15805 Elina Sky Dr

North Fort Myers, FL 33982

$346,174D-

3 bd · 2.0 ba · 1,488 sqft · Built 2025 · SingleFamily · Active · 344 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,677/mo
• Mortgage (P&I): −$1,815
• Tax + insurance: −$577
• HOA: −$0
• Vac / Maint / Mgmt: −$562
• Net cashflow: $-277/mo
• Annual: $-3,327/yr
• Cap rate: 5.33%
• Cash-on-cash: -3.43%
• DSCR: 0.85
• 1% rule: 0.77%
• Cash to close: $96,929

Investor read

• This is a 3-bed/2.0-bath single-family listed at $346k.
• At list price, monthly cash flow is $-277 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $306k (11.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $268k (22.7% below list).
• It's been on market 344 days — a 12% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $268k (22.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#269 in FL, #4,409 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Charlotte (suburban): math 54% / reading 54% proficiency, ranked #22 of 73 in FL (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.1%/yr); 1037 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 4,585 units permitted in Charlotte County in 2024 (703 in 5+ unit buildings).
• Charlotte County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 5.3% vs local median 3.6% in North 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.
• This rent runs 44% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 344 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.