24 Red Poinciana Dr · Iona, FL 33908

$222,000

3 bd · 2.0 ba · 1,798 sqft · Condo public records · 25 Days on market

Built 2024 $176/mo HOA · 5% of rent

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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 +9.9/10.0
• 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

Welcome to Garden Cove, a desirable 55+ community just minutes from the beach, shopping, and dining! This brand-new 2024 manufactured home offers over 1,768 sq. ft. of thoughtfully designed living space with 3 bedrooms and 2 bathrooms, combining modern comfort with low-maintenance Florida living. Inside, you’ll find stylish flooring throughout the main living areas, brand-new carpet in the bedrooms, and a bright open layout perfect for entertaining or relaxing. The kitchen comes fully equipped with all-new appliances, including a washer and dryer, making this home completely move-in ready. Built above base flood elevation for added peace of mind, the property also includes a convenien

Key facts

• On-site shed
• Manufactured home
• Community pool

Tags

• MANUFACTURED HOME
• FULLY EQUIPPED KITCHEN
• ON-SITE SHED
• COMMUNITY POOL
• RECREATION CENTER

Property features AI

Finance

• Other: Possession at closing
• Financial info: Total annual recurring HOA fees: $2,112
• HOA & community: Monthly HOA fee of $176; HOA covers lawn/land maintenance, sewer, water, street maintenance, street lights, legal/accounting, management, recreation facilities, reserves; On-site management; Community amenities include billiards, community pool, community room, library, shuffleboard, and streetlights; Community type: Mobile/Manufactured

Exterior

• Parking: Attached carport with 1 carport space
• Security: Manual storm shutters
• Utilities: Central water; Central sewer; Cable available
• Home design: Manufactured residential home; 1-story ranch / Florida / traditional design; Located in the Garden Cove community; Built in 2024
• Construction: Manufactured construction; Shingle roof; Vinyl siding exterior
• Exterior features: Deck; Double-hung windows; Manual shutters for storm protection; Vinyl siding; Oversize lot; Wooded area view; Rear exposure faces east

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator/Freezer; Eat-in kitchen with pantry
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower-only layout
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Built-in cabinets; Pantry; Volume ceiling; Great room and split-bedroom floor plan; Den/study; Exercise room; Family room; Florida room; Guest bath; Guest room; Home office; Open porch/lanai; Breakfast bar, breakfast room, and multiple dining options (eat-in kitchen, formal, family, living)
• Laundry & utility: Washer/dryer hookup; Laundry area in garage

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $222k.

Deal economics

• At list price, monthly cash flow is $429 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $222k).
• Recommended offer: $219k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.9% 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).
• At $3,305/mo this rent would consume 53% of the median local household income ($75k/yr) (locally 1944% 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 25 days — a 2% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $63k; list at $222k implies a 252% gain — meaningful room to come down on a strong offer.

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 $218,670 (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. 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. 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?
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: 1.49% ✓
• Cap rate: 10.92%
• Cash-on-cash: 16.52%
• DSCR: 1.73
• GRM: 5.6

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: $-17,882
• Equity at exit: $33,101

10-year hold

• IRR: -4.8%
• Equity multiple: 0.74×
• Total profit: $-15,992
• Equity at exit: $19,195

Cash invested: $62,160 (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: 5.6×

Monthly cashflow live

• Estimated rent: $3,305 high
• Mortgage (P&I): −$1,164
• Tax from tax record: −$323 /mo · $3,873/yr
• Insurance: −$92
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$176
• Vacancy / Maint / Mgmt: −$694
• Net cashflow: $429

