28871 Bermuda Lago Ct #304 · Bonita Springs, FL 34134

$369,000

2 bd · 2.0 ba · 1,284 sqft · Condo public records · 152 Days on market

Built 1999 $640/mo HOA · 13% 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 +25.6/30.0
• DSCR +8.5/10.0
• 1% rule +8.4/10.0
• 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

West of US 41 Under $400k. Rarely available, top-floor residence in the meticulously maintained, gated community of Bermuda Lago. This 2-bedroom plus den, 2-bath sanctuary, with a private, detached 1-car garage, offers a timeless, redesigned interior. The open-concept living space features vaulted ceilings , gallery lighting, French Oak wood tile, and espresso carpeting. Bathrooms boast Carrera Marble and Basalt tile. The kitchen includes quartz countertops, ample storage, a spacious pantry , and a custom enclosed coffee/laundry area. The owner’s suite has lanai access, a custom walk-in closet, and an en-suite with floating vanities. The second bedroom and den are well-proportioned. I

Key facts

• Gated community
• Redesigned interior
• Top-floor residence

Tags

• TOP-FLOOR RESIDENCE
• GATED COMMUNITY
• REDESIGNED INTERIOR
• OPEN-CONCEPT LIVING SPACE
• VAULTED CEILINGS
• GALLERY LIGHTING

Property features AI

Finance

• Other: Zoning: RPD; Restrictions: Deeded, No Commercial, No RV; Units in building: 15; units in complex: 60; units per floor: 3; total floors in building: 1; Possession at closing
• HOA & community: Mandatory HOA (Condo management); Quarterly condo fee; Quarterly fee: $1,920; Annual recurring fees total: $7,680; One-time fees: $150; HOA maintenance covers lawn/land maintenance, exterior pest control, reserves, security, sewer, street lights, street maintenance, trash removal; Community pool

Exterior

• Parking: Common parking; Detached 1-car garage
• Security: Community security included in HOA maintenance
• Utilities: Central water; Central sewer; Cable available; Power: Central electric
• Home design: Residential condo in a low-rise (1–3) building; Built in 1999; Concrete block construction; Stucco exterior; Tile roof; Rear exposure faces north; Development: Bermuda Lago; Subdivision/Unit: B3, Unit 304; Road: Paved private road; Lot described as regular; Irrigation: Central
• Construction: Concrete block construction; Stucco finish; Tile roof; Year built: 1999
• Exterior features: Patio; Storage; Pool/club view

Interior

• Kitchen: Pantry; Dishwasher; Microwave; Range; Refrigerator; Eat-in kitchen; Dining/living area
• Bedrooms: 2 bedrooms plus den; Split bedroom floor plan
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bathroom with shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Cable prewire; French doors; High-speed internet available; Pantry; Smoke detectors; Surround sound wiring; Vaulted ceiling; Walk-in closet; Window coverings; Screened lanai/porch; Den (study); Guest bath; Elevator (common)
• Laundry & utility: Laundry in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $369k.

Deal economics

• At list price, monthly cash flow is $871 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $369k).
• Recommended offer: $325k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: schools C-, cost of living C-, health & safety 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.
• 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).
• At $4,948/mo this rent would consume 45% of the median local household income ($131k/yr) (locally 554% 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 $11k 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 152 days — a 12% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $20k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $124k; list at $369k implies a 198% 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 $324,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 152 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: 1.34% ✓
• Cap rate: 9.13%
• Cash-on-cash: 10.12%
• DSCR: 1.45
• GRM: 6.2

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: -1.2%
• Equity multiple: 0.95×
• Total profit: $-4,696
• Equity at exit: $55,019

10-year hold

• IRR: 8.4%
• Equity multiple: 1.64×
• Total profit: $65,806
• Equity at exit: $31,904

Cash invested: $103,320 (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: 6.2×

Monthly cashflow live

• Estimated rent: $4,948 high
• Mortgage (P&I): −$1,935
• Tax from tax record: −$309 /mo · $3,711/yr
• Insurance: −$154
• HOA: −$640
• Vacancy / Maint / Mgmt: −$1,039
• Net cashflow: $871

