10381 Wales Loop · Bonita Springs, FL 34135

$249,500

2 bd · 2.0 ba · 1,402 sqft · Condo public records · 46 Days on market

Built 1990 $95/mo HOA · 3% 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 +27.7/30.0
• DSCR +9.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your slice of paradise at 10381 Wales Loop, located in the sought-after Bonita St. James Village—a welcoming 55+ community in the heart of Bonita Springs! This beautifully maintained 2-bedroom, 2-bath manufactured home offers approximately 1,400 square feet of comfortable living space, ideal for both full-time residents and seasonal homeowners. Inside, you’ll find a bright and open layout with spacious living and dining areas, a well-equipped kitchen with ample storage, and generously sized bedrooms—including a private primary suite. Best of all, this home is not located in a flood zone, providing added peace of mind. Beyond the home itself, the lifestyle her

Key facts

• Nature preserves
• Golf courses
• Scenic parks

Tags

• NOT LOCATED IN A FLOOD ZONE
• EASY ACCESS TO GULF BEACHES
• SCENIC PARKS
• NATURE PRESERVES
• GOLF COURSES
• LOCAL DINING

Property features AI

Finance

• Other: Community of 125 units
• HOA & community: Homeowners association with a $95 monthly fee; Association includes management, grounds maintenance, recreation facilities, reserve fund, road maintenance, and street lights; Community amenities include clubhouse, pool, spa/hot tub, bocce court, shuffleboard court, billiards/billiard room, library, park, RV/boat storage, and on-site management; Senior community; Street lights

Exterior

• Parking: Attached carport; Carport with 2 covered spaces; Driveway (paved)
• Security: Gated community with security gate and key card entry
• Utilities: Public water; Public sewer; Cable available; Underground utilities
• Home design: Manufactured home; 1 story; Entry level 1; Southeast facing; Shingle roof; Resale condition
• Construction: Vinyl siding; Manufactured construction
• Exterior features: Storage; Community pool; Rectangular lot; Northwest exposure; Municipal irrigation

Interior

• Kitchen: Electric cooktop; Self-cleaning oven; Microwave; Dishwasher; Refrigerator; Freezer; Eat-in kitchen
• Bedrooms: Florida room (additional living space)
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Furnished; Eat-in kitchen; French doors; French door(s)/Atrium door(s); Shower only with separate shower; Window treatments; Single hung windows with shutters and window coverings
• Laundry & utility: Washer; Dryer; Laundry tub

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 $756 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 soft (-0.6%/yr); 835 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 ($91k/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 $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 46 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,015 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.18% ✓
• Cap rate: 9.93%
• Cash-on-cash: 12.98%
• DSCR: 1.58
• GRM: 7.0

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: -0.4%
• Equity multiple: 0.99×
• Total profit: $-1,014
• Equity at exit: $37,201

10-year hold

• IRR: 6.1%
• Equity multiple: 1.39×
• Total profit: $27,437
• Equity at exit: $21,572

Cash invested: $69,860 (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 34135

• Rents YoY: -0.6%
• Active inventory: 835
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,954 high
• Mortgage (P&I): −$1,308
• Tax from tax record: −$71 /mo · $851/yr
• Insurance: −$104
• HOA: −$95
• Vacancy / Maint / Mgmt: −$620
• Net cashflow: $756

Break-even live

Break-even rent $1,998

Max offer price $249,500

Occupancy floor 69%

Sensitivity live

Price	-10% $897	-5% $826	+0% $756	+5% $685	+10% $614
Rent	-10% $522	-5% $639	+0% $756	+5% $872	+10% $989
Rate	-1.0pp $881	-0.5pp $819	base $756	+0.5pp $691	+1.0pp $625

