20864 Santorini Way · North Fort Myers, FL 33917

$359,900

2 bd · 2.0 ba · 1,716 sqft · SingleFamily public records · 135 Days on market

Built 1991 9,844 sqft lot Est $533k · 32% under · waterfront $242/mo HOA · 7% 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).

• ARV discount +15.0/15.0
• Cash flow +12.7/30.0
• Schools +4.1/10.0
• 1% rule +4.0/10.0
• DSCR +3.8/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Villa Real model in HERONS GLEN GOLF AND COUNTRY CLUB is located on a quiet street and large lot with a views of a lake and golf course beyond. The home is ready for some tlc, so you can make it your own. Outside living spaces include a Florida Room and lanai with planting boxes. Make the most of Florida living in this spacious home with second master suite and a new roof in the amenity rich community of Herons Glen.

Key facts

• Leaded glass door
• Custom cabinets
• Bay window

Tags

• LEADED GLASS DOOR
• GRANITE COUNTERTOPS
• BAY WINDOW
• CUSTOM CABINETS
• ENCLOSED FLORIDA ROOM
• ATTACHED SCREENED LANAI

Property features AI

Finance

• Other: Pets allowed conditionally (call), up to 3
• Financial info: Association fee $727 quarterly
• HOA & community: Homeowners association with quarterly fee; Association fee includes management, cable TV, internet, irrigation water, legal/accounting, grounds maintenance, recreation facilities, reserve fund, road maintenance, street lights and security; Community amenities include clubhouse, fitness center, golf course, pool, spa/hot tub, tennis, pickleball, bocce, shuffleboard, putting greens, billiards, hobby room, restaurant, barbecue and walking trails

Exterior

• Parking: Attached 2-car garage; Assigned parking; Two parking spaces (covered)
• Security: Gated community with guard; Security gate; Community security included in association
• Utilities: Cable available; Underground utilities; Water assessment paid; Sewer assessment paid
• Home design: Single-story; Entry level 1; Resale property; Faces southwest; Block, concrete and stucco construction; Tile roof
• Construction: Built with block, concrete and stucco; Tile roof
• Exterior features: Lanai; Porch; Screened porch; Automatic sprinklers; Community pool; Private paved road; Sprinkler/Irrigation; Northeast exposures; Has view

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Self-cleaning oven; Refrigerator
• Bedrooms: Den; Great room; Screened porch
• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air; Ceiling fans
• Interior features: Breakfast bar; Kitchen island; Pantry; Living/Dining room; High speed internet; Split bedrooms; Bathtub; Dual sinks; Separate shower
• Laundry & utility: Washer hookup inside; Dryer hookup inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $360k.

Deal economics

• At list price, monthly cash flow is $-41 ($-489/yr) — negative.
• To cash-flow at today's rent, offer at most $353k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $325k (9.6% below list).
• Recommended offer: $317k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.2% 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.
• Zoned schools: Diplomat Elementary School (math 67% / reading 60%, grade B, #564 of 2,144 statewide, top 27%, 1,069 students, 56% FRL); Mariner Middle School (math 50% / reading 47%, grade C-, #274 of 571 statewide, top 50%, 1,001 students, 53% FRL); Ida S. Baker High School (math 44% / reading 47%, grade D-, #223 of 667 statewide, top 34%, 1,933 students, 39% FRL).
• Market conditions: Rents rising (+2.6%/yr); 846 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $3,255/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 $11k 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 135 days — a 12% lower offer ($317k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $316,712 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 0.90% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.49%
• DSCR: 0.98
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $532,818
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2140 Valparaiso Blvd	0.06mi	2/2.0	1,773 (+3%)	22mo	$330,000	$186	73
1950 Corona Del Sire Dr	0.21mi	2/2.0	1,602 (-7%)	11mo	$250,000	$156	70
2411 Palo Duro Blvd	0.48mi	2/2.0	1,814 (+6%)	0mo	$488,000	$269	68
2401 Palo Duro Blvd	0.49mi	3/2.0 (+1)	1,729 (+1%)	22mo	$460,000	$266	53
2521 Palo Duro Blvd	0.53mi	3/2.0 (+1)	1,644 (-4%)	20mo	$500,000	$304	47
1921 Embarcadero Way	0.26mi	3/2.0 (+1)	1,495 (-13%)	22mo	$429,000	$287	43
2640 Palo Duro Blvd	0.64mi	3/2.0 (+1)	1,917 (+12%)	6mo	$440,000	$230	41
20526 Plumwood Loop	0.64mi	2/2.0	1,497 (-13%)	18mo	$285,000	$190	34
20502 Plumwood Loop	0.67mi	2/2.0	1,497 (-13%)	18mo	$330,000	$220	33

