10459 Casella Way #102 · Fort Myers, FL 33913

$483,900

2 bd · 2.0 ba · 1,722 sqft · Condo public records · 356 Days on market

Built 2016 $964/mo HOA · 19% 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 +11.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• DSCR +3.2/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Hard to find first floor carriage home built by the original WCI Communities master builder and developer of world class active lifestyle resort casual communities. This fantastic well-appointed designer series carriage home is located in the recently sold-out Casella neighborhood at Pelican Preserve, awarded the nation's 6th best 55+ community. This open great room design features 3 generous bedrooms, 2 full baths and a spacious 2 car garage. Inside you will find upscale finishes that include: 18" tile floors in the main living areas, granite countertops cover the massive one level center island, travertine tile backsplash, 42" light wood shaker style cabinets with soft close drawers, professional level appliances, crown molding, detailed tray ceilings, plantation shutters, impact glass windows & doors, custom light fixtures & ceiling fans. Plus a huge lanai to enjoy the 41 acre protected preserve. Casella is the only carriage home neighborhood with its own private pool and cabana. Pelican Preserve offers a diverse array of activities from tennis & pickleball, indoor aquatics center, staffed fitness & wellness, restaurants, 99 seat movie cinema, concert park & much more.

Key facts

• Gated community
• Cul-de-sac
• High-impact glass

Tags

• CUL-DE-SAC
• GATED COMMUNITY
• HIGH-IMPACT GLASS
• PRIVATE SCREENED LANAI
• RESORT-STYLE CLUBHOUSE
• OASIS HEATED POOLS

Property features AI

Finance

• Other: Pets allowed (call/conditional)
• Financial info: Community of 24 units
• HOA & community: Homeowners association (quarterly fee); Association fee includes cable TV, golf, irrigation water, grounds maintenance and trash; Community amenities: beach rights, clubhouse, fitness center, golf course, pool, spa/hot tub, tennis courts, pickleball, basketball court, bocce court, trails, barbecue/picnic area, media/billiard/hobby rooms, restaurant, management

Exterior

• Parking: Attached 2-car garage; Driveway; Paved parking; Garage door opener; 2 covered spaces
• Security: Gated community with guard; Security gate; Smoke detectors
• Utilities: Public water; Public sewer; Cable available; High speed internet available
• Home design: 2-story building; Entry level: 1; Resale property; Faces west
• Construction: Block, concrete and stucco construction; Tile roof
• Exterior features: Patio; Paved road; East exposure; Has view

Interior

• Kitchen: Electric cooktop; Range; Microwave; Dishwasher; Disposal; Refrigerator; Freezer
• Bedrooms: Entry level: 1
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Breakfast area; Dual sinks; Family/dining room; Living/dining room; Pantry; Shower only with separate shower; Walk-in closet(s); High speed internet; Split bedrooms; Furnished; Double-hung windows; Impact glass; Wheelchair access
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $484k.

Deal economics

• At list price, monthly cash flow is $-204 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $448k (7.5% below list).
• Meets the 1% rule at list price ($5k rent vs $484k).
• Recommended offer: $426k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.8% vs local median 3.3% in 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 86/100 on livability (#14 in FL, #383 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• 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: Veterans Park Academy For The Arts (math 41% / reading 45%, grade F, #1,366 of 2,144 statewide, top 64%, 2,133 students, 36% FRL); Oak Hammock Middle School (math 43% / reading 41%, grade D-, #340 of 571 statewide, top 61%, 1,563 students, 56% FRL); Lehigh Senior High School (math 23% / reading 45%, grade F, #394 of 667 statewide, top 60%, 2,476 students, 57% FRL).
• Market conditions: Rents flat; 821 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $4,962/mo this rent would consume 54% of the median local household income ($110k/yr) (locally 276% 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 $3k of loan paydown is wiped out by about $15k 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 356 days — a 12% lower offer ($426k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask is 7965% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $322k; list at $484k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $425,832 (12.0% 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 356 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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?
8. 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.
9. 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.
10. 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: 1.03% ✓
• Cap rate: 5.79%
• Cash-on-cash: -1.81%
• DSCR: 0.92
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.37% rent growth · sell at horizon

