9805/9807 Montana Ct · Bonita Springs, FL 34135

$375,500

4 bd · 4.0 ba · 2,312 sqft · MultiFamily · 141 Days on market

Built 1978 6,664 sqft lot Est $529k · 29% under

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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 +27.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +7.3/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Located at the end of a quiet cul-de-sac, this waterfront duplex offers a rare opportunity for investment or flexible living along a canal leading to the Imperial River. The property features two one-bedroom, one-bath units, each with its own private screened lanai overlooking a waterway. The lanai screens were replaced at the end of 2021, and each unit includes its own washer and dryer hookups for added convenience. Positioned on a canal with access to the Imperial River, the setting allows for kayaking or boating with access to the Gulf, and the backyard regularly offers views of manatees and dolphins swimming by. Both kitchens were remodeled at the end of 2022 with new cabinetry. The rig

Key facts

• Waterfront duplex
• Remodeled kitchens
• Views of manatees

Tags

• WATERFRONT DUPLEX
• PRIVATE SCREENED LANAI
• ACCESS TO THE GULF
• VIEWS OF MANATEES
• VIEWS OF DOLPHINS
• REMODELED KITCHENS

Property features AI

Finance

• Other: Zoning: TFC-2; Lot acreage approximately 0.1530; Possession: subject to lease
• HOA & community: Non-gated community; No HOA amenities

Exterior

• Utilities: Central water (assessment paid); Central sewer; Cable available
• Home design: Residential income property; Duplex; Built in 1978; Located in the Park Place development; Situated on a cul-de-sac; Regular lot
• Construction: Wood frame construction
• Exterior features: Brick exterior; Metal roof; Canal waterfront with gulf access (bridge(s)); Canal width reported as 1–30

Interior

• Bedrooms: 2-unit property (duplex) — bedrooms per unit not specified
• Flooring: Tile
• Bathrooms: 2 full bathrooms (total for property)
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Tile flooring

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $376k.

Deal economics

• At list price, monthly cash flow is $620 ($7k/yr) — positive. Per door: $310/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $376k).
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 soft (-0.6%/yr); 835 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); solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $4,609/mo this rent would consume 61% of the median local household income ($91k/yr) (locally 976% 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 $11k 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 141 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.

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 $330,440 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.23% ✓
• Cap rate: 9.64%
• Cash-on-cash: 11.94%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $529,448
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
27673 Los Amigos Ln	0.67mi	4/4.0	2,250 (-3%)	4mo	$515,000	$229	60
9960/9962 Carolina St	0.41mi	4/2.0	2,007 (-13%)	23mo	$415,000	$207	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -9.3%
• Equity multiple: 0.67×
• Total profit: $-34,562
• Equity at exit: $55,988

10-year hold

• IRR: -5.2%
• Equity multiple: 0.71×
• Total profit: $-30,136
• Equity at exit: $32,466

Cash invested: $105,140 (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 34135

• Rents YoY: -0.6%
• Active inventory: 835
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $4,609 high
• Mortgage (P&I): −$1,969
• Tax est. 1.5%: −$469 /mo · $5,632/yr
• Insurance: −$156
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$968
• Net cashflow: $620

Break-even live

Break-even rent $3,825

Max offer price $375,500

Occupancy floor 82%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$4,608
Total (2 units)			$4,609

