9601 Spanish Moss Way #3624 · Bonita Springs, FL 34135

$320,000

2 bd · 2.0 ba · 1,504 sqft · Condo public records · 182 Days on market

Built 2007 $899/mo HOA · 21% 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 +20.2/30.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Second floor LAKE VIEW unit with OPEN floor plan with split bedrooms and nice size lanai. Vaulted ceilings, large kitchen and oversized Master bedroom. FRESHLEY PAINTED, NEW STOVE, NEW MICROWAVE, NEWER HVAC, WATER HEATER DISHWASHER , Added bonus COVERED CARPORT! Spanish Wells is a Gated Non-Equity Golfing Community w/ 27-hole course, spectacular clubhouse, on-site restaurant & pub, bocce, 5 tennis courts, bocce ball, pickleball, and many attractions. Golf, sport and social memberships are available. Spanish Wells is Close to beaches, restaurants and shopping! GOLFER'S DELIGHT!

Key facts

• Gated community
• Open floor plan
• Covered carport

Tags

• LAKE VIEW
• OPEN FLOOR PLAN
• SPLIT BEDROOMS
• NICE SIZE LANAI
• COVERED CARPORT
• GATED COMMUNITY

Property features AI

Finance

• Financial info: Total annual recurring HOA fees $10,788; Total one-time fees $4,950
• HOA & community: Mandatory HOA; Master HOA $217 per month; Condo fee $682 per month; Professional management; HOA covers cable, internet/WiFi, lawn/land maintenance, legal/accounting, recreation facilities, security, street lights, street maintenance, trash removal, and water; Community amenities include clubhouse, community pool, tennis courts, pickleball, basketball, and golf (gated golf-course community; golf non-equity)

Exterior

• Parking: 1 assigned parking space; Guest parking available; Detached 1-space carport
• Security: Guarded gate; Patrolled community
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise (1–3 stories); Traditional style; Zero lot line; Rear exposure faces north
• Construction: Concrete block construction; Stucco exterior; Tile roof; Built in 2007
• Exterior features: Pond; Lake view/waterfront (lake)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator/ice maker; Self-cleaning oven; Warming tray
• Bedrooms: 2 bedrooms plus den
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms; Master bath with tub and shower combo
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Cable prewire; Pantry; Smoke detectors; Window coverings; Eat-in kitchen; Den (study); Screened lanai/porch; Turnkey furnished; Common elevator; Split bedroom floor plan
• Laundry & utility: Washer and dryer in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $320k.

Deal economics

• At list price, monthly cash flow is $407 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $320k).
• Recommended offer: $282k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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.

Location & tenants

• 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.
• Market conditions: Rents soft (-0.6%/yr); 835 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); solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $4,302/mo this rent would consume 56% of the median local household income ($91k/yr) (locally 976% 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 $10k 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 182 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago; this cycle's ask is 6567% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 4→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $281,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 days. Have you received any prior offers? Is the seller open to a 12% 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. 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. 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 1.34% ✓
• Cap rate: 7.82%
• Cash-on-cash: 5.45%
• DSCR: 1.24
• GRM: 6.2

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: -12.2%
• Equity multiple: 0.58×
• Total profit: $-38,002
• Equity at exit: $47,713

10-year hold

• IRR: -10.3%
• Equity multiple: 0.48×
• Total profit: $-46,236
• Equity at exit: $27,668

Cash invested: $89,600 (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 34135

• Rents YoY: -0.6%
• Active inventory: 835
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $4,302 high
• Mortgage (P&I): −$1,678
• Tax from tax record: −$282 /mo · $3,379/yr
• Insurance: −$133
• HOA: −$899
• Vacancy / Maint / Mgmt: −$904
• Net cashflow: $407

