450 N Snead Dr · North Fort Myers, FL 33903

$89,999

2 bd · 2.0 ba · 864 sqft · Condo public records · 81 Days on market

Built 1979 $550/mo HOA · 31% 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 +25.9/30.0
• 1% rule +10.0/10.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 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

Don't miss this exceptional opportunity to own a home in the exclusive Six Lakes Country Club. This vibrant 55+ community offers an unmatched array of amenities for active, social connections. Tee off anytime on the beautifully maintained private 1-hole executive par-60 golf course, or enjoy friendly competition on the pickleball, tennis, or shuffleboard courts. Stay energized with line dancing - no experience needed. Residents enjoy a full calendar of activities in a resort-style setting, all just 30 minutes from Punta Gorda and Ft. Myers airports. Live the Lifestyle You Deserve in Six Lakes Country Club! Don’t miss your chance to own a home in the highly sought-after Six Lakes Count

Key facts

• All new windows
• All new hvac
• Top-rated hospitals

Tags

• FULL CALENDAR OF ACTIVITIES
• TOP-RATED HOSPITALS
• PREMIER MEDICAL OFFICES
• ALL NEW SUBFLOORS
• ALL NEW WINDOWS
• ALL NEW HVAC

Property features AI

Finance

• Other: Pets allowed subject to conditions (call for details)
• Financial info: Association fee listed as $1,649 (quarterly)
• HOA & community: Homeowners association with amenities; Quarterly association fee; Association fee includes management, cable TV, golf, internet, legal/accounting, grounds maintenance, reserve fund, road maintenance, street lights, security, and trash; Community amenities include clubhouse, fitness center, golf course, pool, spa/hot tub, putting greens, pickleball, shuffleboard, billiards, media room, library, hobby room, restaurant, and satellite TV; Senior community; On-site management; 594 units in the community

Exterior

• Parking: Assigned parking; Attached carport with 2 spaces; Two covered spaces
• Security: Gated community with guard; Security gate; Security guard; Smoke detectors
• Utilities: Cable available; High-speed internet available; Water assessment paid; Sewer assessment paid
• Home design: Manufactured home; 1 story; Resale property; Faces West; Zoned MH-2
• Construction: Metal roof; Vinyl siding
• Exterior features: Community pool; Rectangular lot; Private paved road frontage; Private maintained road; East exposure; No additional exterior features listed

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Self-cleaning oven; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Furnished; Built-in features; Cable TV; Single-hung windows; Bedroom on main level; Den
• Laundry & utility: Washer hookup; Dryer hookup; Washer; Dryer; Laundry tub

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $90k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 37% 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 $622 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 81 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 26y ago; this cycle's ask has dropped $16k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $90k implies a 87% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 31% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 4→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $84,599 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% 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 does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.94% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.54%
• DSCR: 1.47
• GRM: 4.3

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: -5.9%
• Equity multiple: 0.79×
• Total profit: $-5,252
• Equity at exit: $13,419

10-year hold

• IRR: -3.7%
• Equity multiple: 0.81×
• Total profit: $-4,765
• Equity at exit: $7,781

Cash invested: $25,200 (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: 4.3×

Monthly cashflow live

• Estimated rent: $1,747 high
• Mortgage (P&I): −$472
• Tax from tax record: −$100 /mo · $1,196/yr
• Insurance: −$37
• HOA: −$550
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $221

