10845 Meadow Lark Cove Dr · Iona, FL 33908

$234,890

2 bd · 2.0 ba · 1,373 sqft · Condo public records · 11 Days on market

Built 1982

---

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 +22.5/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.2/10.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this 2 bedroom 2 bath townhome in Fort Myers, Florida! This lovely home is perfect for those who want to enjoy the Florida lifestyle with all the amenities you could want. Let me give you a quick tour. As you step into the home, you will notice the stunning granite countertops in the kitchen. The countertops are not only beautiful, but they are also highly functional and durable, making them perfect for cooking and entertaining. You'll also notice the cozy fireplace in the living room, perfect for those cooler Florida nights. One of the best features of this home is the fenced-in yard. You'll have plenty of privacy and space to enjoy outdoor activities with your family and friends. Additionally, if you are a boat lover, there is a boat ramp and boat slip available for an additional fee. This is a great opportunity to take advantage of Florida's beautiful waterways and enjoy boating. This townhome is located in a great neighborhood with plenty of shopping, dining, and entertainment options nearby. You'll also have easy access to major highways, making it easy to get to other areas of Fort Myers and the surrounding areas.

Key facts

• 600 fishing pier
• Large yard
• 6ft privacy fence

Tags

• MARINA WITH BOAT STORAGE
• 600 FISHING PIER
• WOOD BURNING FIREPLACE
• LARGE YARD
• 6FT PRIVACY FENCE
• PET FRIENDLY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $235k.

Deal economics

• At list price, monthly cash flow is $-32 ($-385/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (2.4% below list).
• Meets the 1% rule at list price ($2k rent vs $235k).
• Recommended offer: $229k (2.4% below list) — sets the bar for cash-flow.
• Cap rate 8.3% vs local median 2.1% in Iona — 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 72/100 on livability (#359 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A, health & safety A; Watch: schools D-, 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 (-1.2%/yr); 1244 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 38% of the median local income ($75k/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 $7k 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 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 11y 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: 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→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $229,221 (2.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.02% ✓
• Cap rate: 8.31%
• Cash-on-cash: 7.20%
• DSCR: 1.32
• GRM: 8.1

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: -21.3%
• Equity multiple: 0.29×
• Total profit: $-46,931
• Equity at exit: $35,023

10-year hold

• IRR: -26.5%
• Equity multiple: -0.06×
• Total profit: $-69,830
• Equity at exit: $20,309

Cash invested: $65,769 (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 33908

• Home prices YoY: -32.8%
• Rents YoY: -1.2%
• Active inventory: 1244
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,406 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$177 /mo · $2,122/yr
• Insurance: −$98
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $-32

