3388 Rainbow Ln · North Fort Myers, FL 33903

$92,500

2 bd · 2.0 ba · 1,029 sqft · Manufactured public records · 272 Days on market

Built 1979 4,268 sqft lot Est $113k · 18% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great place to call home, or your second home, or your vacation home. Comfortably enjoy all Florida has to offer. Winter time or year round, you'll be glad you purchased this very well maintained home with affordable Florida living. Near everything, stores, tourist attractions, not too far from fabulous beaches. New roof in 2002, warranty transfers. Make an appointment today, before it's gone!

Key facts

• Metal roof
• Ramp at the rear
• New water heater

Tags

• EXTENDED CONCRETE WALKWAY
• RAMP AT THE REAR
• NEW A C UNIT
• NEW WATER HEATER
• REVERSE OSMOSIS SYSTEM
• METAL ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $92k.

Deal economics

• At list price, monthly cash flow is $320 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $92k).
• Recommended offer: $81k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.0% 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.

Location & tenants

• 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.
• 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 (-1.9%/yr); 472 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 35% of the median local income ($57k/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 $640 of loan paydown is wiped out by about $3k 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 272 days — a 12% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $47k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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; moderate wildfire risk; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $81,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 272 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.78% ✓
• Cap rate: 15.98%
• Cash-on-cash: 34.60%
• DSCR: 2.54
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $113,190
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16034 Citron Way	0.13mi	2/2.0	960 (-7%)	7mo	$125,000	$130	77
16041 Citron Way	0.16mi	2/2.0	960 (-7%)	6mo	$92,000	$96	76
3204 Pluto Cir	0.24mi	2/2.0	1,104 (+7%)	7mo	$110,000	$100	71
3167 Pluto Cir	0.18mi	2/2.0	1,150 (+12%)	15mo	$126,000	$110	59
612 Sunrise Ave	0.67mi	2/2.0	1,049 (+2%)	13mo	$173,000	$165	55
9250 Caloosa Dr	0.34mi	2/2.0	1,149 (+12%)	17mo	$139,500	$121	51
486 Horizon Dr	0.67mi	2/2.0	1,080 (+5%)	14mo	$110,000	$102	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 0.9%
• Equity multiple: 1.03×
• Total profit: $827
• Equity at exit: $13,792

10-year hold

• IRR: 5.9%
• Equity multiple: 1.36×
• Total profit: $9,312
• Equity at exit: $7,998

Cash invested: $25,900 (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 33903

• Rents YoY: -1.9%
• Active inventory: 472
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,645 high
• Mortgage (P&I): −$485
• Tax from tax record: −$29 /mo · $346/yr
• Insurance: −$39
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $320

Break-even live

Break-even rent $1,239

Max offer price $92,500

Occupancy floor 76%

Sensitivity live

Price	-10% $373	-5% $347	+0% $320	+5% $294	+10% $268
Rent	-10% $190	-5% $255	+0% $320	+5% $385	+10% $450
Rate	-1.0pp $367	-0.5pp $344	base $320	+0.5pp $296	+1.0pp $272

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: $23,125
• Closing costs: $2,775
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3404 Rainbow Ln North Fort Myers, FL	2.0	2.0	1056	$1,800	$1.70	4d	1	0.05mi
28 Nyborg Ave North Fort Myers, FL	3.0	2.0	1042	$1,299	$1.25	15d	1	0.40mi
8791 Littleton Rd North Fort Myers, FL	2.0	2.0	1074	$1,549	$1.44	24d	1	0.68mi
571 Sunrise Ln North Fort Myers, FL	2.0	2.0	1004	$1,400	$1.39	24d	1	0.77mi
2774 Wedgewood Dr North Fort Myers, FL	2.0	2.0	880	$1,300	$1.48	24d	1	0.77mi
266 Mongoose Ln #266 North Fort Myers, FL	3.0	2.0	1372	$1,499	$1.09	4d	1	0.83mi
4120 Pine Drop Ln North Fort Myers, FL	3.0	2.0	957	$1,895	$1.98	24d	1	1.00mi
3260 Stockton St North Fort Myers, FL	3.0	1.0–2.0	976	$2,371	$2.43	2d	27	1.16mi
3957 Pomodoro Cir #301 Cape Coral, FL	2.0	2.0	1270	$1,450	$1.14	16d	1	1.17mi
3953 Pomodoro Cir Cape Coral, FL	1.0–3.0	1.0–2.0	1044	$1,462	$1.40	15d	9	1.19mi
3961 Pomodoro Cir #204 Cape Coral, FL	2.0	2.0	1270	$1,450	$1.14	24d	1	1.20mi
3961 Pomodoro Cir #204 Cape Coral, FL	2.0	2.0	1270	$1,450	$1.14	16d	1	1.20mi
2095 Eloise Cir North Fort Myers, FL	2.0	1.0	840	$1,295	$1.54	24d	1	1.22mi
535 Zebra Dr #535 North Fort Myers, FL	3.0	2.0	1352	$1,499	$1.11	15d	1	1.22mi
2027 Eloise Cir North Fort Myers, FL	2.0	1.0	822	$1,300	$1.58	4d	1	1.24mi
3940 Villa Del Mar CIR Cape Coral, FL	1.0–3.0	1.0–2.0	1051	$2,116	$2.01	2d	21	1.25mi
3944 Pomodoro Cir #202 Cape Coral, FL	3.0	2.0	1411	$2,200	$1.56	24d	1	1.26mi
2904 Tuscan Dr #303 Cape Coral, FL	2.0	2.0	1460	$1,450	$0.99	24d	1	1.28mi
2700 Diplomat Pkwy E Cape Coral, FL	1.0–3.0	1.0–2.0	1116	$2,382	$2.13	4d	41	1.28mi
3940 Pomodoro Cir Cape Coral, FL	2.0	2.0	1270	$1,475	$1.16	4d	2	1.29mi
3968 Pomodoro Cir #202 Cape Coral, FL	2.0	2.0	1469	$1,475	$1.00	15d	1	1.29mi
3973 Pomodoro Cir Cape Coral, FL	2.0	2.0	1534	$1,575	$1.03	3d	3	1.32mi
3973 Pomodoro Cir Cape Coral, FL	2.0	2.0	1469	$1,498	$1.02	24d	2	1.32mi
538 State St North Fort Myers, FL	3.0	1.5	1000	$1,199	$1.20	24d	1	1.32mi
2909 Tuscan Dr Cape Coral, FL	2.0	2.0	1469	$1,475	$1.00	24d	2	1.32mi
2913 Tuscan Dr #102 Cape Coral, FL	2.0	2.0	1469	$1,450	$0.99	24d	1	1.33mi
16363 Teresa Ln North Fort Myers, FL	2.0	1.0	1000	$1,000	$1.00	24d	1	1.36mi
260 Stockton St North Fort Myers, FL	2.0	2.0	924	$1,200	$1.30	4d	1	1.38mi
248 Stockton St North Fort Myers, FL	3.0	2.0	924	$1,300	$1.41	24d	1	1.39mi
247 Stockton St North Fort Myers, FL	3.0	2.0	924	$1,325	$1.43	24d	1	1.41mi
446 San Bernardino St North Fort Myers, FL	2.0	1.0	1104	$1,590	$1.44	11d	1	1.48mi

