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

$193,995

2 bd · 2.0 ba · 1,393 sqft · Manufactured · 96 Days on market

Excellent condition

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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
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Condition / age +4.8/5.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

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. Soaring Ceilings & Lighting: High ceilings and strategically placed recessed lighting create an airy, expansive feel throughout the enti

Key facts

• Luxury finishes
• Modern open concept
• Chef s kitchen

Tags

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

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.

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 $796 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $194k).
• Recommended offer: $177k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 0.3% 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+, schools A-; 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.
• Market conditions: 876 active listings in the ZIP; 40 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 41% 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $54k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($177k) is reasonable based on typical stale-listing flexibility.

Recommended offer $176,535 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.39% ✓
• Cap rate: 11.21%
• Cash-on-cash: 17.58%
• DSCR: 1.78
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $402,577
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17561 Bryan Ct	0.41mi	2/2.0	1,296 (-7%)	4mo	$375,000	$289	66

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: 9.0%
• Equity multiple: 1.35×
• Total profit: $19,278
• Equity at exit: $28,925

10-year hold

• IRR: 18.2%
• Equity multiple: 2.51×
• Total profit: $82,202
• 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 →

ZIP-level market 33931

• Home prices YoY: -18.8%
• Active inventory: 876
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,704 high
• Mortgage (P&I): −$1,017
• Tax est. 1.5%: −$242 /mo · $2,910/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$568
• Net cashflow: $796

