8363 Wagon Wheel Cir · North Fort Myers, FL 33917

$84,900

2 bd · 2.0 ba · 1,056 sqft · Other · 22 Days on market

Built 1998 Good condition

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Appreciation +0.0/10.0

Listing remarks

8363 Wagon Wheel Circle North Fort Myers Florida 2 bedroom 2 bath 49 & acirc; & euro; & trade; long double wide 1056 sq ft November 2022 new 3 1/2 ton air conditioner on an elevated stand, new insulation, vapor barrier and duct work. No inside water damage 2022 upgraded electrical panel 2021 added a 12 & acirc; & euro; & trade; x 35 & acirc; & euro; & trade; steel framed garage - all insulated, has electrical and new roof over. Great to keep all your toys boat vehicles out of the sun and locked up securely. Garage door has an opener so no reaching up and down to open and close. 2021 new roof over on lanai 2020 enclosed lanai with hurricane rated windows

Key facts

• Quartz countertops
• New hot water tank
• New air conditioner

Tags

• NEW AIR CONDITIONER
• UPGRADED ELECTRICAL PANEL
• STEEL FRAMED GARAGE
• HURRICANE RATED WINDOWS
• NEW HOT WATER TANK
• QUARTZ COUNTERTOPS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $85k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $710 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 3.6% in North 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 74/100 on livability (#269 in FL, #4,409 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, 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 rising (+2.6%/yr); 841 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 36% of the median local income ($55k/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 $587 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $24k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.

Recommended offer $83,626 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.93% ✓
• Cap rate: 16.33%
• Cash-on-cash: 35.86%
• DSCR: 2.60
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.63% rent growth · sell at horizon

5-year hold

• IRR: 31.1%
• Equity multiple: 2.30×
• Total profit: $30,908
• Equity at exit: $12,659

10-year hold

• IRR: 38.1%
• Equity multiple: 4.48×
• Total profit: $82,799
• Equity at exit: $7,341

Cash invested: $23,772 (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 33917

• Home prices YoY: -30.2%
• Rents YoY: 2.6%
• Active inventory: 841
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,642 medium
• Mortgage (P&I): −$445
• Tax est. 1.5%: −$106 /mo · $1,274/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $710

Break-even live

Break-even rent $743

Max offer price $84,900

Occupancy floor 52%

Sensitivity live

Price	-10% $769	-5% $740	+0% $710	+5% $681	+10% $652
Rent	-10% $581	-5% $646	+0% $710	+5% $775	+10% $840
Rate	-1.0pp $753	-0.5pp $732	base $710	+0.5pp $688	+1.0pp $666

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8410 Wagon Wheel Cir North Fort Myers, FL	2.0	2.0	1175	$1,400	$1.19	24d	1	0.06mi

Listing history 9 events

1. 2026-06-17
   days on market $84,900 Active 22 DOM
2. 2026-06-16
   days on market $84,900 Active 21 DOM
3. 2026-06-16
   days on market $84,900 Active 20 DOM
4. 2026-06-13
   days on market $84,900 Active 18 DOM
5. 2026-06-09
   days on market $84,900 Active 14 DOM
6. 2026-06-07
   days on market $84,900 Active 12 DOM
7. 2026-06-01
   days on market $84,900 Active 6 DOM
8. 2026-06-01
   days on market $84,900 Active 5 DOM
9. 2026-05-26
   listed $84,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $19,704
• − Mortgage interest: −$4,756
• − Property taxes: −$1,274
• − Insurance: −$424
• − Repairs & maintenance: −$1,576
• − Management: −$1,576
• − Depreciation: −$2,470
• Taxable income: $7,628
• Est. tax owed @ 24.0%: −$1,831
• After-tax cash flow: $6,695/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 · 1 photo

Good 75/100 Cosmetic rehab

This home is in good condition with recent renovations and upgrades, making it a solid investment with potential for further value enhancement.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace or clean gutters — Improves drainage and prevents water damage

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace or clean gutters — Improves drainage and prevents water damage ↑

ⓘ 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 — North Fort Myers

• Score: 74/100
• State rank: #269
• US rank: #4409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 57,035
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 33,380
• Household income: $55,000
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 775.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 10% Two or more races 7% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 3%
• Common ancestry: Lithuanian 3% Romanian 3% Slovak 2%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 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: ▼ -122.28%
• Current HPI: 282.2895
• Rent YoY: ▲ 2.63%
• 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

• 2026-05-26 Listed $84,900 FSBO.com