159 Adrienne Dr · Iona, FL 33908

$163,000

2 bd · 1.0 ba · 654 sqft · Land · 127 Days on market

Built 2025 4,965 sqft lot $100/mo HOA · 7% of rent

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Why this score? — see what drove the D+ 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 +16.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• 1% rule +4.1/10.0
• 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 MLS

well cared for single wide in Thunderbird, 2 bedrooms, one and half baths, full bath has been updated, kitchen cabinets and counter top updated, Roof over, will be furnished except for personal things. lots of activities, heated pool, mthly maint fee $40.00 close to the Beaches and shopping, $1000 transfer fee by buyer offered AS IS inspections welcome

Key facts

• Attached carport
• Paved driveway
• Open layout

Tags

• OPEN LAYOUT
• EAT-IN KITCHEN
• BREAKFAST BAR
• CENTRAL A/C
• ATTACHED CARPORT
• PAVED DRIVEWAY

Property features AI

Finance

• Other: Zoning: MH-2; Lot described as regular, deeded; Lot dimensions and area recorded by Property Appraiser Office
• Financial info: Annual special assessment of $500
• HOA & community: Mandatory HOA with $100 monthly master fee; Community amenities include clubhouse, community pool, community room, internet access, and shuffleboard; Community services cover internet/WiFi access, laundry facilities, lawn/land maintenance, pest control (interior), recreation facilities, street lights, street maintenance, trash removal, and water; Community is non-gated; Total annual recurring fees approximately $1,700; total one-time fees approximately $2,000; HOA managed by residents

Exterior

• Parking: Paved driveway
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential manufactured home; Manufactured building design; 1 story; Rear exposure faces west; Located in THUNDERBIRD MOBILE HOMES community
• Construction: Manufactured construction; Built in 2025; Vinyl exterior finish
• Exterior features: Shingle roof; Double-hung windows; Vinyl siding; Paved road access; Landscaped view

Interior

• Kitchen: Electric cooktop; Range; Dishwasher; Refrigerator/freezer
• Bedrooms: 2 bedrooms
• Flooring: Vinyl
• Bathrooms: 1 full bathroom; No master bath
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Built-in cabinets; High-speed internet available; Smoke detectors; Window coverings; Breakfast bar and eat-in kitchen; Laundry in residence; Furnished
• Laundry & utility: Washer and dryer included; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath land listed at $163k.

Deal economics

• At list price, monthly cash flow is $-330 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (35.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (9.5% below list).
• Recommended offer: $105k (35.7% below list) — sets the bar for cash-flow.
• Cap rate 7.0% 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; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).

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 127 days — a 12% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $70k; list at $163k implies a 133% 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $104,790 (35.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.91% ✗
• Cap rate: 7.01%
• Cash-on-cash: 2.55%
• DSCR: 1.11
• GRM: 9.2

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: -36.3%
• Equity multiple: -0.13×
• Total profit: $-51,475
• Equity at exit: $24,304

10-year hold

• IRR: -84.6%
• Equity multiple: -0.92×
• Total profit: $-87,545
• Equity at exit: $14,093

Cash invested: $45,640 (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: 9.2×

Monthly cashflow live

• Estimated rent: $1,475 medium
• Mortgage (P&I): −$855
• Tax from tax record: −$46 /mo · $549/yr
• Insurance: −$68
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$100
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $-330

Break-even live

Break-even rent $1,892

Max offer price $104,790

Occupancy floor —

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: $40,750
• Closing costs: $4,890
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11430 Kimble Dr Unit 11432 front Fort Myers, FL	2.0	1.0	700	$1,300	$1.86	3d	1	0.49mi
11430 Kimble Dr Unit 11430 front Fort Myers, FL	2.0	1.0	700	$1,295	$1.85	3d	1	0.49mi
15655 Ocean Walk Cir Fort Myers, FL	1.0–2.0	1.0–2.0	856	$3,200	$3.74	14d	2	0.79mi
11400 Ocean Walk Ln Fort Myers, FL	1.0–2.0	1.0–2.0	856	$1,500	$1.75	3d	2	0.87mi

HOA detail

• Monthly dues: $100 · $1,200/yr
• Likely covers: pool

Listing history 12 events

1. 2026-06-10
   days on market $163,000 Active 127 DOM
2. 2026-06-09
   days on market $163,000 Active 126 DOM
3. 2026-06-07
   days on market $163,000 Active 124 DOM
4. 2026-06-02
   days on market $163,000 Active 119 DOM
5. 2026-06-01
   days on market $163,000 Active 118 DOM
6. 2026-06-01
   days on market $163,000 Active 117 DOM
7. 2026-04-10
   price $163,000
8. 2026-02-03
   listed $180,000 Active
9. 2011-03-14
   soldstatus $70,000
10. 2011-03-10
    soldstatus $70,000 354-char remark

    Show marketing remark (354 chars)

    well cared for single wide in Thunderbird, 2 bedrooms, one and half baths, full bath has been updated, kitchen cabinets and counter top updated, Roof over, will be furnished except for personal things. lots of activities, heated pool, mthly maint fee $40.00 close to the Beaches and shopping, $1000 transfer fee by buyer offered AS IS inspections welcome

11. 2011-02-11
    price $75,000 354-char remark

    Show marketing remark (354 chars)

    well cared for single wide in Thunderbird, 2 bedrooms, one and half baths, full bath has been updated, kitchen cabinets and counter top updated, Roof over, will be furnished except for personal things. lots of activities, heated pool, mthly maint fee $40.00 close to the Beaches and shopping, $1000 transfer fee by buyer offered AS IS inspections welcome

12. 1992-03-16
    soldstatus $44,500

ⓘ 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: $549 · $46/mo
• Projected year-2 tax: $1,353 · $113/mo
• Expected delta: +$804/yr (+$67/mo · 146.4%)

ⓘ 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 · 28 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: $17,704
• − Mortgage interest: −$9,131
• − Property taxes: −$549
• − Insurance: −$5,934
• − Repairs & maintenance: −$1,416
• − Management: −$1,416
• − HOA: −$1,200
• − Depreciation: −$4,742
• Taxable loss: −$6,684
• Est. tax savings @ 24.0%: +$1,604
• After-tax cash flow: $-2,350/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

+266.3% since first listed

6 events — show timeline

• 2026-04-10 Price Changed $163,000 NAPLESMLS
• 2026-02-03 Listed $180,000 NAPLESMLS
• 2011-03-14 Sold (Public Records) $70,000 Public Records
• 2011-03-10 Sold (MLS) $70,000 FORTMLS
• 2011-02-11 Price Changed $75,000 FORTMLS
• 1992-03-16 Sold (Public Records) $44,500 Public Records

Property tax history

-2.2%/yr

Latest (2025): $549 · -46.9% YoY. Source: county tax records.