3941 Leeward Passage Ct #205 · Bonita Springs, FL 34134

$295,000

2 bd · 2.0 ba · 1,204 sqft · Condo public records · 177 Days on market

Built 1989 $471/mo HOA · 14% 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 +23.0/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +6.8/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Highly sought-after community west of US 41 with low HOA fees. This well-maintained 2-bedroom, 2-bath condominium in Vanderbilt Lakes offers a relaxing view overlooking the beautifully landscaped pool area. Ideally located just 2 miles from Bonita Beach, the home features a spacious living area and generously sized bedrooms. This second-floor unit includes upgraded storage with attic access and a large screened lanai perfect for enjoying quiet, resort-style living.

Key facts

• Upgraded storage
• Landscaped pool area
• Screened lanai

Tags

• LANDSCAPED POOL AREA
• UPGRADED STORAGE
• SCREENED LANAI
• RESORT-STYLE LIVING

Property features AI

Finance

• Financial info: Pets allowed on a conditional basis; contact for details; 72 units in the community
• HOA & community: Homeowners association with annual and quarterly fees; Association covers insurance, legal/accounting, grounds maintenance, pest control, reserve fund, road maintenance, sewer, street lights, trash and water; Community amenities include pool, tennis courts, pickleball and management

Exterior

• Parking: Assigned parking; Detached carport; 1 covered space; One carport space
• Security: Gated community; Street lights
• Utilities: Public water; Public sewer; Cable available
• Home design: 2 stories; Entry on level 2; North-facing; Resale property
• Construction: Block, concrete and stucco construction; Tile roof
• Exterior features: Community pool; Lake irrigation source; Zero lot line; South exposures; No additional exterior features listed

Interior

• Kitchen: Electric cooktop; Dishwasher; Microwave; Disposal; Refrigerator; Freezer
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central electric cooling
• Interior features: Eat-in kitchen; Shower only with separate shower; Vaulted ceilings; High-speed internet; Split bedroom floor plan; Double-hung windows; Furnishing negotiable
• Laundry & utility: Inside laundry; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $295k.

Deal economics

• At list price, monthly cash flow is $522 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $295k).
• Recommended offer: $260k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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 rising (+2.9%/yr); 699 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).
• This rent runs 32% of the median local income ($131k/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 $9k 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 177 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $85k; list at $295k implies a 247% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $259,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 177 days. Have you received any prior offers? Is the seller open to a 12% 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. 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 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: 8.42%
• Cash-on-cash: 7.59%
• DSCR: 1.34
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.85% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.82×
• Total profit: $-14,898
• Equity at exit: $43,985

10-year hold

• IRR: 4.7%
• Equity multiple: 1.34×
• Total profit: $28,385
• Equity at exit: $25,506

Cash invested: $82,600 (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 34134

• Rents YoY: 2.9%
• Active inventory: 699
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,471 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$79 /mo · $948/yr
• Insurance: −$123
• HOA: −$471
• Vacancy / Maint / Mgmt: −$729
• Net cashflow: $522

Break-even live

Break-even rent $2,810

Max offer price $295,000

Occupancy floor 80%

Sensitivity live

Price	-10% $689	-5% $606	+0% $522	+5% $439	+10% $355
Rent	-10% $248	-5% $385	+0% $522	+5% $659	+10% $796
Rate	-1.0pp $671	-0.5pp $597	base $522	+0.5pp $446	+1.0pp $368

