15 Ilex St · Alva, FL 33920

$139,500

2 bd · 2.0 ba · 1,057 sqft · Condo public records · 228 Days on market

Built 1983 $308/mo HOA · 16% of rent ↓ 13% since listing

---

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 +24.8/30.0
• 1% rule +8.7/10.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Resident owned 55+ plus community located on the Caloosahatchee waterway offering its residents a communal marina, fishing dock and boat ramp with Gulf access! TURNKEY! Just bring your toothbrush! Corner Lot. Super cute 2 bedroom 2 bath with Florida room. Hurricane rated windows installed in 2021. Beautifully updated kitchen with breakfast nook. Large Florida room off off living room for added living space. A/C replaced in 2017. Roof replaced in 2018. Large laundry room with additional storage in carport. Oak Park Village is an extremely active community that has low HOA fees of $301 a month (As of 04/01/24) and includes a community building, community park, swimming pool, exercise room, library and marina. Community Bus goes to the grocery store once a week and out for scheduled activities. 1 dog or cat under 25lbs allowed. Extra Storage Available for rent on a first come first serve basis. Heliport on site for emergencies. Close to post office, dining and shopping.

Key facts

• Helicopter pad
• Community bus
• Game courts

Tags

• RIVERFRONT COMMUNITY
• FISHING DECK
• MARINA
• GAME COURTS
• HELICOPTER PAD
• COMMUNITY BUS

Property features AI

Finance

• Other: Pets allowed with conditions (maximum 1 pet, up to 25 lbs)
• Financial info: Association fee reported as $308 monthly
• HOA & community: Homeowners association (monthly fee); Association fee includes irrigation water, sewer and water; Community amenities: boat dock, boat ramp, clubhouse, fitness center, park, pool; On-site management; Senior community; Non-gated community with boat facilities

Exterior

• Parking: Covered parking; Driveway; Attached 1-car carport; Underground access (parking area); Paved parking
• Utilities: Public water; Public sewer; Cable available; High-speed internet available; Underground utilities
• Home design: Single-story; Modular/prefab with vinyl siding; East-facing entry; Resale property; MH-2 zoning
• Construction: Metal and rolled/hot mop roof
• Exterior features: Sprinkler/irrigation system (reclaimed water); Open porch; Community pool

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Impact glass windows; Eat-in kitchen; High ceilings; Open living/dining area; Separate shower (shower only); Cable TV available; Home office
• Laundry & utility: Washer hookup; Dryer hookup; Laundry in garage

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $296 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#514 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools 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: 456 active listings in the ZIP; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $964 of loan paydown is wiped out by about $4k 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 228 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $12k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 228 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. 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.
7. 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.
8. 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: 1.37% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.10%
• DSCR: 1.41
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-3,552
• Equity at exit: $20,800

10-year hold

• IRR: 7.4%
• Equity multiple: 1.56×
• Total profit: $21,938
• Equity at exit: $12,061

Cash invested: $39,060 (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 33920

• Home prices YoY: -11.8%
• Active inventory: 456
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,905 medium
• Mortgage (P&I): −$732
• Tax from tax record: −$111 /mo · $1,331/yr
• Insurance: −$58
• HOA: −$308
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $296

Break-even live

Break-even rent $1,530

Max offer price $139,500

Occupancy floor 79%

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: $34,875
• Closing costs: $4,185
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $308 · $3,696/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-17
   days on market $139,500 Active 228 DOM
2. 2026-06-16
   days on market $139,500 Active 227 DOM
3. 2026-06-16
   days on market $139,500 Active 226 DOM
4. 2026-06-13
   days on market $139,500 Active 224 DOM
5. 2026-06-09
   days on market $139,500 Active 220 DOM
6. 2026-06-07
   days on market $139,500 Active 218 DOM
7. 2026-06-02
   days on market $139,500 Active 213 DOM
8. 2026-06-01
   days on market $139,500 Active 212 DOM
9. 2026-06-01
   days on market $139,500 Active 211 DOM
10. 2026-05-02
    price $139,500
11. 2026-04-07
    price $140,000
12. 2025-11-01
    listed $152,000 Active
13. 2025-09-30
    historical
14. 2025-06-05
    price $152,000
15. 2025-03-21
    listed $155,000 Active
16. 2024-07-05
    soldstatus $142,000 Closed 981-char remark

    Show marketing remark (981 chars)

    Resident owned 55+ plus community located on the Caloosahatchee waterway offering its residents a communal marina, fishing dock and boat ramp with Gulf access! TURNKEY! Just bring your toothbrush! Corner Lot. Super cute 2 bedroom 2 bath with Florida room. Hurricane rated windows installed in 2021. Beautifully updated kitchen with breakfast nook. Large Florida room off off living room for added living space. A/C replaced in 2017. Roof replaced in 2018. Large laundry room with additional storage in carport. Oak Park Village is an extremely active community that has low HOA fees of $301 a month (As of 04/01/24) and includes a community building, community park, swimming pool, exercise room, library and marina. Community Bus goes to the grocery store once a week and out for scheduled activities. 1 dog or cat under 25lbs allowed. Extra Storage Available for rent on a first come first serve basis. Heliport on site for emergencies. Close to post office, dining and shopping.

