4240 Steamboat Bnd #403 · McGregor, FL 33919

$144,900

1 bd · 1.0 ba · 690 sqft · Condo public records · 170 Days on market

Built 1986 $481/mo HOA · 21% 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 +25.5/30.0
• 1% rule +10.0/10.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +0.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Terrific top floor condo with amazing golf and lake views. This is a great opportunity for the right buyers, whether you use it yourself or as an investment with its great rental history. The Kitchen has newer counters and appliances, and a washer & dryer. The A/C was replaced in 2016 and all new furniture in the past year. Being offered TURNKEY! The Landings is a gated community that offers INCLUDED amenities of a wet or dry boat slip in the deep water marina, 18 holes of golf, 13 Har-Tru tennis courts, new pickle ball & bocce courts, lap & resort pool, modern fitness center with classes (ex: yoga, stretching classes) waterfront restaurant & picnic area, tavern, group & club activities, and walking and biking trails. Excellent location off McGregor just minutes to Ft Myers Beach, Sanibel, great shopping, theater, FLSW Univ, RSW airport, medical & downtown river district. Come see for yourself why The Landings Yacht Golf & Tennis Club is the best kept secret in SW FL!

Key facts

• Gated community
• Surveillance systems
• Pickle ball courts

Tags

• GATED COMMUNITY
• 24/7 SECURITY
• SURVEILLANCE SYSTEMS
• UNLIMITED GOLF
• TENNIS COURTS
• PICKLE BALL COURTS

Property features AI

Finance

• Other: Community contains 1,211 units
• Financial info: Pets are not allowed
• HOA & community: Homeowners association with monthly fee; Association amenities include: clubhouse, fitness center, pool, boat dock, marina, boat ramp, golf course, tennis courts, pickleball, bocce court, putting greens, restaurant, library, barbecue/picnic areas, RV/boat storage, bike storage, private membership options, and management; Association fee covers: association management, cable TV, insurance, internet, irrigation water, legal/accounting, grounds maintenance, pest control, road maintenance, street lights, trash, sewer, and water; Community features: elevator, gated, street lights, boat facilities, golf, tennis courts

Exterior

• Parking: Assigned deeded parking (one space)
• Security: Gated community with gated guard; Security gate; Security guard; Smoke detectors
• Utilities: Public water; Public sewer; Cable available; High-speed internet available
• Home design: Condominium unit in a 4-story building; Entry level is 4; Faces west; Resale property
• Construction: Built with block, concrete, and stucco; Tile roof
• Exterior features: Balcony (screened); Manual shutters; No additional exterior features listed; Pond on lot; East exposures; Private paved road with private maintenance; Waterfront on a lake; Has a view

Interior

• Kitchen: Dryer; Dishwasher; Electric cooktop; Disposal; Icemaker; Microwave; Range; Refrigerator; Refrigerator with ice maker
• Bedrooms: Entry level is 4 (unit located on level 4)
• Flooring: Carpet; Tile
• Bathrooms: One full bathroom; Separate shower (shower only)
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Furnished; Entrance foyer; Family/dining room; Combined living/dining area; Separate shower (shower only); Walk-in closet(s); Window treatments; High-speed internet available; Single-hung and sliding windows
• Laundry & utility: Washer; Laundry inside unit

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $145k.

Deal economics

• At list price, monthly cash flow is $-88 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (10.7% below list).
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 1.1% in McGregor — 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 71/100 on livability (#380 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A, housing A-; Watch: cost of living D+, schools D, amenities 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 falling (-7.8%/yr); 619 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 34% of the median local income ($80k/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 $1k of loan paydown is wiped out by about $4k 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 170 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $24k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $145k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 21% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,512 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 170 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 1.56% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.03%
• DSCR: 1.45
• GRM: 5.3

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: -27.0%
• Equity multiple: 0.13×
• Total profit: $-35,110
• Equity at exit: $21,605

10-year hold

• IRR: -68.5%
• Equity multiple: -0.50×
• Total profit: $-61,040
• Equity at exit: $12,528

Cash invested: $40,572 (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 33919