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 · 2.63% rent growth · sell at horizon

5-year hold

• IRR: -17.5%
• Equity multiple: 0.38×
• Total profit: $-61,995
• Equity at exit: $53,662

10-year hold

• IRR: -10.2%
• Equity multiple: 0.39×
• Total profit: $-61,730
• Equity at exit: $31,118

Cash invested: $100,772 (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: 846
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $3,255 high
• Mortgage (P&I): −$1,887
• Tax from tax record: −$333 /mo · $3,993/yr
• Insurance: −$150
• HOA: −$242
• Vacancy / Maint / Mgmt: −$684
• Net cashflow: $-41

Break-even live

Break-even rent $3,306

Max offer price $352,705

Occupancy floor 96%

Sensitivity live

Price	-10% $163	-5% $61	+0% $-41	+5% $-143	+10% $-244
Rent	-10% $-298	-5% $-169	+0% $-41	+5% $88	+10% $216
Rate	-1.0pp $141	-0.5pp $51	base $-41	+0.5pp $-134	+1.0pp $-229

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2130 Rio Nuevo Dr Unit 1546442P North Fort Myers, FL	2.0	2.0	1248	$4,682	$3.75	16d	1	0.15mi
2300 Valparaiso Blvd North Fort Myers, FL	2.0	2.0	1237	$4,000	$3.23	25d	1	0.19mi
2300 Valparaiso Blvd North Fort Myers, FL	2.0	2.0	1237	$3,000	$2.43	18d	1	0.19mi
1900 Corona del Sire Dr North Fort Myers, FL	2.0	2.0	1449	$2,400	$1.66	25d	1	0.26mi
20919 Villareal Way North Fort Myers, FL	2.0	2.0	1428	$4,000	$2.80	25d	1	0.27mi
1670 Palo Duro Blvd North Fort Myers, FL	2.0	2.0	1604	$2,700	$1.68	5d	1	0.38mi
2481 Palo Duro Blvd North Fort Myers, FL	3.0	2.0	1450	$4,000	$2.76	23d	1	0.50mi
2481 Palo Duro Blvd North Fort Myers, FL	3.0	2.0	1450	$4,000	$2.76	18d	1	0.50mi
20559 Long Pond Rd North Fort Myers, FL	3.0	2.0	1805	$2,295	$1.27	25d	1	0.86mi
20056 Sweetbay Dr North Fort Myers, FL	3.0	2.0	1672	$4,000	$2.39	25d	1	0.86mi
20038 Fiddlewood Ave North Fort Myers, FL	3.0	2.0	1519	$1,999	$1.32	21d	1	0.87mi
20728 Tisbury Ln North Fort Myers, FL	3.0	2.5	2133	$5,000	$2.34	16d	1	1.00mi
10401 Circle Pine Rd North Fort Myers, FL	2.0	2.0	1294	$3,000	$2.32	25d	1	1.40mi
19621 N Tamiami Trl North Fort Myers, FL	3.0	2.0	1205	$1,300	$1.08	25d	1	1.46mi

HOA detail

• Monthly dues: $242 · $2,904/yr

Listing history 36 events

1. 2026-06-22
   days on market $359,900 Active 135 DOM
2. 2026-06-17
   days on market $359,900 Active 131 DOM
3. 2026-06-16
   days on market $359,900 Active 130 DOM
4. 2026-06-15
   days on market $359,900 Active 129 DOM
5. 2026-06-13
   days on market $359,900 Active 127 DOM
6. 2026-06-10
   days on market $359,900 Active 124 DOM
7. 2026-06-09
   days on market $359,900 Active 123 DOM
8. 2026-06-07
   days on market $359,900 Active 121 DOM
9. 2026-06-02
   days on market $359,900 Active 116 DOM
10. 2026-06-01
    days on market $359,900 Active 115 DOM
11. 2026-06-01
    days on market $359,900 Active 114 DOM
12. 2026-03-24
    price $359,900
13. 2026-02-06
    listed $365,000 Active
14. 2026-01-29
    historical
15. 2026-01-12
    price $369,900
16. 2025-12-10
    price $386,900
17. 2025-11-12
    price $396,000
18. 2025-07-20
    price $399,000
19. 2025-07-05
    price $399,900
20. 2025-05-30
    price $419,900
21. 2025-05-06
    price $439,000
22. 2025-04-17
    price $446,900
23. 2025-03-31
    price $467,750
24. 2025-03-01
    listed $474,500 Active
25. 2023-03-15
    soldstatus $330,000
26. 2023-03-09
    soldstatus $330,000 Closed 425-char remark

