8940 Colonnades Ct E #731 · Bonita Springs, FL 34135

$268,000

2 bd · 2.0 ba · 997 sqft · Condo public records · 9 Days on market

Built 2000 $533/mo HOA · 21% 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 +8.4/30.0
• ARV discount +7.5/15.0
• 1% rule +4.7/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

IMMACULATE, beautifully upgraded 3rd-floor CORNER unit w/ screened balcony & lots of natural light in the lovely gated, pet-friendly, people-friendly community of San Mirage at Bonita Springs! CARPORT INCLUDED! This meticulously maintained, freshly painted Trieste model features 2 spacious Bedrooms--each with its own full Bath & walk-in closet. Exquisitely remodeled w/ NEW cabinets, lighting, fans, faucets & hardware. Upgrades include wainscoting & large neutral tile on diagonal. New A/C; New stainless steel appliances 2018. Newer water heater. Full-sized Washer & Dryer conveniently located off the Kitchen. San Mirage offers a GORGEOUS heated, saltwater pool, spa, cabanas, bar area w/ wifi, fitness room, clubhouse & tennis courts for your enjoyment. Quarterly HOA fee of $1016 includes cable & water. All this IDEALLY LOCATED minutes from world-class shopping at Coconut Point & Miromar Outlets, healthcare, dining & entertainment. Short trip to Southwest Florida internat'l Airport & 6 sugar-sand beaches! This is the ONLY unit for sale in San Mirage that offers a carport (#102)+your assigned space right in front of the condo. Similar units rent for $1300/mo annually; $2600/mo seasonally.

Key facts

• Gated community
• Open floor plan
• Reserved carport

Tags

• GATED COMMUNITY
• OPEN FLOOR PLAN
• DEEDED CARPORT
• RESERVED CARPORT
• ASSIGNED PARKING SPACE
• SCREENED PRIVATE BALCONY

Property features AI

Finance

• Other: Community of 10 units
• Financial info: Pets allowed: case-by-case/conditional
• HOA & community: Homeowners association with quarterly fee; Association fee covers management, cable TV, insurance, irrigation water, grounds maintenance, pest control, recreation facilities, road maintenance and street lights; Community amenities include bike storage, cabana, fitness center, pool, spa/hot tub, vehicle wash area and management

Exterior

• Parking: Detached carport; 1 covered space / 1-car carport
• Security: Gated community
• Utilities: Public water; Public sewer; Cable available; High speed internet available
• Home design: 3 stories; Entry level: 3; Resale property; Faces north
• Construction: Built with block, concrete and stucco; Tile roof
• Exterior features: Balcony; Screened porch; South exposure; Private road frontage

Interior

• Kitchen: Dishwasher; Electric cooktop; Range; Microwave; Disposal; Refrigerator; Pantry; Breakfast bar
• Bedrooms: Multiple primary suites
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Furnished; Breakfast bar; Entrance foyer; Living/dining room; Multiple primary suites; Pantry; Tub/shower; Cable TV; Walk-in closet(s); Window treatments; Split bedrooms; Single hung, sliding and transom windows
• Laundry & utility: Washer and dryer included; Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $268k.

Deal economics

• At list price, monthly cash flow is $-240 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $226k (15.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (3.2% below list).
• Recommended offer: $226k (15.8% below list) — sets the bar for cash-flow.
• Cap rate 5.2% 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: Pinewoods Elementary School (math 81% / reading 74%, grade A, #163 of 2,144 statewide, top 8%, 1,089 students, 25% 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) — zoned schools average 39% FRL vs 57% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-0.6%/yr); 843 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 34% of the median local income ($91k/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 $2k of loan paydown is wiped out by about $8k 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $182k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• 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 $225,552 (15.8% 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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.97% ✗
• Cap rate: 5.22%
• Cash-on-cash: -3.84%
• DSCR: 0.83
• GRM: 8.6

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: -27.0%
• Equity multiple: 0.12×
• Total profit: $-66,024
• Equity at exit: $39,960

10-year hold

• IRR: -46.2%
• Equity multiple: -0.40×
• Total profit: $-105,321
• Equity at exit: $23,172

Cash invested: $75,040 (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 34135

• Rents YoY: -0.6%
• Active inventory: 843
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,593 high
• Mortgage (P&I): −$1,405
• Tax from tax record: −$239 /mo · $2,868/yr
• Insurance: −$112
• HOA: −$533
• Vacancy / Maint / Mgmt: −$545
• Net cashflow: $-240

Break-even live

Break-even rent $2,898

Max offer price $225,552

Occupancy floor —

Sensitivity live

Price	-10% $-89	-5% $-164	+0% $-240	+5% $-316	+10% $-392
Rent	-10% $-445	-5% $-343	+0% $-240	+5% $-138	+10% $-35
Rate	-1.0pp $-105	-0.5pp $-172	base $-240	+0.5pp $-310	+1.0pp $-380

