12660 Water Ln · Iona, FL 33908

$74,000

3 bd · 2.0 ba · 1,464 sqft · Manufactured public records · 59 Days on market

Built 1984 0.25 ac lot ↓ 6% since listing

---

Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

This 3BR/2BA mobile home is in rough shape and will need a full renovation. The value is in the land, situated in a great Fort Myers location. Quiet street, easy access to major roads. This deal won't last!

Key facts

• Quiet street
• Fort myers location
• 0.25 acre lot

Tags

• FORT MYERS LOCATION
• QUIET STREET
• EASY ACCESS TO MAJOR ROADS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $74k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $74k).
• Recommended offer: $72k (3.0% below list) — sets the bar for market timing.
• Cap rate 32.5% vs local median 2.1% in Iona — 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 72/100 on livability (#359 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A, health & safety A; Watch: schools D-, 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 soft (-1.2%/yr); 1244 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); solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 43% of the median local income ($75k/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 $512 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($72k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $71,780 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 3.68% ✓
• Cap rate: 32.53%
• Cash-on-cash: 93.71%
• DSCR: 5.17
• GRM: 2.3

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: 64.3%
• Equity multiple: 3.71×
• Total profit: $56,229
• Equity at exit: $11,034

10-year hold

• IRR: 67.5%
• Equity multiple: 6.65×
• Total profit: $117,102
• Equity at exit: $6,398

Cash invested: $20,720 (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 33908

• Home prices YoY: -32.8%
• Rents YoY: -1.2%
• Active inventory: 1244
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $2,726 high
• Mortgage (P&I): −$388
• Tax from tax record: −$117 /mo · $1,400/yr
• Insurance: −$31
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$573
• Net cashflow: $1,192

Break-even live

Break-even rent $1,218

Max offer price $74,000

Occupancy floor 51%

Sensitivity live

Price	-10% $1,233	-5% $1,213	+0% $1,192	+5% $1,171	+10% $1,150
Rent	-10% $976	-5% $1,084	+0% $1,192	+5% $1,299	+10% $1,407
Rate	-1.0pp $1,229	-0.5pp $1,210	base $1,192	+0.5pp $1,172	+1.0pp $1,153