• Rents YoY: -7.8%
• Active inventory: 619
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,261 high
• Mortgage (P&I): −$760
• Tax from tax record: −$146 /mo · $1,749/yr
• Insurance: −$60
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$481
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $-88

Break-even live

Break-even rent $2,372

Max offer price $129,438

Occupancy floor 99%

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4240 Steamboat Bnd Fort Myers, FL	1.0–2.0	1.0–2.0	976	$1,800	$1.84	23d	3	0.03mi
4240 Steamboat Bnd Fort Myers, FL	1.0–2.0	1.0–2.0	976	$4,000	$4.10	19d	3	0.03mi
12515 McGregor Blvd #104 Fort Myers, FL	1.0	1.0	701	$1,600	$2.28	23d	1	0.82mi
8910 College Pointe Ct Fort Myers, FL	1.0–3.0	1.0–2.0	1076	$1,499	$1.39	2d	18	1.07mi
815 Courtington Ln #2 Fort Myers, FL	2.0	1.0	631	$1,250	$1.98	23d	1	1.28mi
1726 Bikini Ct Unit R Cape Coral, FL	1.0	1.0	650	$1,500	$2.31	3d	1	1.39mi

HOA detail condo

• Monthly dues: $481 · $5,772/yr
• Likely covers: waterpoolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-17
   days on market $144,900 Active 170 DOM
2. 2026-06-16
   days on market $144,900 Active 169 DOM
3. 2026-06-15
   days on market $144,900 Active 168 DOM
4. 2026-06-13
   days on market $144,900 Active 166 DOM
5. 2026-06-10
   days on market $144,900 Active 163 DOM
6. 2026-06-09
   days on market $144,900 Active 162 DOM
7. 2026-06-07
   days on market $144,900 Active 160 DOM
8. 2026-06-02
   days on market $144,900 Active 155 DOM
9. 2026-06-01
   days on market $144,900 Active 154 DOM
10. 2026-06-01
    days on market $144,900 Active 153 DOM
11. 2026-02-21
    price $144,900
12. 2026-02-13
    price $149,900
13. 2025-12-29
    listed $169,000 Active
14. 2025-07-25
    soldstatus $85,000
15. 2025-04-30
    historical
16. 2025-03-17
    price $150,000
17. 2025-01-31
    price $165,000
18. 2024-12-14
    price $179,000
19. 2024-10-29
    listed $189,000 Active
20. 2018-10-25
    soldstatus $115,000
21. 2018-10-19
    soldstatus $115,000 Sold 1025-char remark

    Show marketing remark (1025 chars)

    Terrific top floor condo with amazing golf and lake views. This is a great opportunity for the right buyers, whether you use it yourself or as an investment with its great rental history. The Kitchen has newer counters and appliances, and a washer & dryer. The A/C was replaced in 2016 and all new furniture in the past year. Being offered TURNKEY! The Landings is a gated community that offers INCLUDED amenities of a wet or dry boat slip in the deep water marina, 18 holes of golf, 13 Har-Tru tennis courts, new pickle ball & bocce courts, lap & resort pool, modern fitness center with classes (ex: yoga, stretching classes) waterfront restaurant & picnic area, tavern, group & club activities, and walking and biking trails. Excellent location off McGregor just minutes to Ft Myers Beach, Sanibel, great shopping, theater, FLSW Univ, RSW airport, medical & downtown river district. Come see for yourself why The Landings Yacht Golf & Tennis Club is the best kept secret in SW FL!

22. 2018-09-22
    status Pending 1025-char remark

    Show marketing remark (1025 chars)

    Terrific top floor condo with amazing golf and lake views. This is a great opportunity for the right buyers, whether you use it yourself or as an investment with its great rental history. The Kitchen has newer counters and appliances, and a washer & dryer. The A/C was replaced in 2016 and all new furniture in the past year. Being offered TURNKEY! The Landings is a gated community that offers INCLUDED amenities of a wet or dry boat slip in the deep water marina, 18 holes of golf, 13 Har-Tru tennis courts, new pickle ball & bocce courts, lap & resort pool, modern fitness center with classes (ex: yoga, stretching classes) waterfront restaurant & picnic area, tavern, group & club activities, and walking and biking trails. Excellent location off McGregor just minutes to Ft Myers Beach, Sanibel, great shopping, theater, FLSW Univ, RSW airport, medical & downtown river district. Come see for yourself why The Landings Yacht Golf & Tennis Club is the best kept secret in SW FL!