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: $62,375
• Closing costs: $7,485
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10328 Windley Key Ter Bonita Springs, FL	3.0	2.0	1400	$2,600	$1.86	15d	1	0.06mi
25806 Cockleshell Dr #314 Bonita Springs, FL	2.0	2.0	975	$1,800	$1.85	24d	1	0.34mi
26240 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.5	1704	$2,999	$1.76	22d	1	0.47mi
26175 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.0	1308	$3,000	$2.29	17d	1	0.51mi
25727 Lake Amelia Way #105 Bonita Springs, FL	2.0	2.0	1230	$2,200	$1.79	24d	1	0.56mi
25735 Lake Amelia Way #105 Bonita Springs, FL	2.0	2.0	1230	$1,500	$1.22	24d	1	0.57mi
25480 Cockleshell Dr #1005 Bonita Springs, FL	2.0	2.5	1129	$4,500	$3.99	22d	1	0.59mi
25480 Cockleshell Dr #1005 Bonita Springs, FL	2.0	2.5	1119	$4,600	$4.11	24d	1	0.59mi
10710 Rosemary Dr #712 Bonita Springs, FL	1.0	1.0	984	$1,750	$1.78	24d	1	0.70mi
26603 Bonita Fairways Blvd Bonita Springs, FL	3.0	2.0	1308	$4,500	$3.44	17d	1	0.73mi
9510 Village View Blvd Bonita Springs, FL	3.0	2.0	1587	$3,700	$2.33	24d	1	0.83mi
26282 Queen Mary Ln Bonita Springs, FL	2.0	2.0	1236	$1,800	$1.46	24d	1	0.83mi
26239 Bonita Fairways Cir Bonita Springs, FL	2.0	2.0	1088	$2,500	$2.30	24d	1	0.88mi
9304 Lake Abby Ln Bonita Springs, FL	3.0	2.0	1631	$3,700	$2.27	4d	1	0.88mi
9371 Lake Abby Ln Bonita Springs, FL	3.0	2.0	1796	$2,850	$1.59	24d	1	0.92mi
25925 Pebblecreek Dr Bonita Springs, FL	2.0	2.0	1498	$3,400	$2.27	22d	1	0.92mi
10850 Alvara Point Dr Bonita Springs, FL	2.0	2.5	1628	$4,000	$2.46	24d	1	0.93mi
26680 Bonita Fairways Blvd #201 Bonita Springs, FL	2.0	2.0	1216	$4,500	$3.70	24d	1	0.94mi
26760 Silverado East Dr Bonita Springs, FL	3.0	2.5	1278	$2,700	$2.11	4d	1	0.94mi
10818 Alvara Way Bonita Springs, FL	2.0	2.5	1628	$2,500	$1.54	24d	1	0.95mi
25161 Killdeer Dr Bonita Springs, FL	3.0	2.0	1777	$3,200	$1.80	15d	1	0.95mi
10000 Maddox Ln #125 Bonita Springs, FL	2.0	2.0	1129	$4,000	$3.54	24d	1	0.95mi
26691 Rosewood Pointe Dr #101 Bonita Springs, FL	2.0	2.0	1216	$3,600	$2.96	24d	1	0.97mi
10030 Maddox Ln #206 Bonita Springs, FL	3.0	2.0	1327	$2,150	$1.62	22d	1	0.98mi
26700 Rosewood Pointe Dr Bonita Springs, FL	2.0	2.0	1199	$2,200	$1.83	4d	2	0.98mi
10010 Maddox Ln #318 Bonita Springs, FL	2.0	2.0	1224	$1,550	$1.27	24d	1	0.99mi
10020 Maddox Ln #213 Bonita Springs, FL	2.0	2.0	1224	$2,350	$1.92	22d	1	0.99mi
26660 Rosewood Pointe Dr #203 Bonita Springs, FL	2.0	2.0	1190	$3,500	$2.94	24d	1	1.03mi
11305 Monte Carlo Blvd #202 Bonita Springs, FL	3.0	2.0	1532	$2,980	$1.95	12d	1	1.03mi
11305 Monte Carlo Blvd #202 Bonita Springs, FL	3.0	2.0	1532	$5,500	$3.59	24d	1	1.03mi
10041 Maddox Ln Bonita Springs, FL	2.0	2.0	1213	$5,000	$4.12	24d	1	1.07mi
10041 Maddox Ln #203 Bonita Springs, FL	3.0	2.0	1083	$5,000	$4.62	24d	1	1.07mi
26141 Palace Ln #201 Bonita Springs, FL	3.0	2.0	1661	$2,500	$1.51	24d	1	1.07mi
27044 Williams Rd Bonita Springs, FL	3.0	3.0	1600	$6,900	$4.31	24d	1	1.10mi
26197 Palace Ln #102 Bonita Springs, FL	2.0	2.0	1279	$4,200	$3.28	24d	1	1.16mi
26610 Rosewood Pointe Dr #308 Bonita Springs, FL	2.0	2.0	1231	$2,100	$1.71	4d	1	1.18mi
26589-610 Rosewood Pointe Dr Unit A 301 Bonita Springs, FL	2.0	2.0	986	$3,500	$3.55	24d	1	1.18mi
26600 Rosewood Pointe Dr Unit B-101 Bonita Springs, FL	2.0	2.0	983	$2,200	$2.24	4d	1	1.20mi
26600 Rosewood Pointe Dr Unit B-107 Bonita Springs, FL	3.0	2.0	1616	$6,000	$3.71	24d	1	1.20mi
9250 Highland Woods Blvd #2308 Bonita Springs, FL	2.0	2.0	1100	$1,995	$1.81	4d	1	1.21mi

HOA detail condo

• Monthly dues: $95 · $1,140/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-17
   days on market $249,500 Active 46 DOM
2. 2026-06-16
   days on market $249,500 Active 45 DOM
3. 2026-06-15
   days on market $249,500 Active 44 DOM
4. 2026-06-13
   days on market $249,500 Active 42 DOM
5. 2026-06-10
   days on market $249,500 Active 39 DOM
6. 2026-06-09
   days on market $249,500 Active 38 DOM
7. 2026-06-08
   days on market $249,500 Active 37 DOM
8. 2026-06-07
   days on market $249,500 Active 36 DOM
9. 2026-06-03
   days on market $249,500 Active 32 DOM
10. 2026-06-02
    days on market $249,500 Active 31 DOM
11. 2026-06-01
    days on market $249,500 Active 30 DOM
12. 2026-05-31
    days on market $249,500 Active 29 DOM
13. 2026-05-01
    listed $249,500 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: $851 · $71/mo
• Projected year-2 tax: $2,071 · $173/mo
• Expected delta: +$1,220/yr (+$102/mo · 143.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 48% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,450
• − Mortgage interest: −$13,976
• − Property taxes: −$851
• − Insurance: −$1,248
• − Repairs & maintenance: −$2,836
• − Management: −$2,836
• − HOA: −$1,140
• − Depreciation: −$7,258
• Taxable income: $5,305
• Est. tax owed @ 24.0%: −$1,273
• After-tax cash flow: $7,793/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): 48,252
• Household income: $91,380
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 976.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 26% Two or more races 13% Native American 3% Black 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 4% Cuban 3%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 22% · Canada, Jamaica
• Languages at home: 74% English-only · Spanish 21% French/Haitian/Cajun 1% Russian/Polish/Slavic 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: ▼ -188.86%
• Current HPI: 243.4153
• Rent YoY: ▼ -0.61%
• 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

1 event — show timeline

• 2026-05-01 Listed $249,500 FORTMLS

Property tax history

-3.2%/yr

Latest (2025): $851 · +4.3% YoY. Source: county tax records.