535 Zebra Dr #535 · North Fort Myers, FL 33917

$169,900

3 bd · 2.0 ba · 1,352 sqft · Manufactured · 4 Days on market

Built 2026 Good condition

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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 +25.5/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +4.1/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Island Vista Estates an all age active and vibrant community, where you can find yourself in your dream home. We have a stunning 2023 3 bed, 2 bath home for sale or for rent featuring 1352.00 sq ft of beautifully designed living space. Located in/near North Fort Myers, this property offers the perfect blend of modern amenities and timeless charm. Step inside to find [highlight interior features, e. g. , an open-concept floor plan, hardwood floors, high ceilings, natural light. The kitchen boasts features like quartz countertops, stainless steel appliances, custom cabinetry, perfect for both everyday living and entertaining. The spacious primary suite offers a peaceful retreat, co

Key facts

• Custom cabinetry
• Quartz countertops
• Dual vanities

Tags

• OPEN-CONCEPT FLOOR PLAN
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• CUSTOM CABINETRY
• DUAL VANITIES
• WALK IN SHOWER

Property features AI

Finance

• Other: Address: 535 Zebra Dr #535, North Fort Myers, FL 33917; Status: Active
• Financial info: List price $169,900

Exterior

• Home design: Spec home — Spring Hill plan
• Exterior features: Living area approximately 1,352

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 bathrooms
• Interior features: Open living area

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $396 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 9.1% 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; 40 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).
• This rent runs 43% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 4 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $169,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.17% ✓
• Cap rate: 9.09%
• Cash-on-cash: 9.98%
• DSCR: 1.44
• GRM: 7.1

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: -1.7%
• Equity multiple: 0.94×
• Total profit: $-3,043
• Equity at exit: $25,333

10-year hold

• IRR: 7.6%
• Equity multiple: 1.57×
• Total profit: $26,913
• Equity at exit: $14,690

Cash invested: $47,572 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,987 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $396

