4520 Washington Way E · Estero, FL 33928

$140,000

1 bd · 1.0 ba · 787 sqft · Manufactured public records · 134 Days on market

Built 1992 1,916 sqft lot Est $96k · 46% over $297/mo HOA · 17% of rent

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Why this score? — see what drove the D+ 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 +20.9/30.0
• 1% rule +7.8/10.0
• DSCR +6.6/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this lovely 1992 Chariot manufactured home, featuring a spacious 24 x 38 layout that offers both comfort and style. This delightful one-bedroom, one-bath residence is perfect for pet lovers, providing a welcoming environment for your furry friends. The home showcases a generous living room area, providing ample space for relaxation and entertainment. Natural light flows through the windows, creating a warm and inviting atmosphere. The well-appointed kitchen makes meal preparation a joy, ensuring you have everything you need at your fingertips. Step outside to discover a beautifully designed outdoor space featuring paver stones, perfect for enjoying your morning coffee or evening

Key facts

• Living room area
• Backyard
• Paver stones

Tags

• LIVING ROOM AREA
• WELL-APPOINTED KITCHEN
• OUTDOOR SPACE
• PAVER STONES
• BACKYARD
• NEW ROOF

Property features AI

Finance

• Other: Community type: Mobile/Manufactured, Non-Gated; 640 units in complex; single unit per building; Zoning code: RV; Restrictions: Architectural, Deeded, No Commercial
• HOA & community: Mandatory HOA; Quarterly HOA fee of $890 (total annual recurring fees $3,560); One-time fees $250; On-site management; HOA covers cable, irrigation water, lawn/land maintenance, legal/accounting, manager, recreation facilities, reserve, sewer, street lights, street maintenance, trash removal, water; Community amenities include: clubhouse, community pool, community spa/hot tub, exercise room, tennis, pickleball, shuffleboard, bocce, basketball, volleyball, BBQ/picnic areas, billiards, library, hobby room, common laundry, extra storage, fish cleaning station, community boat ramp, boat storage, dog park, vehicle wash area, underground utilities, streetlight

Exterior

• Parking: Vehicle wash area (community amenity); Boat storage (community amenity)
• Utilities: Central water; Central sewer; Cable available
• Home design: Manufactured residential property; Single-story
• Construction: Built in 1992; Vinyl siding exterior; Shingle roof; Manufactured construction
• Exterior features: Patio; Landscaped area view; Private road access; Boat ramp and water available at dock (community)

Interior

• Kitchen: Range; Microwave; Refrigerator/Freezer
• Bedrooms: 1 bedroom
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom with a combo tub and shower
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Turnkey unit; Eat-in kitchen; Laundry in residence; See remarks
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $127 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 3.4% in Estero — 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 79/100 on livability (#149 in FL, #2,242 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living 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.
• Zoned schools: Heights Elementary School (math 74% / reading 67%, grade A-, #333 of 2,144 statewide, top 16%, 1,109 students, 38% FRL); Lexington Middle School (math 55% / reading 54%, grade B-, #183 of 571 statewide, top 34%, 1,138 students, 44% FRL); South Fort Myers High School (math 23% / reading 30%, grade F, #489 of 667 statewide, top 74%, 1,917 students, 50% FRL).
• Market conditions: Rents soft (-1.4%/yr); 674 active listings in the ZIP; 13 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k 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 134 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $74k; list at $140k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 1.28% ✓
• Cap rate: 7.95%
• Cash-on-cash: 5.93%
• DSCR: 1.26
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $96,014
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4541 Candlestick Ct E	0.25mi	1/1.5	789 (+0%)	14mo	$95,000	$120	74
4700 Robert E Lee Blvd W	0.24mi	1/1.0	696 (-12%)	6mo	$85,000	$122	64
20540 Basin Dr	0.58mi	2/2.0 (+1)	680 (-14%)	4mo	$128,000	$188	38

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: -14.5%
• Equity multiple: 0.50×
• Total profit: $-19,608
• Equity at exit: $20,874

10-year hold

• IRR: -13.9%
• Equity multiple: 0.34×
• Total profit: $-25,998
• Equity at exit: $12,105

Cash invested: $39,200 (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 33928

• Rents YoY: -1.4%
• Active inventory: 674
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,788 high
• Mortgage (P&I): −$734
• Tax from tax record: −$130 /mo · $1,557/yr
• Insurance: −$58
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$297
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $127

