10711 Palazzo Way #404 · Fort Myers, FL 33913

$305,000

2 bd · 2.0 ba · 1,257 sqft · Condo · 9 Days on market

Built 2019 Good condition $1080/mo HOA · 24% of rent

---

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 +20.5/30.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 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

Experience the very best of resort-style living in the prestigious Palazzo enclave of Pelican Preserve. Beautifully decorated and sold turnkey furnished, this exceptional fourth-floor residence offers a rare combination of sophisticated design, effortless convenience, and an award-winning lifestyle. One of only a select few residences featuring the highly desirable open-concept floor plan, this two-bedroom, two-bath home is beautifully appointed and shows like a model. Designed for both comfortable everyday living and effortless entertaining, the residence showcases crown molding throughout, elegant 20-inch tile flooring in the main living areas, plantation shutters throughout, custom drape

Key facts

• Private storage room
• $1,080 HOA
• Parking

Tags

• OPEN CONCEPT FLOOR PLAN
• SPACIOUS SCREENED LANAI
• BEAUTIFUL PRESERVE VIEWS
• HURRICANE RATED KEVLAR SCREEN
• IMPACT RESISTANT WINDOWS
• PRIVATE STORAGE ROOM

Property features AI

Finance

• Financial info: Maximum 2 pets (conditional; no aggressive breeds)
• HOA & community: Homeowners association (fees billed quarterly); Association includes cable TV, internet, insurance, irrigation water, legal/accounting, grounds maintenance, pest control, recreation facilities, road maintenance, street lights, and security; Community amenities: clubhouse, fitness center, pool, spa/hot tub, tennis courts, pickleball, bocce, billiards, media room, library, business center, restaurant, dog park, park, trails, sidewalks, bike storage, management, elevator, golf, street lights; Senior community

Exterior

• Parking: Assigned covered parking; Detached carport (1 space)
• Security: Gated community with security gate and guard; Smoke detectors
• Utilities: Public water; Public sewer; Cable available; High speed internet available; Underground utilities
• Home design: Condominium / Multi-unit property; 4 total stories; Entry level: 4; Northeast-facing; Resale condition
• Construction: Tile roof; Block, concrete and stucco construction
• Exterior features: Balcony; Lanai; Porch; Screened porch; Storage; Community pool; Municipal irrigation; Private paved road; Private maintained road; Southwest exposure; Has view

Interior

• Kitchen: Electric cooktop; Self-cleaning oven; Microwave; Dishwasher; Disposal; Icemaker; Refrigerator (with ice maker); Kitchen island; Breakfast bar; Pantry; Eat-in kitchen
• Bedrooms: Split bedroom layout
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Separate shower
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Furnished; Breakfast bar; Built-in features; Eat-in kitchen; Family/Dining room; Kitchen island; Living/Dining room; Pantry; Separate shower (shower only); Cable TV; Walk-in closet(s); Window treatments; High speed internet; Split bedrooms; Impact glass; Shutters
• Laundry & utility: Washer and dryer included; Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $305k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $401 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $305k).
• Cap rate 7.9% 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; 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 $4,543/mo this rent would consume 49% of the median local household income ($110k/yr) (locally 276% 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 $2k of loan paydown is wiped out by about $9k 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 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• 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 $305,000

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: 1.49% ✓
• Cap rate: 7.87%
• Cash-on-cash: 5.63%
• DSCR: 1.25
• GRM: 5.6

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: -11.7%
• Equity multiple: 0.59×
• Total profit: $-34,874
• Equity at exit: $45,476

10-year hold

• IRR: -9.1%
• Equity multiple: 0.53×
• Total profit: $-40,118
• Equity at exit: $26,371

Cash invested: $85,400 (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: 5.6×

Monthly cashflow live

• Estimated rent: $4,543 high
• Mortgage (P&I): −$1,599
• Tax est. 1.5%: −$381 /mo · $4,575/yr
• Insurance: −$127
• HOA: −$1,080
• Vacancy / Maint / Mgmt: −$954
• Net cashflow: $401

