As you make your way upstairs to this second-floor unit, you’re immediately greeted by beautiful lake views and an abundance of natural light, thanks to the desirable eastern exposure, which fills the home with sunshine throughout the morning and into the afternoon. Impact-resistant windows and doors provide added peace of mind while enhancing energy efficiency and storm protection. This spacious 3-bedroom condo offers just under 1,900 square feet with a flowing, open-concept layout designed for comfortable Florida living. The kitchen features a large center isl

Key facts

• Large center island
• Lake views
• Storm protection

Tags

• LAKE VIEWS
• IMPACT-RESISTANT WINDOWS
• ENERGY EFFICIENCY
• STORM PROTECTION
• OPEN-CONCEPT LAYOUT
• LARGE CENTER ISLAND

Property features AI

Finance

• Financial info: Pets allowed with conditions (maximum 2)
• HOA & community: Homeowners association with quarterly fees; Association fee includes cable TV, insurance, internet, irrigation water, grounds maintenance, pest control, reserve fund, road maintenance, street lights, security, trash, and water; Community amenities: clubhouse, fitness center, media room, playground, pickleball, pool, restaurant, sidewalks, tennis courts, trails, and management; Gated community with street lights and tennis courts; Approximately 120 units in the community

Exterior

• Parking: Attached garage with 1 covered space; Driveway; Paved parking; Garage door opener; Two spaces (1 covered, 1 additional)
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable available; High speed internet available; Reclaimed irrigation water
• Home design: 2-story property; Entry level is 2; Resale property; Faces west
• Construction: Block, concrete, and stucco construction; Tile roof
• Exterior features: Security/high impact doors; Sprinkler/irrigation; Water feature; Lanai; Porch; Screened patio/porch; Community pool; Pond on lot; Rectangular lot; Sprinklers (automatic); East exposure; Has view; Waterfront

Interior

• Kitchen: Electric cooktop; Range; Self-cleaning oven; Microwave; Dishwasher; Disposal; Refrigerator; Freezer; Kitchen island; Pantry; Eat-in kitchen
• Bedrooms: Guest quarters
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Separate shower and bathtub; Dual sinks
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Impact glass windows with window coverings; Partially furnished; Built-in features; Bathtub; Dual sinks; Eat-in kitchen; Family/Dining room; Kitchen island; Living/Dining room; Pantry; Separate shower; Cable TV; Walk-in pantry; Walk-in closets; Window treatments; High speed internet; Split bedrooms
• Laundry & utility: Inside laundry; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $322k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $58 ($699/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $322k).
• Recommended offer: $303k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.5% 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; 38 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 44% 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

• It's been on market 89 days — a 6% lower offer ($303k) is reasonable based on typical stale-listing flexibility.
• 4 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

• Watch-outs: HOA is 23% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $303,150 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.26% ✓
• Cap rate: 6.51%
• Cash-on-cash: 0.77%
• DSCR: 1.03
• GRM: 6.6

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: -19.1%
• Equity multiple: 0.35×
• Total profit: $-58,391
• Equity at exit: $48,086

10-year hold

• IRR: -21.8%
• Equity multiple: 0.07×
• Total profit: $-84,282
• Equity at exit: $27,884

Cash invested: $90,300 (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: 6.6×

Monthly cashflow live

• Estimated rent: $4,061 high
• Mortgage (P&I): −$1,691
• Tax est. 1.5%: −$403 /mo · $4,838/yr
• Insurance: −$134
• HOA: −$921
• Vacancy / Maint / Mgmt: −$853
• Net cashflow: $58

Break-even live

Break-even rent $3,987

Max offer price $322,500

Occupancy floor 94%

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: $80,625
• Closing costs: $9,675
• Reserves months: —
• Total cash needed: —

