21490 Bay Village Dr #264 · Fort Myers Beach, FL 33931

$229,900

2 bd · 2.0 ba · 881 sqft · Condo public records · 134 Days on market

Built 1983 $867/mo HOA · 23% 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 +25.8/30.0
• 1% rule +10.0/10.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

PRICE REDUCTION!!!. .. .Live the Fort Myers Beach Lifestyle at Bay Village Condos, a charming waterfront community ideally located on Fort Myers Beach. This 2-bedroom, 2-bath condo offers 881 square feet of comfortable living space and is situated on the top floor of a low-rise, elevator-accessible building, providing added privacy and peaceful surroundings. Offered TURNKEY, this condo is ready for immediate enjoyment. Approximately two years ago, the unit received several significant updates, including a roof, HVAC system, kitchen cabinets, kitchen Corian countertops, drywall, flooring, some electrical, ceiling fans, a tray ceiling in the kitchen, and an undercounter kitchen sink. The micr

Key facts

• Kitchen cabinets
• Elevator accessible
• Top floor

Tags

• TOP FLOOR
• ELEVATOR ACCESSIBLE
• TURNKEY
• NEW ROOF
• HVAC SYSTEM
• KITCHEN CABINETS

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Homeowners association with quarterly fee; Association fee covers insurance, legal/accounting, grounds maintenance, pest control, road maintenance, sewer, street lights, trash and water; Community amenities include beach rights, beach access, pier, bocce, pickleball, pickleball/tennis courts, pool, barbecue/picnic area, sidewalks, trails, storage and management; Community has 108 units; Elevator in community; Street lights in community

Exterior

• Parking: Assigned underground parking; Guest parking; One assigned space
• Security: Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Single-story; Entry level: 3; Faces west; Has a view; Resale property
• Construction: Built with insulated concrete forms and stucco; Built-up and flat roof; Pillar/post/pier foundation
• Exterior features: Outdoor grill; Storage; Tennis courts (community); Water feature; Balcony (screened); Gazebo; Community pool; Pond on lot; Is waterfront with basin, bay front, canal access, intersecting canal and mangrove

Interior

• Kitchen: Electric cooktop; Range; Self-cleaning oven; Microwave; Dishwasher; Disposal; Refrigerator; Freezer
• Bedrooms: Primary bedroom on the main level
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Breakfast bar; Built-in features; Tray ceilings; Kitchen island; Living/dining room; Main-level primary bedroom; Shower only in at least one bathroom; Separate shower; Window treatments; High-speed internet; Split bedroom floorplan; Impact glass windows; Single-hung windows; Window coverings; Furnished
• Laundry & utility: Washer hookup; Dryer hookup; Washer included; Dryer included; Laundry area inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $230k.

Deal economics

• At list price, monthly cash flow is $135 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $230k).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 0.3% in Fort Myers Beach — 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 69/100 on livability (#489 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, schools A-; Watch: amenities F, commute F, cost of living 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: 876 active listings in the ZIP; 8 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).
• At $3,802/mo this rent would consume 58% of the median local household income ($79k/yr) (locally 145% 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 $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 134 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $59k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $79k; list at $230k implies a 191% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 23% of rent.
• 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 $202,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 days. Have you received any prior offers? Is the seller open to a 12% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 1.65% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.46%
• DSCR: 1.47
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -11.9%
• Equity multiple: 0.57×
• Total profit: $-27,837
• Equity at exit: $34,279

10-year hold

• IRR: -2.2%
• Equity multiple: 0.85×
• Total profit: $-9,771
• Equity at exit: $19,878

Cash invested: $64,372 (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 33931

• Home prices YoY: -18.8%
• Active inventory: 876
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $3,802 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$274 /mo · $3,292/yr
• Insurance: −$96
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$867
• Vacancy / Maint / Mgmt: −$798
• Net cashflow: $135

