42 Iroquois Unit IN42 · Fort Myers Beach, FL 33931

$203,995

2 bd · 2.0 ba · 1,512 sqft · Manufactured · 278 Days on market

Manufactured home Built 2025 Good condition $135/sqft · 44% below area Est $365k · 44% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.2/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Manufactured-home adj. -6.6

Listing remarks

Welcome to 42 Iroquois Drive North! This large 2 bedroom 2 bath Champion built home boasts almost 1,500 sq. ft. . Inside you will find an open floor plan with large bedrooms, an ensuite bath in the primary with a walk in closet, a oversized laundry room, kitchen island, and a foyer upon entry. Outside you will be greeted with a spacious front porch, covered carport, and a storage shed. Call or stop in today to schedule a tour of this beautiful new home.

Key facts

• Open floor plan
• Ensuite bath
• Spacious front porch

Tags

• OPEN FLOOR PLAN
• ENSUITE BATH
• WALK IN CLOSET
• OVERSIZED LAUNDRY ROOM
• KITCHEN ISLAND
• SPACIOUS FRONT PORCH

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $204k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $204k).
• Recommended offer: $180k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 0.4% in Fort Myers Beach — 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 69/100 on livability (#489 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B; Watch: amenities F, commute F, cost of living 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.
• 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: 1034 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 86d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $3,138/mo this rent would consume 48% of the median local household income ($79k/yr) — 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 $1k of loan paydown is wiped out by about $6k 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 + 3.0% rent growth), your $57k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 278 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.

Recommended offer $179,515 (12.0% below list)

Questions for the listing agent

1. It's been on market 278 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.54% ✓
• Cap rate: 12.58%
• Cash-on-cash: 22.46%
• DSCR: 2.00
• GRM: 5.4

CMA / ARV

• ARV (median comp): $365,000
• List price: $203,995
• Delta: -44.11%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11219 Caravel Cir	0.53mi	3/2.0 (+1)	1,555 (+3%)	1mo	$282,500	$182	65
12020 Hibiscus Dr	1.49mi	2/2.0	1,620 (+7%)	0mo	$160,000	$99	53
16615 Lake Circle Dr #438	1.20mi	2/2.0	1,408 (-7%)	2mo	$289,500	$206	52
17610 Peppard Dr	0.80mi	2/2.0	1,402 (-7%)	1mo	$365,000	$260	52
12171 Kelly Sands Way #1562	0.60mi	2/2.0	1,160 (-23%)	0mo	$245,000	$211	47
20071 Sanibel View Cir #301	1.17mi	2/2.0	1,674 (+11%)	1mo	$410,000	$245	46
16350 Kelly Cove Dr #284	0.71mi	2/2.0	1,336 (-12%)	1mo	$315,000	$236	46
12286 Mcgregor Woods Cir	1.38mi	2/2.0	1,689 (+12%)	0mo	$410,000	$243	45
16260 Kelly Cove Dr #235	0.86mi	2/2.0	1,336 (-12%)	4mo	$229,900	$172	42
17700 Peppard Dr	0.87mi	2/2.0	1,152 (-24%)	0mo	$225,000	$195	40
15989 Mandolin Bay Dr #204	1.29mi	2/2.0	1,152 (-24%)	0mo	$202,500	$176	40
16655 Lake Circle Dr #837	1.19mi	2/2.0	1,232 (-18%)	5mo	$230,000	$187	36

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.3%
• Equity multiple: 1.61×
• Total profit: $35,084
• Equity at exit: $30,416

10-year hold

• IRR: 24.0%
• Equity multiple: 3.07×
• Total profit: $118,423
• Equity at exit: $17,638

Cash invested: $57,119 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 30 active · 7 under contract
• Months of supply: 60.0 mo (2%/mo absorbed)
• Median asking: $297,000 ($213/sqft)
• Median days on market: 195 d
• This list price: 23% of active listings are priced below it
• ARV vs active asking: +13.3% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 33931

• Home prices YoY: -18.8%
• Active inventory: 1034
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $3,138 high
• Mortgage (P&I): −$1,070
• Tax est. 1.5%: −$255 /mo · $3,060/yr
• Insurance: −$85
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$659
• Net cashflow: $1,069

