54 Iroquois No. Plan · Fort Myers Beach, FL 33931

$193,995

2 bd · 2.0 ba · 1,393 sqft · Manufactured · 195 Days on market

Manufactured home 55+ age-restricted Excellent condition $139/sqft · 47% below area Est $365k · 47% under

---

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 +18.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.3/10.0
• Schools +5.3/10.0
• Condition / age +4.8/5.0
• Livability +3.5/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Manufactured-home adj. -5.1

Listing remarks

This brand-new, 1,393-square-foot home offers a perfect blend of modern luxury and coastal relaxation, situated in the highly sought-after Sun Resorts and Residences in Fort Myers Beach. Designed with an emphasis on light and space, this 2-bedroom, 2-bathroom residence is the ideal sanctuary for those looking to enjoy the best of the 55+ Florida lifestyle. Interior Highlights Modern Open Concept: The heart of the home features a seamless open floor plan that connects the kitchen, dining, and living areas perfect for entertaining or quiet evenings in.

Key facts

• Luxury finishes
• Modern open concept
• Chef s kitchen

Tags

• MODERN OPEN CONCEPT
• CHEF S KITCHEN
• LUXURY FINISHES
• IN HOME WASHER AND DRYER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $194k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $297 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $194k).
• Recommended offer: $171k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 0.4% in Fort Myers Beach — 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 69/100 on livability (#489 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B; Watch: amenities F, commute F, cost of living 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.
• Zoned schools: Heights Elementary School (math 74% / reading 67%, grade A-, #333 of 2,144 statewide, top 16%, 1,109 students, 38% FRL); Lexington Middle School (math 55% / reading 54%, grade B-, #183 of 571 statewide, top 34%, 1,138 students, 44% FRL); South Fort Myers High School (math 23% / reading 30%, grade F, #489 of 667 statewide, top 74%, 1,917 students, 50% FRL).
• Market conditions: 1034 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 99d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 31% of the median local income ($79k/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 $6k 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 195 days — a 12% lower offer ($171k) is reasonable based on typical stale-listing flexibility.

Recommended offer $170,715 (12.0% below list)

Questions for the listing agent

1. It's been on market 195 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 1.07% ✓
• Cap rate: 8.13%
• Cash-on-cash: 6.56%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

• ARV (median comp): $365,000
• List price: $193,995
• Delta: -46.85%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17610 Peppard Dr	0.40mi	2/2.0	1,402 (+1%)	1mo	$365,000	$260	79
17561 Bryan Ct	0.41mi	2/2.0	1,296 (-7%)	7mo	$375,000	$289	64
17700 Peppard Dr	0.48mi	2/2.0	1,152 (-17%)	0mo	$225,000	$195	52
17791 Stevens Blvd	0.55mi	3/2.0 (+1)	1,642 (+18%)	5mo	$345,777	$211	40
11 Derwent Blvd	1.03mi	2/2.0	1,176 (-16%)	8mo	$110,000	$94	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.2%
• Equity multiple: 0.77×
• Total profit: $-12,484
• Equity at exit: $28,925

10-year hold

• IRR: 3.5%
• Equity multiple: 1.25×
• Total profit: $13,620
• Equity at exit: $16,773

Cash invested: $54,319 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 31 active · 11 under contract
• Months of supply: 62.0 mo (2%/mo absorbed)
• Median asking: $309,000 ($238/sqft)
• Median days on market: 207 d
• This list price: 16% of active listings are priced below it
• ARV vs active asking: +10.1% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 33931

• Home prices YoY: -18.8%
• Active inventory: 1034
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,073 high
• Mortgage (P&I): −$1,017
• Tax est. 1.5%: −$242 /mo · $2,910/yr
• Insurance: −$81
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $297

Break-even live

Break-even rent $1,697

Max offer price $193,995

Occupancy floor 81%

Sensitivity live

Price	-10% $431	-5% $364	+0% $297	+5% $230	+10% $163
Rent	-10% $133	-5% $215	+0% $297	+5% $379	+10% $461
Rate	-1.0pp $395	-0.5pp $346	base $297	+0.5pp $247	+1.0pp $196

