11006 Mill Creek Way #2003 · Fort Myers, FL 33913

$224,900

2 bd · 2.0 ba · 1,385 sqft · Condo public records · 20 Days on market

Built 2003 $864/mo HOA · 19% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful panoramic lake views from this bottom floor condo. FRESHLY PAINTED. .. .clean, clean, clean ! Watch the Florida birds along the shore while enjoying your morning coffee from your lanai. Southern exposure is perfect for all day sun. All bedrooms are separated with master views of the water while 2nd and 3rd bedrooms are near the front of condo. 3rd bedroom can be office, den, or even an exercise room. COMMUNITY POOL is right next door. There are 7 pools altogether in the community so never crowded. .. .how special is that ?! 18 hole golf course is pay as you play with discounted rates off the public $$. 10 tennis courts, state of the art fitness, restaurant with weekly entertainment, nature trails, and sidewalks. Come and live the Country Club lifestyle with an ABUNDANCE OF ACTIVITIES. .. .. .NEVER BE BORED !

Key facts

• Newer roof
• Screened lanai
• Hot water heater

Tags

• SCREENED LANAI
• SPARKLING SWIMMING POOL
• RECESSED LIGHTING
• HOT WATER HEATER
• HVAC SYSTEM
• NEWER ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $592 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 3.0% in 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 86/100 on livability (#14 in FL, #383 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• 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 flat; 811 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); high-income renter base; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $4,511/mo this rent would consume 49% of the median local household income ($110k/yr) (locally 276% 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 20 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 $163k; 38% 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 8→34/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $221,526 (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. 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: 2.01% ✓
• Cap rate: 11.73%
• Cash-on-cash: 19.41%
• DSCR: 1.86
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.37% rent growth · sell at horizon

5-year hold

• IRR: -4.2%
• Equity multiple: 0.85×
• Total profit: $-9,441
• Equity at exit: $33,533

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-1,148
• Equity at exit: $19,445

Cash invested: $62,972 (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 33913

• Home prices YoY: -10.3%
• Rents YoY: 0.4%
• Active inventory: 811
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $4,511 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$408 /mo · $4,897/yr
• Insurance: −$94
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$864
• Vacancy / Maint / Mgmt: −$947
• Net cashflow: $592

Break-even live

Break-even rent $3,762

Max offer price $224,900

Occupancy floor 82%

Sensitivity live

Price	-10% $719	-5% $655	+0% $592	+5% $528	+10% $465
Rent	-10% $235	-5% $414	+0% $592	+5% $770	+10% $948
Rate	-1.0pp $705	-0.5pp $649	base $592	+0.5pp $534	+1.0pp $474

