27650 Imperial Shores Blvd #652

Bonita Springs, FL 34134

$599,000D-

4 bd · 2.0 ba · 1,592 sqft · Built 1984 · Condo · Pending · 271 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,545/mo
• Mortgage (P&I): −$3,141
• Tax + insurance: −$1,031
• HOA: −$0
• Vac / Maint / Mgmt: −$955
• Net cashflow: $-581/mo
• Annual: $-6,977/yr
• Cap rate: 5.98%
• Cash-on-cash: -1.11%
• DSCR: 0.95
• 1% rule: 0.76%
• Cash to close: $167,720

Investor read

• This is a 4-bed/2.0-bath condo listed at $599k.
• At list price, monthly cash flow is $-581 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $496k (17.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $455k (24.1% below list).
• It's been on market 271 days — a 12% lower offer ($527k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $455k (24.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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.
• Watch-outs: flood insurance adds $427/mo.
• 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.
• 3 sale attempts; this cycle's ask is 14894% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $350k; list at $599k implies a 71% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% 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 42% of the median local income ($131k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 271 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?