5-year hold

• IRR: -22.9%
• Equity multiple: 0.23×
• Total profit: $-103,656
• Equity at exit: $72,151

10-year hold

• IRR: -29.0%
• Equity multiple: -0.14×
• Total profit: $-154,564
• Equity at exit: $41,839

Cash invested: $135,492 (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 33913

• Home prices YoY: -10.3%
• Rents YoY: 0.4%
• Active inventory: 821
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $4,962 high
• Mortgage (P&I): −$2,538
• Tax from tax record: −$421 /mo · $5,051/yr
• Insurance: −$202
• HOA: −$964
• Vacancy / Maint / Mgmt: −$1,042
• Net cashflow: $-204

Break-even live

Break-even rent $5,220

Max offer price $447,834

Occupancy floor 99%

Sensitivity live

Price	-10% $70	-5% $-67	+0% $-204	+5% $-341	+10% $-478
Rent	-10% $-596	-5% $-400	+0% $-204	+5% $-8	+10% $188
Rate	-1.0pp $40	-0.5pp $-81	base $-204	+0.5pp $-330	+1.0pp $-457

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: $120,975
• Closing costs: $14,517
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10520 Casella Way #101 Fort Myers, FL	3.0	2.0	1722	$7,000	$4.07	25d	1	0.30mi
10730 Cetrella Dr Fort Myers, FL	3.0	2.0	1558	$6,900	$4.43	25d	1	0.34mi
10529 Casella Way #102 Fort Myers, FL	3.0	2.0	1722	$4,500	$2.61	25d	1	0.34mi
10284 Livorno Dr Fort Myers, FL	3.0	3.0	2202	$7,000	$3.18	5d	1	0.39mi
10714 Cetrella Dr Fort Myers, FL	2.0	2.0	1227	$5,500	$4.48	25d	1	0.40mi
10702 Cetrella Dr Fort Myers, FL	2.0	2.0	1347	$5,500	$4.08	25d	1	0.44mi
10700 Cetrella Dr Fort Myers, FL	2.0	2.0	1227	$3,500	$2.85	25d	1	0.45mi
11900 Grosseto Ct Fort Myers, FL	2.0	2.0	1713	$5,500	$3.21	25d	1	0.48mi
11900 Grosseto Ct Fort Myers, FL	2.0	2.0	1713	$6,000	$3.50	21d	1	0.48mi
11343 Tiverton Trce Fort Myers, FL	2.0	2.0	1685	$4,000	$2.37	5d	1	0.55mi
10820 Palazzo Way #203 Fort Myers, FL	2.0	2.0	1235	$5,400	$4.37	25d	1	0.55mi
10428 Materita Dr Fort Myers, FL	2.0	2.0	1568	$6,250	$3.99	25d	1	0.57mi
10791 Palazzo Way #301 Fort Myers, FL	2.0	2.0	1390	$5,300	$3.81	25d	1	0.62mi
10700 Palazzo Way #201 Fort Myers, FL	2.0	2.0	1390	$5,000	$3.60	23d	1	0.67mi
10751 Palazzo Way #103 Fort Myers, FL	2.0	2.0	1235	$5,000	$4.05	25d	1	0.67mi
10711 Palazzo Way Unit 203 Fort Myers, FL	2.0	2.0	1257	$5,300	$4.22	23d	1	0.69mi
10711 Palazzo Way Fort Myers, FL	2.0	2.0	1257	$3,900	$3.10	18d	2	0.69mi
11442 Tiverton Trce Fort Myers, FL	3.0	2.0	2010	$9,500	$4.73	25d	1	0.71mi
10518 Avila Cir Fort Myers, FL	2.0	2.0	1466	$6,500	$4.43	5d	1	0.75mi
10518 Avila Cir Fort Myers, FL	2.0	2.0	1466	$6,500	$4.43	25d	1	0.75mi
11230 Suffield St Fort Myers, FL	2.0	2.0	1560	$8,500	$5.45	25d	1	0.86mi
10602 Camarelle Cir Fort Myers, FL	2.0	2.0	1690	$5,500	$3.25	25d	1	0.93mi
10514 Bella Vista Dr Fort Myers, FL	3.0	2.0	1823	$6,500	$3.57	25d	1	0.99mi
11225 Lithgow Ln Fort Myers, FL	2.0	2.0	2153	$8,000	$3.72	25d	1	0.99mi
10720 Ravenna Way #104 Fort Myers, FL	2.0	2.0	1251	$5,000	$4.00	25d	1	1.06mi
12020 Champions Green Way #112 Fort Myers, FL	2.0	2.0	1056	$2,000	$1.89	13d	1	1.07mi
12030 Champions Green Way #212 Fort Myers, FL	2.0	2.0	1056	$1,800	$1.70	5d	1	1.09mi
11701 Avingston Ter Fort Myers, FL	2.0	2.0	1553	$5,500	$3.54	16d	1	1.14mi
10700 Ravenna Way Fort Myers, FL	2.0	2.0	1251	$3,488	$2.79	25d	2	1.15mi
12525 Astor Pl Unit 1049698P Fort Myers, FL	3.0	2.0	2174	$6,065	$2.79	16d	1	1.18mi
11041 Iron Horse Way Fort Myers, FL	2.0	2.0	1692	$4,000	$2.36	25d	1	1.19mi
9460 Ivy Brook Run #710 Fort Myers, FL	3.0	2.5	1220	$1,500	$1.23	13d	1	1.21mi
9918 Horse Creek Rd Fort Myers, FL	3.0	2.0	1510	$2,200	$1.46	25d	1	1.23mi
10111 Colonial Country Club Blvd #2308 Fort Myers, FL	2.0	2.0	1309	$2,000	$1.53	13d	1	1.25mi
10535 Carolina Willow Dr Fort Myers, FL	3.0	2.0	1290	$2,300	$1.78	23d	1	1.26mi
9440 Ivy Brook Run #509 Fort Myers, FL	3.0	2.5	1220	$1,500	$1.23	5d	1	1.26mi
9440 Ivy Brook Run Fort Myers, FL	2.0–3.0	2.5	1269	$1,550	$1.22	25d	2	1.26mi
10879 Rutherford Rd Fort Myers, FL	2.0	2.0	1566	$3,500	$2.23	25d	1	1.29mi
12010 Rock Brook Run #1704 Fort Myers, FL	2.0	2.5	1410	$1,750	$1.24	23d	1	1.30mi
11033 Mill Creek Way #202 Fort Myers, FL	2.0	2.0	1379	$5,400	$3.92	25d	1	1.31mi

