12940 Rebecca St · Iona, FL 33908

$175,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured public records · 27 Days on market

Built 1993 8,450 sqft lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Looking for the most affordable way to live close to the beaches but don't want the restrictions of living in a community? Look no further! This quaint Iona neighborhood features the Community like feel without the HOA. That's right, NO HOA, NO Age Restriction and NO Rules! Where else can you live so close to Sanibel Beaches at this Price? This spacious two bedroom two bath home and enjoy all that Florida Weather has to offer? Less than 4 Miles from the Sanibel Causeway, everyday can be a Beach Day! If you are looking for a Manufactured Home close to Sanibell and Fort Myers Beaches, but do not want the restrictions of a community, look no further, this is YOUR HOME!

Key facts

• No age restriction
• No hoa
• No rules

Tags

• NO HOA
• NO AGE RESTRICTION
• NO RULES
• CLOSE TO SANIBEL BEACHES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $331 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 2.1% in Iona — 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 72/100 on livability (#359 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A, health & safety A; Watch: schools D-, amenities F, commute 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: Rents soft (-1.2%/yr); 1244 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); solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 39% of the median local income ($75k/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 $1k of loan paydown is wiped out by about $5k 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 27 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,375 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.39% ✓
• Cap rate: 11.49%
• Cash-on-cash: 18.56%
• DSCR: 1.83
• GRM: 6.0

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: -8.1%
• Equity multiple: 0.71×
• Total profit: $-14,120
• Equity at exit: $26,093

10-year hold

• IRR: -4.3%
• Equity multiple: 0.76×
• Total profit: $-11,596
• Equity at exit: $15,131

Cash invested: $49,000 (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 33908

• Home prices YoY: -32.8%
• Rents YoY: -1.2%
• Active inventory: 1244
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,435 high
• Mortgage (P&I): −$918
• Tax from tax record: −$175 /mo · $2,102/yr
• Insurance: −$73
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$511
• Net cashflow: $331

