3 bd · 2.0 ba ·
1,389 sqft ·
Built 1993
· Condo
· Active
· 361 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$4,312/mo
Mortgage (P&I)
−$1,783
Tax + insurance
−$479
HOA
−$842
Vac / Maint / Mgmt
−$906
Net cashflow
$303/mo
Annual
$3,634/yr
Cap rate
7.36%
Cash-on-cash
3.82%
DSCR
1.17
1% rule
1.27%
Cash to close
$95,200
Investor read
This is a 3-bed/2.0-bath condo listed at $340k.
At list price, monthly cash flow is $303 ($4k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($4k rent vs $340k).
It's been on market 361 days — a 12% lower offer ($299k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $299k (12.0% below list) — sets the bar for market timing.
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.
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 rising (+2.9%/yr); 699 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).
Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
2 sale attempts since 2y ago; this cycle's ask has dropped $35k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
Current owner paid $105k; list at $340k implies a 224% gain — meaningful room to come down on a strong offer.
Climate carrying-cost: major flood risk; 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.
Cap rate 7.4% 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.
This rent runs 40% of the median local income ($131k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.
Questions for listing agent
It's been on market 361 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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.
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.
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.
CashFlowRE · CFR-D3FBZD9166PT7E
· Data 3 weeks agocashflowre.app · 2026-05-29