3971 Leeward Passage Ct #203 · Bonita Springs, FL 34134

$248,000

2 bd · 2.0 ba · 1,067 sqft · Condo public records · 142 Days on market

Built 1995 $532/mo HOA · 17% of rent

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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 +24.6/30.0
• DSCR +7.9/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this furnished 2-bedroom, 2-bath second-floor condo located in the desirable Bonita Isles II community within Vanderbilt Lakes, one of Bonita Springs’ most convenient and well-positioned gated neighborhoods. Offering 1,067 square feet of thoughtfully designed living space, this residence features a split-bedroom floor plan, vaulted cathedral ceilings, and an abundance of natural light that creates an open, airy feel from the moment you step inside. Tile and vinyl flooring throughout make maintenance easy and beach-living practical. The kitchen includes ample cabinetry, pantry storage, a breakfast bar, and a full appliance package, opening seamlessly to the dining and living

Key facts

• Furnished condo
• Screened balcony
• $532 HOA

Tags

• FURNISHED CONDO
• SPLIT-BEDROOM FLOOR PLAN
• VAULTED CATHEDRAL CEILINGS
• SCREENED BALCONY
• LANDSCAPED SURROUNDINGS
• TANKLESS WATER HEATER

Property features AI

Finance

• Financial info: Condo fees collected quarterly; HOA fees collected annually
• HOA & community: Mandatory HOA; Quarterly condo fee; Annual HOA fee; Professional management; Maintenance covers cable, insurance, irrigation water, lawn/land maintenance, legal/accounting, manager, master association fee, exterior/interior pest control, recreation facilities, repairs, reserves, security, street lights, street maintenance, trash removal and water; Community amenities: bike/jog path, cabana, community pool, spa/hot tub, internet access, pickleball, streetlights, tennis court, underground utilities; Total annual recurring fees listed

Exterior

• Parking: 1 assigned parking space; Guest parking; Paved parking
• Security: Gated community; Community security included in HOA maintenance
• Utilities: Central water; Central sewer; Central electric; Cable available
• Home design: Residential unit in low-rise (1-3) building; Built in 1995; Concrete block construction; Stucco exterior; Tile roof; Single-hung windows; Shutters (electric and manual); Zero lot line; Rear exposure facing southwest; Subdivision: Vanderbilt Lakes / Bermuda Isles; Lot/unit number 203; Community entrance off Vanderbilt Drive
• Construction: Concrete block construction; Stucco finish; Tile roof; Built in 1995; Low-rise building (1–3 stories)
• Exterior features: Patio; Private road; Automatic sprinkler system; Tennis court; City and landscaped area views; Partial building views; Privacy wall; Central irrigation

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator/freezer; Reverse osmosis water filtration; Pantry
• Bedrooms: 2 bedrooms; Master bedroom with sitting area; Split bedroom floor plan
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Built-in cabinets; Cable prewire; Cathedral ceiling; High-speed internet available; Pantry; Smoke detectors; Window coverings; Pantry (kitchen); Breakfast bar; Dining/family area; Eat-in kitchen; Family room; Guest bath; Guest room; Screened balcony/lanai/porch; Furnished; Five ceiling fans
• Laundry & utility: Washer; Dryer; Washer/dryer hookup; Tankless water heater; Freezer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $248k.

Deal economics

• At list price, monthly cash flow is $513 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $248k).
• Recommended offer: $218k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 1.7% 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.

Location & tenants

• 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: Bonita Springs Elementary School (math 60% / reading 45%, grade C-, #976 of 2,144 statewide, top 46%, 546 students, 61% FRL); Bonita Springs High School (math 34% / reading 49%, grade F, #284 of 667 statewide, top 43%, 1,543 students, 35% FRL).
• Market conditions: Rents rising (+2.9%/yr); 699 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); high-income renter base; 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 $2k of loan paydown is wiped out by about $7k 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 142 days — a 12% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $92k; list at $248k implies a 171% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 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: 1.28% ✓
• Cap rate: 8.78%
• Cash-on-cash: 8.87%
• DSCR: 1.39
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.85% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.89×
• Total profit: $-7,749
• Equity at exit: $36,978

10-year hold

• IRR: 6.6%
• Equity multiple: 1.49×
• Total profit: $34,298
• Equity at exit: $21,443