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11011 Mill Creek Way #1307 Fort Myers, FL	2.0	2.0	1379	$5,000	$3.63	24d	1	0.04mi
11012 Mill Creek Way #2205 Fort Myers, FL	2.0	2.0	1749	$5,500	$3.14	24d	1	0.08mi
10130 Colonial Country Club Blvd #707 Fort Myers, FL	2.0	2.0	1116	$4,900	$4.39	24d	1	0.19mi
10128 Colonial Country Club Blvd #602 Fort Myers, FL	2.0	2.0	1530	$4,600	$3.01	24d	1	0.22mi
10121 Colonial Country Club Blvd #1802 Fort Myers, FL	2.0	2.0	1530	$4,800	$3.14	4d	1	0.30mi
9667 Hemingway Ln Unit 3107 Fort Myers, FL	2.0	2.0	1209	$4,900	$4.05	24d	1	0.32mi
11029 Mill Creek Way #405 Fort Myers, FL	2.0	2.0	1749	$2,500	$1.43	24d	1	0.32mi
10112 Colonial Country Club Blvd #209 Fort Myers, FL	2.0	2.0	1530	$5,000	$3.27	24d	1	0.35mi
9661 Hemingway Ln #3207 Fort Myers, FL	2.0	2.0	1300	$3,900	$3.00	4d	1	0.35mi
11075 Lancewood St Fort Myers, FL	3.0	2.0	1575	$2,300	$1.46	17d	1	0.37mi
11075 Lancewood St Fort Myers, FL	3.0	2.0	1575	$2,300	$1.46	24d	1	0.37mi
11033 Mill Creek Way #202 Fort Myers, FL	2.0	2.0	1379	$5,400	$3.92	24d	1	0.38mi
10020 Horse Creek Rd Fort Myers, FL	2.0	2.0	1692	$2,500	$1.48	24d	1	0.39mi
10111 Colonial Country Club Blvd #2308 Fort Myers, FL	2.0	2.0	1309	$2,000	$1.53	13d	1	0.42mi
9639 Hemingway Ln #3505 Fort Myers, FL	2.0	2.0	1234	$4,800	$3.89	24d	1	0.44mi
10280 Crepe Jasmine Ln Unit 1546286P Fort Myers, FL	3.0	2.0	1571	$4,526	$2.88	17d	1	0.44mi
11280 Reflection Isles Blvd Fort Myers, FL	3.0	2.0	1670	$3,500	$2.10	24d	1	0.60mi
11041 Iron Horse Way Fort Myers, FL	2.0	2.0	1692	$4,000	$2.36	24d	1	0.62mi
10063 Majestic Ave Fort Myers, FL	2.0	2.0	1692	$7,100	$4.20	24d	1	0.63mi
10053 Majestic Ave Fort Myers, FL	2.0	2.0	1692	$7,400	$4.37	24d	1	0.64mi
9918 Horse Creek Rd Fort Myers, FL	3.0	2.0	1510	$2,200	$1.46	24d	1	0.68mi
9582 Hemingway Ln #3402 Fort Myers, FL	2.0	2.0	1382	$5,500	$3.98	24d	1	0.71mi
9582 Hemingway Ln #3403 Fort Myers, FL	2.0	2.0	1385	$5,400	$3.90	24d	1	0.71mi
9582 Hemingway Ln #3403 Fort Myers, FL	2.0	2.0	1385	$5,400	$3.90	15d	1	0.71mi
10602 Camarelle Cir Fort Myers, FL	2.0	2.0	1690	$5,500	$3.25	24d	1	0.74mi
10514 Bella Vista Dr Fort Myers, FL	3.0	2.0	1823	$6,500	$3.57	24d	1	0.88mi
10018 Oakhurst Way Fort Myers, FL	3.0	2.0	1512	$2,975	$1.97	24d	1	0.93mi
10535 Carolina Willow Dr Fort Myers, FL	3.0	2.0	1290	$2,300	$1.78	22d	1	0.95mi
10025 Oakhurst Way Fort Myers, FL	2.0	2.0	1504	$7,100	$4.72	24d	1	0.97mi
10700 Palazzo Way #201 Fort Myers, FL	2.0	2.0	1390	$5,000	$3.60	22d	1	1.02mi
10711 Palazzo Way Fort Myers, FL	2.0	2.0	1257	$3,900	$3.10	17d	2	1.04mi
10711 Palazzo Way Unit 203 Fort Myers, FL	2.0	2.0	1257	$5,300	$4.22	22d	1	1.04mi
10518 Avila Cir Fort Myers, FL	2.0	2.0	1466	$6,500	$4.43	4d	1	1.04mi
10518 Avila Cir Fort Myers, FL	2.0	2.0	1466	$6,500	$4.43	24d	1	1.04mi
10751 Palazzo Way #103 Fort Myers, FL	2.0	2.0	1235	$5,000	$4.05	24d	1	1.08mi
12016 Five Waters Cir Fort Myers, FL	3.0	2.0	1646	$4,500	$2.73	24d	1	1.11mi
11869 Lakewood Preserve Pl Fort Myers, FL	2.0	2.0	1646	$5,000	$3.04	24d	1	1.13mi
10072 Oakhurst Way Fort Myers, FL	2.0	2.0	1511	$7,400	$4.90	24d	1	1.15mi
10074 Oakhurst Way Fort Myers, FL	3.0	2.0	1727	$7,500	$4.34	24d	1	1.16mi
10791 Palazzo Way #301 Fort Myers, FL	2.0	2.0	1390	$5,300	$3.81	24d	1	1.19mi