Break-even live

Break-even rent $1,785

Max offer price $203,995

Occupancy floor 61%

Sensitivity live

Price	-10% $1,210	-5% $1,140	+0% $1,069	+5% $999	+10% $928
Rent	-10% $821	-5% $945	+0% $1,069	+5% $1,193	+10% $1,317
Rate	-1.0pp $1,172	-0.5pp $1,121	base $1,069	+0.5pp $1,016	+1.0pp $962

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: $50,999
• Closing costs: $6,120
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17340 San Carlos Blvd Fort Myers Beach, FL	2.0	2.0	1230	$2,500	$2.03	85d	1	0.08mi
158 Nanaimo Trl Fort Myers Beach, FL	2.0	2.0	1200	$6,570	$5.47	119d	1	0.13mi
75 Kiowa Dr N Fort Myers Beach, FL	2.0	2.0	1250	$1,650	$1.32	82d	1	0.15mi
17220 Whitewater Ct Fort Myers Beach, FL	2.0	1.5	1103	$1,800	$1.63	119d	1	0.32mi
11110 Caravel Cir #101 Fort Myers, FL	2.0	2.0	1050	$4,200	$4.00	9d	1	0.38mi
11110 Caravel Cir #201 Fort Myers, FL	2.0	2.0	1050	$3,500	$3.33	119d	1	0.38mi
11140 Caravel Cir #109 Fort Myers, FL	2.0	2.0	1050	$4,200	$4.00	9d	1	0.43mi
11140 Caravel Cir #109 Fort Myers, FL	2.0	2.0	1050	$4,200	$4.00	119d	1	0.43mi
11390 Bayside Blvd Fort Myers Beach, FL	3.0	2.0	2087	$2,500	$1.20	119d	1	0.50mi
16500 Kelly Cove Dr #2880 Fort Myers, FL	2.0	2.0	1283	$4,800	$3.74	9d	1	0.51mi
16500 Kelly Cove Dr #2880 Fort Myers, FL	2.0	2.0	1283	$4,800	$3.74	119d	1	0.51mi
12250 Kelly Greens Blvd #57 Fort Myers, FL	2.0	2.0	1336	$1,999	$1.50	119d	1	0.53mi
11451 Char Ann Dr Fort Myers, FL	2.0	1.0	1300	$1,750	$1.35	65d	1	0.54mi
12150 Kelly Sands Way Fort Myers, FL	2.0	2.0	1087	$4,900	$4.51	9d	2	0.54mi
12150 Kelly Sands Way Fort Myers, FL	2.0	2.0	1087	$3,300	$3.03	85d	2	0.54mi
12150 Kelly Sands Way Fort Myers, FL	2.0	2.0	1087	$4,700	$4.32	119d	2	0.54mi
16470 Kelly Cove Dr #2850 Fort Myers, FL	2.0	2.0	1216	$5,000	$4.11	119d	1	0.56mi
16470 Kelly Cove Dr #2850 Fort Myers, FL	2.0	2.0	1216	$5,000	$4.11	9d	1	0.56mi
16470 Kelly Cove Dr Fort Myers, FL	2.0	2.0	1214	$3,550	$2.92	99d	2	0.56mi
11540 Caravel Cir #3012 Fort Myers, FL	2.0	2.0	1050	$1,250	$1.19	117d	1	0.58mi
12171 Kelly Sands Way #1577 Fort Myers, FL	2.0	2.0	1160	$4,500	$3.88	119d	1	0.64mi
12191 Kelly Sands Way #1521 Fort Myers, FL	2.0	2.0	1216	$5,000	$4.11	9d	1	0.68mi
11861 Caraway Ln #116 Fort Myers, FL	2.0	2.0	1056	$1,975	$1.87	88d	1	0.70mi
17721 Broadway Ave Fort Myers Beach, FL	3.0	2.0	1550	$8,500	$5.48	9d	1	0.71mi
12601 Kelly Sands Way Fort Myers, FL	2.0	2.0	1109	$4,050	$3.65	9d	2	0.74mi
16520 San Carlos Blvd Fort Myers, FL	2.0	2.0	1050	$1,612	$1.53	9d	3	0.76mi
12581 Kelly Sands Way #522 Fort Myers, FL	2.0	2.0	1069	$4,750	$4.44	9d	1	0.77mi
12621 Kelly Sands Way #305 Fort Myers, FL	2.0	2.0	1106	$5,000	$4.52	119d	1	0.77mi
12621 Kelly Sands Way #305 Fort Myers, FL	2.0	2.0	1106	$5,000	$4.52	9d	1	0.77mi
12540 Kelly Greens Blvd #331 Fort Myers, FL	2.0	2.0	1440	$1,950	$1.35	93d	1	0.79mi
16320 Kelly Cove Dr #268 Fort Myers, FL	3.0	2.0	1336	$6,000	$4.49	5d	1	0.79mi
12641 Kelly Sands Way #225 Fort Myers, FL	2.0	2.0	1069	$5,000	$4.68	119d	1	0.81mi
12641 Kelly Sands Way #225 Fort Myers, FL	2.0	2.0	1069	$5,000	$4.68	9d	1	0.81mi
12396 Kelly Sands Way Fort Myers, FL	2.0	2.0	1511	$2,800	$1.85	119d	1	0.85mi
12601 Mastique Beach Blvd #803 Fort Myers, FL	3.0	2.0	1956	$5,500	$2.81	9d	1	0.85mi
12661 Kelly Sands Way #104 Fort Myers, FL	2.0	2.0	1069	$5,000	$4.68	9d	1	0.87mi
16301 Kelly Woods Dr #205 Fort Myers, FL	2.0	2.0	1336	$5,000	$3.74	9d	1	0.96mi
16301 Kelly Woods Dr #205 Fort Myers, FL	2.0	2.0	1336	$5,000	$3.74	119d	1	0.96mi
18014 San Carlos Blvd #44 Fort Myers Beach, FL	2.0	2.5	1101	$1,995	$1.81	107d	1	0.96mi
11041 Gulf Reflections Dr #305 Fort Myers, FL	2.0	2.0	1500	$4,500	$3.00	9d	1	1.00mi