Break-even live

Break-even rent $2,016

Max offer price $175,000

Occupancy floor 81%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12866 Iona Rd Fort Myers, FL	3.0	2.0	1666	$2,850	$1.71	13d	1	0.36mi
7 Birch Blvd Fort Myers, FL	3.0	2.0	1280	$1,600	$1.25	23d	1	0.52mi
15000 Iona Lakes Dr Fort Myers, FL	1.0–3.0	1.0–2.0	900	$1,946	$2.16	1d	26	0.54mi
16001 Bayside Pointe Fort Myers, FL	1.0–3.0	1.0–2.0	1135	$2,245	$1.98	2d	18	0.56mi
16360 N Oleander Dr Fort Myers, FL	4.0	2.0	1700	$2,950	$1.74	3d	1	0.57mi
16126 Kelly Woods Dr Fort Myers, FL	3.0	2.0	1564	$5,800	$3.71	3d	1	0.74mi
15761 Windward Way Cir #3302 Fort Myers, FL	2.0	2.0	1050	$4,500	$4.29	3d	1	0.79mi
15770 Windward Way Cir #2205 Fort Myers, FL	2.0	2.0	1050	$1,600	$1.52	23d	1	0.80mi
11596 Palm Dr Fort Myers, FL	3.0	2.0	1394	$2,450	$1.76	23d	1	0.82mi
16252 Kelly Woods Dr Fort Myers, FL	2.0	2.0	1515	$6,000	$3.96	23d	1	0.82mi
13502 Siesta Pines Ct #402 Fort Myers, FL	2.0	2.0	955	$1,475	$1.54	14d	1	0.86mi
12131 Live Oak Dr Fort Myers, FL	3.0	2.0	1186	$1,700	$1.43	3d	1	0.87mi
16301 Kelly Woods Dr #205 Fort Myers, FL	2.0	2.0	1336	$5,000	$3.74	23d	1	0.91mi
13527 Siesta Pines Ct Fort Myers, FL	2.0	2.5	1244	$1,900	$1.53	23d	1	0.92mi
13533 Siesta Pines Ct Fort Myers, FL	2.0	3.0	1246	$1,800	$1.44	23d	1	0.93mi
15989 Mandolin Bay Dr Fort Myers, FL	2.0	2.0	1152	$1,695	$1.47	23d	1	0.93mi
12396 Kelly Sands Way Fort Myers, FL	2.0	2.0	1511	$2,800	$1.85	23d	1	0.93mi
15999 Mandolin Bay Dr #202 Fort Myers, FL	2.0	2.0	1152	$1,775	$1.54	23d	1	0.94mi
13420 Hidden Palms Cv Fort Myers, FL	2.0	2.0	1450	$1,600	$1.10	23d	1	0.97mi
11711 Pasetto Ln #102 Fort Myers, FL	2.0	2.0	1055	$2,200	$2.09	23d	1	1.03mi
11701 Olivetti Ln Unit 210 Fort Myers, FL	2.0	2.0	1305	$4,500	$3.45	23d	1	1.04mi
11701 Olivetti Ln Unit 1545836P Fort Myers, FL	3.0	2.0	1388	$4,214	$3.04	14d	1	1.04mi
13430 Pine Needle Ln Fort Myers, FL	2.0	1.0	922	$1,200	$1.30	3d	1	1.04mi
11701 Pasetto Ln Unit 1049715P Fort Myers, FL	3.0	2.0	1496	$2,960	$1.98	21d	1	1.05mi
16120 Dublin Cir Unit A Fort Myers, FL	2.0	2.0	1517	$1,550	$1.02	23d	1	1.05mi
13426 Pine Needle Ln Fort Myers, FL	2.0	1.0	922	$1,275	$1.38	21d	1	1.05mi
15514 Kapok Ct Fort Myers, FL	2.0	2.0	900	$1,850	$2.06	23d	1	1.06mi
12641 Kelly Sands Way #225 Fort Myers, FL	2.0	2.0	1069	$5,000	$4.68	23d	1	1.07mi
12621 Kelly Sands Way #305 Fort Myers, FL	2.0	2.0	1106	$5,000	$4.52	23d	1	1.07mi
13460 Causeway Palms Cv Fort Myers, FL	2.0	2.0	1509	$3,400	$2.25	23d	1	1.08mi
16821 Sanibel Sunset Ct #203 Fort Myers, FL	2.0	2.0	1271	$1,750	$1.38	10d	1	1.12mi
12171 Kelly Sands Way #1577 Fort Myers, FL	2.0	2.0	1160	$4,500	$3.88	23d	1	1.13mi
11601 Navarro Way #2102 Fort Myers, FL	2.0	2.0	1378	$4,500	$3.27	23d	1	1.14mi
12540 Kelly Greens Blvd #331 Fort Myers, FL	2.0	2.0	1440	$2,100	$1.46	23d	1	1.16mi
16361 Dublin Cir #203 Fort Myers, FL	2.0	2.0	892	$1,700	$1.91	2d	1	1.16mi
7171 Drake Dr Fort Myers, FL	3.0	2.0	1346	$2,350	$1.75	23d	1	1.20mi
5479 Peppertree Dr Unit E13 Fort Myers, FL	2.0	2.0	964	$1,950	$2.02	23d	1	1.20mi
16881 Davis Rd Fort Myers, FL	2.0	1.0–2.0	837	$1,600	$1.91	3d	2	1.21mi
16881 Davis Rd Fort Myers, FL	1.0–2.0	1.0–2.0	767	$1,800	$2.35	16d	3	1.21mi
16001 Amberwood Lake Ct #1 Fort Myers, FL	2.0	2.5	1060	$2,100	$1.98	23d	1	1.22mi

Listing history 2 events

1. 2026-04-25
   status Pending
2. 2026-03-28
   listed $175,000 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: $2,102 · $175/mo
• Projected year-2 tax: $2,102 · $175/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 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: $29,221
• − Mortgage interest: −$9,803
• − Property taxes: −$2,102
• − Insurance: −$5,994
• − Repairs & maintenance: −$2,338
• − Management: −$2,338
• − Depreciation: −$5,091
• Taxable income: $1,556
• Est. tax owed @ 24.0%: −$373
• After-tax cash flow: $3,602/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 — Iona

• Score: 72/100
• State rank: #359
• US rank: #6253

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iona, FL
• County: Lee County · 788,662 people
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 37,423
• Household income: $75,396
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 1944.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 6% Two or more races 5% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 4% Slovak 3%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 4% Russian/Polish/Slavic 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: ▼ -102.22%
• Current HPI: 209.7595
• Rent YoY: ▼ -1.18%
• 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

2 events — show timeline

• 2026-04-25 Pending — FORTMLS
• 2026-03-28 Listed $175,000 FORTMLS

Property tax history

+11.6%/yr

Latest (2025): $2,102 · +12.1% YoY. Source: county tax records.