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 75%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
535 Zebra Dr #535 North Fort Myers, FL	3.0	2.0	1352	$1,499	$1.11	14d	1	0.00mi
574 Leopard Ln #574 North Fort Myers, FL	4.0	2.0	1459	$1,599	$1.10	13d	1	0.19mi
17225 Cantu Ct North Fort Myers, FL	4.0	2.0	1824	$2,200	$1.21	23d	1	0.25mi
17244 Cantu Ct North Fort Myers, FL	4.0	2.0	1824	$2,200	$1.21	14d	1	0.26mi
4106 Granita Ct North Fort Myers, FL	4.0	2.5	1812	$2,300	$1.27	23d	1	0.32mi
4106 Lattuca Ln North Fort Myers, FL	4.0	2.5	1874	$2,200	$1.17	23d	1	0.32mi
3358 Sabal Springs Blvd North Fort Myers, FL	3.0	2.0	1621	$2,200	$1.36	23d	1	0.33mi
266 Mongoose Ln #266 North Fort Myers, FL	3.0	2.0	1372	$1,499	$1.09	3d	1	0.39mi
4106 San Felice Ln North Fort Myers, FL	4.0	2.5	1874	$2,400	$1.28	23d	1	0.39mi
17669 Paradiso Way North Fort Myers, FL	3.0	2.0	1551	$1,999	$1.29	23d	1	0.40mi
17669 Paradiso Way North Fort Myers, FL	3.0	2.0	1551	$1,999	$1.29	3d	1	0.40mi
17920 Antherium Ln North Fort Myers, FL	2.0	2.0	1693	$2,400	$1.42	23d	1	0.45mi
4216 Villa Rapallo Way North Fort Myers, FL	4.0	2.0	1817	$2,000	$1.10	1d	1	0.61mi
17400 Monte Isola Way North Fort Myers, FL	3.0	2.0	1448	$1,875	$1.29	23d	1	0.62mi
4232 Villa Rapallo Way North Fort Myers, FL	4.0	2.0	1812	$1,900	$1.05	23d	1	0.64mi
17392 Monte Isola Way North Fort Myers, FL	4.0	2.5	1871	$2,299	$1.23	23d	1	0.65mi
17499 Monte Isola Way Unit 17499 North Fort Myers, FL	3.0	2.5	1405	$1,800	$1.28	13d	1	0.65mi
17489 Monte Isola Way North Fort Myers, FL	3.0	2.5	1347	$1,800	$1.34	14d	1	0.65mi
4208 Caterina Ct North Fort Myers, FL	3.0	2.5	1347	$1,800	$1.34	14d	1	0.66mi
4275 Cirella Ct North Fort Myers, FL	3.0	2.5	1378	$1,800	$1.31	23d	1	0.67mi
4264 Cirella Ct North Fort Myers, FL	3.0	2.5	1442	$2,000	$1.39	11d	1	0.68mi
4228 Caterina Ct North Fort Myers, FL	3.0	2.5	1700	$1,850	$1.09	11d	1	0.69mi
4276 Cirella Ct North Fort Myers, FL	3.0	2.5	1378	$1,800	$1.31	23d	1	0.70mi
4241 Caterina Ct North Fort Myers, FL	3.0	2.5	1529	$1,900	$1.24	16d	1	0.70mi
2774 Wedgewood Dr North Fort Myers, FL	2.0	2.0	880	$1,300	$1.48	23d	1	0.79mi
4120 Pine Drop Ln North Fort Myers, FL	3.0	2.0	957	$1,895	$1.98	23d	1	0.82mi
3961 Pomodoro Cir #204 Cape Coral, FL	2.0	2.0	1270	$1,450	$1.14	23d	1	0.98mi
3961 Pomodoro Cir #204 Cape Coral, FL	2.0	2.0	1270	$1,450	$1.14	16d	1	0.98mi
3957 Pomodoro Cir #301 Cape Coral, FL	2.0	2.0	1270	$1,450	$1.14	16d	1	0.98mi
3973 Pomodoro Cir Cape Coral, FL	2.0	2.0	1469	$1,498	$1.02	23d	2	1.01mi
3973 Pomodoro Cir Cape Coral, FL	2.0	2.0	1534	$1,575	$1.03	2d	3	1.01mi
3187 Cozumel Ct Cape Coral, FL	3.0	2.0	1747	$2,000	$1.14	2d	1	1.01mi
3953 Pomodoro Cir Cape Coral, FL	1.0–3.0	1.0–2.0	1044	$1,624	$1.56	14d	9	1.02mi
3968 Pomodoro Cir #202 Cape Coral, FL	2.0	2.0	1469	$1,475	$1.00	14d	1	1.03mi
2913 Tuscan Dr #102 Cape Coral, FL	2.0	2.0	1469	$1,450	$0.99	23d	1	1.04mi
2729 Foralesca Ct Cape Coral, FL	4.0	2.0	1828	$2,300	$1.26	3d	1	1.05mi
2729 Foralesca Ct Cape Coral, FL	4.0	2.0	1828	$2,300	$1.26	23d	1	1.05mi
2909 Tuscan Dr Cape Coral, FL	2.0	2.0	1469	$1,475	$1.00	23d	2	1.05mi
2904 Tuscan Dr #303 Cape Coral, FL	2.0	2.0	1460	$1,450	$0.99	23d	1	1.06mi
3153 Cozumel Ct Cape Coral, FL	3.0	2.0	1747	$2,000	$1.14	14d	1	1.06mi

Listing history 2 events

1. 2026-06-01
   days on market $169,900 Active 4 DOM
2. 2026-06-01
   days on market $169,900 Active 3 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: $23,844
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$1,908
• − Management: −$1,908
• − Depreciation: −$4,943
• Taxable income: $2,171
• Est. tax owed @ 24.0%: −$521
• After-tax cash flow: $4,226/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 · 12 photos

Good 80/100 None rehab

This home is in excellent condition with modern amenities and a well-maintained exterior. It is move-in ready and would benefit from minor aesthetic updates to further enhance its value.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both Add smart home features — Improves convenience and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Add smart home features — Improves convenience and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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