Break-even live

Break-even rent $3,846

Max offer price $369,000

Occupancy floor 77%

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: $92,250
• Closing costs: $11,070
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28650 Carriage Home Dr Unit 1049692P Bonita Springs, FL	3.0	2.0	1528	$3,980	$2.60	16d	1	0.10mi
28611 Carriage Home Dr #101 Bonita Springs, FL	2.0	2.0	1433	$2,550	$1.78	23d	1	0.16mi
28700 Trails Edge Blvd Bonita Springs, FL	3.0	2.0	1458	$2,175	$1.49	3d	2	0.17mi
1345 Sweetwater Cv #203 Naples, FL	2.0	2.0	1279	$4,800	$3.75	23d	1	0.32mi
28327 Hidden Lake Dr Bonita Springs, FL	3.0	2.0	1567	$8,950	$5.71	23d	1	0.32mi
1340 Sweetwater Cv #103 Naples, FL	2.0	2.0	1279	$5,000	$3.91	23d	1	0.32mi
1360 Sweetwater Cv #202 Naples, FL	2.0	2.0	1279	$5,500	$4.30	23d	1	0.35mi
1415 Sweetwater Cv #104 Naples, FL	3.0	2.0	1381	$6,500	$4.71	23d	1	0.36mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	23d	1	0.37mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	14d	1	0.37mi
1325 Sweetwater Cv #201 Naples, FL	3.0	2.0	1381	$6,000	$4.34	23d	1	0.37mi
1420 Sweetwater Cv #102 Naples, FL	2.0	2.0	1279	$5,000	$3.91	21d	1	0.38mi
1420 Sweetwater Cv #102 Naples, FL	2.0	2.0	1279	$5,000	$3.91	23d	1	0.38mi
1390 Sweetwater Cv #203 Naples, FL	2.0	2.0	1279	$2,200	$1.72	14d	1	0.40mi
28790 Versol Dr Bonita Springs, FL	1.0–3.0	1.0–2.0	1075	$2,632	$2.45	1d	19	0.40mi
28712 Carmel Way Bonita Springs, FL	3.0	2.5	1626	$9,250	$5.69	23d	1	0.49mi
1117 Sweetwater Ln #2201 Naples, FL	2.0	2.0	1193	$6,500	$5.45	23d	1	0.51mi
3921 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$3,500	$2.91	23d	1	0.58mi
1214 Sweetwater Ln #2306 Naples, FL	2.0	2.0	1378	$6,500	$4.72	23d	1	0.59mi
28940 Bermuda Pointe Cir #102 Bonita Springs, FL	2.0	2.0	1076	$5,500	$5.11	23d	1	0.60mi
28720 Bermuda Bay Way #205 Bonita Springs, FL	2.0	2.0	1097	$2,200	$2.01	14d	1	0.60mi
1250 Silverstrand Dr Naples, FL	3.0	2.0	1848	$5,000	$2.71	23d	1	0.61mi
3941 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$2,000	$1.66	23d	1	0.62mi
3930 Windward Passage Cir #202 Bonita Springs, FL	2.0	2.0	1478	$1,900	$1.29	16d	1	0.64mi
3951 Windward Passage Cir #102 Bonita Springs, FL	2.0	2.0	1397	$5,200	$3.72	23d	1	0.67mi
9021 Las Maderas Dr #202 Bonita Springs, FL	2.0	2.0	1674	$7,500	$4.48	23d	1	0.71mi
9030 Las Maderas Dr #101 Bonita Springs, FL	2.0	2.0	1432	$2,500	$1.75	23d	1	0.74mi
9050 Las Maderas Dr #101 Bonita Springs, FL	2.0	2.0	1364	$2,100	$1.54	23d	1	0.76mi
9111 Las Maderas Dr #102 Bonita Springs, FL	2.0	2.0	1624	$7,500	$4.62	23d	1	0.77mi
9855 Costa Mesa Ln #403 Bonita Springs, FL	2.0	2.0	1146	$1,600	$1.40	23d	1	0.79mi
9851 Costa Mesa Ln Unit 1546344P Bonita Springs, FL	2.0	2.0	1194	$1,935	$1.62	16d	1	0.79mi
8981 Palmas Grandes Blvd #102 Bonita Springs, FL	2.0	2.0	1791	$7,500	$4.19	23d	1	0.80mi
14907 Sterling Oaks Dr Naples, FL	3.0	3.0	1760	$6,500	$3.69	23d	1	0.80mi
8990 Palmas Grandes Blvd #201 Bonita Springs, FL	2.0	2.0	1797	$5,000	$2.78	23d	1	0.84mi
28052 Palmas Grandes Ln #101 Bonita Springs, FL	2.0	2.0	1500	$7,200	$4.80	23d	1	0.87mi
9050 Palmas Grandes Blvd #101 Bonita Springs, FL	2.0	2.0	1200	$2,000	$1.67	23d	1	0.90mi
28178 Sunset Dr Bonita Springs, FL	2.0	1.0	936	$2,550	$2.72	21d	1	0.91mi
62 8th St Unit 1073526P Bonita Springs, FL	2.0	2.0	1593	$5,435	$3.41	23d	1	0.93mi
74 7th St Bonita Springs, FL	3.0	2.0	1124	$3,150	$2.80	23d	1	0.94mi
3463 Brink Cir Bonita Springs, FL	2.0	1.0	1000	$2,150	$2.15	23d	1	0.97mi