Break-even live

Break-even rent $3,632

Max offer price $229,900

Occupancy floor 91%

Sensitivity live

Price	-10% $265	-5% $200	+0% $135	+5% $70	+10% $4
Rent	-10% $-166	-5% $-16	+0% $135	+5% $285	+10% $435
Rate	-1.0pp $250	-0.5pp $193	base $135	+0.5pp $75	+1.0pp $14

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
427 Lazy Way Unit 1 Fort Myers Beach, FL	3.0	1.0	1000	$2,100	$2.10	24d	1	0.35mi
4811 Coquina Rd Fort Myers Beach, FL	2.0	2.0	1083	$3,800	$3.51	24d	1	0.86mi
6897 Estero Blvd #125 Fort Myers Beach, FL	2.0	2.0	778	$4,500	$5.78	24d	1	1.01mi
22652 Island Pines Way #155 Fort Myers Beach, FL	2.0	2.0	811	$3,800	$4.69	24d	1	1.05mi
6891 Estero Blvd #331 Fort Myers Beach, FL	2.0	2.0	832	$4,500	$5.41	24d	1	1.08mi
7390 Estero Blvd Unit 203b Fort Myers Beach, FL	1.0	1.0	600	$3,200	$5.33	16d	1	1.38mi
4421 Bay Beach Ln #643 Fort Myers Beach, FL	2.0	2.0	1040	$4,500	$4.33	24d	1	1.41mi
7400 Estero Blvd Fort Myers Beach, FL	2.0	2.0	930	$8,042	$8.65	12d	2	1.43mi

HOA detail condo

• Monthly dues: $867 · $10,404/yr
• Likely covers: waterelectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-05-14
   status Pending
2. 2026-05-11
   status Active
3. 2026-05-06
   status Pending
4. 2026-04-28
   price $229,900
5. 2026-04-24
   status Active
6. 2026-04-23
   historical
7. 2026-04-03
   price $259,000
8. 2026-01-15
   price $269,000
9. 2025-12-18
   listed $289,000 Active
10. 1990-01-22
    soldstatus $79,000
11. 1983-12-01
    soldstatus $81,900

ⓘ 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: $3,292 · $274/mo
• Projected year-2 tax: $3,292 · $274/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 1/10 Low
• 🌡 Heat 9/10 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 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,629
• − Mortgage interest: −$12,878
• − Property taxes: −$3,292
• − Insurance: −$6,268
• − Repairs & maintenance: −$3,650
• − Management: −$3,650
• − HOA: −$10,404
• − Depreciation: −$6,688
• Taxable loss: −$1,202
• Est. tax savings @ 24.0%: +$288
• After-tax cash flow: $1,904/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 — Fort Myers Beach

• Score: 69/100
• State rank: #489
• US rank: #8995

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Myers Beach, FL
• County: Lee County · 788,662 people
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 8,350
• Household income: $79,018
• Rent vs Own: 10.7% rent · 89.3% own
• Severe rent burden: 145.0

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 (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Romanian 5% Portuguese 3% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% German/W. Germanic 1% French/Haitian/Cajun 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: ▼ -194.12%
• Current HPI: 837.37
• Rent YoY: —
• 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

+180.7% since first listed

11 events — show timeline

• 2026-05-14 Pending — FORTMLS
• 2026-05-11 Relisted — FORTMLS
• 2026-05-06 Pending — FORTMLS
• 2026-04-28 Price Changed $229,900 FORTMLS
• 2026-04-24 Relisted — FORTMLS
• 2026-04-23 Listing Removed — FORTMLS
• 2026-04-03 Price Changed $259,000 FORTMLS
• 2026-01-15 Price Changed $269,000 FORTMLS
• 2025-12-18 Listed $289,000 FORTMLS
• 1990-01-22 Sold (Public Records) $79,000 Public Records
• 1983-12-01 Sold (Public Records) $81,900 Public Records

Property tax history

+2.9%/yr

Latest (2025): $3,292 · +145.1% YoY. Source: county tax records.