Break-even live

Break-even rent $1,697

Max offer price $193,995

Occupancy floor 66%

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
• 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	23d	1	0.30mi
158 Nanaimo Trl Fort Myers Beach, FL	2.0	2.0	1200	$6,570	$5.47	23d	1	0.32mi
11451 Char Ann Dr Fort Myers, FL	2.0	1.0	1300	$1,950	$1.50	2d	1	0.40mi
11110 Caravel Cir #201 Fort Myers, FL	2.0	2.0	1050	$3,500	$3.33	23d	1	0.66mi
11140 Caravel Cir #109 Fort Myers, FL	2.0	2.0	1050	$4,200	$4.00	23d	1	0.70mi
16580 Ginger Ln #3242 Fort Myers, FL	2.0	2.0	982	$1,800	$1.83	23d	1	0.74mi
11540 Caravel Cir #3012 Fort Myers, FL	2.0	2.0	1050	$1,250	$1.19	21d	1	0.75mi
11389 Summerwinds Ct Fort Myers, FL	2.0	1.0	927	$1,599	$1.72	21d	1	0.82mi
16500 Kelly Cove Dr #2880 Fort Myers, FL	2.0	2.0	1283	$4,800	$3.74	23d	1	0.84mi
11460 Summerwinds Ct Fort Myers, FL	2.0	1.0	912	$1,699	$1.86	21d	1	0.85mi
11262 Summerwinds Ct Fort Myers, FL	2.0	1.0	1049	$1,699	$1.62	21d	1	0.88mi
16470 Kelly Cove Dr #2850 Fort Myers, FL	2.0	2.0	1216	$5,000	$4.11	23d	1	0.88mi
16470 Kelly Cove Dr Fort Myers, FL	2.0	2.0	1214	$3,550	$2.92	3d	2	0.88mi
12150 Kelly Sands Way Fort Myers, FL	2.0	2.0	1087	$3,325	$3.06	3d	3	0.92mi
12150 Kelly Sands Way Fort Myers, FL	2.0	2.0	1087	$4,700	$4.32	23d	2	0.92mi
12250 Kelly Greens Blvd #57 Fort Myers, FL	2.0	2.0	1336	$1,999	$1.50	23d	1	0.92mi
11041 Gulf Reflections Dr #305 Fort Myers, FL	2.0	2.0	1500	$1,800	$1.20	23d	1	0.92mi
11021 Gulf Reflections Dr Fort Myers, FL	2.0–3.0	2.0	1674	$2,600	$1.55	23d	2	0.93mi
11021 Gulf Reflections Dr #303 Fort Myers, FL	2.0	2.0	1500	$4,200	$2.80	3d	1	0.93mi
11861 Caraway Ln #116 Fort Myers, FL	2.0	2.0	1056	$1,995	$1.89	19d	1	0.93mi
16685 Lake Circle Dr Fort Myers, FL	2.0	2.0	1228	$2,000	$1.63	23d	2	0.96mi
18014 San Carlos Blvd #44 Fort Myers Beach, FL	2.0	2.5	1101	$1,995	$1.81	11d	1	0.98mi
16625 Lake Circle Dr #523 Fort Myers, FL	2.0	2.0	1154	$2,100	$1.82	23d	1	0.98mi
12171 Kelly Sands Way #1577 Fort Myers, FL	2.0	2.0	1160	$4,500	$3.88	23d	1	1.01mi
16635 Lake Circle Dr Fort Myers, FL	2.0	2.0	1277	$2,150	$1.68	16d	2	1.03mi
16645 Lake Circle Dr #732 Fort Myers, FL	2.0	2.0	1154	$4,000	$3.47	23d	1	1.03mi
12621 Kelly Sands Way #305 Fort Myers, FL	2.0	2.0	1106	$5,000	$4.52	23d	1	1.17mi
12540 Kelly Greens Blvd #331 Fort Myers, FL	2.0	2.0	1440	$2,100	$1.46	23d	1	1.19mi
12396 Kelly Sands Way Fort Myers, FL	2.0	2.0	1511	$2,800	$1.85	23d	1	1.19mi
12641 Kelly Sands Way #225 Fort Myers, FL	2.0	2.0	1069	$5,000	$4.68	23d	1	1.20mi
16301 Kelly Woods Dr #205 Fort Myers, FL	2.0	2.0	1336	$5,000	$3.74	23d	1	1.26mi
18068 San Carlos Blvd #514 Fort Myers Beach, FL	2.0	2.5	1180	$3,500	$2.97	14d	1	1.26mi
16120 Dublin Cir Unit A Fort Myers, FL	2.0	2.0	1517	$1,550	$1.02	23d	1	1.33mi
16252 Kelly Woods Dr Fort Myers, FL	2.0	2.0	1515	$6,000	$3.96	23d	1	1.35mi
16361 Dublin Cir #203 Fort Myers, FL	2.0	2.0	892	$1,700	$1.91	2d	1	1.36mi
16001 Amberwood Lake Ct #1 Fort Myers, FL	2.0	2.5	1060	$2,100	$1.98	23d	1	1.38mi
11601 Navarro Way #2102 Fort Myers, FL	2.0	2.0	1378	$4,500	$3.27	23d	1	1.46mi
15773 Beachcomber Ave Unit 1264830P Fort Myers, FL	3.0	2.0	1496	$3,133	$2.09	14d	1	1.46mi
11701 Olivetti Ln Unit 1545836P Fort Myers, FL	3.0	2.0	1388	$4,214	$3.04	14d	1	1.47mi
11701 Olivetti Ln Unit 210 Fort Myers, FL	2.0	2.0	1305	$4,500	$3.45	23d	1	1.48mi

Listing history 8 events

1. 2026-06-17
   days on market $193,995 Active 96 DOM
2. 2026-06-16
   days on market $193,995 Active 95 DOM
3. 2026-06-16
   days on market $193,995 Active 94 DOM
4. 2026-06-13
   days on market $193,995 Active 92 DOM
5. 2026-06-09
   days on market $193,995 Active 88 DOM
6. 2026-06-07
   days on market $193,995 Active 86 DOM
7. 2026-06-01
   days on market $193,995 Active 80 DOM
8. 2026-06-01
   days on market $193,995 Active 79 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: $32,450
• − Mortgage interest: −$10,867
• − Property taxes: −$2,910
• − Insurance: −$970
• − Repairs & maintenance: −$2,596
• − Management: −$2,596
• − Depreciation: −$5,643
• Taxable income: $6,868
• Est. tax owed @ 24.0%: −$1,648
• After-tax cash flow: $7,899/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.

Renovation cost estimate screening

Value-add ROI direction

• 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. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 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 · 788,662 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: 145.0

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 (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