Break-even live

Break-even rent $4,035

Max offer price $305,000

Occupancy floor 86%

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: $76,250
• Closing costs: $9,150
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10751 Palazzo Way #103 Fort Myers, FL	2.0	2.0	1235	$5,000	$4.05	23d	1	0.03mi
10711 Palazzo Way Unit 203 Fort Myers, FL	2.0	2.0	1257	$5,300	$4.22	21d	1	0.03mi
10711 Palazzo Way Fort Myers, FL	2.0	2.0	1257	$3,900	$3.10	16d	2	0.03mi
10700 Palazzo Way #201 Fort Myers, FL	2.0	2.0	1390	$5,000	$3.60	21d	1	0.10mi
10791 Palazzo Way #301 Fort Myers, FL	2.0	2.0	1390	$5,300	$3.81	23d	1	0.15mi
10820 Palazzo Way #203 Fort Myers, FL	2.0	2.0	1235	$5,400	$4.37	23d	1	0.23mi
11230 Suffield St Fort Myers, FL	2.0	2.0	1560	$8,500	$5.45	23d	1	0.34mi
10529 Casella Way #102 Fort Myers, FL	3.0	2.0	1722	$4,500	$2.61	23d	1	0.39mi
10520 Casella Way #101 Fort Myers, FL	3.0	2.0	1722	$7,000	$4.07	23d	1	0.41mi
10602 Camarelle Cir Fort Myers, FL	2.0	2.0	1690	$5,500	$3.25	23d	1	0.41mi
11343 Tiverton Trce Fort Myers, FL	2.0	2.0	1685	$4,000	$2.37	3d	1	0.46mi
10535 Carolina Willow Dr Fort Myers, FL	3.0	2.0	1290	$2,300	$1.78	21d	1	0.60mi
10518 Avila Cir Fort Myers, FL	2.0	2.0	1466	$6,500	$4.43	3d	1	0.60mi
10518 Avila Cir Fort Myers, FL	2.0	2.0	1466	$6,500	$4.43	23d	1	0.60mi
11701 Avingston Ter Fort Myers, FL	2.0	2.0	1553	$5,500	$3.54	14d	1	0.67mi
10730 Cetrella Dr Fort Myers, FL	3.0	2.0	1558	$6,900	$4.43	23d	1	0.68mi
10714 Cetrella Dr Fort Myers, FL	2.0	2.0	1227	$5,500	$4.48	23d	1	0.68mi
10111 Colonial Country Club Blvd #2308 Fort Myers, FL	2.0	2.0	1309	$2,000	$1.53	12d	1	0.69mi
10702 Cetrella Dr Fort Myers, FL	2.0	2.0	1347	$5,500	$4.08	23d	1	0.69mi
10700 Cetrella Dr Fort Myers, FL	2.0	2.0	1227	$3,500	$2.85	23d	1	0.69mi
11075 Lancewood St Fort Myers, FL	3.0	2.0	1575	$2,300	$1.46	16d	1	0.70mi
11075 Lancewood St Fort Myers, FL	3.0	2.0	1575	$2,300	$1.46	23d	1	0.70mi
10280 Crepe Jasmine Ln Unit 1546286P Fort Myers, FL	3.0	2.0	1571	$4,526	$2.88	16d	1	0.73mi
10514 Bella Vista Dr Fort Myers, FL	3.0	2.0	1823	$6,500	$3.57	23d	1	0.73mi
10879 Rutherford Rd Fort Myers, FL	2.0	2.0	1566	$3,500	$2.23	23d	1	0.74mi
10112 Colonial Country Club Blvd #209 Fort Myers, FL	2.0	2.0	1530	$5,000	$3.27	23d	1	0.75mi
10121 Colonial Country Club Blvd #1802 Fort Myers, FL	2.0	2.0	1530	$4,800	$3.14	3d	1	0.75mi
11033 Mill Creek Way #202 Fort Myers, FL	2.0	2.0	1379	$5,400	$3.92	23d	1	0.76mi
11041 Iron Horse Way Fort Myers, FL	2.0	2.0	1692	$4,000	$2.36	23d	1	0.78mi
10020 Horse Creek Rd Fort Myers, FL	2.0	2.0	1692	$2,500	$1.48	23d	1	0.79mi
10428 Materita Dr Fort Myers, FL	2.0	2.0	1568	$6,250	$3.99	23d	1	0.82mi
11029 Mill Creek Way #405 Fort Myers, FL	2.0	2.0	1749	$2,500	$1.43	23d	1	0.82mi
10128 Colonial Country Club Blvd #602 Fort Myers, FL	2.0	2.0	1530	$4,600	$3.01	23d	1	0.84mi
10130 Colonial Country Club Blvd #707 Fort Myers, FL	2.0	2.0	1116	$4,900	$4.39	23d	1	0.86mi
9918 Horse Creek Rd Fort Myers, FL	3.0	2.0	1510	$2,200	$1.46	23d	1	0.87mi
11012 Mill Creek Way #2205 Fort Myers, FL	2.0	2.0	1749	$5,500	$3.14	23d	1	0.97mi
10952 Clarendon St Fort Myers, FL	2.0	2.0	1582	$4,000	$2.53	23d	1	0.99mi
11011 Mill Creek Way #1307 Fort Myers, FL	2.0	2.0	1379	$5,000	$3.63	23d	1	1.02mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	23d	1	1.05mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	14d	1	1.05mi

HOA detail condo

• Monthly dues: $1,080 · $12,960/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-18
   days on market $305,000 Active 9 DOM
2. 2026-06-17
   days on market $305,000 Active 8 DOM
3. 2026-06-16
   days on market $305,000 Active 7 DOM
4. 2026-06-15
   days on market $305,000 Active 6 DOM
5. 2026-06-13
   days on market $305,000 Active 4 DOM
6. 2026-06-10
   remarks 699-char remark
7. 2026-06-10
   listed $305,000 Active 1 DOM

ⓘ 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 4/10 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: $54,511
• − Mortgage interest: −$17,085
• − Property taxes: −$4,575
• − Insurance: −$1,525
• − Repairs & maintenance: −$4,361
• − Management: −$4,361
• − HOA: −$12,960
• − Depreciation: −$8,873
• Taxable income: $772
• Est. tax owed @ 24.0%: −$185
• After-tax cash flow: $4,625/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 · 12 photos

Good 80/100 None rehab

This turnkey furnished, well-maintained condo in Pelican Preserve offers a rare combination of sophistication and resort-style living.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both furniture — modern furniture enhances the home's appeal
• Both window treatments — modern window treatments improve aesthetics and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both furniture — modern furniture enhances the home's appeal ↑
• Both window treatments — modern window treatments improve aesthetics 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

1 event — show timeline

• 2026-06-05 Listed $305,000 FORTMLS