Break-even live

Break-even rent $3,787

Max offer price $320,000

Occupancy floor 86%

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9601 Spanish Moss Way #3613 Bonita Springs, FL	2.0	2.0	1504	$4,850	$3.22	23d	1	0.02mi
28251 Lisbon Ct #3412 Bonita Springs, FL	2.0	2.0	1637	$5,500	$3.36	23d	1	0.05mi
9621 Spanish Moss Way Bonita Springs, FL	2.0	2.0	1504	$5,125	$3.41	23d	2	0.10mi
9631 Spanish Moss Way #3922 Bonita Springs, FL	2.0	2.0	1504	$6,000	$3.99	3d	1	0.14mi
28151 Dovewood Ct Bonita Springs, FL	1.0–3.0	1.0–2.0	1233	$1,945	$1.58	3d	15	0.15mi
9651 Spanish Moss Way #4121 Bonita Springs, FL	3.0	2.0	1857	$4,800	$2.58	23d	1	0.17mi
9977 Treasure Cay Ln Bonita Springs, FL	3.0	2.0	2039	$8,500	$4.17	23d	1	0.22mi
28387 Las Palmas Cir Bonita Springs, FL	2.0	2.0	1705	$6,200	$3.64	23d	1	0.33mi
9940 Treasure Cay Ln Bonita Springs, FL	3.0	2.0	2108	$8,500	$4.03	23d	1	0.36mi
9871 Citadel Ln #208 Bonita Springs, FL	2.0	2.0	1151	$3,000	$2.61	23d	1	0.43mi
28119 Tamberine Ct #1412 Bonita Springs, FL	3.0	2.0	1593	$5,800	$3.64	23d	1	0.48mi
9908 White Sands Pl Bonita Springs, FL	3.0	2.0	1827	$7,500	$4.11	23d	1	0.52mi
28460 Highgate Dr Bonita Springs, FL	2.0	2.0	1871	$10,500	$5.61	23d	1	0.55mi
27841 Wisconsin St Bonita Springs, FL	3.0	2.0	1164	$3,500	$3.01	23d	1	0.56mi
27655 Tennessee St Bonita Springs, FL	3.0	2.0	1900	$3,000	$1.58	23d	1	0.58mi
27655 Tennessee St #657 Bonita Springs, FL	3.0	2.0	1916	$3,000	$1.57	3d	1	0.58mi
9834 Kentucky St Bonita Springs, FL	3.0	2.0	1332	$3,450	$2.59	23d	1	0.63mi
27640 Michigan St Bonita Springs, FL	3.0	2.0	1510	$8,995	$5.96	23d	1	0.64mi
10004 Connecticut St Bonita Springs, FL	3.0	2.0	1420	$3,100	$2.18	23d	1	0.65mi
27911 Hacienda East Blvd Unit 217B Bonita Springs, FL	2.0	2.0	1500	$2,100	$1.40	3d	1	0.68mi
27791 Hacienda East Blvd Unit 222D Bonita Springs, FL	2.0	2.5	1528	$4,200	$2.75	23d	1	0.74mi
28261 Pine Haven Way Bonita Springs, FL	2.0	2.0	1068	$1,795	$1.68	23d	1	0.80mi
28105 Mandolin Ct #213 Bonita Springs, FL	3.0	2.0	1500	$2,600	$1.73	23d	1	0.80mi
9851 Costa Mesa Ln Unit 1546344P Bonita Springs, FL	2.0	2.0	1194	$1,935	$1.62	15d	1	0.82mi
27681 Hacienda East Blvd Bonita Springs, FL	2.0	2.5	1675	$3,000	$1.79	23d	1	0.83mi
27750 Hacienda East Blvd Unit 208B Bonita Springs, FL	2.0	2.5	1528	$3,800	$2.49	23d	1	0.83mi
9855 Costa Mesa Ln #403 Bonita Springs, FL	2.0	2.0	1146	$1,600	$1.40	23d	1	0.83mi
27581 Hacienda East Blvd Unit 1256822P Bonita Springs, FL	2.0	2.5	1808	$3,133	$1.73	19d	1	0.91mi
27439 Pollard Dr Bonita Springs, FL	3.0	2.0	1552	$9,500	$6.12	23d	1	0.95mi
27414 Pollard Dr Unit 1073493P Bonita Springs, FL	3.0	2.0	1593	$5,065	$3.18	3d	1	0.98mi
28052 Palmas Grandes Ln #101 Bonita Springs, FL	2.0	2.0	1500	$7,200	$4.80	23d	1	1.00mi
9111 Las Maderas Dr #102 Bonita Springs, FL	2.0	2.0	1624	$7,500	$4.62	23d	1	1.01mi
9050 Palmas Grandes Blvd #101 Bonita Springs, FL	2.0	2.0	1200	$2,000	$1.67	23d	1	1.01mi
14907 Sterling Oaks Dr Naples, FL	3.0	3.0	1760	$6,500	$3.69	23d	1	1.03mi
27501 Playa del Rey Ln #503 Bonita Springs, FL	2.0	1.0	1120	$1,875	$1.67	23d	1	1.07mi
8990 Palmas Grandes Blvd #201 Bonita Springs, FL	2.0	2.0	1797	$5,000	$2.78	23d	1	1.08mi
9030 Las Maderas Dr #101 Bonita Springs, FL	2.0	2.0	1432	$2,500	$1.75	23d	1	1.08mi
9050 Las Maderas Dr #101 Bonita Springs, FL	2.0	2.0	1364	$2,100	$1.54	23d	1	1.08mi
15985 Arbor View Blvd Naples, FL	2.0–4.0	2.0	1208	$1,848	$1.53	13d	14	1.09mi
8981 Palmas Grandes Blvd #102 Bonita Springs, FL	2.0	2.0	1791	$7,500	$4.19	23d	1	1.09mi