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: $48,499
• Closing costs: $5,820
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17220 Whitewater Ct Fort Myers Beach, FL	2.0	1.5	1103	$1,800	$1.63	119d	1	0.30mi
158 Nanaimo Trl Fort Myers Beach, FL	2.0	2.0	1200	$6,570	$5.47	119d	1	0.32mi
17340 San Carlos Blvd Fort Myers Beach, FL	2.0	2.0	1230	$2,500	$2.03	85d	1	0.33mi
11461 Char Ann Dr Unit B Fort Myers, FL	3.0	2.0	900	$1,499	$1.67	6d	1	0.39mi
11451 Char Ann Dr Fort Myers, FL	2.0	1.0	1300	$1,750	$1.35	65d	1	0.40mi
17721 Broadway Ave Fort Myers Beach, FL	3.0	2.0	1550	$8,500	$5.48	9d	1	0.48mi
75 Kiowa Dr N Fort Myers Beach, FL	2.0	2.0	1250	$1,650	$1.32	82d	1	0.53mi
11110 Caravel Cir #201 Fort Myers, FL	2.0	2.0	1050	$3,500	$3.33	119d	1	0.66mi
11110 Caravel Cir #101 Fort Myers, FL	2.0	2.0	1050	$4,200	$4.00	9d	1	0.66mi
11140 Caravel Cir #109 Fort Myers, FL	2.0	2.0	1050	$4,200	$4.00	119d	1	0.70mi
11140 Caravel Cir #109 Fort Myers, FL	2.0	2.0	1050	$4,200	$4.00	9d	1	0.70mi
16580 Ginger Ln #3242 Fort Myers, FL	2.0	2.0	982	$1,800	$1.83	119d	1	0.74mi
11540 Caravel Cir #3012 Fort Myers, FL	2.0	2.0	1050	$1,250	$1.19	117d	1	0.75mi
16100 Myriad Ln Fort Myers, FL	1.0–2.0	1.0–2.0	935	$2,155	$2.30	4d	6	0.78mi
11389 Summerwinds Ct Fort Myers, FL	2.0	1.0	927	$1,599	$1.72	117d	1	0.82mi
16585 Lake Circle Dr Fort Myers, FL	2.0	2.0	1408	$1,600	$1.14	9d	1	0.83mi
16500 Kelly Cove Dr #2880 Fort Myers, FL	2.0	2.0	1283	$4,800	$3.74	119d	1	0.84mi
16500 Kelly Cove Dr #2880 Fort Myers, FL	2.0	2.0	1283	$4,800	$3.74	9d	1	0.84mi
16520 San Carlos Blvd Fort Myers, FL	2.0	2.0	1050	$1,612	$1.53	9d	3	0.85mi
11460 Summerwinds Ct Fort Myers, FL	2.0	1.0	912	$1,699	$1.86	117d	1	0.85mi
11262 Summerwinds Ct Fort Myers, FL	2.0	1.0	1049	$1,699	$1.62	117d	1	0.88mi
11300 Caravel Cir #210 Fort Myers, FL	2.0	2.0	1044	$4,000	$3.83	9d	1	0.88mi
16470 Kelly Cove Dr #2850 Fort Myers, FL	2.0	2.0	1216	$5,000	$4.11	119d	1	0.88mi
16470 Kelly Cove Dr #2850 Fort Myers, FL	2.0	2.0	1216	$5,000	$4.11	9d	1	0.88mi
16470 Kelly Cove Dr Fort Myers, FL	2.0	2.0	1214	$3,550	$2.92	99d	2	0.88mi
12150 Kelly Sands Way Fort Myers, FL	2.0	2.0	1087	$3,300	$3.03	85d	2	0.92mi
12150 Kelly Sands Way Fort Myers, FL	2.0	2.0	1087	$4,700	$4.32	119d	2	0.92mi
12150 Kelly Sands Way Fort Myers, FL	2.0	2.0	1087	$4,900	$4.51	9d	2	0.92mi
12250 Kelly Greens Blvd #57 Fort Myers, FL	2.0	2.0	1336	$1,999	$1.50	119d	1	0.92mi
11041 Gulf Reflections Dr #305 Fort Myers, FL	2.0	2.0	1500	$4,500	$3.00	9d	1	0.92mi
11041 Gulf Reflections Dr #305 Fort Myers, FL	2.0	2.0	1500	$1,800	$1.20	119d	1	0.92mi
11021 Gulf Reflections Dr Fort Myers, FL	2.0–3.0	2.0	1674	$4,200	$2.51	9d	2	0.93mi
11021 Gulf Reflections Dr Fort Myers, FL	2.0–3.0	2.0	1674	$2,600	$1.55	119d	2	0.93mi
11861 Caraway Ln #116 Fort Myers, FL	2.0	2.0	1056	$1,975	$1.87	88d	1	0.93mi
16615 Lake Circle Dr #427 Fort Myers, FL	2.0	2.0	1154	$2,100	$1.82	78d	1	0.95mi
16685 Lake Circle Dr Fort Myers, FL	2.0	2.0	1228	$2,000	$1.63	119d	2	0.96mi
11941 Caraway Ln #89 Fort Myers, FL	2.0	2.0	932	$4,000	$4.29	9d	1	0.96mi
18014 San Carlos Blvd #44 Fort Myers Beach, FL	2.0	2.5	1101	$1,995	$1.81	107d	1	0.98mi
16625 Lake Circle Dr #523 Fort Myers, FL	2.0	2.0	1154	$2,100	$1.82	119d	1	0.98mi
12171 Kelly Sands Way #1577 Fort Myers, FL	2.0	2.0	1160	$4,500	$3.88	119d	1	1.01mi

Property features AI

Finance

• Financial info: List price $193,995

Exterior

• Home design: Single-family plan
• Exterior features: Living area approximately 1393

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Plan: 54 Iroquois No.