Break-even live

Break-even rent $1,627

Max offer price $140,000

Occupancy floor 88%

Sensitivity live

Price	-10% $206	-5% $167	+0% $127	+5% $88	+10% $48
Rent	-10% $-14	-5% $56	+0% $127	+5% $198	+10% $268
Rate	-1.0pp $198	-0.5pp $163	base $127	+0.5pp $91	+1.0pp $54

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4751 Lafayette Ln W Estero, FL	2.0	1.0	584	$1,550	$2.65	25d	1	0.33mi
19600 Veduro Cir Fort Myers, FL	1.0–3.0	1.0–2.0	993	$1,649	$1.66	16d	11	0.73mi
7340 Stoney Grove CIR Fort Myers, FL	1.0–3.0	1.0–2.0	1106	$1,640	$1.48	3d	39	0.81mi
19113 Holly Rd Fort Myers, FL	2.0	1.0	676	$1,550	$2.29	23d	1	1.00mi
19091 Holly Rd Fort Myers, FL	2.0	1.0	720	$1,295	$1.80	25d	1	1.02mi
19760 Osprey Cove Blvd #145 Estero, FL	2.0	2.0	1121	$1,500	$1.34	12d	1	1.10mi
18645 Holly Rd Unit 1 Fort Myers, FL	2.0	1.0	950	$1,800	$1.89	20d	1	1.18mi
18543 Iris Rd Fort Myers, FL	2.0	1.0	1110	$1,795	$1.62	16d	1	1.28mi
18448 Iris Rd Fort Myers, FL	2.0	2.0	1064	$2,200	$2.07	23d	1	1.39mi
18448 Iris Rd Fort Myers, FL	2.0	2.0	1064	$2,150	$2.02	13d	1	1.39mi
18448 Iris Rd Fort Myers, FL	2.0	2.0	1064	$2,150	$2.02	12d	1	1.39mi
8208 Matanzas Rd Fort Myers, FL	2.0	1.0	896	$1,899	$2.12	25d	1	1.42mi
7346 Captiva Blvd Fort Myers, FL	2.0	2.0	1068	$1,995	$1.87	25d	1	1.43mi

HOA detail

• Monthly dues: $297 · $3,564/yr

Listing history 14 events

1. 2026-06-22
   days on market $140,000 Active 134 DOM
2. 2026-06-17
   days on market $140,000 Active 130 DOM
3. 2026-06-16
   days on market $140,000 Active 129 DOM
4. 2026-06-15
   days on market $140,000 Active 128 DOM
5. 2026-06-13
   days on market $140,000 Active 126 DOM
6. 2026-06-10
   days on market $140,000 Active 123 DOM
7. 2026-06-09
   days on market $140,000 Active 122 DOM
8. 2026-06-07
   days on market $140,000 Active 120 DOM
9. 2026-06-02
   days on market $140,000 Active 115 DOM
10. 2026-06-01
    days on market $140,000 Active 114 DOM
11. 2026-06-01
    days on market $140,000 Active 113 DOM
12. 2026-02-07
    listed $140,000 Active
13. 2002-05-31
    soldstatus $74,000
14. 1984-06-01
    soldstatus $16,200

ⓘ 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: $1,557 · $130/mo
• Projected year-2 tax: $1,557 · $130/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 7/10 Severe FEMA zone X (shaded) · 75% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,460
• − Mortgage interest: −$7,842
• − Property taxes: −$1,557
• − Insurance: −$1,498
• − Repairs & maintenance: −$1,717
• − Management: −$1,717
• − HOA: −$3,564
• − Depreciation: −$4,073
• Taxable loss: −$506
• Est. tax savings @ 24.0%: +$121
• After-tax cash flow: $1,647/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 — Estero

• Score: 79/100
• State rank: #149
• US rank: #2242

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Estero, FL
• County: Lee County · 788,662 people
• City population: 31,926
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 31,926
• Household income: $102,624
• Rent vs Own: 12.6% rent · 87.4% own
• Severe rent burden: 606.0

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 8% Two or more races 7% Asian 3% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 11% · Canada, China, Jamaica
• Languages at home: 90% English-only · Spanish 5% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -109.49%
• Current HPI: 197.5913
• Rent YoY: ▼ -1.42%
• 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

+764.2% since first listed

3 events — show timeline

• 2026-02-07 Listed $140,000 BEARMLS
• 2002-05-31 Sold (Public Records) $74,000 Public Records
• 1984-06-01 Sold (Public Records) $16,200 Public Records

Property tax history

+4.4%/yr

Latest (2025): $1,557 · -3.2% YoY. Source: county tax records.