Break-even live

Break-even rent $1,467

Max offer price $89,999

Occupancy floor 82%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2700 Diplomat Pkwy E Cape Coral, FL	1.0–3.0	1.0–2.0	1116	$2,382	$2.13	3d	41	0.35mi
571 Sunrise Ln North Fort Myers, FL	2.0	2.0	1004	$1,400	$1.39	23d	1	0.46mi
8791 Littleton Rd North Fort Myers, FL	2.0	2.0	1074	$1,549	$1.44	23d	1	0.60mi
3260 Stockton St North Fort Myers, FL	3.0	1.0–2.0	976	$2,371	$2.43	1d	27	0.78mi
3050 Steeple Cir Cape Coral, FL	1.0–3.0	1.0–2.0	1003	$1,668	$1.66	2d	27	0.83mi
28 Nyborg Ave North Fort Myers, FL	3.0	2.0	1042	$1,299	$1.25	14d	1	0.86mi
3404 Rainbow Ln North Fort Myers, FL	2.0	2.0	1056	$1,800	$1.70	3d	1	1.03mi
538 State St North Fort Myers, FL	3.0	1.5	1000	$1,199	$1.20	23d	1	1.04mi
2505 Liberty Park Dr Cape Coral, FL	1.0–2.0	1.0–2.0	1092	$2,203	$2.02	3d	14	1.07mi
2500 Ne Pine Island Rd North Fort Myers, FL	1.0–3.0	1.0–2.0	962	$2,018	$2.10	3d	19	1.15mi
446 San Bernardino St North Fort Myers, FL	2.0	1.0	1104	$1,590	$1.44	10d	1	1.18mi
260 Stockton St North Fort Myers, FL	2.0	2.0	924	$1,200	$1.30	3d	1	1.33mi
248 Stockton St North Fort Myers, FL	3.0	2.0	924	$1,300	$1.41	23d	1	1.36mi
247 Stockton St North Fort Myers, FL	3.0	2.0	924	$1,325	$1.43	23d	1	1.36mi

HOA detail condo

• Monthly dues: $550 · $6,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-17
   price $89,999 Active 81 DOM
2. 2026-06-17
   days on market $99,950 Active 81 DOM
3. 2026-06-16
   days on market $99,950 Active 80 DOM
4. 2026-06-15
   days on market $99,950 Active 79 DOM
5. 2026-06-13
   days on market $99,950 Active 77 DOM
6. 2026-06-10
   days on market $99,950 Active 74 DOM
7. 2026-06-09
   days on market $99,950 Active 73 DOM
8. 2026-06-07
   days on market $99,950 Active 71 DOM
9. 2026-06-03
   days on market $99,950 Active 67 DOM
10. 2026-06-02
    days on market $99,950 Active 66 DOM
11. 2026-06-01
    days on market $99,950 Active 65 DOM
12. 2026-06-01
    days on market $99,950 Active 64 DOM
13. 2026-05-11
    price $99,950
14. 2026-03-28
    listed $105,900 Active
15. 2026-01-21
    historical
16. 2025-11-10
    price $95,000
17. 2025-06-22
    price $110,000
18. 2025-05-07
    listed $120,000 Active
19. 2025-05-07
    historical
20. 2025-05-06
    status Active
21. 2025-05-06
    historical
22. 2025-03-18
    listed $120,000 Active
23. 2015-02-11
    price $48,000
24. 2015-02-09
    soldstatus $48,000 Sold
25. 2015-01-27
    price $50,000
26. 2015-01-19
    status Pending
27. 2015-01-07
    listed $50,000 Active
28. 2000-05-30
    listed $38,500

ⓘ 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: $1,196 · $100/mo
• Projected year-2 tax: $1,196 · $100/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 2/10 Low FEMA zone X (unshaded) · 5% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 4 d/yr ≥106°F today · 17 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: $20,969
• − Mortgage interest: −$5,041
• − Property taxes: −$1,196
• − Insurance: −$450
• − Repairs & maintenance: −$1,678
• − Management: −$1,678
• − HOA: −$6,600
• − Depreciation: −$2,618
• Taxable income: $1,708
• Est. tax owed @ 24.0%: −$410
• After-tax cash flow: $2,246/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

+159.6% since first listed

16 events — show timeline

• 2026-05-11 Price Changed $99,950 FORTMLS
• 2026-03-28 Listed $105,900 FORTMLS
• 2026-01-21 Listing Removed — FORTMLS
• 2025-11-10 Price Changed $95,000 FORTMLS
• 2025-06-22 Price Changed $110,000 FORTMLS
• 2025-05-07 Listing Removed — FORTMLS
• 2025-05-07 Listed $120,000 FORTMLS
• 2025-05-06 Relisted — FORTMLS
• 2025-05-06 Listing Removed — FORTMLS
• 2025-03-18 Listed $120,000 FORTMLS
• 2015-02-11 Price Changed $48,000 FORTMLS
• 2015-02-09 Sold (MLS) $48,000 FORTMLS
• 2015-01-27 Price Changed $50,000 FORTMLS
• 2015-01-19 Pending — FORTMLS
• 2015-01-07 Listed $50,000 FORTMLS
• 2000-05-30 Listed $38,500 FORTMLS

Property tax history

+6.3%/yr

Latest (2025): $1,196 · -7.0% YoY. Source: county tax records.