Break-even live

Break-even rent $2,447

Max offer price $229,221

Occupancy floor 96%

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: $58,722
• Closing costs: $7,047
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10907 Meadow Lark Cove Dr Fort Myers, FL	3.0	3.0	1600	$1,580	$0.99	3d	1	0.04mi
7113 Quail Run Ct W Unit W9 Fort Myers, FL	2.0	2.0	1028	$1,795	$1.75	23d	1	0.06mi
7105 Quail Run Ct W #1 Fort Myers, FL	2.0	2.0	1124	$1,750	$1.56	23d	1	0.06mi
11921 Seabreeze Cove Ln #208 Fort Myers, FL	2.0	2.0	1455	$4,399	$3.02	3d	1	0.12mi
14570 Grande Cay Cir #2406 Fort Myers, FL	2.0	2.0	1560	$4,500	$2.88	3d	1	0.13mi
5421 Peppertree Dr Fort Myers, FL	2.0	2.0	1200	$2,000	$1.67	23d	1	0.14mi
7199 Blanquilla Ct Unit 1545910P Fort Myers, FL	3.0	2.0	1345	$2,341	$1.74	16d	1	0.18mi
5479 Peppertree Dr Unit E13 Fort Myers, FL	2.0	2.0	964	$1,950	$2.02	23d	1	0.19mi
11651 Pointe Cir Unit 1546272P Fort Myers, FL	2.0	2.0	1367	$1,249	$0.91	16d	1	0.23mi
11674 Pointe Cir Unit 1 Fort Myers, FL	3.0	2.5	1544	$1,900	$1.23	23d	1	0.24mi
15055 Tamarind Cay Ct #1205 Fort Myers, FL	3.0	2.0	1760	$2,700	$1.53	23d	1	0.27mi
14819 Laguna Dr #501 Fort Myers, FL	3.0	2.5	1857	$5,000	$2.69	19d	1	0.31mi
7171 Drake Dr Fort Myers, FL	3.0	2.0	1346	$2,350	$1.75	23d	1	0.31mi
15091 Tamarind Cay Ct #907 Fort Myers, FL	2.0	2.0	1487	$5,000	$3.36	23d	1	0.34mi
14815 Laguna Dr #103 Fort Myers, FL	3.0	3.0	1857	$4,100	$2.21	3d	1	0.37mi
15037 Tamarind Cay Ct #1503 Fort Myers, FL	3.0	2.0	1487	$2,000	$1.34	23d	1	0.40mi
11271 Jacana Ct #1706 Fort Myers, FL	2.0	2.0	1487	$4,500	$3.03	23d	1	0.46mi
14873 Crescent Cove Dr Fort Myers, FL	3.0	2.0	1134	$3,500	$3.09	23d	1	0.46mi
15514 Kapok Ct Fort Myers, FL	2.0	2.0	900	$1,850	$2.06	23d	1	0.54mi
14967 Rivers Edge Ct Unit B2 Fort Myers, FL	2.0	2.0	1166	$1,700	$1.46	3d	1	0.56mi
14971 Rivers Edge Ct #101 Fort Myers, FL	2.0	2.0	1273	$2,000	$1.57	23d	1	0.59mi
14977 Rivers Edge Ct #219 Fort Myers, FL	2.0	2.0	1128	$1,599	$1.42	23d	1	0.60mi
12131 Live Oak Dr Fort Myers, FL	3.0	2.0	1186	$1,700	$1.43	3d	1	0.60mi
15625 Ocean Walk Cir #103 Fort Myers, FL	2.0	2.0	1287	$1,450	$1.13	21d	1	0.72mi
11400 Ocean Walk Ln Fort Myers, FL	1.0–2.0	1.0–2.0	856	$1,500	$1.75	3d	2	0.75mi
15270 Ballast Point Dr Fort Myers, FL	1.0–3.0	1.0–2.0	1094	$1,610	$1.47	1d	20	0.75mi
15645 Ocean Walk Cir Fort Myers, FL	3.0	2.0	1227	$2,774	$2.26	3d	3	0.81mi
15645 Ocean Walk Cir Fort Myers, FL	3.0	2.0	1287	$3,699	$2.87	2d	2	0.81mi
15385 Bellamar Cir #413 Fort Myers, FL	3.0	2.0	1043	$1,600	$1.53	23d	1	0.82mi
15655 Ocean Walk Cir Fort Myers, FL	1.0–2.0	1.0–2.0	856	$3,200	$3.74	14d	2	0.82mi
15770 Windward Way Cir #2205 Fort Myers, FL	2.0	2.0	1050	$1,600	$1.52	23d	1	0.83mi
15401 Bellamar Cir #621 Fort Myers, FL	3.0	2.0	1040	$1,700	$1.63	11d	1	0.85mi
11701 Pasetto Ln Unit 1049715P Fort Myers, FL	3.0	2.0	1496	$2,960	$1.98	21d	1	0.85mi
15761 Windward Way Cir #3302 Fort Myers, FL	2.0	2.0	1050	$4,500	$4.29	3d	1	0.86mi
15430 Bellamar Cir #3023 Fort Myers, FL	3.0	2.0	1043	$3,500	$3.36	3d	1	0.88mi
15430 Bellamar Cir Unit 1546283P Fort Myers, FL	3.0	2.0	1033	$1,873	$1.81	14d	1	0.88mi
15430 Bellamar Cir Fort Myers, FL	3.0	2.0	1043	$2,400	$2.30	16d	2	0.88mi
15417 Bellamar Cir #823 Fort Myers, FL	3.0	2.0	1043	$1,650	$1.58	23d	1	0.89mi
15417 Bellamar Cir #823 Fort Myers, FL	3.0	2.0	1043	$1,650	$1.58	21d	1	0.89mi
11711 Pasetto Ln #102 Fort Myers, FL	2.0	2.0	1055	$2,200	$2.09	23d	1	0.89mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-17
   days on market $234,890 Active 11 DOM
2. 2026-06-16
   days on market $234,890 Active 10 DOM
3. 2026-06-16
   days on market $234,890 Active 9 DOM
4. 2026-06-13
   days on market $234,890 Active 7 DOM
5. 2026-06-09
   days on market $234,890 Active 3 DOM
6. 2026-06-07
   listing id $234,890 Active 1 DOM
7. 2026-06-02
   remarks 695-char remark
8. 2026-06-02
   listed $234,890 Active 1 DOM

