28851 Bermuda Lago Ct #104 · Bonita Springs, FL 34134

$334,990

2 bd · 2.0 ba · 1,284 sqft · Condo public records · 37 Days on market

Built 2001 $640/mo HOA · 13% of rent

---

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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• 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 paradise, west of 41 in the heart of Bonita Springs! This beautifully maintained first-floor residence at Bermuda Lago Court offers the perfect combination of coastal living and comfortable Florida lifestyle.   As you walk into your coastal retreat, you are greeted by tasteful furnishings and abundant natural light that blend perfectly with the indoor/outdoor living areas. This residence is being sold furnished, making it truly move-in ready for seasonal enjoyment or year-round living. Take advantage of upgraded features included plantation shutters, newer roof installed 2024, newer HVAC, and countertops. Enjoy the convenience of a desirable first-floor opportunity with easy

Key facts

• Community pool
• Newer roof
• Plantation shutters

Tags

• FIRST-FLOOR RESIDENCE
• PLANTATION SHUTTERS
• NEWER ROOF
• NEWER HVAC
• COMMUNITY POOL
• CLOSE TO BEACHES

Property features AI

Finance

• Financial info: Pets allowed conditionally (owners only), maximum 2 pets, max 25 lbs
• HOA & community: HOA with quarterly fee; Association fee covers management, insurance, irrigation water, legal/accounting, grounds maintenance, pest control, reserve fund, road maintenance, sewer, street lights, security, and trash; Community amenities include pool and spa/hot tub; Community of 60 units; Elevator in the community; Gated community management

Exterior

• Parking: Detached garage (1 space); Assigned and deeded parking; Paved parking; One covered space
• Security: Gated community with security gate; Smoke detectors
• Utilities: Public water; Public sewer; Cable available; High-speed internet available; Municipal irrigation
• Home design: 3-story building; Entry on level 1; Faces west; Resale property
• Construction: Block, concrete and stucco construction; Tile roof
• Exterior features: Lanai; Porch; Screened porch; Zero lot line; Paved roads; East exposure; Community pool

Interior

• Kitchen: Dishwasher; Disposal; Icemaker; Microwave; Refrigerator (with ice maker)
• Bedrooms: Split bedroom layout
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Furnished; Breakfast bar; Entrance foyer; Eat-in kitchen; Dual sinks; Separate shower; Shower only; Cable TV; Window treatments; Split bedrooms
• Laundry & utility: Washer and dryer inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $335k.

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 ($5k rent vs $335k).
• Recommended offer: $325k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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 23d 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 $2k of loan paydown is wiped out by about $10k 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 + 2.9% rent growth), your $94k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $220k; list at $335k implies a 52% 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→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $324,940 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.48% ✓
• Cap rate: 10.57%
• Cash-on-cash: 15.28%
• DSCR: 1.68
• GRM: 5.6

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: 5.9%
• Equity multiple: 1.23×
• Total profit: $21,351
• Equity at exit: $49,948

10-year hold

• IRR: 15.2%
• Equity multiple: 2.22×
• Total profit: $114,782
• Equity at exit: $28,964

Cash invested: $93,797 (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: 5.6×

Monthly cashflow live

• Estimated rent: $4,948 high
• Mortgage (P&I): −$1,757
• Tax from tax record: −$178 /mo · $2,142/yr
• Insurance: −$140
• HOA: −$640
• Vacancy / Maint / Mgmt: −$1,039
• Net cashflow: $1,194

Break-even live

Break-even rent $3,436

Max offer price $334,990

Occupancy floor 71%

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: $83,748
• Closing costs: $10,050
• 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	15d	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	13d	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	13d	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	15d	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	15d	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
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-17
   days on market $334,990 Active 37 DOM
2. 2026-06-16
   days on market $334,990 Active 36 DOM
3. 2026-06-15
   days on market $334,990 Active 35 DOM
4. 2026-06-13
   days on market $334,990 Active 33 DOM
5. 2026-06-10
   days on market $334,990 Active 30 DOM
6. 2026-06-09
   days on market $334,990 Active 29 DOM
7. 2026-06-08
   days on market $334,990 Active 28 DOM
8. 2026-06-07
   days on market $334,990 Active 27 DOM
9. 2026-06-03
   days on market $334,990 Active 23 DOM
10. 2026-06-02
    days on market $334,990 Active 22 DOM
11. 2026-06-01
    days on market $334,990 Active 21 DOM
12. 2026-05-31
    days on market $334,990 Active 20 DOM
13. 2026-05-11
    listed $334,990 Active
14. 2015-10-13
    soldstatus $220,000
15. 2015-10-12
    price $220,000
16. 2015-08-31
    price $221,900

ⓘ 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: $2,142 · $178/mo
• Projected year-2 tax: $2,780 · $232/mo
• Expected delta: +$639/yr (+$53/mo · 29.8%)

ⓘ 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) · 50% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 30 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: −$18,765
• − Property taxes: −$2,142
• − Insurance: −$1,675
• − Repairs & maintenance: −$4,750
• − Management: −$4,750
• − HOA: −$7,680
• − Depreciation: −$9,745
• Taxable income: $9,870
• Est. tax owed @ 24.0%: −$2,369
• After-tax cash flow: $11,962/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

+51.0% since first listed

4 events — show timeline

• 2026-05-11 Listed $334,990 FORTMLS
• 2015-10-13 Sold (Public Records) $220,000 Public Records
• 2015-10-12 Price Changed $220,000 BEARMLS
• 2015-08-31 Price Changed $221,900 BEARMLS

Property tax history

+3.3%/yr

Latest (2025): $2,142 · +3.4% YoY. Source: county tax records.