HOA detail condo

• Monthly dues: $640 · $7,680/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-17
   days on market $369,000 Active 152 DOM
2. 2026-06-16
   days on market $369,000 Active 151 DOM
3. 2026-06-15
   days on market $369,000 Active 150 DOM
4. 2026-06-13
   days on market $369,000 Active 148 DOM
5. 2026-06-10
   days on market $369,000 Active 145 DOM
6. 2026-06-09
   days on market $369,000 Active 144 DOM
7. 2026-06-07
   days on market $369,000 Active 142 DOM
8. 2026-06-02
   days on market $369,000 Active 137 DOM
9. 2026-06-01
   days on market $369,000 Active 136 DOM
10. 2026-06-01
    days on market $369,000 Active 135 DOM
11. 2026-03-01
    price $369,000
12. 2026-01-16
    listed $389,000 Active
13. 2025-12-13
    historical
14. 2025-07-02
    listed $410,000 Active
15. 2023-01-31
    historical
16. 2023-01-27
    status Active
17. 2023-01-27
    status Pending
18. 2022-11-25
    price $499,000
19. 2022-10-31
    price $515,000
20. 2022-10-14
    listed $535,000 Active
21. 2000-01-13
    soldstatus $123,811

ⓘ 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: $3,711 · $309/mo
• Projected year-2 tax: $3,711 · $309/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) · 52% 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: $59,377
• − Mortgage interest: −$20,670
• − Property taxes: −$3,711
• − Insurance: −$1,845
• − Repairs & maintenance: −$4,750
• − Management: −$4,750
• − HOA: −$7,680
• − Depreciation: −$10,735
• Taxable income: $5,236
• Est. tax owed @ 24.0%: −$1,257
• After-tax cash flow: $9,194/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

+198.0% since first listed

11 events — show timeline

• 2026-03-01 Price Changed $369,000 BEARMLS
• 2026-01-16 Listed $389,000 BEARMLS
• 2025-12-13 Listing Removed — FORTMLS
• 2025-07-02 Listed $410,000 FORTMLS
• 2023-01-31 Listing Removed — NAPLESMLS
• 2023-01-27 Relisted — NAPLESMLS
• 2023-01-27 Pending — NAPLESMLS
• 2022-11-25 Price Changed $499,000 NAPLESMLS
• 2022-10-31 Price Changed $515,000 NAPLESMLS
• 2022-10-14 Listed $535,000 NAPLESMLS
• 2000-01-13 Sold (Public Records) $123,811 Public Records

Property tax history

+5.6%/yr

Latest (2025): $3,711 · -8.8% YoY. Source: county tax records.