Property features AI

Finance

• Other: Listing status: Active
• Financial info: List price $203,995

Exterior

• Home design: Spec home, Plan name: 42 Iroquois No.
• Exterior features: Address: 42 Iroquois Unit IN42, Fort Myers Beach, FL 33931

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 bathrooms
• Interior features: Living area of 1512 (listed under property information)

Listing history 50 events

1. 2026-09-24
   days on market $203,995 Active 278 DOM
2. 2026-09-23
   days on market $203,995 Active 277 DOM
3. 2026-09-22
   days on market $203,995 Active 276 DOM
4. 2026-09-21
   days on market $203,995 Active 275 DOM
5. 2026-09-17
   days on market $203,995 Active 271 DOM
6. 2026-09-13
   days on market $203,995 Active 267 DOM
7. 2026-09-13
   days on market $203,995 Active 266 DOM
8. 2026-09-11
   days on market $203,995 Active 265 DOM
9. 2026-09-05
   days on market $203,995 Active 259 DOM
10. 2026-09-04
    days on market $203,995 Active 258 DOM
11. 2026-08-31
    days on market $203,995 Active 254 DOM
12. 2026-08-28
    days on market $203,995 Active 251 DOM
13. 2026-08-26
    days on market $203,995 Active 249 DOM
14. 2026-08-24
    days on market $203,995 Active 247 DOM
15. 2026-08-23
    days on market $203,995 Active 246 DOM
16. 2026-08-21
    days on market $203,995 Active 244 DOM
17. 2026-08-20
    days on market $203,995 Active 243 DOM
18. 2026-08-19
    days on market $203,995 Active 242 DOM
19. 2026-08-18
    days on market $203,995 Active 241 DOM
20. 2026-08-16
    days on market $203,995 Active 239 DOM
21. 2026-08-15
    days on market $203,995 Active 238 DOM
22. 2026-08-13
    days on market $203,995 Active 236 DOM
23. 2026-08-09
    days on market $203,995 Active 232 DOM
24. 2026-08-06
    days on market $203,995 Active 229 DOM
25. 2026-08-05
    days on market $203,995 Active 228 DOM
26. 2026-07-26
    days on market $203,995 Active 218 DOM
27. 2026-07-24
    days on market $203,995 Active 216 DOM
28. 2026-07-23
    days on market $203,995 Active 215 DOM
29. 2026-07-22
    days on market $203,995 Active 214 DOM
30. 2026-07-21
    days on market $203,995 Active 213 DOM
31. 2026-07-18
    days on market $203,995 Active 210 DOM
32. 2026-07-18
    days on market $203,995 Active 209 DOM
33. 2026-07-16
    days on market $203,995 Active 208 DOM
34. 2026-07-15
    days on market $203,995 Active 207 DOM
35. 2026-07-13
    days on market $203,995 Active 205 DOM
36. 2026-07-13
    days on market $203,995 Active 204 DOM
37. 2026-07-12
    days on market $203,995 Active 203 DOM
38. 2026-07-10
    days on market $203,995 Active 202 DOM
39. 2026-07-10
    days on market $203,995 Active 201 DOM
40. 2026-07-07
    days on market $203,995 Active 199 DOM
41. 2026-07-06
    days on market $203,995 Active 198 DOM
42. 2026-07-05
    days on market $203,995 Active 197 DOM
43. 2026-07-02
    days on market $203,995 Active 194 DOM
44. 2026-07-01
    days on market $203,995 Active 193 DOM
45. 2026-06-30
    days on market $203,995 Active 192 DOM
46. 2026-06-29
    days on market $203,995 Active 191 DOM
47. 2026-06-28
