10751 Palazzo Way #204 · Fort Myers, FL 33913

$249,900

2 bd · 2.0 ba · 1,235 sqft · Condo public records · 122 Days on market

Built 2018 $1049/mo HOA · 24% of rent ↓ 4% since listing

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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 +26.1/30.0
• 1% rule +10.0/10.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Experience the lifestyle you've always desired in this beautifully updated second-floor condo located in Palazzo at Pelican Preserve. Designed with oversized tile flooring, tray ceilings, crown molding, and ceiling fans, this condo combines comfort and style. The modern kitchen features a spacious island that encourages gatherings and connections, while the dining area is enhanced by a custom beverage center with ample storage and a wine refrigerator. This unit offers two generous bedrooms and bathrooms, providing plenty of storage and comfort for everyday living. The large living room seamlessly connects to the private lanai, where you can enjoy serene views of the preserve. Impact-resista

Key facts

• Private lanai
• Outdoor kitchen
• Tray ceilings

Tags

• PRIVATE LANAI
• PEACEFUL PRESERVE VIEWS
• PALAZZO PALMER STYLE POOL
• OUTDOOR KITCHEN
• OVERSIZED TILE FLOORING
• TRAY CEILINGS

Property features AI

Finance

• Other: Community contains 220 units
• Financial info: Pets allowed with conditions (maximum pet weight: 2 — call for details)
• HOA & community: Homeowners association (quarterly fee); Association covers management, cable TV, internet, irrigation water, legal/accounting, grounds maintenance, pest control, recreation facilities, road maintenance, sewer, street lights, security, trash and water; Association amenities include beach rights, bocce court, billiard room, business center, cabana, clubhouse, dog park, fitness center, golf course, library, media room, barbecue/picnic area, pier, pickleball, park, private membership, pool, putting greens and RV/boat storage; Community features: elevator, golf, gated, tennis courts, street lights; Senior community

Exterior

• Parking: Assigned parking; Guest parking; Detached carport; One covered space (1-car carport)
• Security: Gated community; Security included in association
• Utilities: Public water; Public sewer; Cable available; High speed internet available; Underground utilities
• Home design: One-story unit; Entry level 2; Resale property
• Construction: Tile roof; Block, concrete and stucco construction
• Exterior features: Lanai; Front porch; Screened porch; Security/high impact doors; Community pool; Zero lot line; Northwest exposure; Municipal irrigation; Has view; Southeast-facing

Interior

• Kitchen: Dishwasher; Disposal; Icemaker; Microwave; Range; Refrigerator; Refrigerator with ice maker; Wine cooler
• Bedrooms: Split bedroom layout; Screened porch (room type)
• Flooring: Tile
• Bathrooms: 2 full bathrooms; Separate shower; Shower only
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Furnished; Breakfast bar; Tray ceilings; Eat-in kitchen; Kitchen island; Pantry; Bar; Window treatments; High speed internet; Split bedrooms; Impact glass windows
• Laundry & utility: Washer; Dryer; Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $627 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 3.0% in Fort Myers — 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 86/100 on livability (#14 in FL, #383 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• 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 flat; 811 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $4,447/mo this rent would consume 48% of the median local household income ($110k/yr) (locally 276% 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 122 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $219,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 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: 1.78% ✓
• Cap rate: 9.30%
• Cash-on-cash: 10.75%
• DSCR: 1.48
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.37% rent growth · sell at horizon

5-year hold

• IRR: -4.5%
• Equity multiple: 0.84×
• Total profit: $-11,267
• Equity at exit: $37,261

10-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $114
• Equity at exit: $21,607

Cash invested: $69,972 (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 33913

• Home prices YoY: -10.3%
• Rents YoY: 0.4%
• Active inventory: 811
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $4,447 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$423 /mo · $5,072/yr
• Insurance: −$104
• HOA: −$1,049
• Vacancy / Maint / Mgmt: −$934
• Net cashflow: $627

Break-even live

Break-even rent $3,654

Max offer price $249,900

Occupancy floor 81%

Sensitivity live

Price	-10% $768	-5% $697	+0% $627	+5% $556	+10% $485
Rent	-10% $275	-5% $451	+0% $627	+5% $802	+10% $978
Rate	-1.0pp $753	-0.5pp $690	base $627	+0.5pp $562	+1.0pp $496