HOA detail condo

• Monthly dues: $964 · $11,568/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-05-15
   status Pending
2. 2026-03-24
   price $483,900
3. 2025-09-30
   historical $6,000
4. 2025-08-11
   listed $6,000
5. 2025-05-24
   listed $499,000 Active
6. 2025-05-20
   historical
7. 2025-03-24
   price $519,900
8. 2025-02-26
   price $534,900
9. 2024-11-27
   listed $539,900 Active
10. 2021-05-05
    soldstatus $322,000
11. 2021-04-30
    soldstatus $322,000 Closed 1230-char remark

    Show marketing remark (1230 chars)

    Hard to find first floor carriage home built by the original WCI Communities master builder and developer of world class active lifestyle resort casual communities. This fantastic well-appointed designer series carriage home is located in the recently sold-out Casella neighborhood at Pelican Preserve, awarded the nation's 6th best 55+ community. This open great room design features 3 generous bedrooms, 2 full baths and a spacious 2 car garage. Inside you will find upscale finishes that include: 18" tile floors in the main living areas, granite countertops cover the massive one level center island, travertine tile backsplash, 42" light wood shaker style cabinets with soft close drawers, professional level appliances, crown molding, detailed tray ceilings, plantation shutters, impact glass windows & doors, custom light fixtures & ceiling fans. Plus a huge lanai to enjoy the 41 acre protected preserve. Casella is the only carriage home neighborhood with its own private pool and cabana. Pelican Preserve offers a diverse array of activities from tennis & pickleball, indoor aquatics center, staffed fitness & wellness, restaurants, 99 seat movie cinema, concert park & much more.