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: $93,875
• Closing costs: $11,265
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27281 Tennessee St Bonita Springs, FL	4.0	4.0	3360	$30,000	$8.93	24d	1	0.08mi
27130 Flamingo Dr Bonita Springs, FL	3.0	2.0	1781	$8,500	$4.77	24d	1	0.28mi
27251 Morgan Rd Bonita Springs, FL	3.0	3.0	2400	$3,200	$1.33	24d	1	0.32mi
27035 Serrano Way #201 Bonita Springs, FL	4.0	2.0	1772	$2,700	$1.52	24d	1	0.32mi
27020 Adriana Cir #201 Bonita Springs, FL	4.0	2.0	1841	$2,900	$1.58	24d	1	0.33mi
27196 Belle Rio Dr Unit 1073524P Bonita Springs, FL	3.0	2.0	2002	$6,022	$3.01	3d	1	0.33mi
27180 Williams Rd Bonita Springs, FL	3.0	2.0	2044	$10,000	$4.89	24d	1	0.40mi
27414 Pollard Dr Unit 1073493P Bonita Springs, FL	3.0	2.0	1593	$5,065	$3.18	3d	1	0.45mi
27044 Williams Rd Bonita Springs, FL	3.0	3.0	1600	$6,900	$4.31	24d	1	0.46mi
27655 Tennessee St #657 Bonita Springs, FL	3.0	2.0	1916	$3,000	$1.57	3d	1	0.49mi
27655 Tennessee St Bonita Springs, FL	3.0	2.0	1900	$3,000	$1.58	24d	1	0.49mi
27526 Los Amigos Ln Unit 1073491P Bonita Springs, FL	3.0	2.0	1657	$5,283	$3.19	2d	1	0.62mi
10295 Carolina St Bonita Springs, FL	4.0	4.0	3001	$5,995	$2.00	3d	1	0.62mi
26600 Rosewood Pointe Dr Unit B-107 Bonita Springs, FL	3.0	2.0	1616	$6,000	$3.71	24d	1	0.63mi
27311 J C Ln Bonita Springs, FL	3.0	2.0	1730	$3,000	$1.73	16d	1	0.66mi
27470 Palmesta Cir Unit 29 Bonita Springs, FL	3.0	2.0	1900	$2,400	$1.26	24d	1	0.75mi
27430 Palmesta Cir #16 Bonita Springs, FL	3.0	2.0	1900	$2,400	$1.26	24d	1	0.75mi
27420 Palmesta Cir #12 Bonita Springs, FL	3.0	2.0	1900	$2,400	$1.26	24d	1	0.76mi
9192 Brendan Preserve Ct Bonita Springs, FL	3.0	2.5	1681	$6,500	$3.87	24d	1	0.78mi
27490 Palmesta Cir Unit 37 Bonita Springs, FL	3.0	2.0	1900	$2,400	$1.26	24d	1	0.78mi
27500 Palmesta Cir Unit 41 Bonita Springs, FL	3.0	2.0	1900	$2,400	$1.26	24d	1	0.79mi
28151 Dovewood Ct Bonita Springs, FL	1.0–3.0	1.0–2.0	1233	$2,245	$1.82	3d	15	0.81mi
27140 Brendan Way Bonita Springs, FL	4.0	3.0	2467	$10,000	$4.05	13d	1	0.81mi
9040 Carolina St Unit 1073518P Bonita Springs, FL	4.0	3.0	1915	$7,937	$4.14	16d	1	0.84mi
27157 Edenbridge Ct Bonita Springs, FL	3.0	2.0	1600	$4,000	$2.50	24d	1	0.86mi
28119 Tamberine Ct #1412 Bonita Springs, FL	3.0	2.0	1593	$5,800	$3.64	24d	1	0.87mi
9124 Brendan Preserve Ct Bonita Springs, FL	3.0	2.0	1699	$2,950	$1.74	24d	1	0.87mi
9940 Treasure Cay Ln Bonita Springs, FL	3.0	2.0	2108	$8,500	$4.03	24d	1	0.95mi
9977 Treasure Cay Ln Bonita Springs, FL	3.0	2.0	2039	$8,500	$4.17	24d	1	0.99mi
9908 White Sands Pl Bonita Springs, FL	3.0	2.0	1827	$7,500	$4.11	24d	1	1.03mi
26208 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.0	1940	$3,400	$1.75	16d	1	1.04mi
26475 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.5	2171	$3,800	$1.75	24d	1	1.05mi
10839 Sea Coral Ct Bonita Springs, FL	3.0	3.0	2167	$6,500	$3.00	24d	1	1.06mi
26240 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.5	1704	$2,999	$1.76	21d	1	1.06mi
9651 Spanish Moss Way #4121 Bonita Springs, FL	3.0	2.0	1857	$4,800	$2.58	24d	1	1.07mi
26391 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.5	2002	$3,200	$1.60	21d	1	1.11mi
26825 St Thomas Dr Bonita Springs, FL	4.0	3.0	2300	$4,800	$2.09	24d	1	1.16mi
26407 Lucky Stone Rd #201 Bonita Springs, FL	3.0	2.0	2178	$3,200	$1.47	24d	1	1.21mi
26532 Lucky Stone Rd Bonita Springs, FL	4.0	3.5	2955	$9,000	$3.05	24d	1	1.24mi
28399 Del Lago Way Bonita Springs, FL	4.0	2.5	2326	$10,000	$4.30	24d	1	1.38mi

Listing history 13 events

1. 2026-06-17
   days on market $375,500 Active 141 DOM
2. 2026-06-16
   days on market $375,500 Active 140 DOM
3. 2026-06-15
   days on market $375,500 Active 139 DOM
4. 2026-06-13
   days on market $375,500 Active 137 DOM
5. 2026-06-10
   days on market $375,500 Active 134 DOM
6. 2026-06-09
   days on market $375,500 Active 133 DOM
7. 2026-06-07
   days on market $375,500 Active 131 DOM
8. 2026-06-02
   days on market $375,500 Active 126 DOM
9. 2026-06-01
   days on market $375,500 Active 125 DOM
10. 2026-06-01
    days on market $375,500 Active 124 DOM
11. 2026-05-13
    status Pending With Contingencies
12. 2026-03-05
    price $375,500
13. 2026-01-11
    listed $379,000 Active

ⓘ 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 10/10 Extreme FEMA zone AE · 99% 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: $55,308
• − Mortgage interest: −$21,034
• − Property taxes: −$5,632
• − Insurance: −$6,996
• − Repairs & maintenance: −$4,425
• − Management: −$4,425
• − Depreciation: −$10,924
• Taxable income: $1,873
• Est. tax owed @ 24.0%: −$449
• After-tax cash flow: $6,985/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): 48,252
• Household income: $91,380
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 976.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 26% Two or more races 13% Native American 3% Black 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 4% Cuban 3%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 22% · Canada, Jamaica
• Languages at home: 74% English-only · Spanish 21% French/Haitian/Cajun 1% Russian/Polish/Slavic 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: ▼ -188.86%
• Current HPI: 243.4153
• Rent YoY: ▼ -0.61%
• 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

-0.9% since first listed

3 events — show timeline

• 2026-05-13 Pending — BEARMLS
• 2026-03-05 Price Changed $375,500 BEARMLS
• 2026-01-11 Listed $379,000 BEARMLS