Cash invested: $69,440 (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 34134

• Rents YoY: 2.9%
• Active inventory: 699
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $3,181 high
• Mortgage (P&I): −$1,301
• Tax from tax record: −$64 /mo · $765/yr
• Insurance: −$103
• HOA: −$532
• Vacancy / Maint / Mgmt: −$668
• Net cashflow: $513

Break-even live

Break-even rent $2,531

Max offer price $248,000

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: $62,000
• Closing costs: $7,440
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3951 Windward Passage Cir #102 Bonita Springs, FL	2.0	2.0	1397	$5,200	$3.72	23d	1	0.05mi
3941 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$2,000	$1.66	23d	1	0.09mi
3930 Windward Passage Cir #202 Bonita Springs, FL	2.0	2.0	1478	$1,900	$1.29	16d	1	0.09mi
3921 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$3,500	$2.91	23d	1	0.15mi
74 7th St Bonita Springs, FL	3.0	2.0	1124	$3,150	$2.80	23d	1	0.23mi
28720 Bermuda Bay Way #205 Bonita Springs, FL	2.0	2.0	1097	$2,200	$2.01	14d	1	0.26mi
64 4th St Bonita Springs, FL	2.0	2.0	1231	$3,700	$3.01	23d	2	0.31mi
28178 Sunset Dr Bonita Springs, FL	2.0	1.0	936	$2,550	$2.72	21d	1	0.36mi
28940 Bermuda Pointe Cir #102 Bonita Springs, FL	2.0	2.0	1076	$5,500	$5.11	23d	1	0.39mi
27921 Bonita Village Blvd Bonita Springs, FL	2.0–3.0	2.0	1429	$3,045	$2.13	23d	3	0.58mi
28611 Carriage Home Dr #101 Bonita Springs, FL	2.0	2.0	1433	$2,550	$1.78	23d	1	0.63mi
4073 Springs Ln Unit 4073 Bonita Springs, FL	2.0	1.0	720	$1,995	$2.77	23d	1	0.63mi
3503 Brink Cir Bonita Springs, FL	2.0	3.0	1300	$2,200	$1.69	23d	1	0.73mi
4212 Rita Ln Bonita Springs, FL	2.0	2.0	1428	$1,475	$1.03	23d	1	0.74mi
3463 Brink Cir Bonita Springs, FL	2.0	1.0	1000	$2,150	$2.15	23d	1	0.75mi
4411 Little Hickory Rd Unit 1534826P Bonita Springs, FL	2.0	1.0	796	$3,564	$4.48	14d	1	0.81mi
28700 Trails Edge Blvd Bonita Springs, FL	3.0	2.0	1458	$2,175	$1.49	3d	2	0.81mi
4426 Little Hickory Rd Bonita Springs, FL	2.0	1.0	979	$1,900	$1.94	19d	1	0.85mi
27650 Imperial Shores Blvd Unit 650 Bonita Springs, FL	2.0	1.0	840	$1,800	$2.14	23d	1	0.85mi
27594 Shore Dr Bonita Springs, FL	3.0	2.0	1426	$5,500	$3.86	23d	1	0.86mi
4851 Gary Rd Bonita Springs, FL	2.0	1.0	1281	$2,250	$1.76	23d	1	0.89mi
15400 Cedarwood Ln #102 Naples, FL	2.0	2.0	1286	$6,300	$4.90	13d	1	0.90mi
15400 Cedarwood Ln Unit 1-201 Naples, FL	2.0	2.0	1286	$6,000	$4.67	23d	1	0.90mi
27625 Riverdale Ln Unit 27627 Bonita Springs, FL	2.0	1.0	960	$1,795	$1.87	23d	1	0.91mi
28790 Versol Dr Bonita Springs, FL	1.0–3.0	1.0–2.0	1075	$2,632	$2.45	1d	19	0.96mi
4835 Bonita Beach Rd Bonita Springs, FL	2.0	2.0	865	$3,425	$3.96	23d	2	0.96mi
15415 Cedarwood Ln Unit 3 Naples, FL	2.0	2.0	1428	$2,200	$1.54	13d	1	0.97mi
285 Naples Cove Dr #1103 Naples, FL	2.0	2.0	1267	$2,475	$1.95	23d	1	0.99mi
270 Naples Cove Dr #3506 Naples, FL	3.0	2.0	1475	$2,500	$1.69	21d	1	1.02mi
1345 Sweetwater Cv #203 Naples, FL	2.0	2.0	1279	$4,800	$3.75	23d	1	1.02mi
4895 Bonita Beach Rd #208 Bonita Springs, FL	3.0	2.0	1288	$3,250	$2.52	23d	1	1.03mi
290 Naples Cove Dr Naples, FL	2.0	2.0	1327	$3,400	$2.56	23d	3	1.03mi
1340 Sweetwater Cv #103 Naples, FL	2.0	2.0	1279	$5,000	$3.91	23d	1	1.03mi
27581 Imperial Shores Blvd Unit 2 Bonita Springs, FL	2.0	2.0	900	$1,900	$2.11	3d	1	1.06mi
1360 Sweetwater Cv #202 Naples, FL	2.0	2.0	1279	$5,500	$4.30	23d	1	1.06mi
9030 Las Maderas Dr #101 Bonita Springs, FL	2.0	2.0	1432	$2,500	$1.75	23d	1	1.06mi
9050 Las Maderas Dr #101 Bonita Springs, FL	2.0	2.0	1364	$2,100	$1.54	23d	1	1.07mi
1415 Sweetwater Cv #104 Naples, FL	3.0	2.0	1381	$6,500	$4.71	23d	1	1.07mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	13d	1	1.07mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	23d	1	1.07mi