HOA detail condo

• Monthly dues: $864 · $10,368/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-04-22
   status Pending
2. 2026-04-02
   listed $224,900 Active
3. 2016-03-29
   soldstatus $163,000
4. 2016-03-26
   price $163,000 830-char remark

   Show marketing remark (830 chars)

   Beautiful panoramic lake views from this bottom floor condo. FRESHLY PAINTED. .. .clean, clean, clean ! Watch the Florida birds along the shore while enjoying your morning coffee from your lanai. Southern exposure is perfect for all day sun. All bedrooms are separated with master views of the water while 2nd and 3rd bedrooms are near the front of condo. 3rd bedroom can be office, den, or even an exercise room. COMMUNITY POOL is right next door. There are 7 pools altogether in the community so never crowded. .. .how special is that ?! 18 hole golf course is pay as you play with discounted rates off the public $$. 10 tennis courts, state of the art fitness, restaurant with weekly entertainment, nature trails, and sidewalks. Come and live the Country Club lifestyle with an ABUNDANCE OF ACTIVITIES. .. .. .NEVER BE BORED !

5. 2016-03-25
   soldstatus $163,000 Sold 830-char remark

   Show marketing remark (830 chars)

   Beautiful panoramic lake views from this bottom floor condo. FRESHLY PAINTED. .. .clean, clean, clean ! Watch the Florida birds along the shore while enjoying your morning coffee from your lanai. Southern exposure is perfect for all day sun. All bedrooms are separated with master views of the water while 2nd and 3rd bedrooms are near the front of condo. 3rd bedroom can be office, den, or even an exercise room. COMMUNITY POOL is right next door. There are 7 pools altogether in the community so never crowded. .. .how special is that ?! 18 hole golf course is pay as you play with discounted rates off the public $$. 10 tennis courts, state of the art fitness, restaurant with weekly entertainment, nature trails, and sidewalks. Come and live the Country Club lifestyle with an ABUNDANCE OF ACTIVITIES. .. .. .NEVER BE BORED !

6. 2016-03-20
   price $169,900 830-char remark

   Show marketing remark (830 chars)

   Beautiful panoramic lake views from this bottom floor condo. FRESHLY PAINTED. .. .clean, clean, clean ! Watch the Florida birds along the shore while enjoying your morning coffee from your lanai. Southern exposure is perfect for all day sun. All bedrooms are separated with master views of the water while 2nd and 3rd bedrooms are near the front of condo. 3rd bedroom can be office, den, or even an exercise room. COMMUNITY POOL is right next door. There are 7 pools altogether in the community so never crowded. .. .how special is that ?! 18 hole golf course is pay as you play with discounted rates off the public $$. 10 tennis courts, state of the art fitness, restaurant with weekly entertainment, nature trails, and sidewalks. Come and live the Country Club lifestyle with an ABUNDANCE OF ACTIVITIES. .. .. .NEVER BE BORED !

7. 2016-01-28
   status Pending With Contingencies 830-char remark

   Show marketing remark (830 chars)

   Beautiful panoramic lake views from this bottom floor condo. FRESHLY PAINTED. .. .clean, clean, clean ! Watch the Florida birds along the shore while enjoying your morning coffee from your lanai. Southern exposure is perfect for all day sun. All bedrooms are separated with master views of the water while 2nd and 3rd bedrooms are near the front of condo. 3rd bedroom can be office, den, or even an exercise room. COMMUNITY POOL is right next door. There are 7 pools altogether in the community so never crowded. .. .how special is that ?! 18 hole golf course is pay as you play with discounted rates off the public $$. 10 tennis courts, state of the art fitness, restaurant with weekly entertainment, nature trails, and sidewalks. Come and live the Country Club lifestyle with an ABUNDANCE OF ACTIVITIES. .. .. .NEVER BE BORED !

