20691 Marathona Ct · North Fort Myers, FL 33917

$267,000

2 bd · 2.0 ba · 1,099 sqft · Condo public records · 13 Days on market

Built 2001 $341/mo HOA · 10% of rent

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Why this score? — see what drove the C 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 +20.8/30.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• DSCR +6.6/10.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Herons Glen Golf & Country Club, a sought-after resident-owned community offering resort-style living in a warm, active setting. With only 26 villas in this area, opportunities to own here are rare. This charming Preserve End-Unit Villa offers 1,100 sq. ft. of living space with 2 bedrooms and a desirable open, airy feel. Step inside through a decorative etched glass front door and immediately notice the high ceilings and abundance of natural light that make this home feel bright and inviting. The updated kitchen features dropped-down quartz countertops, stainless steel appliances, and a functional layout perfect for everyday living and entertaining. Enjoy easy maintenance w

Key facts

• Custom closet system
• High ceilings
• Tile plank flooring

Tags

• HIGH CEILINGS
• ABUNDANCE OF NATURAL LIGHT
• STAINLESS STEEL APPLIANCES
• TILE PLANK FLOORING
• CUSTOM CLOSET SYSTEM
• DOUBLE SINKS IN EN-SUITE BATH

Property features AI

Finance

• Other: Community size: approximately 1,370 units; Community pool
• Financial info: Pets allowed conditionally (call); maximum 3 pets
• HOA & community: Homeowners association (quarterly fees apply); Association amenities include clubhouse, fitness center, pool, spa/hot tub, tennis and pickleball courts, bocce, shuffleboard, putting greens, golf course and restaurant; Association services cover cable TV, internet, irrigation water, grounds maintenance, road maintenance, sewer, street lights, security and trash; Community features: golf, gated, tennis courts, street lights

Exterior

• Parking: Attached 2-car garage with garage door opener; Assigned parking; Driveway; Paved parking; Two covered spaces
• Security: Gated community with guard and security gate; Security guard; Smoke detectors; Community security included in association
• Utilities: Cable available; High-speed internet available; Underground utilities; Sewer assessment paid; Water assessment paid
• Home design: Single-story; Entry level: 1; Resale property; Faces east; Has a view
• Construction: Block, concrete and stucco construction; Tile roof; Built with standard foundation
• Exterior features: Lanai (screened porch); Porch; Screened porch; Sprinkler/irrigation system (automatic); West exposure; Private road frontage; Private maintained road; Rectangular lot on a cul-de-sac

Interior

• Kitchen: Dishwasher; Freezer; Icemaker; Microwave; Range; Self-cleaning oven; Refrigerator with ice maker; Disposal; Pantry; Kitchen island
• Bedrooms: Primary bedroom on main level; Guest quarters
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms; Separate shower
• Heating & cooling: Central electric heating; Central electric cooling (central air)
• Interior features: Furnished; Attic with pull-down stairs; Dual sinks; Kitchen island; Open living/dining area; Main-level primary bedroom; Pantry; Separate shower (shower only); Cable TV available; High-speed internet available; Walk-in closets; Split bedroom floorplan; Double-hung windows; Tile flooring
• Laundry & utility: Washer and dryer included; Washer hookup; Dryer hookup; Laundry tub in garage

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $267k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $267k).
• Cap rate 8.0% 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; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $3,275/mo this rent would consume 71% of the median local household income ($55k/yr) (locally 775% 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 $2k of loan paydown is wiped out by about $8k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $180k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 6→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $267,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 7.95%
• Cash-on-cash: 5.92%
• DSCR: 1.26
• GRM: 6.8

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: -10.5%
• Equity multiple: 0.62×
• Total profit: $-28,614
• Equity at exit: $39,811

10-year hold

• IRR: -1.7%
• Equity multiple: 0.89×
• Total profit: $-8,447
• Equity at exit: $23,085

Cash invested: $74,760 (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: 6.8×

Monthly cashflow live

• Estimated rent: $3,275 high
• Mortgage (P&I): −$1,400
• Tax from tax record: −$366 /mo · $4,392/yr
• Insurance: −$111
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$341
• Vacancy / Maint / Mgmt: −$688
• Net cashflow: $244

Break-even live

Break-even rent $2,967

Max offer price $267,000

Occupancy floor 88%

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: $66,750
• Closing costs: $8,010
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2481 Palo Duro Blvd North Fort Myers, FL	3.0	2.0	1450	$4,000	$2.76	21d	1	0.19mi
2481 Palo Duro Blvd North Fort Myers, FL	3.0	2.0	1450	$4,000	$2.76	15d	1	0.19mi
2130 Rio Nuevo Dr Unit 1546442P North Fort Myers, FL	2.0	2.0	1248	$4,682	$3.75	14d	1	0.51mi
2300 Valparaiso Blvd North Fort Myers, FL	2.0	2.0	1237	$4,000	$3.23	23d	1	0.52mi
2300 Valparaiso Blvd North Fort Myers, FL	2.0	2.0	1237	$3,000	$2.43	15d	1	0.52mi
1900 Corona del Sire Dr North Fort Myers, FL	2.0	2.0	1449	$2,400	$1.66	23d	1	0.75mi
20919 Villareal Way North Fort Myers, FL	2.0	2.0	1428	$4,000	$2.80	23d	1	0.88mi
10401 Circle Pine Rd North Fort Myers, FL	2.0	2.0	1294	$3,000	$2.32	23d	1	1.29mi
19621 N Tamiami Trl North Fort Myers, FL	3.0	2.0	1205	$1,300	$1.08	23d	1	1.30mi

HOA detail condo

• Monthly dues: $341 · $4,092/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-05-04
   status Pending
2. 2026-04-21
   listed $267,000 Active
3. 2006-06-29
   soldstatus $179,900
4. 2006-01-10
   listed $199,900

ⓘ 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: $4,392 · $366/mo
• Projected year-2 tax: $4,392 · $366/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 1/10 Low FEMA zone A · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 9/10 Extreme 6 d/yr ≥107°F today · 25 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: $39,298
• − Mortgage interest: −$14,956
• − Property taxes: −$4,392
• − Insurance: −$2,838
• − Repairs & maintenance: −$3,144
• − Management: −$3,144
• − HOA: −$4,092
• − Depreciation: −$7,767
• Taxable loss: −$1,034
• Est. tax savings @ 24.0%: +$248
• After-tax cash flow: $3,170/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 — 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

+33.6% since first listed

4 events — show timeline

• 2026-05-04 Pending — FORTMLS
• 2026-04-21 Listed $267,000 FORTMLS
• 2006-06-29 Sold (Public Records) $179,900 Public Records
• 2006-01-10 Listed $199,900 FORTMLS

Property tax history

+3.8%/yr

Latest (2025): $4,392 · +0.4% YoY. Source: county tax records.