26430 Coco Cay Cir #101

Bonita Springs, FL 34135

$419,000F

2 bd · 2.5 ba · 1,533 sqft · Built 2023 · Condo · Active · 161 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,910/mo
• Mortgage (P&I): −$2,197
• Tax + insurance: −$698
• HOA: −$521
• Vac / Maint / Mgmt: −$611
• Net cashflow: $-1,118/mo
• Annual: $-13,412/yr
• Cap rate: 3.09%
• Cash-on-cash: -11.43%
• DSCR: 0.49
• 1% rule: 0.69%
• Cash to close: $117,320

Investor read

• This is a 2-bed/2.5-bath condo listed at $419k. Condition is rated excellent.
• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $257k (38.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (30.5% below list).
• It's been on market 161 days — a 12% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $257k (38.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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: cost of living C-, health & safety D, amenities 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: Pinewoods Elementary School (math 81% / reading 74%, grade A, #163 of 2,144 statewide, top 8%, 1,089 students, 25% 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) — zoned schools average 39% FRL vs 57% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-0.6%/yr); 1075 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 99d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% 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).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 3.1% vs local median 2.2% 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 38% of the median local income ($91k/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 161 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.