4520 Robert E Lee Blvd E · Estero, FL 33928

$105,000

1 bd · 1.0 ba · 406 sqft · Manufactured public records · 119 Days on market

Manufactured home Built 1987 2,003 sqft lot $287/mo HOA · 22% 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).

• Cash flow +15.6/30.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

A nicer 1984 with a 10 X 30 Florida room with vinyl windows. This cute unit has 1 bedroom, 1 bath. NEW A/C in 2013 and new laminate flooring in the living room and kitchen. Just a short walk to the pool and facilities. Don't miss at this great price. .. ..

Key facts

• Clubhouse and pool
• Boat storage
• Private boat ramp

Tags

• CLUBHOUSE AND POOL
• BOAT STORAGE
• PRIVATE BOAT RAMP
• DIRECT ACCESS TO GULF

Property features AI

Finance

• Other: Zoning code: RV; Lot is regular; total area 696 (unit not displayed); Restrictions: architectural, deeded, limited number of vehicles
• HOA & community: Mandatory HOA; Quarterly condo fee of $860 (total annual recurring fees $3,440); Condo management; HOA maintenance covers legal/accounting, manager, recreation facilities, reserves, sewer, street lights, street maintenance, trash removal, water; Community amenities include clubhouse, community pool and spa/hot tub, community boat dock and ramp, boat storage, fishing pier, fish cleaning station, tennis, pickleball, shuffleboard, bocce, basketball, volleyball, exercise room, library, business center, billiards, dog park, vehicle wash area, extra storage, underground utilities, streetlights

Exterior

• Parking: 1 assigned parking space
• Utilities: Central water; Central sewer; Cable available
• Home design: Manufactured residential property; Single-story; Rear exposure faces north; Located in Riverwoods Plantation
• Construction: Built in 1987; Manufactured construction
• Exterior features: Vinyl siding exterior; Shingle roof; Private road access; Boat ramp access; View: see remarks

Interior

• Kitchen: Electric cooktop; Microwave; Refrigerator
• Bedrooms: 2 bedrooms; Primary/one bedroom located on the first floor
• Flooring: Laminate
• Bathrooms: 1 full bathroom; Separate tub and shower in the master bath
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Screened lanai/porch; Furnished; See remarks
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $105k.

Deal economics

• At list price, monthly cash flow is $-381 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $38k (64.2% below list).
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $38k (64.2% below list) — sets the bar for cash-flow.
• Cap rate 6.8% vs local median 3.4% in Estero — 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 79/100 on livability (#149 in FL, #2,242 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living 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.
• Zoned schools: Heights Elementary School (math 74% / reading 67%, grade A-, #333 of 2,144 statewide, top 16%, 1,109 students, 38% 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).
• Market conditions: Rents soft (-1.4%/yr); 675 active listings in the ZIP; solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent is only 15% of the median local income ($103k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k 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 119 days — a 9% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y ago; this cycle's ask has dropped $20k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; list at $105k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 22% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $37,616 (64.2% 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 119 days. Have you received any prior offers? Is the seller open to a 64% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
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 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: 1.25% ✓
• Cap rate: 6.81%
• Cash-on-cash: 1.84%
• DSCR: 1.08
• GRM: 6.7

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: -55.2%
• Equity multiple: -0.52×
• Total profit: $-44,712
• Equity at exit: $15,656

10-year hold

• IRR: —
• Equity multiple: -1.83×
• Total profit: $-83,279
• Equity at exit: $9,078

Cash invested: $29,400 (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 33928

• Rents YoY: -1.4%
• Active inventory: 675
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,313 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$111 /mo · $1,332/yr
• Insurance: −$44
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$287
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $-381

Break-even live

Break-even rent $1,796

Max offer price $37,616

Occupancy floor —

Sensitivity live

Price	-10% $-322	-5% $-352	+0% $-381	+5% $-411	+10% $-441
Rent	-10% $-485	-5% $-433	+0% $-381	+5% $-330	+10% $-278
Rate	-1.0pp $-329	-0.5pp $-355	base $-381	+0.5pp $-409	+1.0pp $-436

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $287 · $3,444/yr
• Likely covers: pool

Listing history 29 events

1. 2026-06-22
   days on market $105,000 Active 119 DOM
2. 2026-06-22
   days on market $105,000 Active 118 DOM
3. 2026-06-17
   days on market $105,000 Active 114 DOM
4. 2026-06-16
   days on market $105,000 Active 113 DOM
5. 2026-06-15
   days on market $105,000 Active 112 DOM
6. 2026-06-13
   days on market $105,000 Active 110 DOM
7. 2026-06-10
   days on market $105,000 Active 107 DOM
8. 2026-06-09
   days on market $105,000 Active 106 DOM
9. 2026-06-07
   days on market $105,000 Active 104 DOM
10. 2026-06-02
    days on market $105,000 Active 99 DOM
11. 2026-06-01
    days on market $105,000 Active 98 DOM
12. 2026-06-01
    days on market $105,000 Active 97 DOM
13. 2026-05-04
    price $105,000
14. 2026-04-21
    price $109,950
15. 2026-03-28
    price $115,850
16. 2026-03-03
    price $115,900
17. 2026-02-26
    price $119,900
18. 2026-02-23
    listed $124,900 Active
19. 2021-01-22
    soldstatus $67,000
20. 2015-02-02
    price $44,000 257-char remark

    Show marketing remark (257 chars)

    A nicer 1984 with a 10 X 30 Florida room with vinyl windows. This cute unit has 1 bedroom, 1 bath. NEW A/C in 2013 and new laminate flooring in the living room and kitchen. Just a short walk to the pool and facilities. Don't miss at this great price. .. ..