    days on market $203,995 Active 190 DOM
48. 2026-06-25
    days on market $203,995 Active 186 DOM
49. 2026-06-22
    days on market $203,995 Active 183 DOM
50. 2026-06-17
    days on market $203,995 Active 179 DOM

ⓘ 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: $37,654
• − Mortgage interest: −$11,427
• − Property taxes: −$3,060
• − Insurance: −$1,020
• − Repairs & maintenance: −$3,012
• − Management: −$3,012
• − Depreciation: −$5,934
• Taxable income: $10,188
• Est. tax owed @ 24.0%: −$2,445
• After-tax cash flow: $10,384/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 · 2 photos

Good 80/100 Cosmetic rehab Est. rehab $7,560–$22,680 screening

This home is in good condition with a good exterior and interior. It has a good roof and siding, and the landscaping is well-maintained. The home is move-in ready and has good potential for value increases through cosmetic updates and landscaping improvements.

Value-add opportunities

• Both Paint the exterior siding — Painting the exterior siding can improve the curb appeal and increase the home's value. ↑
• Both Landscaping improvements — Improving the landscaping can enhance the home's curb appeal and increase its value. ↑
• Resale Interior updates — Updating the interior can make the home more appealing to potential buyers and increase its resale value. ↑
• Rental HVAC maintenance — Maintaining the HVAC system can improve the home's rental value by ensuring a comfortable living environment for tenants. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 52/100

Zoned Schools

Elementary Orangewood Elementary School D FL #1,152/2,144 Nat'l #14,081/41,679 Middle Cypress Lake Middle School B+ FL #116/571 Nat'l #1,503/14,009 High Cypress Lake High School D- FL #228/667 Nat'l #6,809/17,239

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

C Composite livability gradescore 69/100

Livability — Fort Myers Beach

• Score: 69/100
• State rank: #489
• US rank: #8995

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lee County · 871,946 people
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 8,350
• Household income: $79,018
• Rent vs Own: 10.7% rent · 89.3% own
• Severe rent burden: 5% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Romanian 5% Portuguese 3% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% German/W. Germanic 1% French/Haitian/Cajun 1%

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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: ▼ -194.12%
• Current HPI: 837.37
• Rent YoY: —
• Metro: Cape Coral-Fort Myers, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

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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

Property features AI

Finance

• Other: Listing status: Active
• Financial info: List price $203,995

Exterior

• Home design: Spec home, Plan name: 42 Iroquois No.
• Exterior features: Address: 42 Iroquois Unit IN42, Fort Myers Beach, FL 33931

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 bathrooms
• Interior features: Living area of 1512 (listed under property information)