HOA detail condo

• Monthly dues: $899 · $10,788/yr
• Likely covers: watersecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-17
   days on market $320,000 Active 182 DOM
2. 2026-06-16
   days on market $320,000 Active 181 DOM
3. 2026-06-15
   days on market $320,000 Active 180 DOM
4. 2026-06-13
   days on market $320,000 Active 178 DOM
5. 2026-06-10
   days on market $320,000 Active 175 DOM
6. 2026-06-09
   days on market $320,000 Active 174 DOM
7. 2026-06-07
   days on market $320,000 Active 172 DOM
8. 2026-06-02
   days on market $320,000 Active 167 DOM
9. 2026-06-01
   days on market $320,000 Active 166 DOM
10. 2026-06-01
    days on market $320,000 Active 165 DOM
11. 2026-04-17
    price $320,000
12. 2026-01-08
    listed $4,800
13. 2026-01-08
    historical $4,800
14. 2025-12-23
    listed $4,800
15. 2025-12-22
    status Active
16. 2025-12-19
    historical
17. 2025-12-14
    listed $325,000 Active
18. 2025-04-12
    historical $4,000
19. 2024-12-05
    listed $4,000
20. 2024-11-14
    historical $4,000
21. 2024-05-23
    listed $4,000

ⓘ 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: $3,379 · $282/mo
• Projected year-2 tax: $3,379 · $282/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 4 d/yr ≥107°F today · 19 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: $51,629
• − Mortgage interest: −$17,925
• − Property taxes: −$3,379
• − Insurance: −$1,600
• − Repairs & maintenance: −$4,130
• − Management: −$4,130
• − HOA: −$10,788
• − Depreciation: −$9,309
• Taxable income: $368
• Est. tax owed @ 24.0%: −$88
• After-tax cash flow: $4,795/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 — Bonita Springs

• Score: 70/100
• State rank: #428
• US rank: #7576

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bonita Springs, FL
• County: Lee County · 788,662 people
• City population: 64,727
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 48,252
• Household income: $91,380
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 976.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 26% Two or more races 13% Native American 3% Black 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 4% Cuban 3%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 22% · Canada, Jamaica
• Languages at home: 74% English-only · Spanish 21% French/Haitian/Cajun 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: ▼ -188.86%
• Current HPI: 243.4153
• Rent YoY: ▼ -0.61%
• 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

+7900.0% since first listed

11 events — show timeline

• 2026-04-17 Price Changed $320,000 NAPLESMLS
• 2026-01-08 Listed for Rent $4,800 FGCMLS
• 2026-01-08 Rental Removed $4,800 NAPLESMLS
• 2025-12-23 Listed for Rent $4,800 NAPLESMLS
• 2025-12-22 Relisted — NAPLESMLS
• 2025-12-19 Listing Removed — NAPLESMLS
• 2025-12-14 Listed $325,000 NAPLESMLS
• 2025-04-12 Rental Removed $4,000 NAPLESMLS
• 2024-12-05 Listed for Rent $4,000 NAPLESMLS
• 2024-11-14 Rental Removed $4,000 NAPLESMLS
• 2024-05-23 Listed for Rent $4,000 NAPLESMLS

Property tax history

+3.8%/yr

Latest (2025): $3,379 · +0.1% YoY. Source: county tax records.