Listing history 50 events

1. 2026-09-24
   days on market $193,995 Active 195 DOM
2. 2026-09-23
   days on market $193,995 Active 194 DOM
3. 2026-09-22
   days on market $193,995 Active 193 DOM
4. 2026-09-21
   days on market $193,995 Active 192 DOM
5. 2026-09-17
   days on market $193,995 Active 188 DOM
6. 2026-09-13
   days on market $193,995 Active 184 DOM
7. 2026-09-13
   days on market $193,995 Active 183 DOM
8. 2026-09-11
   days on market $193,995 Active 182 DOM
9. 2026-09-05
   days on market $193,995 Active 176 DOM
10. 2026-09-04
    days on market $193,995 Active 175 DOM
11. 2026-08-31
    days on market $193,995 Active 171 DOM
12. 2026-08-28
    days on market $193,995 Active 168 DOM
13. 2026-08-26
    days on market $193,995 Active 166 DOM
14. 2026-08-24
    days on market $193,995 Active 164 DOM
15. 2026-08-23
    days on market $193,995 Active 163 DOM
16. 2026-08-21
    days on market $193,995 Active 161 DOM
17. 2026-08-20
    days on market $193,995 Active 160 DOM
18. 2026-08-19
    days on market $193,995 Active 159 DOM
19. 2026-08-18
    days on market $193,995 Active 158 DOM
20. 2026-08-16
    days on market $193,995 Active 156 DOM
21. 2026-08-15
    days on market $193,995 Active 155 DOM
22. 2026-08-13
    days on market $193,995 Active 153 DOM
23. 2026-08-09
    days on market $193,995 Active 149 DOM
24. 2026-08-06
    days on market $193,995 Active 146 DOM
25. 2026-08-05
    days on market $193,995 Active 145 DOM
26. 2026-07-26
    days on market $193,995 Active 135 DOM
27. 2026-07-24
    days on market $193,995 Active 133 DOM
28. 2026-07-23
    days on market $193,995 Active 132 DOM
29. 2026-07-22
    days on market $193,995 Active 131 DOM
30. 2026-07-21
    days on market $193,995 Active 130 DOM
31. 2026-07-18
    days on market $193,995 Active 127 DOM
32. 2026-07-18
    days on market $193,995 Active 126 DOM
33. 2026-07-16
    days on market $193,995 Active 125 DOM
34. 2026-07-15
    days on market $193,995 Active 124 DOM
35. 2026-07-13
    days on market $193,995 Active 122 DOM
36. 2026-07-13
    days on market $193,995 Active 121 DOM
37. 2026-07-12
    days on market $193,995 Active 120 DOM
38. 2026-07-10
    days on market $193,995 Active 119 DOM
39. 2026-07-10
    days on market $193,995 Active 118 DOM
40. 2026-07-07
    days on market $193,995 Active 116 DOM
41. 2026-07-06
    days on market $193,995 Active 115 DOM
42. 2026-07-05
    days on market $193,995 Active 114 DOM
43. 2026-07-02
    days on market $193,995 Active 111 DOM
44. 2026-07-01
    days on market $193,995 Active 110 DOM
45. 2026-06-30
    days on market $193,995 Active 109 DOM
46. 2026-06-29
    days on market $193,995 Active 108 DOM
47. 2026-06-28
    days on market $193,995 Active 107 DOM
48. 2026-06-25
    days on market $193,995 Active 103 DOM
49. 2026-06-22
    days on market $193,995 Active 100 DOM
50. 2026-06-17
    days on market $193,995 Active 96 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,877
• − Mortgage interest: −$10,867
• − Property taxes: −$2,910
• − Insurance: −$970
• − Repairs & maintenance: −$1,990
• − Management: −$1,990
• − Depreciation: −$5,643
• Taxable income: $506
• Est. tax owed @ 24.0%: −$122
• After-tax cash flow: $3,443/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.

Condition & rehab AI · 14 photos

Excellent 95/100 None rehab

This brand-new, 1,393-square-foot home in Fort Myers Beach offers modern luxury and coastal relaxation. The interior is pristine, and the exterior is well-maintained, making it an excellent investment.

Value-add opportunities

• Both Painting the exterior siding — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Landscaping the front yard — Improves curb appeal and can increase both resale and rental value. ↑

D Composite school gradezoned avg 53/100

Zoned Schools

Elementary Bonita Springs Elementary School C- FL #976/2,144 Nat'l #11,114/41,679 Middle Cypress Lake Middle School B+ FL #116/571 Nat'l #1,503/14,009 High Cypress Lake High School D- FL #228/667 Nat'l #6,809/17,239

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

C Composite livability gradescore 69/100

Livability — Fort Myers Beach

• Score: 69/100
• State rank: #489
• US rank: #8995

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lee County · 871,946 people
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 8,350
• Household income: $79,018
• Rent vs Own: 10.7% rent · 89.3% own
• Severe rent burden: 5% of renters

---

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 (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Romanian 5% Portuguese 3% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% German/W. Germanic 1% French/Haitian/Cajun 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: ▼ -194.12%
• Current HPI: 837.37
• Rent YoY: —
• 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

Property features AI

Finance

• Financial info: List price $193,995

Exterior

• Home design: Single-family plan
• Exterior features: Living area approximately 1393

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Plan: 54 Iroquois No.