Rent comps 38 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	24d	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	24d	1	0.79mi
11701 Avingston Ter Fort Myers, FL	2.0	2.0	1553	$5,500	$3.54	15d	1	0.84mi
10952 Clarendon St Fort Myers, FL	2.0	2.0	1582	$4,000	$2.53	24d	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	$2,345	$2.22	24d	25	0.87mi
10879 Rutherford Rd Fort Myers, FL	2.0	2.0	1566	$3,500	$2.23	24d	1	0.92mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	15d	1	0.92mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	24d	1	0.92mi
12096 Ledgewood Cir Fort Myers, FL	3.0	2.0	1798	$2,850	$1.59	24d	1	0.95mi
11442 Tiverton Trce Fort Myers, FL	3.0	2.0	2010	$9,500	$4.73	24d	1	1.01mi
10271 Glastonbury Cir #102 Fort Myers, FL	2.0	2.0	1550	$4,500	$2.90	24d	1	1.10mi
11230 Suffield St Fort Myers, FL	2.0	2.0	1560	$8,500	$5.45	24d	1	1.12mi
12908 New Market St #201 Fort Myers, FL	3.0	2.5	2198	$3,000	$1.36	24d	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	24d	1	1.16mi
11619 Meadowrun Cir Fort Myers, FL	3.0	2.5	2242	$2,495	$1.11	24d	1	1.21mi
11225 Lithgow Ln Fort Myers, FL	2.0	2.0	2153	$8,000	$3.72	24d	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	$3,402	$2.58	3d	23	1.25mi
12016 Five Waters Cir Fort Myers, FL	3.0	2.0	1646	$4,500	$2.73	24d	1	1.28mi
10820 Palazzo Way #203 Fort Myers, FL	2.0	2.0	1235	$5,400	$4.37	24d	1	1.32mi
13071 Georges Cay Pl Fort Myers, FL	3.0	3.0	1600	$3,800	$2.38	24d	1	1.32mi
10791 Palazzo Way #301 Fort Myers, FL	2.0	2.0	1390	$5,300	$3.81	24d	1	1.34mi
13068 Georges Cay Pl Fort Myers, FL	3.0	2.5	1590	$2,900	$1.82	14d	1	1.34mi
12797 Vista Pine Cir Fort Myers, FL	4.0	2.0	2146	$2,705	$1.26	3d	1	1.36mi
11761 Pinewood Lakes Dr Fort Myers, FL	4.0	3.0	2528	$3,200	$1.27	3d	1	1.36mi
10900 Legacy Gateway Cir Fort Myers, FL	1.0–3.0	1.0–2.5	1115	$2,350	$2.11	2d	36	1.38mi
13104 Georges Cay Pl Fort Myers, FL	3.0	2.5	1590	$3,100	$1.95	24d	1	1.38mi
10529 Casella Way #102 Fort Myers, FL	3.0	2.0	1722	$4,500	$2.61	24d	1	1.41mi
10751 Palazzo Way #103 Fort Myers, FL	2.0	2.0	1235	$5,000	$4.05	24d	1	1.43mi
10520 Casella Way #101 Fort Myers, FL	3.0	2.0	1722	$7,000	$4.07	24d	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: $921 · $11,052/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-17
   days on market $322,500 Active 89 DOM
2. 2026-06-16
   days on market $322,500 Active 88 DOM
3. 2026-06-16
   price $322,500 Active 87 DOM
4. 2026-06-15
   days on market $325,000 Active 87 DOM
5. 2026-06-13
   days on market $325,000 Active 85 DOM
6. 2026-06-10
   days on market $325,000 Active 82 DOM
7. 2026-06-09
   days on market $325,000 Active 81 DOM
8. 2026-06-07
   days on market $325,000 Active 79 DOM
9. 2026-06-03
   days on market $325,000 Active 75 DOM
10. 2026-06-02
    days on market $325,000 Active 74 DOM
11. 2026-06-01
    days on market $325,000 Active 73 DOM
12. 2026-06-01
    days on market $325,000 Active 72 DOM
13. 2026-03-20
    listed $325,000 Active
14. 2025-04-20
    historical $2,450
15. 2025-03-20
    listed $2,450
16. 2025-03-14
    historical $2,450
17. 2025-01-16
    price $2,450
18. 2024-12-16
    listed $2,800
19. 2024-10-31
    historical $4,000
20. 2024-10-18
    price $4,000
21. 2024-09-29
    listed $4,200
22. 2023-06-08
    historical

ⓘ 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 9/10 Extreme 7 d/yr ≥107°F today · 28 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: $48,729
• − Mortgage interest: −$18,065
• − Property taxes: −$4,838
• − Insurance: −$1,612
• − Repairs & maintenance: −$3,898
• − Management: −$3,898
• − HOA: −$11,052
• − Depreciation: −$9,382
• Taxable loss: −$4,016
• Est. tax savings @ 24.0%: +$964
• After-tax cash flow: $1,663/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 · 6 photos

Good 80/100 None rehab

This well-maintained and attractive second-floor condo in Arborwood Preserve offers stunning lake views and a spacious, open-concept layout. With minimal repairs and maintenance needed, it's ready for a new owner to enjoy its luxury resort-style living.

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 New flooring in living areas — Improves aesthetics and adds value
• Both New kitchen appliances — Enhances functionality and adds value

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 New flooring in living areas — Improves aesthetics and adds value ↑
• Both New kitchen appliances — Enhances functionality and adds value ↑

ⓘ 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

+7638.1% since first listed

10 events — show timeline

• 2026-03-20 Listed $325,000 FORTMLS
• 2025-04-20 Rental Removed $2,450 Avail
• 2025-03-20 Listed for Rent $2,450 Avail
• 2025-03-14 Rental Removed $2,450 Avail
• 2025-01-16 Price Changed $2,450 Avail
• 2024-12-16 Listed for Rent $2,800 Avail
• 2024-10-31 Rental Removed $4,000 Avail
• 2024-10-18 Price Changed $4,000 Avail
• 2024-09-29 Listed for Rent $4,200 Avail
• 2023-06-08 Rental Removed — Avail