28710 Bermuda Bay Way #104 · Bonita Springs, FL 34134

$275,000

2 bd · 2.0 ba · 1,076 sqft · Condo public records · 563 Days on market

Built 1996 $626/mo HOA · 18% 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 +21.4/30.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 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

Step into this charming 2-bedroom, 2-bathroom first-floor condo NOT in a flood zone! It is in the highly sought-after gated community of Vanderbilt Lakes. Featuring fresh paint, new carpeting, and updated light fixtures, this cozy home offers a blank canvas for you to create your perfect retreat. Whether you’re looking for a year-round residence or a getaway from the cold, this condo has it all! Enjoy the convenience of a detached carport with additional guest parking, making entertaining around the community pool and spa a breeze. Take a peaceful stroll or bike ride through the serene surroundings, or head to nearby Bonita Beach and the prestigious Barefoot Beach Preserve, just 1.

Key facts

• $626 HOA
• Parking
• Community pool

Tags

• COMMUNITY POOL AND SPA

Property features AI

Finance

• Financial info: Pets allowed conditionally (call); maximum 2 pets, max 30 lbs
• HOA & community: Homeowners association (semi-annual fee $360; additional quarterly fee applies); HOA covers insurance, legal/accounting, grounds maintenance, pest control, reserve fund, road maintenance, street lights, security, trash and water; Community amenities include clubhouse, pool, spa/hot tub, barbecue, picnic area, bike storage and management; Gated community with street lights; 96 units in the community

Exterior

• Parking: Assigned parking; Guest parking; Detached carport (1 covered space); One space assigned
• Security: Gated community with security gate; Key card entry; Phone entry; Smoke detectors
• Utilities: Public water; Public sewer; Cable available; High-speed internet available; Underground utilities; Municipal irrigation
• Home design: Single-story; Entry at level 1; Faces east; Resale property
• Construction: Block, concrete and stucco construction; Tile roof
• Exterior features: Lanai / screened porch; Patio; Porch; Patio listed separately; Zero lot line; Paved road; West exposure

Interior

• Kitchen: Electric cooktop; Dishwasher; Disposal; Microwave; Refrigerator
• Bedrooms: Master bedroom (15 x 13); Bedroom (12 x 10)
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Breakfast bar; Dual sinks; Family/Dining room; Living/Dining room; Pantry; Shower only (separate shower); Cable TV; Walk-in closets; Split bedrooms; Single-hung windows; Unfurnished
• Laundry & utility: Washer hookup; Dryer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $406 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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).
• This rent runs 33% of the median local income ($131k/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

• It's been on market 563 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 563 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: 1.30% ✓
• Cap rate: 8.06%
• Cash-on-cash: 6.32%
• DSCR: 1.28
• GRM: 6.4

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: -6.6%
• Equity multiple: 0.75×
• Total profit: $-18,892
• Equity at exit: $41,003

10-year hold

• IRR: 2.9%
• Equity multiple: 1.21×
• Total profit: $16,123
• Equity at exit: $23,777

Cash invested: $77,000 (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: 6.4×

Monthly cashflow live

• Estimated rent: $3,573 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$234 /mo · $2,810/yr
• Insurance: −$115
• HOA: −$626
• Vacancy / Maint / Mgmt: −$750
• Net cashflow: $406