23. 2018-09-14
    listed $119,900 Active 1025-char remark

    Show marketing remark (1025 chars)

    Terrific top floor condo with amazing golf and lake views. This is a great opportunity for the right buyers, whether you use it yourself or as an investment with its great rental history. The Kitchen has newer counters and appliances, and a washer & dryer. The A/C was replaced in 2016 and all new furniture in the past year. Being offered TURNKEY! The Landings is a gated community that offers INCLUDED amenities of a wet or dry boat slip in the deep water marina, 18 holes of golf, 13 Har-Tru tennis courts, new pickle ball & bocce courts, lap & resort pool, modern fitness center with classes (ex: yoga, stretching classes) waterfront restaurant & picnic area, tavern, group & club activities, and walking and biking trails. Excellent location off McGregor just minutes to Ft Myers Beach, Sanibel, great shopping, theater, FLSW Univ, RSW airport, medical & downtown river district. Come see for yourself why The Landings Yacht Golf & Tennis Club is the best kept secret in SW FL!

24. 2017-07-05
    soldstatus $100,000
25. 2017-07-03
    soldstatus $100,000 Sold
26. 2017-06-27
    status Pending
27. 2017-05-19
    status Pending With Contingencies
28. 2017-01-22
    listed $105,000 Active
29. 1990-09-10
    soldstatus $49,000

ⓘ 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: $1,749 · $146/mo
• Projected year-2 tax: $1,749 · $146/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 8/10 Severe FEMA zone AE · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 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: $27,129
• − Mortgage interest: −$8,117
• − Property taxes: −$1,749
• − Insurance: −$5,843
• − Repairs & maintenance: −$2,170
• − Management: −$2,170
• − HOA: −$5,772
• − Depreciation: −$4,215
• Taxable loss: −$2,907
• Est. tax savings @ 24.0%: +$698
• After-tax cash flow: $-353/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 — McGregor

• Score: 71/100
• State rank: #380
• US rank: #6748

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: McGregor, FL
• County: Lee County · 788,662 people
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 30,412
• Household income: $80,451
• Rent vs Own: 21.6% rent · 78.4% own
• Severe rent burden: 762.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 8% Two or more races 7% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 3% Slovak 2% Scotch-Irish 2%
• Foreign-born: 10% · Canada, China, Jamaica
• Languages at home: 88% English-only · Spanish 5% German/W. Germanic 2% 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: ▼ -220.59%
• Current HPI: 237.5227
• Rent YoY: ▼ -7.85%
• 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

+195.7% since first listed

19 events — show timeline

• 2026-02-21 Price Changed $144,900 FORTMLS
• 2026-02-13 Price Changed $149,900 FORTMLS
• 2025-12-29 Listed $169,000 FORTMLS
• 2025-07-25 Sold (Public Records) $85,000 Public Records
• 2025-04-30 Listing Removed — FORTMLS
• 2025-03-17 Price Changed $150,000 FORTMLS
• 2025-01-31 Price Changed $165,000 FORTMLS
• 2024-12-14 Price Changed $179,000 FORTMLS
• 2024-10-29 Listed $189,000 FORTMLS
• 2018-10-25 Sold (Public Records) $115,000 Public Records
• 2018-10-19 Sold (MLS) $115,000 FORTMLS
• 2018-09-22 Pending — FORTMLS
• 2018-09-14 Listed $119,900 FORTMLS
• 2017-07-05 Sold (Public Records) $100,000 Public Records
• 2017-07-03 Sold (MLS) $100,000 FORTMLS
• 2017-06-27 Pending — FORTMLS
• 2017-05-19 Pending — FORTMLS
• 2017-01-22 Listed $105,000 FORTMLS
• 1990-09-10 Sold (Public Records) $49,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $1,749 · +3.3% YoY. Source: county tax records.