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3941 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$2,000	$1.66	24d	1	0.03mi
3951 Windward Passage Cir #102 Bonita Springs, FL	2.0	2.0	1397	$5,200	$3.72	24d	1	0.06mi
3921 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$3,500	$2.91	24d	1	0.08mi
3930 Windward Passage Cir #202 Bonita Springs, FL	2.0	2.0	1478	$1,900	$1.29	17d	1	0.10mi
28720 Bermuda Bay Way #205 Bonita Springs, FL	2.0	2.0	1097	$2,200	$2.01	15d	1	0.26mi
74 7th St Bonita Springs, FL	3.0	2.0	1124	$3,150	$2.80	24d	1	0.29mi
64 4th St Bonita Springs, FL	2.0	2.0	1231	$3,700	$3.01	24d	2	0.35mi
28178 Sunset Dr Bonita Springs, FL	2.0	1.0	936	$2,550	$2.72	22d	1	0.35mi
28940 Bermuda Pointe Cir #102 Bonita Springs, FL	2.0	2.0	1076	$5,500	$5.11	24d	1	0.39mi
28611 Carriage Home Dr #101 Bonita Springs, FL	2.0	2.0	1433	$2,550	$1.78	24d	1	0.57mi
27921 Bonita Village Blvd Bonita Springs, FL	2.0–3.0	2.0	1429	$3,045	$2.13	24d	3	0.58mi
4073 Springs Ln Unit 4073 Bonita Springs, FL	2.0	1.0	720	$1,995	$2.77	24d	1	0.64mi
3503 Brink Cir Bonita Springs, FL	2.0	3.0	1300	$2,200	$1.69	24d	1	0.70mi
3463 Brink Cir Bonita Springs, FL	2.0	1.0	1000	$2,150	$2.15	24d	1	0.72mi
28700 Trails Edge Blvd Bonita Springs, FL	3.0	2.0	1458	$2,175	$1.49	4d	2	0.75mi
4212 Rita Ln Bonita Springs, FL	2.0	2.0	1428	$1,475	$1.03	24d	1	0.76mi
4411 Little Hickory Rd Unit 1534826P Bonita Springs, FL	2.0	1.0	796	$3,564	$4.48	15d	1	0.84mi
27594 Shore Dr Bonita Springs, FL	3.0	2.0	1426	$5,500	$3.86	24d	1	0.87mi
4426 Little Hickory Rd Bonita Springs, FL	2.0	1.0	979	$1,900	$1.94	20d	1	0.88mi
27650 Imperial Shores Blvd Unit 650 Bonita Springs, FL	2.0	1.0	840	$1,800	$2.14	24d	1	0.89mi
28790 Versol Dr Bonita Springs, FL	1.0–3.0	1.0–2.0	1075	$2,632	$2.45	2d	19	0.90mi
27625 Riverdale Ln Unit 27627 Bonita Springs, FL	2.0	1.0	960	$1,795	$1.87	24d	1	0.91mi
15400 Cedarwood Ln #102 Naples, FL	2.0	2.0	1286	$6,300	$4.90	14d	1	0.91mi
15400 Cedarwood Ln Unit 1-201 Naples, FL	2.0	2.0	1286	$6,000	$4.67	24d	1	0.91mi
4851 Gary Rd Bonita Springs, FL	2.0	1.0	1281	$2,250	$1.76	24d	1	0.94mi
1345 Sweetwater Cv #203 Naples, FL	2.0	2.0	1279	$4,800	$3.75	24d	1	0.97mi
1340 Sweetwater Cv #103 Naples, FL	2.0	2.0	1279	$5,000	$3.91	24d	1	0.98mi
15415 Cedarwood Ln Unit 3 Naples, FL	2.0	2.0	1428	$2,200	$1.54	14d	1	0.99mi
9030 Las Maderas Dr #101 Bonita Springs, FL	2.0	2.0	1432	$2,500	$1.75	24d	1	1.00mi
1360 Sweetwater Cv #202 Naples, FL	2.0	2.0	1279	$5,500	$4.30	24d	1	1.01mi
9050 Las Maderas Dr #101 Bonita Springs, FL	2.0	2.0	1364	$2,100	$1.54	24d	1	1.01mi
285 Naples Cove Dr #1103 Naples, FL	2.0	2.0	1267	$2,475	$1.95	24d	1	1.01mi
1415 Sweetwater Cv #104 Naples, FL	3.0	2.0	1381	$6,500	$4.71	24d	1	1.02mi
4835 Bonita Beach Rd Bonita Springs, FL	2.0	2.0	865	$3,425	$3.96	24d	2	1.02mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	24d	1	1.02mi
1405 Sweetwater Cv #204 Naples, FL	3.0	2.0	1381	$6,000	$4.34	14d	1	1.02mi
1325 Sweetwater Cv #201 Naples, FL	3.0	2.0	1381	$6,000	$4.34	24d	1	1.02mi
1420 Sweetwater Cv #102 Naples, FL	2.0	2.0	1279	$5,000	$3.91	22d	1	1.04mi
1420 Sweetwater Cv #102 Naples, FL	2.0	2.0	1279	$5,000	$3.91	24d	1	1.04mi
270 Naples Cove Dr #3506 Naples, FL	3.0	2.0	1475	$2,500	$1.69	22d	1	1.05mi

HOA detail condo

• Monthly dues: $471 · $5,652/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-17
   pricedays on market $295,000 Active 177 DOM
2. 2026-06-16
   days on market $299,000 Active 176 DOM
3. 2026-06-15
   days on market $299,000 Active 175 DOM
4. 2026-06-13
   days on market $299,000 Active 173 DOM
5. 2026-06-10
   days on market $299,000 Active 170 DOM
6. 2026-06-09
   days on market $299,000 Active 169 DOM
7. 2026-06-07
   days on market $299,000 Active 167 DOM
8. 2026-06-02
   days on market $299,000 Active 162 DOM
9. 2026-06-01
   days on market $299,000 Active 161 DOM
10. 2026-06-01
    days on market $299,000 Active 160 DOM
11. 2026-03-13
    price $299,000
12. 2025-12-22
    listed $310,000 Active
13. 1999-08-19
    soldstatus $85,000
14. 1994-11-28
    soldstatus $88,000

ⓘ 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: $948 · $79/mo
• Projected year-2 tax: $2,448 · $204/mo
• Expected delta: +$1,501/yr (+$125/mo · 158.3%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 56% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 30 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: $41,654
• − Mortgage interest: −$16,525
• − Property taxes: −$948
• − Insurance: −$1,475
• − Repairs & maintenance: −$3,332
• − Management: −$3,332
• − HOA: −$5,652
• − Depreciation: −$8,582
• Taxable income: $1,808
• Est. tax owed @ 24.0%: −$434
• After-tax cash flow: $5,833/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): 16,475
• Household income: $130,719
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 554.0

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 (91%)
• Race & ethnicity: White 91% Hispanic / Latino 5% Two or more races 3% Asian 1%
• Common ancestry: Slovak 5% Romanian 4% Serbian 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 4% German/W. Germanic 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: ▼ -236.48%
• Current HPI: 237.4416
• Rent YoY: ▲ 2.85%
• 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

+239.8% since first listed

4 events — show timeline

• 2026-03-13 Price Changed $299,000 FORTMLS
• 2025-12-22 Listed $310,000 FORTMLS
• 1999-08-19 Sold (Public Records) $85,000 Public Records
• 1994-11-28 Sold (Public Records) $88,000 Public Records

Property tax history

+0.1%/yr

Latest (2025): $948 · +4.0% YoY. Source: county tax records.