    Show marketing remark (425 chars)

    This Villa Real model in HERONS GLEN GOLF AND COUNTRY CLUB is located on a quiet street and large lot with a views of a lake and golf course beyond. The home is ready for some tlc, so you can make it your own. Outside living spaces include a Florida Room and lanai with planting boxes. Make the most of Florida living in this spacious home with second master suite and a new roof in the amenity rich community of Herons Glen.

27. 2022-11-27
    historical 425-char remark

    Show marketing remark (425 chars)

    This Villa Real model in HERONS GLEN GOLF AND COUNTRY CLUB is located on a quiet street and large lot with a views of a lake and golf course beyond. The home is ready for some tlc, so you can make it your own. Outside living spaces include a Florida Room and lanai with planting boxes. Make the most of Florida living in this spacious home with second master suite and a new roof in the amenity rich community of Herons Glen.

28. 2022-11-26
    listed $335,000 425-char remark

    Show marketing remark (425 chars)

    This Villa Real model in HERONS GLEN GOLF AND COUNTRY CLUB is located on a quiet street and large lot with a views of a lake and golf course beyond. The home is ready for some tlc, so you can make it your own. Outside living spaces include a Florida Room and lanai with planting boxes. Make the most of Florida living in this spacious home with second master suite and a new roof in the amenity rich community of Herons Glen.

29. 2008-08-27
    soldstatus $170,000
30. 2008-08-21
    soldstatus $170,000
31. 2008-07-10
    price $219,900
32. 2003-09-05
    soldstatus $187,000
33. 2003-07-28
    price $191,000
34. 2001-11-17
    soldstatus $200,000
35. 2001-04-24
    soldstatus $189,000
36. 1991-04-01
    soldstatus $158,000

ⓘ 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: $3,993 · $333/mo
• Projected year-2 tax: $3,993 · $333/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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 28 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: $39,058
• − Mortgage interest: −$20,160
• − Property taxes: −$3,993
• − Insurance: −$1,800
• − Repairs & maintenance: −$3,125
• − Management: −$3,125
• − HOA: −$2,904
• − Depreciation: −$10,470
• Taxable loss: −$6,517
• Est. tax savings @ 24.0%: +$1,564
• After-tax cash flow: $1,075/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

+127.8% since first listed

25 events — show timeline

• 2026-03-24 Price Changed $359,900 FORTMLS
• 2026-02-06 Listed $365,000 FORTMLS
• 2026-01-29 Listing Removed — FORTMLS
• 2026-01-12 Price Changed $369,900 FORTMLS
• 2025-12-10 Price Changed $386,900 FORTMLS
• 2025-11-12 Price Changed $396,000 FORTMLS
• 2025-07-20 Price Changed $399,000 FORTMLS
• 2025-07-05 Price Changed $399,900 FORTMLS
• 2025-05-30 Price Changed $419,900 FORTMLS
• 2025-05-06 Price Changed $439,000 FORTMLS
• 2025-04-17 Price Changed $446,900 FORTMLS
• 2025-03-31 Price Changed $467,750 FORTMLS
• 2025-03-01 Listed $474,500 FORTMLS
• 2023-03-15 Sold (Public Records) $330,000 Public Records
• 2023-03-09 Sold (MLS) $330,000 FORTMLS
• 2022-11-27 Listing Removed — FORTMLS
• 2022-11-26 Listed $335,000 FORTMLS
• 2008-08-27 Sold (Public Records) $170,000 Public Records
• 2008-08-21 Sold (MLS) $170,000 FORTMLS
• 2008-07-10 Price Changed $219,900 FORTMLS
• 2003-09-05 Sold (MLS) $187,000 FORTMLS
• 2003-07-28 Price Changed $191,000 FORTMLS
• 2001-11-17 Sold (Public Records) $200,000 Public Records
• 2001-04-24 Sold (Public Records) $189,000 Public Records
• 1991-04-01 Sold (Public Records) $158,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $3,993 · +3.0% YoY. Source: county tax records.