Break-even live

Break-even rent $3,059

Max offer price $275,000

Occupancy floor 84%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28720 Bermuda Bay Way #205 Bonita Springs, FL	2.0	2.0	1097	$2,200	$2.01	14d	1	0.06mi
3930 Windward Passage Cir #202 Bonita Springs, FL	2.0	2.0	1478	$1,900	$1.29	16d	1	0.12mi
3951 Windward Passage Cir #102 Bonita Springs, FL	2.0	2.0	1397	$5,200	$3.72	23d	1	0.16mi
28940 Bermuda Pointe Cir #102 Bonita Springs, FL	2.0	2.0	1076	$5,500	$5.11	23d	1	0.19mi
3941 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$2,000	$1.66	23d	1	0.20mi
3921 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$3,500	$2.91	23d	1	0.20mi
74 7th St Bonita Springs, FL	3.0	2.0	1124	$3,150	$2.80	23d	1	0.40mi
64 4th St Bonita Springs, FL	2.0	2.0	1231	$3,700	$3.01	23d	2	0.51mi
28611 Carriage Home Dr #101 Bonita Springs, FL	2.0	2.0	1433	$2,550	$1.78	23d	1	0.54mi
28178 Sunset Dr Bonita Springs, FL	2.0	1.0	936	$2,550	$2.72	21d	1	0.56mi
28700 Trails Edge Blvd Bonita Springs, FL	3.0	2.0	1458	$2,175	$1.49	3d	2	0.70mi
15400 Cedarwood Ln #102 Naples, FL	2.0	2.0	1286	$6,300	$4.90	14d	1	0.72mi
15400 Cedarwood Ln Unit 1-201 Naples, FL	2.0	2.0	1286	$6,000	$4.67	23d	1	0.72mi
27921 Bonita Village Blvd Bonita Springs, FL	2.0–3.0	2.0	1429	$3,045	$2.13	23d	3	0.79mi
15415 Cedarwood Ln Unit 3 Naples, FL	2.0	2.0	1428	$2,200	$1.54	14d	1	0.81mi
285 Naples Cove Dr #1103 Naples, FL	2.0	2.0	1267	$2,475	$1.95	23d	1	0.82mi
4073 Springs Ln Unit 4073 Bonita Springs, FL	2.0	1.0	720	$1,995	$2.77	23d	1	0.84mi
290 Naples Cove Dr Naples, FL	2.0	2.0	1327	$3,400	$2.56	23d	3	0.85mi
270 Naples Cove Dr #3506 Naples, FL	3.0	2.0	1475	$2,500	$1.69	21d	1	0.86mi
3503 Brink Cir Bonita Springs, FL	2.0	3.0	1300	$2,200	$1.69	23d	1	0.88mi
1345 Sweetwater Cv #203 Naples, FL	2.0	2.0	1279	$4,800	$3.75	23d	1	0.89mi
1340 Sweetwater Cv #103 Naples, FL	2.0	2.0	1279	$5,000	$3.91	23d	1	0.89mi
28790 Versol Dr Bonita Springs, FL	1.0–3.0	1.0–2.0	1075	$2,632	$2.45	1d	19	0.90mi
3463 Brink Cir Bonita Springs, FL	2.0	1.0	1000	$2,150	$2.15	23d	1	0.90mi
15191 Cedarwood Ln #2602 Naples, FL	2.0	2.0	1267	$2,300	$1.82	23d	1	0.90mi
1360 Sweetwater Cv #202 Naples, FL	2.0	2.0	1279	$5,500	$4.30	23d	1	0.91mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	14d	1	0.93mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	23d	1	0.93mi
1415 Sweetwater Cv #104 Naples, FL	3.0	2.0	1381	$6,500	$4.71	23d	1	0.93mi
1325 Sweetwater Cv #201 Naples, FL	3.0	2.0	1381	$6,000	$4.34	23d	1	0.94mi
15161 Cedarwood Ln Naples, FL	2.0	2.0	1267	$4,000	$3.16	23d	3	0.95mi
1390 Sweetwater Cv #203 Naples, FL	2.0	2.0	1279	$2,200	$1.72	14d	1	0.95mi
1420 Sweetwater Cv #102 Naples, FL	2.0	2.0	1279	$5,000	$3.91	21d	1	0.95mi
1420 Sweetwater Cv #102 Naples, FL	2.0	2.0	1279	$5,000	$3.91	23d	1	0.95mi
4212 Rita Ln Bonita Springs, FL	2.0	2.0	1428	$1,475	$1.03	23d	1	0.95mi
386 Emerald Bay Cir Unit G4 Naples, FL	3.0	2.0	1490	$2,500	$1.68	23d	1	0.97mi
298 Emerald Bay Cir Unit K6 Naples, FL	2.0	2.0	1202	$4,750	$3.95	23d	1	1.02mi
4411 Little Hickory Rd Unit 1534826P Bonita Springs, FL	2.0	1.0	796	$3,564	$4.48	14d	1	1.02mi
306 Emerald Bay Cir Unit J5 Naples, FL	3.0	2.0	1490	$5,900	$3.96	23d	1	1.02mi
306 Emerald Bay Cir Unit J8 Naples, FL	2.0	2.0	1350	$4,000	$2.96	23d	1	1.02mi

HOA detail condo

• Monthly dues: $626 · $7,512/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-17
   days on market $275,000 Active 563 DOM
2. 2026-06-16
   days on market $275,000 Active 562 DOM
3. 2026-06-16
   days on market $275,000 Active 561 DOM
4. 2026-06-13
   days on market $275,000 Active 559 DOM
5. 2026-06-09
   days on market $275,000 Active 555 DOM
6. 2026-06-07
   days on market $275,000 Active 553 DOM
7. 2026-06-01
   days on market $275,000 Active 547 DOM
8. 2026-06-01
   days on market $275,000 Active 546 DOM
9. 2026-03-19
   price $275,000
10. 2025-03-24
    price $300,000
11. 2025-01-31
    price $320,000
12. 2024-12-01
    listed $329,500 Active
13. 2006-01-09
    soldstatus $302,500
14. 2002-10-04
    soldstatus $125,000
15. 1999-12-03
    soldstatus $98,000
16. 1996-05-15
    soldstatus $79,900

ⓘ 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: $2,810 · $234/mo
• Projected year-2 tax: $2,810 · $234/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) · 56% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 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: $42,874
• − Mortgage interest: −$15,404
• − Property taxes: −$2,810
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,430
• − Management: −$3,430
• − HOA: −$7,512
• − Depreciation: −$8,000
• Taxable income: $913
• Est. tax owed @ 24.0%: −$219
• After-tax cash flow: $4,649/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

+244.2% since first listed

8 events — show timeline

• 2026-03-19 Price Changed $275,000 FORTMLS
• 2025-03-24 Price Changed $300,000 FORTMLS
• 2025-01-31 Price Changed $320,000 FORTMLS
• 2024-12-01 Listed $329,500 FORTMLS
• 2006-01-09 Sold (Public Records) $302,500 Public Records
• 2002-10-04 Sold (Public Records) $125,000 Public Records
• 1999-12-03 Sold (Public Records) $98,000 Public Records
• 1996-05-15 Sold (Public Records) $79,900 Public Records

Property tax history

+4.4%/yr

Latest (2025): $2,810 · -4.5% YoY. Source: county tax records.