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: $67,000
• Closing costs: $8,040
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8930 Colonnades Ct E #625 Bonita Springs, FL	2.0	2.0	1013	$3,000	$2.96	12d	1	0.03mi
8940 Colonnades Ct E Bonita Springs, FL	2.0	2.0	1013	$2,675	$2.64	25d	2	0.03mi
8940 Colonnades Ct E Bonita Springs, FL	2.0	2.0	1013	$2,575	$2.54	12d	3	0.03mi
8930 Colonnades Ct E Bonita Springs, FL	2.0	2.0	1013	$2,325	$2.30	17d	2	0.04mi
8920 Colonnades Ct E #514 Bonita Springs, FL	1.0	1.0	713	$1,500	$2.10	25d	1	0.06mi
8870 Colonnades Ct W #337 Bonita Springs, FL	2.0	2.0	997	$3,100	$3.11	5d	1	0.12mi
25480 Cockleshell Dr #1005 Bonita Springs, FL	2.0	2.5	1119	$4,600	$4.11	25d	1	1.03mi
10041 Maddox Ln #203 Bonita Springs, FL	3.0	2.0	1083	$5,000	$4.62	25d	1	1.04mi
25806 Cockleshell Dr #314 Bonita Springs, FL	2.0	2.0	975	$1,800	$1.85	25d	1	1.19mi
9200 Highland Woods Blvd Bonita Springs, FL	2.0	2.0	1083	$4,050	$3.74	17d	3	1.24mi
9250 Highland Woods Blvd #2308 Bonita Springs, FL	2.0	2.0	1100	$1,995	$1.81	5d	1	1.25mi
9250 Highland Woods Blvd #2308 Bonita Springs, FL	2.0	2.0	1100	$1,995	$1.81	25d	1	1.25mi
10325 Tarrah Ln Unit 1073517P Bonita Springs, FL	2.0	1.0	818	$4,608	$5.63	4d	1	1.36mi
10101 Sandy Hollow Ln #102 Bonita Springs, FL	2.0	2.5	808	$1,645	$2.04	25d	1	1.41mi
9450 Highland Woods Blvd #6203 Bonita Springs, FL	2.0	2.0	1100	$6,000	$5.45	16d	1	1.49mi

HOA detail condo

• Monthly dues: $533 · $6,396/yr
• Likely covers: waterinternetcablepoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-22
   days on market $268,000 Active 9 DOM
2. 2026-06-18
   days on market $268,000 Active 6 DOM
3. 2026-06-17
   days on market $268,000 Active 5 DOM
4. 2026-06-16
   days on market $268,000 Active 4 DOM
5. 2026-06-15
   days on market $268,000 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $268,000 Active 1 DOM

ⓘ 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: $2,868 · $239/mo
• Projected year-2 tax: $2,868 · $239/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) · 54% 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 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,121
• − Mortgage interest: −$15,012
• − Property taxes: −$2,868
• − Insurance: −$1,340
• − Repairs & maintenance: −$2,490
• − Management: −$2,490
• − HOA: −$6,396
• − Depreciation: −$7,796
• Taxable loss: −$7,271
• Est. tax savings @ 24.0%: +$1,745
• After-tax cash flow: $-1,138/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): 48,252
• Household income: $91,380
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 976.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 26% Two or more races 13% Native American 3% Black 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 4% Cuban 3%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 22% · Canada, Jamaica
• Languages at home: 74% English-only · Spanish 21% French/Haitian/Cajun 1% Russian/Polish/Slavic 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: ▼ -188.86%
• Current HPI: 243.4153
• Rent YoY: ▼ -0.61%
• 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

-98.7% since first listed

13 events — show timeline

• 2026-06-11 Listed $268,000 FORTMLS
• 2023-05-25 Listing Removed — NAPLESMLS
• 2023-05-02 Listed $349,000 NAPLESMLS
• 2021-02-11 Sold (Public Records) $181,800 Public Records
• 2021-02-09 Sold (MLS) $181,775 FORTMLS
• 2021-01-07 Pending — FORTMLS
• 2020-12-09 Price Changed $189,750 FORTMLS
• 2020-11-10 Listed $194,500 FORTMLS
• 2010-04-02 Sold (MLS) $68,000 FORTMLS
• 2010-02-10 Price Changed $69,900 FORTMLS
• 2009-10-29 Listing Removed — NAPLESMLS
• 2009-06-19 Listed $80,000 NAPLESMLS
• 2004-06-14 Sold (Public Records) $20,121,900 Public Records

Property tax history

+16.8%/yr

Latest (2025): $2,868 · -12.0% YoY. Source: county tax records.