349 Eland Dr · North Fort Myers, FL 33903

$39,000

3 bd · 2.0 ba · 1,200 sqft · Manufactured · 49 Days on market

Built 1999 Good condition $649/mo HOA · 38% of rent ↓ 17% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.1/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained 3 bedroom, 2 bathroom singlewide home offering 1,200 square feet of comfortable living space in the desirable Island Vista community. Located in an all-age, pet-friendly neighborhood, residents can enjoy the flexibility of having up to two pets with no size restrictions. The home features a convenient interior layout with a washer and dryer located inside, making everyday living easy and efficient. A newer water heater installed in 2025 adds peace of mind, and the seller is including the living room TV along with the master bedroom set for added value. The monthly HOA fee of $649 covers lawn care and trash service, while water and sewer are billed separately.

Key facts

• Fitness center
• Clubhouse
• Resort style pool

Tags

• WASHER AND DRYER INSIDE
• NEWER WATER HEATER
• RESORT STYLE POOL
• FITNESS CENTER
• CLUBHOUSE
• SCENIC WALKING TRAILS

Property features AI

Finance

• Other: Lease restrictions apply
• Financial info: Total monthly fees reported as $649; Total annual fees reported as $7,788
• HOA & community: Association: Island Vista Estates; Monthly HOA fee of $649 (includes pool, grounds maintenance, management, trash); Association approval required; Community amenities: clubhouse, fitness center, pool, tennis courts, basketball court, pickleball courts, playground, park, community mailbox, gated; Pets allowed

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Electricity connected
• Home design: Manufactured home (single wide); One level; Faces east; Residential property
• Construction: Vinyl siding and frame construction; Roof over; Crawlspace foundation; Built as a manufactured home
• Exterior features: Exterior lighting; Asphalt road access

Interior

• Kitchen: Disposal; Microwave; Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Ductless heating; Central air conditioning; Wall/window air conditioner units
• Interior features: Ceiling fans; Open floor plan; Thermostat; Vaulted ceilings; Inside utility room
• Laundry & utility: Washer; Dryer; Inside laundry in a laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $39k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $448 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $39k).
• Recommended offer: $38k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.1% 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 soft (-1.9%/yr); 472 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 36% of the median local income ($57k/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 $270 of loan paydown is wiped out by about $1k 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 + 0.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($38k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 38% of rent.

Recommended offer $37,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 4.44% ✓
• Cap rate: 20.08%
• Cash-on-cash: 49.24%
• DSCR: 3.19
• GRM: 1.9

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: 40.7%
• Equity multiple: 2.61×
• Total profit: $17,574
• Equity at exit: $5,815

10-year hold

• IRR: 44.2%
• Equity multiple: 4.13×
• Total profit: $34,186
• Equity at exit: $3,372

Cash invested: $10,920 (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 33903

• Rents YoY: -1.9%
• Active inventory: 472
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,730 high
• Mortgage (P&I): −$205
• Tax est. 1.5%: −$49 /mo · $585/yr
• Insurance: −$16
• HOA: −$649
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $448

Break-even live

Break-even rent $1,163

Max offer price $39,000

Occupancy floor 69%

Sensitivity live

Price	-10% $475	-5% $462	+0% $448	+5% $435	+10% $421
Rent	-10% $311	-5% $380	+0% $448	+5% $516	+10% $585
Rate	-1.0pp $468	-0.5pp $458	base $448	+0.5pp $438	+1.0pp $428