Break-even live

Break-even rent $2,762

Max offer price $222,000

Occupancy floor 82%

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: $55,500
• Closing costs: $6,660
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7171 Drake Dr Fort Myers, FL	3.0	2.0	1346	$2,350	$1.75	23d	1	0.29mi
15100 Whimbrel Ct Fort Myers, FL	3.0	2.5	2054	$5,000	$2.43	23d	1	0.35mi
11921 Seabreeze Cove Ln #208 Fort Myers, FL	2.0	2.0	1455	$4,399	$3.02	3d	1	0.40mi
7199 Blanquilla Ct Unit 1545910P Fort Myers, FL	3.0	2.0	1345	$2,341	$1.74	16d	1	0.47mi
15160 Harbour Isle Dr Fort Myers, FL	3.0	3.0	2441	$3,500	$1.43	21d	1	0.47mi
11674 Pointe Cir Unit 1 Fort Myers, FL	3.0	2.5	1544	$1,900	$1.23	23d	1	0.49mi
11701 Pasetto Ln Unit 1049715P Fort Myers, FL	3.0	2.0	1496	$2,960	$1.98	21d	1	0.50mi
10907 Meadow Lark Cove Dr Fort Myers, FL	3.0	3.0	1600	$1,580	$0.99	3d	1	0.50mi
11651 Pointe Cir Unit 1546272P Fort Myers, FL	2.0	2.0	1367	$1,249	$0.91	16d	1	0.55mi
11701 Olivetti Ln Unit 210 Fort Myers, FL	2.0	2.0	1305	$4,500	$3.45	23d	1	0.57mi
11701 Olivetti Ln Unit 1545836P Fort Myers, FL	3.0	2.0	1388	$4,214	$3.04	14d	1	0.57mi
14501 Grande Cay Cir #2701 Fort Myers, FL	3.0	2.0	1980	$6,000	$3.03	23d	1	0.60mi
11601 Navarro Way #2102 Fort Myers, FL	2.0	2.0	1378	$4,500	$3.27	23d	1	0.61mi
15055 Tamarind Cay Ct #1205 Fort Myers, FL	3.0	2.0	1760	$2,700	$1.53	23d	1	0.62mi
15091 Tamarind Cay Ct #907 Fort Myers, FL	2.0	2.0	1487	$5,000	$3.36	23d	1	0.63mi
14570 Grande Cay Cir #2406 Fort Myers, FL	2.0	2.0	1560	$4,500	$2.88	3d	1	0.64mi
16126 Kelly Woods Dr Fort Myers, FL	3.0	2.0	1564	$5,800	$3.71	3d	1	0.64mi
12501 Barrington Ct Fort Myers, FL	4.0	2.5	2093	$3,500	$1.67	16d	1	0.64mi
14819 Laguna Dr #501 Fort Myers, FL	3.0	2.5	1857	$5,000	$2.69	19d	1	0.65mi
12866 Iona Rd Fort Myers, FL	3.0	2.0	1666	$2,850	$1.71	13d	1	0.66mi
14815 Laguna Dr #103 Fort Myers, FL	3.0	3.0	1857	$4,100	$2.21	3d	1	0.71mi
16120 Dublin Cir Unit A Fort Myers, FL	2.0	2.0	1517	$1,550	$1.02	23d	1	0.71mi
15037 Tamarind Cay Ct #1503 Fort Myers, FL	3.0	2.0	1487	$2,000	$1.34	23d	1	0.73mi
11271 Tamarind Cay Ln #1603 Fort Myers, FL	3.0	2.0	1934	$2,500	$1.29	23d	1	0.76mi
11271 Tamarind Cay Ln #1608 Fort Myers, FL	3.0	2.0	1934	$2,800	$1.45	23d	1	0.76mi
11620 Court of Palms #403 Fort Myers, FL	3.0	2.5	2510	$10,000	$3.98	3d	1	0.78mi
11600 Court of Palms #506 Fort Myers, FL	2.0	3.0	2550	$2,799	$1.10	23d	1	0.80mi
11600 Court of Palms #506 Fort Myers, FL	2.0	3.0	2550	$2,799	$1.10	3d	1	0.80mi
15625 Ocean Walk Cir #103 Fort Myers, FL	2.0	2.0	1287	$1,450	$1.13	21d	1	0.82mi
11271 Jacana Ct #1706 Fort Myers, FL	2.0	2.0	1487	$4,500	$3.03	23d	1	0.83mi
16252 Kelly Woods Dr Fort Myers, FL	2.0	2.0	1515	$6,000	$3.96	23d	1	0.83mi
15645 Ocean Walk Cir Fort Myers, FL	3.0	2.0	1287	$3,699	$2.87	2d	2	0.83mi
15645 Ocean Walk Cir Fort Myers, FL	3.0	2.0	1227	$2,774	$2.26	3d	3	0.83mi
11261 Jacana Ct #1808 Fort Myers, FL	3.0	2.0	1934	$3,200	$1.65	23d	1	0.84mi
11251 Jacana Ct #1908 Fort Myers, FL	2.0	2.0	1934	$4,500	$2.33	23d	1	0.85mi
15773 Beachcomber Ave Unit 1264830P Fort Myers, FL	3.0	2.0	1496	$3,133	$2.09	14d	1	0.86mi
11270 Jacana Ct #2101 Fort Myers, FL	3.0	2.0	1934	$2,800	$1.45	23d	1	0.86mi
16301 Kelly Woods Dr #205 Fort Myers, FL	2.0	2.0	1336	$5,000	$3.74	23d	1	0.90mi
14971 Rivers Edge Ct #101 Fort Myers, FL	2.0	2.0	1273	$2,000	$1.57	23d	1	1.00mi
15754 Cutters Ct Fort Myers, FL	3.0	2.0	2075	$3,000	$1.45	21d	1	1.02mi