21. 2015-02-02
    soldstatus $44,000

    Show marketing remark (257 chars)

    A nicer 1984 with a 10 X 30 Florida room with vinyl windows. This cute unit has 1 bedroom, 1 bath. NEW A/C in 2013 and new laminate flooring in the living room and kitchen. Just a short walk to the pool and facilities. Don't miss at this great price. .. ..

22. 2015-01-30
    soldstatus $44,000 Sold 257-char remark

    Show marketing remark (257 chars)

    A nicer 1984 with a 10 X 30 Florida room with vinyl windows. This cute unit has 1 bedroom, 1 bath. NEW A/C in 2013 and new laminate flooring in the living room and kitchen. Just a short walk to the pool and facilities. Don't miss at this great price. .. ..

23. 2015-01-27
    price $45,900 257-char remark

    Show marketing remark (257 chars)

    A nicer 1984 with a 10 X 30 Florida room with vinyl windows. This cute unit has 1 bedroom, 1 bath. NEW A/C in 2013 and new laminate flooring in the living room and kitchen. Just a short walk to the pool and facilities. Don't miss at this great price. .. ..

24. 2015-01-22
    status Pending 257-char remark

    Show marketing remark (257 chars)

    A nicer 1984 with a 10 X 30 Florida room with vinyl windows. This cute unit has 1 bedroom, 1 bath. NEW A/C in 2013 and new laminate flooring in the living room and kitchen. Just a short walk to the pool and facilities. Don't miss at this great price. .. ..

25. 2015-01-07
    listed $45,900 Active 257-char remark

    Show marketing remark (257 chars)

    A nicer 1984 with a 10 X 30 Florida room with vinyl windows. This cute unit has 1 bedroom, 1 bath. NEW A/C in 2013 and new laminate flooring in the living room and kitchen. Just a short walk to the pool and facilities. Don't miss at this great price. .. ..

26. 2013-12-17
    historical
27. 2011-10-09
    listed $49,900
28. 2010-10-13
    listed $56,900
29. 1987-02-25
    soldstatus $16,500

ⓘ 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: $1,332 · $111/mo
• Projected year-2 tax: $1,332 · $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 7/10 Severe FEMA zone AE · 76% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 32 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,759
• − Mortgage interest: −$5,882
• − Property taxes: −$1,332
• − Insurance: −$5,644
• − Repairs & maintenance: −$1,261
• − Management: −$1,261
• − HOA: −$3,444
• − Depreciation: −$3,055
• Taxable loss: −$6,118
• Est. tax savings @ 24.0%: +$1,468
• After-tax cash flow: $-3,109/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 — Estero

• Score: 79/100
• State rank: #149
• US rank: #2242

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Estero, FL
• County: Lee County · 788,662 people
• City population: 31,926
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 31,926
• Household income: $102,624
• Rent vs Own: 12.6% rent · 87.4% own
• Severe rent burden: 606.0

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 8% Two or more races 7% Asian 3% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 11% · Canada, China, Jamaica
• Languages at home: 90% English-only · Spanish 5% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -109.49%
• Current HPI: 197.5913
• Rent YoY: ▼ -1.42%
• 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

+536.4% since first listed

17 events — show timeline

• 2026-05-04 Price Changed $105,000 BEARMLS
• 2026-04-21 Price Changed $109,950 BEARMLS
• 2026-03-28 Price Changed $115,850 BEARMLS
• 2026-03-03 Price Changed $115,900 BEARMLS
• 2026-02-26 Price Changed $119,900 BEARMLS
• 2026-02-23 Listed $124,900 BEARMLS
• 2021-01-22 Sold (Public Records) $67,000 Public Records
• 2015-02-02 Price Changed $44,000 FORTMLS
• 2015-02-02 Sold (Public Records) $44,000 Public Records
• 2015-01-30 Sold (MLS) $44,000 FORTMLS
• 2015-01-27 Price Changed $45,900 FORTMLS
• 2015-01-22 Pending — FORTMLS
• 2015-01-07 Listed $45,900 FORTMLS
• 2013-12-17 Listing Removed — NAPLESMLS
• 2011-10-09 Listed $49,900 NAPLESMLS
• 2010-10-13 Listed $56,900 NAPLESMLS
• 1987-02-25 Sold (Public Records) $16,500 Public Records

Property tax history

+5.3%/yr

Latest (2025): $1,332 · +6.5% YoY. Source: county tax records.