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
535 Zebra Dr #535 North Fort Myers, FL	3.0	2.0	1352	$1,499	$1.11	15d	1	0.26mi
266 Mongoose Ln #266 North Fort Myers, FL	3.0	2.0	1372	$1,499	$1.09	4d	1	0.26mi
574 Leopard Ln #574 North Fort Myers, FL	4.0	2.0	1459	$1,599	$1.10	14d	1	0.28mi
3961 Pomodoro Cir #204 Cape Coral, FL	2.0	2.0	1270	$1,450	$1.14	16d	1	0.76mi
3961 Pomodoro Cir #204 Cape Coral, FL	2.0	2.0	1270	$1,450	$1.14	24d	1	0.76mi
3957 Pomodoro Cir #301 Cape Coral, FL	2.0	2.0	1270	$1,450	$1.14	16d	1	0.76mi
2774 Wedgewood Dr North Fort Myers, FL	2.0	2.0	880	$1,300	$1.48	24d	1	0.77mi
3953 Pomodoro Cir Cape Coral, FL	1.0–3.0	1.0–2.0	1044	$1,624	$1.56	15d	9	0.80mi
3973 Pomodoro Cir Cape Coral, FL	2.0	2.0	1534	$1,575	$1.03	3d	3	0.81mi
3973 Pomodoro Cir Cape Coral, FL	2.0	2.0	1469	$1,498	$1.02	24d	2	0.81mi
3968 Pomodoro Cir #202 Cape Coral, FL	2.0	2.0	1469	$1,475	$1.00	15d	1	0.83mi
2913 Tuscan Dr #102 Cape Coral, FL	2.0	2.0	1469	$1,450	$0.99	24d	1	0.84mi
2904 Tuscan Dr #303 Cape Coral, FL	2.0	2.0	1460	$1,450	$0.99	24d	1	0.85mi
2095 Eloise Cir North Fort Myers, FL	2.0	1.0	840	$1,295	$1.54	24d	1	0.85mi
2909 Tuscan Dr Cape Coral, FL	2.0	2.0	1469	$1,475	$1.00	24d	2	0.85mi
4120 Pine Drop Ln North Fort Myers, FL	3.0	2.0	957	$1,895	$1.98	24d	1	0.86mi
3944 Pomodoro Cir #202 Cape Coral, FL	3.0	2.0	1411	$2,200	$1.56	24d	1	0.86mi
17400 Monte Isola Way North Fort Myers, FL	3.0	2.0	1448	$1,875	$1.29	24d	1	0.88mi
17499 Monte Isola Way Unit 17499 North Fort Myers, FL	3.0	2.5	1405	$1,800	$1.28	14d	1	0.88mi
3940 Pomodoro Cir Cape Coral, FL	2.0	2.0	1270	$1,475	$1.16	4d	2	0.88mi
17489 Monte Isola Way North Fort Myers, FL	3.0	2.5	1347	$1,800	$1.34	15d	1	0.88mi
4208 Caterina Ct North Fort Myers, FL	3.0	2.5	1347	$1,800	$1.34	15d	1	0.90mi
2027 Eloise Cir North Fort Myers, FL	2.0	1.0	822	$1,300	$1.58	4d	1	0.90mi
4275 Cirella Ct North Fort Myers, FL	3.0	2.5	1378	$1,800	$1.31	24d	1	0.93mi
4264 Cirella Ct North Fort Myers, FL	3.0	2.5	1442	$2,000	$1.39	12d	1	0.93mi
4276 Cirella Ct North Fort Myers, FL	3.0	2.5	1378	$1,800	$1.31	24d	1	0.95mi
3940 Villa Del Mar CIR Cape Coral, FL	1.0–3.0	1.0–2.0	1051	$2,739	$2.60	2d	21	0.95mi
3404 Rainbow Ln North Fort Myers, FL	2.0	2.0	1056	$1,800	$1.70	4d	1	1.04mi
16363 Teresa Ln North Fort Myers, FL	2.0	1.0	1000	$1,000	$1.00	24d	1	1.31mi
28 Nyborg Ave North Fort Myers, FL	3.0	2.0	1042	$1,299	$1.25	15d	1	1.33mi

HOA detail

• Monthly dues: $649 · $7,788/yr
• Likely covers: watersewertrashlandscaping

Listing history 14 events

1. 2026-06-17
   days on market $39,000 Active 49 DOM
2. 2026-06-16
   days on market $39,000 Active 48 DOM
3. 2026-06-15
   days on market $39,000 Active 47 DOM
4. 2026-06-13
   days on market $39,000 Active 45 DOM
5. 2026-06-10
   days on market $39,000 Active 42 DOM
6. 2026-06-09
   days on market $39,000 Active 41 DOM
7. 2026-06-08
   days on market $39,000 Active 40 DOM
8. 2026-06-07
   days on market $39,000 Active 39 DOM
9. 2026-06-03
   days on market $39,000 Active 35 DOM
10. 2026-06-02
    days on market $39,000 Active 34 DOM
11. 2026-06-01
    days on market $39,000 Active 33 DOM
12. 2026-05-31
    pricedays on market $39,000 Active 32 DOM
13. 2026-05-13
    price $44,995
14. 2026-04-29
    listed $54,000 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: $20,759
• − Mortgage interest: −$2,185
• − Property taxes: −$585
• − Insurance: −$195
• − Repairs & maintenance: −$1,661
• − Management: −$1,661
• − HOA: −$7,788
• − Depreciation: −$1,135
• Taxable income: $5,550
• Est. tax owed @ 24.0%: −$1,332
• After-tax cash flow: $4,045/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 · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained singlewide home in the Island Vista community offers a good condition with minimal repairs needed. It's move-in ready with good curb appeal and potential for value-adding updates.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and adds value
• Both Replace worn-out windows — Improves energy efficiency and adds value
• Resale Upgrade kitchen appliances — Modernizes kitchen and appeals to buyers
• Rental Install smart home features — Attracts renters looking for modern amenities

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and adds value ↑
• Both Replace worn-out windows — Improves energy efficiency and adds value ↑
• Resale Upgrade kitchen appliances — Modernizes kitchen and appeals to buyers ↑
• Rental Install smart home features — Attracts renters looking for modern amenities ↑

ⓘ 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): 23,655
• Household income: $56,993
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 468.0

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 14% Two or more races 8% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 3%
• Common ancestry: Lithuanian 4% Romanian 4% Italian 3%
• Foreign-born: 11% · Canada
• Languages at home: 88% English-only · Spanish 9% 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: ▼ -172.26%
• Current HPI: 256.773
• Rent YoY: ▼ -1.94%
• 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

-16.7% since first listed

2 events — show timeline

• 2026-05-13 Price Changed $44,995 Stellar MLS as Distributed by MLS Grid
• 2026-04-29 Listed $54,000 Stellar MLS as Distributed by MLS Grid