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: $18,500
• Closing costs: $2,220
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7 Birch Blvd Fort Myers, FL	3.0	2.0	1280	$1,600	$1.25	24d	1	0.27mi
12396 Kelly Sands Way Fort Myers, FL	2.0	2.0	1511	$2,800	$1.85	24d	1	0.35mi
12621 Kelly Sands Way #305 Fort Myers, FL	2.0	2.0	1106	$5,000	$4.52	24d	1	0.38mi
11596 Palm Dr Fort Myers, FL	3.0	2.0	1394	$2,450	$1.76	24d	1	0.38mi
12641 Kelly Sands Way #225 Fort Myers, FL	2.0	2.0	1069	$5,000	$4.68	24d	1	0.39mi
16252 Kelly Woods Dr Fort Myers, FL	2.0	2.0	1515	$6,000	$3.96	24d	1	0.45mi
12171 Kelly Sands Way #1577 Fort Myers, FL	2.0	2.0	1160	$4,500	$3.88	24d	1	0.47mi
16360 N Oleander Dr Fort Myers, FL	4.0	2.0	1700	$2,950	$1.74	3d	1	0.47mi
16301 Kelly Woods Dr #205 Fort Myers, FL	2.0	2.0	1336	$5,000	$3.74	24d	1	0.48mi
12540 Kelly Greens Blvd #331 Fort Myers, FL	2.0	2.0	1440	$2,100	$1.46	24d	1	0.48mi
12150 Kelly Sands Way Fort Myers, FL	2.0	2.0	1087	$4,700	$4.32	24d	2	0.56mi
12150 Kelly Sands Way Fort Myers, FL	2.0	2.0	1087	$3,325	$3.06	3d	3	0.56mi
16126 Kelly Woods Dr Fort Myers, FL	3.0	2.0	1564	$5,800	$3.71	3d	1	0.56mi
12250 Kelly Greens Blvd #57 Fort Myers, FL	2.0	2.0	1336	$1,999	$1.50	24d	1	0.60mi
16470 Kelly Cove Dr #2850 Fort Myers, FL	2.0	2.0	1216	$5,000	$4.11	24d	1	0.63mi
16470 Kelly Cove Dr Fort Myers, FL	2.0	2.0	1214	$3,550	$2.92	3d	2	0.63mi
16500 Kelly Cove Dr #2880 Fort Myers, FL	2.0	2.0	1283	$4,800	$3.74	24d	1	0.66mi
11861 Caraway Ln #116 Fort Myers, FL	2.0	2.0	1056	$1,995	$1.89	20d	1	0.77mi
16120 Dublin Cir Unit A Fort Myers, FL	2.0	2.0	1517	$1,550	$1.02	24d	1	0.78mi
15999 Mandolin Bay Dr #202 Fort Myers, FL	2.0	2.0	1152	$1,775	$1.54	24d	1	0.80mi
15761 Windward Way Cir #3302 Fort Myers, FL	2.0	2.0	1050	$4,500	$4.29	3d	1	0.80mi
15989 Mandolin Bay Dr Fort Myers, FL	2.0	2.0	1152	$1,695	$1.47	24d	1	0.82mi
16001 Bayside Pointe Fort Myers, FL	1.0–3.0	1.0–2.0	1135	$2,245	$1.98	2d	18	0.83mi
15770 Windward Way Cir #2205 Fort Myers, FL	2.0	2.0	1050	$1,600	$1.52	24d	1	0.84mi
11140 Caravel Cir #109 Fort Myers, FL	2.0	2.0	1050	$4,200	$4.00	24d	1	0.84mi
11110 Caravel Cir #201 Fort Myers, FL	2.0	2.0	1050	$3,500	$3.33	24d	1	0.86mi
11701 Olivetti Ln Unit 210 Fort Myers, FL	2.0	2.0	1305	$4,500	$3.45	24d	1	0.88mi
11701 Olivetti Ln Unit 1545836P Fort Myers, FL	3.0	2.0	1388	$4,214	$3.04	14d	1	0.88mi
13502 Siesta Pines Ct #402 Fort Myers, FL	2.0	2.0	955	$1,475	$1.54	14d	1	0.89mi
16821 Sanibel Sunset Ct #203 Fort Myers, FL	2.0	2.0	1271	$1,750	$1.38	11d	1	0.90mi
11711 Pasetto Ln #102 Fort Myers, FL	2.0	2.0	1055	$2,200	$2.09	24d	1	0.92mi
20021 Sanibel View Cir #105 Fort Myers, FL	2.0	2.0	1417	$4,800	$3.39	24d	1	0.93mi
16361 Dublin Cir #203 Fort Myers, FL	2.0	2.0	892	$1,700	$1.91	2d	1	0.93mi
11540 Caravel Cir #3012 Fort Myers, FL	2.0	2.0	1050	$1,250	$1.19	21d	1	0.94mi
13426 Pine Needle Ln Fort Myers, FL	2.0	1.0	922	$1,275	$1.38	21d	1	0.94mi
13430 Pine Needle Ln Fort Myers, FL	2.0	1.0	922	$1,200	$1.30	3d	1	0.94mi
11701 Pasetto Ln Unit 1049715P Fort Myers, FL	3.0	2.0	1496	$2,960	$1.98	21d	1	0.94mi
13527 Siesta Pines Ct Fort Myers, FL	2.0	2.5	1244	$1,900	$1.53	24d	1	0.95mi
13533 Siesta Pines Ct Fort Myers, FL	2.0	3.0	1246	$1,800	$1.44	24d	1	0.96mi
12866 Iona Rd Fort Myers, FL	3.0	2.0	1666	$2,850	$1.71	14d	1	0.96mi

Listing history 5 events

1. 2025-10-16
   status Pending
2. 2025-09-22
   price $74,000
3. 2025-09-15
   price $75,000
4. 2025-09-03
   price $77,000
5. 2025-08-18
   listed $79,000 Active

ⓘ 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: $1,400 · $117/mo
• Projected year-2 tax: $1,400 · $117/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 28 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: $32,715
• − Mortgage interest: −$4,145
• − Property taxes: −$1,400
• − Insurance: −$5,488
• − Repairs & maintenance: −$2,617
• − Management: −$2,617
• − Depreciation: −$2,153
• Taxable income: $14,293
• Est. tax owed @ 24.0%: −$3,430
• After-tax cash flow: $10,868/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 — Iona

• Score: 72/100
• State rank: #359
• US rank: #6253

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iona, FL
• County: Lee County · 788,662 people
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 37,423
• Household income: $75,396
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 1944.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 6% Two or more races 5% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 4% Slovak 3%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 4% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -102.22%
• Current HPI: 209.7595
• Rent YoY: ▼ -1.18%
• 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

-6.3% since first listed

5 events — show timeline

• 2025-10-16 Pending — NAPLESMLS
• 2025-09-22 Price Changed $74,000 NAPLESMLS
• 2025-09-15 Price Changed $75,000 NAPLESMLS
• 2025-09-03 Price Changed $77,000 NAPLESMLS
• 2025-08-18 Listed $79,000 NAPLESMLS

Property tax history

+12.0%/yr

Latest (2025): $1,400 · -29.1% YoY. Source: county tax records.