12. 2021-03-25
    historical 1230-char remark

    Show marketing remark (1230 chars)

    Hard to find first floor carriage home built by the original WCI Communities master builder and developer of world class active lifestyle resort casual communities. This fantastic well-appointed designer series carriage home is located in the recently sold-out Casella neighborhood at Pelican Preserve, awarded the nation's 6th best 55+ community. This open great room design features 3 generous bedrooms, 2 full baths and a spacious 2 car garage. Inside you will find upscale finishes that include: 18" tile floors in the main living areas, granite countertops cover the massive one level center island, travertine tile backsplash, 42" light wood shaker style cabinets with soft close drawers, professional level appliances, crown molding, detailed tray ceilings, plantation shutters, impact glass windows & doors, custom light fixtures & ceiling fans. Plus a huge lanai to enjoy the 41 acre protected preserve. Casella is the only carriage home neighborhood with its own private pool and cabana. Pelican Preserve offers a diverse array of activities from tennis & pickleball, indoor aquatics center, staffed fitness & wellness, restaurants, 99 seat movie cinema, concert park & much more.

13. 2021-03-25
    listed $325,000 1230-char remark

    Show marketing remark (1230 chars)

    Hard to find first floor carriage home built by the original WCI Communities master builder and developer of world class active lifestyle resort casual communities. This fantastic well-appointed designer series carriage home is located in the recently sold-out Casella neighborhood at Pelican Preserve, awarded the nation's 6th best 55+ community. This open great room design features 3 generous bedrooms, 2 full baths and a spacious 2 car garage. Inside you will find upscale finishes that include: 18" tile floors in the main living areas, granite countertops cover the massive one level center island, travertine tile backsplash, 42" light wood shaker style cabinets with soft close drawers, professional level appliances, crown molding, detailed tray ceilings, plantation shutters, impact glass windows & doors, custom light fixtures & ceiling fans. Plus a huge lanai to enjoy the 41 acre protected preserve. Casella is the only carriage home neighborhood with its own private pool and cabana. Pelican Preserve offers a diverse array of activities from tennis & pickleball, indoor aquatics center, staffed fitness & wellness, restaurants, 99 seat movie cinema, concert park & much more.

ⓘ 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: $5,051 · $421/mo
• Projected year-2 tax: $5,051 · $421/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 27 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: $59,545
• − Mortgage interest: −$27,106
• − Property taxes: −$5,051
• − Insurance: −$2,420
• − Repairs & maintenance: −$4,764
• − Management: −$4,764
• − HOA: −$11,568
• − Depreciation: −$14,077
• Taxable loss: −$10,204
• Est. tax savings @ 24.0%: +$2,449
• After-tax cash flow: $-1/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 — Fort Myers

• Score: 86/100
• State rank: #14
• US rank: #383

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 278,598
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 31,538
• Household income: $110,373
• Rent vs Own: 9.5% rent · 90.5% own
• Severe rent burden: 276.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 13% Two or more races 11% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 10% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -25.45%
• Current HPI: 221.7115
• Rent YoY: ▲ 0.37%
• 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

+48.9% since first listed

13 events — show timeline

• 2026-05-15 Pending — FORTMLS
• 2026-03-24 Price Changed $483,900 FORTMLS
• 2025-09-30 Rental Removed $6,000 FORTMLS
• 2025-08-11 Listed for Rent $6,000 FORTMLS
• 2025-05-24 Listed $499,000 FORTMLS
• 2025-05-20 Listing Removed — FORTMLS
• 2025-03-24 Price Changed $519,900 FORTMLS
• 2025-02-26 Price Changed $534,900 FORTMLS
• 2024-11-27 Listed $539,900 FORTMLS
• 2021-05-05 Sold (Public Records) $322,000 Public Records
• 2021-04-30 Sold (MLS) $322,000 FORTMLS
• 2021-03-25 Listing Removed — FORTMLS
• 2021-03-25 Listed $325,000 FORTMLS

Property tax history

+12.4%/yr

Latest (2025): $5,051 · +3.2% YoY. Source: county tax records.