ⓘ 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: $2,122 · $177/mo
• Projected year-2 tax: $2,122 · $177/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 · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 30 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: $28,875
• − Mortgage interest: −$13,157
• − Property taxes: −$2,122
• − Insurance: −$6,293
• − Repairs & maintenance: −$2,310
• − Management: −$2,310
• − Depreciation: −$6,833
• Taxable loss: −$4,151
• Est. tax savings @ 24.0%: +$996
• After-tax cash flow: $611/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 — Iona

• Score: 72/100
• State rank: #359
• US rank: #6253

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iona, FL
• County: Lee County · 788,662 people
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 37,423
• Household income: $75,396
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 1944.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 6% Two or more races 5% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 4% Slovak 3%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 4% Russian/Polish/Slavic 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: ▼ -102.22%
• Current HPI: 209.7595
• Rent YoY: ▼ -1.18%
• 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

+217.8% since first listed

29 events — show timeline

• 2026-06-02 Listed $234,890 FSBO.com
• 2024-08-18 Listing Removed — FORTMLS
• 2024-07-17 Price Changed $290,000 FORTMLS
• 2024-05-13 Price Changed $300,000 FORTMLS
• 2024-04-29 Price Changed $309,000 FORTMLS
• 2024-04-11 Listed $314,000 FORTMLS
• 2023-05-17 Sold (Public Records) $280,000 Public Records
• 2023-05-17 Sold (MLS) $280,000 FORTMLS
• 2023-04-11 Pending — FORTMLS
• 2023-04-03 Listed $310,000 FORTMLS
• 2017-04-26 Sold (Public Records) $136,000 Public Records
• 2017-04-21 Sold (MLS) $136,000 FORTMLS
• 2017-03-07 Pending — FORTMLS
• 2017-02-23 Price Changed $136,900 FORTMLS
• 2017-01-18 Listed $139,900 FORTMLS
• 2016-06-29 Listing Removed — FORTMLS
• 2016-06-17 Relisted — FORTMLS
• 2016-06-15 Listing Removed — FORTMLS
• 2016-04-13 Price Changed $147,900 FORTMLS
• 2016-03-30 Price Changed $149,900 FORTMLS
• 2016-03-07 Price Changed $154,900 FORTMLS
• 2016-02-17 Listed $159,900 FORTMLS
• 2015-12-11 Price Changed $80,000 FORTMLS
• 2015-12-11 Sold (MLS) $80,000 FORTMLS
• 2015-12-08 Price Changed $89,500 FORTMLS
• 2015-11-22 Pending — FORTMLS
• 2015-11-11 Price Changed $89,500 FORTMLS
• 2015-10-07 Listed $94,500 FORTMLS
• 1982-10-01 Sold (Public Records) $73,900 Public Records

Property tax history

+12.2%/yr

Latest (2025): $2,122 · -28.1% YoY. Source: county tax records.