17. 2024-06-06
    status Pending 981-char remark

    Show marketing remark (981 chars)

    Resident owned 55+ plus community located on the Caloosahatchee waterway offering its residents a communal marina, fishing dock and boat ramp with Gulf access! TURNKEY! Just bring your toothbrush! Corner Lot. Super cute 2 bedroom 2 bath with Florida room. Hurricane rated windows installed in 2021. Beautifully updated kitchen with breakfast nook. Large Florida room off off living room for added living space. A/C replaced in 2017. Roof replaced in 2018. Large laundry room with additional storage in carport. Oak Park Village is an extremely active community that has low HOA fees of $301 a month (As of 04/01/24) and includes a community building, community park, swimming pool, exercise room, library and marina. Community Bus goes to the grocery store once a week and out for scheduled activities. 1 dog or cat under 25lbs allowed. Extra Storage Available for rent on a first come first serve basis. Heliport on site for emergencies. Close to post office, dining and shopping.

18. 2024-05-01
    price $149,950 981-char remark

    Show marketing remark (981 chars)

    Resident owned 55+ plus community located on the Caloosahatchee waterway offering its residents a communal marina, fishing dock and boat ramp with Gulf access! TURNKEY! Just bring your toothbrush! Corner Lot. Super cute 2 bedroom 2 bath with Florida room. Hurricane rated windows installed in 2021. Beautifully updated kitchen with breakfast nook. Large Florida room off off living room for added living space. A/C replaced in 2017. Roof replaced in 2018. Large laundry room with additional storage in carport. Oak Park Village is an extremely active community that has low HOA fees of $301 a month (As of 04/01/24) and includes a community building, community park, swimming pool, exercise room, library and marina. Community Bus goes to the grocery store once a week and out for scheduled activities. 1 dog or cat under 25lbs allowed. Extra Storage Available for rent on a first come first serve basis. Heliport on site for emergencies. Close to post office, dining and shopping.

19. 2024-03-17
    listed $159,950 Active 981-char remark

    Show marketing remark (981 chars)

    Resident owned 55+ plus community located on the Caloosahatchee waterway offering its residents a communal marina, fishing dock and boat ramp with Gulf access! TURNKEY! Just bring your toothbrush! Corner Lot. Super cute 2 bedroom 2 bath with Florida room. Hurricane rated windows installed in 2021. Beautifully updated kitchen with breakfast nook. Large Florida room off off living room for added living space. A/C replaced in 2017. Roof replaced in 2018. Large laundry room with additional storage in carport. Oak Park Village is an extremely active community that has low HOA fees of $301 a month (As of 04/01/24) and includes a community building, community park, swimming pool, exercise room, library and marina. Community Bus goes to the grocery store once a week and out for scheduled activities. 1 dog or cat under 25lbs allowed. Extra Storage Available for rent on a first come first serve basis. Heliport on site for emergencies. Close to post office, dining and shopping.

ⓘ 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: $1,331 · $111/mo
• Projected year-2 tax: $1,331 · $111/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 6/10 Major FEMA zone X (shaded) · 69% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,860
• − Mortgage interest: −$7,814
• − Property taxes: −$1,331
• − Insurance: −$698
• − Repairs & maintenance: −$1,829
• − Management: −$1,829
• − HOA: −$3,696
• − Depreciation: −$4,058
• Taxable income: $1,605
• Est. tax owed @ 24.0%: −$385
• After-tax cash flow: $3,171/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 — Alva

• Score: 68/100
• State rank: #514
• US rank: #9471

Category grades

Amenities F Commute F Cost of living B 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: Alva, FL
• Population (ZIP): 7,689

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 8% Two or more races 7% Asian 5% Black 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 6% Portuguese 5% German 3%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 5% Other Asian/Pacific 2% Vietnamese 2%

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: ▼ -47.83%
• Current HPI: 355.9229
• Rent YoY: —
• Metro: —
• 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

-12.8% since first listed

10 events — show timeline

• 2026-05-02 Price Changed $139,500 FORTMLS
• 2026-04-07 Price Changed $140,000 FORTMLS
• 2025-11-01 Listed $152,000 FORTMLS
• 2025-09-30 Listing Removed — FORTMLS
• 2025-06-05 Price Changed $152,000 FORTMLS
• 2025-03-21 Listed $155,000 FORTMLS
• 2024-07-05 Sold (MLS) $142,000 FORTMLS
• 2024-06-06 Pending — FORTMLS
• 2024-05-01 Price Changed $149,950 FORTMLS
• 2024-03-17 Listed $159,950 FORTMLS

Property tax history

+8.3%/yr

Latest (2025): $1,331 · +54.3% YoY. Source: county tax records.