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10751 Palazzo Way #103 Fort Myers, FL	2.0	2.0	1235	$5,000	$4.05	24d	1	0.03mi
10711 Palazzo Way Unit 203 Fort Myers, FL	2.0	2.0	1257	$5,300	$4.22	22d	1	0.03mi
10711 Palazzo Way Fort Myers, FL	2.0	2.0	1257	$3,900	$3.10	16d	2	0.03mi
10700 Palazzo Way #201 Fort Myers, FL	2.0	2.0	1390	$5,000	$3.60	22d	1	0.10mi
10791 Palazzo Way #301 Fort Myers, FL	2.0	2.0	1390	$5,300	$3.81	24d	1	0.15mi
10820 Palazzo Way #203 Fort Myers, FL	2.0	2.0	1235	$5,400	$4.37	24d	1	0.23mi
10535 Carolina Willow Dr Fort Myers, FL	3.0	2.0	1290	$2,300	$1.78	22d	1	0.60mi
10518 Avila Cir Fort Myers, FL	2.0	2.0	1466	$6,500	$4.43	4d	1	0.60mi
10518 Avila Cir Fort Myers, FL	2.0	2.0	1466	$6,500	$4.43	24d	1	0.60mi
10714 Cetrella Dr Fort Myers, FL	2.0	2.0	1227	$5,500	$4.48	24d	1	0.68mi
10111 Colonial Country Club Blvd #2308 Fort Myers, FL	2.0	2.0	1309	$2,000	$1.53	12d	1	0.69mi
10702 Cetrella Dr Fort Myers, FL	2.0	2.0	1347	$5,500	$4.08	24d	1	0.69mi
10700 Cetrella Dr Fort Myers, FL	2.0	2.0	1227	$3,500	$2.85	24d	1	0.69mi
11033 Mill Creek Way #202 Fort Myers, FL	2.0	2.0	1379	$5,400	$3.92	24d	1	0.76mi
10130 Colonial Country Club Blvd #707 Fort Myers, FL	2.0	2.0	1116	$4,900	$4.39	24d	1	0.86mi
11011 Mill Creek Way #1307 Fort Myers, FL	2.0	2.0	1379	$5,000	$3.63	24d	1	1.02mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	24d	1	1.05mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	15d	1	1.05mi
10900 Glenhurst St Fort Myers, FL	2.0	2.0	1355	$2,200	$1.62	3d	1	1.08mi
9667 Hemingway Ln Unit 3107 Fort Myers, FL	2.0	2.0	1209	$4,900	$4.05	24d	1	1.18mi
12020 Champions Green Way #112 Fort Myers, FL	2.0	2.0	1056	$2,000	$1.89	12d	1	1.18mi
9661 Hemingway Ln #3207 Fort Myers, FL	2.0	2.0	1300	$3,900	$3.00	4d	1	1.18mi
9639 Hemingway Ln #3505 Fort Myers, FL	2.0	2.0	1234	$4,800	$3.89	24d	1	1.18mi
12030 Champions Green Way #212 Fort Myers, FL	2.0	2.0	1056	$1,800	$1.70	4d	1	1.21mi
10720 Ravenna Way #104 Fort Myers, FL	2.0	2.0	1251	$5,000	$4.00	24d	1	1.22mi
9582 Hemingway Ln #3402 Fort Myers, FL	2.0	2.0	1382	$5,500	$3.98	24d	1	1.22mi
9582 Hemingway Ln #3403 Fort Myers, FL	2.0	2.0	1385	$5,400	$3.90	24d	1	1.22mi
9582 Hemingway Ln #3403 Fort Myers, FL	2.0	2.0	1385	$5,400	$3.90	15d	1	1.22mi
10700 Ravenna Way Fort Myers, FL	2.0	2.0	1251	$3,488	$2.79	24d	2	1.25mi
10530 Amiata Way #103 Fort Myers, FL	2.0	2.0	1248	$2,200	$1.76	24d	1	1.29mi
10510 Amiata Way #302 Fort Myers, FL	2.0	2.0	1245	$4,900	$3.94	24d	1	1.30mi
12171 Treeline Ave Fort Myers, FL	1.0–3.0	1.0–2.0	1321	$2,606	$1.97	4d	23	1.36mi

HOA detail condo

• Monthly dues: $1,049 · $12,588/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-13
   statusdays on market $249,900 Pending 122 DOM
2. 2026-06-10
   days on market $249,900 Active 119 DOM
3. 2026-06-09
   days on market $249,900 Active 118 DOM
4. 2026-06-07
   days on market $249,900 Active 116 DOM
5. 2026-06-02
   days on market $249,900 Active 111 DOM
6. 2026-06-01
   days on market $249,900 Active 110 DOM
7. 2026-06-01
   days on market $249,900 Active 109 DOM
8. 2026-05-05
   price $249,900
9. 2026-02-11
   listed $259,900 Active

ⓘ 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: $5,072 · $423/mo
• Projected year-2 tax: $5,072 · $423/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 27 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: $53,362
• − Mortgage interest: −$13,998
• − Property taxes: −$5,072
• − Insurance: −$1,250
• − Repairs & maintenance: −$4,269
• − Management: −$4,269
• − HOA: −$12,588
• − Depreciation: −$7,270
• Taxable income: $4,646
• Est. tax owed @ 24.0%: −$1,115
• After-tax cash flow: $6,405/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

• Score: 86/100
• State rank: #14
• US rank: #383

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 278,598
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 31,538
• Household income: $110,373
• Rent vs Own: 9.5% rent · 90.5% own
• Severe rent burden: 276.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 13% Two or more races 11% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 10% Other Indo-European 2% French/Haitian/Cajun 2%

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: ▼ -25.45%
• Current HPI: 221.7115
• Rent YoY: ▲ 0.37%
• 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

-3.8% since first listed

2 events — show timeline

• 2026-05-05 Price Changed $249,900 FORTMLS
• 2026-02-11 Listed $259,900 FORTMLS

Property tax history

+17.4%/yr

Latest (2025): $5,072 · -1.0% YoY. Source: county tax records.