HOA detail condo

• Monthly dues: $532 · $6,384/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-17
   days on market $248,000 Active 142 DOM
2. 2026-06-16
   days on market $248,000 Active 141 DOM
3. 2026-06-16
   price $248,000 Active 140 DOM
4. 2026-06-15
   days on market $252,000 Active 140 DOM
5. 2026-06-13
   days on market $252,000 Active 138 DOM
6. 2026-06-10
   days on market $252,000 Active 135 DOM
7. 2026-06-09
   days on market $252,000 Active 134 DOM
8. 2026-06-07
   days on market $252,000 Active 132 DOM
9. 2026-06-02
   days on market $252,000 Active 127 DOM
10. 2026-06-01
    days on market $252,000 Active 126 DOM
11. 2026-06-01
    days on market $252,000 Active 125 DOM
12. 2026-04-01
    price $252,000
13. 2026-03-02
    price $259,000
14. 2026-01-26
    listed $269,000 Active
15. 1998-12-07
    soldstatus $91,500
16. 1995-02-09
    soldstatus $75,900

ⓘ 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: $765 · $64/mo
• Projected year-2 tax: $2,058 · $172/mo
• Expected delta: +$1,293/yr (+$108/mo · 169.1%)

ⓘ 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) · 55% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 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: $38,171
• − Mortgage interest: −$13,892
• − Property taxes: −$765
• − Insurance: −$1,240
• − Repairs & maintenance: −$3,054
• − Management: −$3,054
• − HOA: −$6,384
• − Depreciation: −$7,215
• Taxable income: $2,568
• Est. tax owed @ 24.0%: −$616
• After-tax cash flow: $5,543/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 — Bonita Springs

• Score: 70/100
• State rank: #428
• US rank: #7576

Category grades

Amenities F Commute F Cost of living C- 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: Bonita Springs, FL
• County: Lee County · 788,662 people
• City population: 64,727
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 16,475
• Household income: $130,719
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 554.0

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 (91%)
• Race & ethnicity: White 91% Hispanic / Latino 5% Two or more races 3% Asian 1%
• Common ancestry: Slovak 5% Romanian 4% Serbian 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 4% German/W. Germanic 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: ▼ -236.48%
• Current HPI: 237.4416
• Rent YoY: ▲ 2.85%
• 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

+232.0% since first listed

5 events — show timeline

• 2026-04-01 Price Changed $252,000 BEARMLS
• 2026-03-02 Price Changed $259,000 BEARMLS
• 2026-01-26 Listed $269,000 BEARMLS
• 1998-12-07 Sold (Public Records) $91,500 Public Records
• 1995-02-09 Sold (Public Records) $75,900 Public Records

Property tax history

+0.1%/yr

Latest (2025): $765 · +4.3% YoY. Source: county tax records.