HOA detail condo

• Monthly dues: $176 · $2,112/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-17
   days on market $222,000 Active 25 DOM
2. 2026-06-16
   days on market $222,000 Active 24 DOM
3. 2026-06-15
   days on market $222,000 Active 23 DOM
4. 2026-06-13
   days on market $222,000 Active 21 DOM
5. 2026-06-10
   days on market $222,000 Active 18 DOM
6. 2026-06-09
   days on market $222,000 Active 17 DOM
7. 2026-06-08
   days on market $222,000 Active 16 DOM
8. 2026-06-07
   days on market $222,000 Active 15 DOM
9. 2026-06-03
   days on market $222,000 Active 11 DOM
10. 2026-06-02
    days on market $222,000 Active 10 DOM
11. 2026-06-01
    days on market $222,000 Active 9 DOM
12. 2026-05-31
    days on market $222,000 Active 8 DOM
13. 2026-05-23
    listed $222,000 Active
14. 2026-05-01
    historical
15. 2026-04-02
    listed $222,000 Active
16. 2026-04-01
    historical
17. 2026-02-16
    price $222,000
18. 2025-11-11
    price $234,000
19. 2025-09-23
    listed $260,000 Active
20. 2025-06-22
    historical
21. 2025-03-13
    price $275,000
22. 2025-02-19
    price $285,000
23. 2025-02-04
    price $300,000
24. 2025-01-21
    price $325,000
25. 2024-12-09
    listed $335,000 Active
26. 2024-11-01
    historical $2,150
27. 2024-07-18
    price $2,150
28. 2024-06-16
    listed $2,400
29. 2017-06-20
    soldstatus $63,000 Sold
30. 2017-06-06
    status Pending
31. 2017-04-22
    price $70,000
32. 2017-04-22
    status Active
33. 2017-04-19
    status Pending
34. 2017-03-24
    listed $75,000 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: $3,873 · $323/mo
• Projected year-2 tax: $3,873 · $323/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: $39,662
• − Mortgage interest: −$12,435
• − Property taxes: −$3,873
• − Insurance: −$6,229
• − Repairs & maintenance: −$3,173
• − Management: −$3,173
• − HOA: −$2,112
• − Depreciation: −$6,458
• Taxable income: $2,209
• Est. tax owed @ 24.0%: −$530
• After-tax cash flow: $4,619/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

+196.0% since first listed

22 events — show timeline

• 2026-05-23 Listed $222,000 NAPLESMLS
• 2026-05-01 Listing Removed — FORTMLS
• 2026-04-02 Listed $222,000 FORTMLS
• 2026-04-01 Listing Removed — FORTMLS
• 2026-02-16 Price Changed $222,000 FORTMLS
• 2025-11-11 Price Changed $234,000 FORTMLS
• 2025-09-23 Listed $260,000 FORTMLS
• 2025-06-22 Listing Removed — FORTMLS
• 2025-03-13 Price Changed $275,000 FORTMLS
• 2025-02-19 Price Changed $285,000 FORTMLS
• 2025-02-04 Price Changed $300,000 FORTMLS
• 2025-01-21 Price Changed $325,000 FORTMLS
• 2024-12-09 Listed $335,000 FORTMLS
• 2024-11-01 Rental Removed $2,150 FORTMLS
• 2024-07-18 Price Changed $2,150 FORTMLS
• 2024-06-16 Listed for Rent $2,400 FORTMLS
• 2017-06-20 Sold (MLS) $63,000 FORTMLS
• 2017-06-06 Pending — FORTMLS
• 2017-04-22 Price Changed $70,000 FORTMLS
• 2017-04-22 Relisted — FORTMLS
• 2017-04-19 Pending — FORTMLS
• 2017-03-24 Listed $75,000 FORTMLS

Property tax history

+29.1%/yr

Latest (2025): $3,873 · +361.9% YoY. Source: county tax records.