8. 2015-12-14
   status Active 830-char remark

   Show marketing remark (830 chars)

   Beautiful panoramic lake views from this bottom floor condo. FRESHLY PAINTED. .. .clean, clean, clean ! Watch the Florida birds along the shore while enjoying your morning coffee from your lanai. Southern exposure is perfect for all day sun. All bedrooms are separated with master views of the water while 2nd and 3rd bedrooms are near the front of condo. 3rd bedroom can be office, den, or even an exercise room. COMMUNITY POOL is right next door. There are 7 pools altogether in the community so never crowded. .. .how special is that ?! 18 hole golf course is pay as you play with discounted rates off the public $$. 10 tennis courts, state of the art fitness, restaurant with weekly entertainment, nature trails, and sidewalks. Come and live the Country Club lifestyle with an ABUNDANCE OF ACTIVITIES. .. .. .NEVER BE BORED !

9. 2015-12-10
   status Pending With Contingencies 830-char remark

   Show marketing remark (830 chars)

   Beautiful panoramic lake views from this bottom floor condo. FRESHLY PAINTED. .. .clean, clean, clean ! Watch the Florida birds along the shore while enjoying your morning coffee from your lanai. Southern exposure is perfect for all day sun. All bedrooms are separated with master views of the water while 2nd and 3rd bedrooms are near the front of condo. 3rd bedroom can be office, den, or even an exercise room. COMMUNITY POOL is right next door. There are 7 pools altogether in the community so never crowded. .. .how special is that ?! 18 hole golf course is pay as you play with discounted rates off the public $$. 10 tennis courts, state of the art fitness, restaurant with weekly entertainment, nature trails, and sidewalks. Come and live the Country Club lifestyle with an ABUNDANCE OF ACTIVITIES. .. .. .NEVER BE BORED !

10. 2015-11-15
    listed $169,900 Active 830-char remark

    Show marketing remark (830 chars)

    Beautiful panoramic lake views from this bottom floor condo. FRESHLY PAINTED. .. .clean, clean, clean ! Watch the Florida birds along the shore while enjoying your morning coffee from your lanai. Southern exposure is perfect for all day sun. All bedrooms are separated with master views of the water while 2nd and 3rd bedrooms are near the front of condo. 3rd bedroom can be office, den, or even an exercise room. COMMUNITY POOL is right next door. There are 7 pools altogether in the community so never crowded. .. .how special is that ?! 18 hole golf course is pay as you play with discounted rates off the public $$. 10 tennis courts, state of the art fitness, restaurant with weekly entertainment, nature trails, and sidewalks. Come and live the Country Club lifestyle with an ABUNDANCE OF ACTIVITIES. .. .. .NEVER BE BORED !

ⓘ 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: $4,897 · $408/mo
• Projected year-2 tax: $4,897 · $408/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 1/10 Low FEMA zone AE · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 8 d/yr ≥107°F today · 34 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: $54,130
• − Mortgage interest: −$12,598
• − Property taxes: −$4,897
• − Insurance: −$6,243
• − Repairs & maintenance: −$4,330
• − Management: −$4,330
• − HOA: −$10,368
• − Depreciation: −$6,543
• Taxable income: $4,821
• Est. tax owed @ 24.0%: −$1,157
• After-tax cash flow: $5,945/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 — Fort Myers

• Score: 86/100
• State rank: #14
• US rank: #383

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 278,598
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 31,538
• Household income: $110,373
• Rent vs Own: 9.5% rent · 90.5% own
• Severe rent burden: 276.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 13% Two or more races 11% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 10% Other Indo-European 2% French/Haitian/Cajun 2%

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: ▼ -25.45%
• Current HPI: 221.7115
• Rent YoY: ▲ 0.37%
• 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

+32.4% since first listed

10 events — show timeline

• 2026-04-22 Pending — FORTMLS
• 2026-04-02 Listed $224,900 FORTMLS
• 2016-03-29 Sold (Public Records) $163,000 Public Records
• 2016-03-26 Price Changed $163,000 FORTMLS
• 2016-03-25 Sold (MLS) $163,000 FORTMLS
• 2016-03-20 Price Changed $169,900 FORTMLS
• 2016-01-28 Pending — FORTMLS
• 2015-12-14 Relisted — FORTMLS
• 2015-12-10 Pending — FORTMLS
• 2015-11-15 Listed $169,900 FORTMLS

Property tax history

+3.1%/yr

Latest (2025): $4,897 · +0.1% YoY. Source: county tax records.