Listing history 15 events

1. 2026-01-31
   status Pending
2. 2026-01-26
   status Active
3. 2026-01-26
   price $92,500
4. 2026-01-20
   status Pending
5. 2026-01-20
   status Active
6. 2026-01-08
   historical
7. 2025-12-25
   price $105,000
8. 2025-10-16
   price $112,000
9. 2025-04-29
   price $129,900
10. 2025-04-08
    listed $139,900 Active
11. 2017-04-03
    soldstatus $70,000
12. 2014-12-15
    soldstatus $45,900
13. 2014-09-05
    soldstatus $46,000
14. 2014-09-03
    soldstatus $46,000 396-char remark

    Show marketing remark (396 chars)

    Great place to call home, or your second home, or your vacation home. Comfortably enjoy all Florida has to offer. Winter time or year round, you'll be glad you purchased this very well maintained home with affordable Florida living. Near everything, stores, tourist attractions, not too far from fabulous beaches. New roof in 2002, warranty transfers. Make an appointment today, before it's gone!

15. 2014-02-17
    listed $49,900 396-char remark

    Show marketing remark (396 chars)

    Great place to call home, or your second home, or your vacation home. Comfortably enjoy all Florida has to offer. Winter time or year round, you'll be glad you purchased this very well maintained home with affordable Florida living. Near everything, stores, tourist attractions, not too far from fabulous beaches. New roof in 2002, warranty transfers. Make an appointment today, before it's gone!

ⓘ 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: $346 · $29/mo
• Projected year-2 tax: $768 · $64/mo
• Expected delta: +$421/yr (+$35/mo · 121.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AE · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 27 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: $19,737
• − Mortgage interest: −$5,181
• − Property taxes: −$346
• − Insurance: −$5,581
• − Repairs & maintenance: −$1,579
• − Management: −$1,579
• − Depreciation: −$2,691
• Taxable income: $2,779
• Est. tax owed @ 24.0%: −$667
• After-tax cash flow: $3,177/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 — North Fort Myers

• Score: 74/100
• State rank: #269
• US rank: #4409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 57,035
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 23,655
• Household income: $56,993
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 468.0

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 14% Two or more races 8% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 3%
• Common ancestry: Lithuanian 4% Romanian 4% Italian 3%
• Foreign-born: 11% · Canada
• Languages at home: 88% English-only · Spanish 9% 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: ▼ -172.26%
• Current HPI: 256.773
• Rent YoY: ▼ -1.94%
• 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

+85.4% since first listed

15 events — show timeline

• 2026-01-31 Pending — FORTMLS
• 2026-01-26 Relisted — FORTMLS
• 2026-01-26 Price Changed $92,500 FORTMLS
• 2026-01-20 Pending — FORTMLS
• 2026-01-20 Relisted — FORTMLS
• 2026-01-08 Listing Removed — FORTMLS
• 2025-12-25 Price Changed $105,000 FORTMLS
• 2025-10-16 Price Changed $112,000 FORTMLS
• 2025-04-29 Price Changed $129,900 FORTMLS
• 2025-04-08 Listed $139,900 FORTMLS
• 2017-04-03 Sold (Public Records) $70,000 Public Records
• 2014-12-15 Sold (Public Records) $45,900 Public Records
• 2014-09-05 Sold (Public Records) $46,000 Public Records
• 2014-09-03 Sold (MLS) $46,000 Stellar MLS as Distributed by MLS Grid
• 2014-02-17 Listed $49,900 Stellar MLS as Distributed by MLS Grid

Property tax history

-4.1%/yr

Latest (2025): $346 · -15.5% YoY. Source: county tax records.