2040 Embarcadero Way · North Fort Myers, FL 33917

$295,000

3 bd · 2.0 ba · 1,305 sqft · SingleFamily public records · 74 Days on market

Built 2000 6,621 sqft lot Est $274k · 8% over $242/mo HOA · 7% of rent

---

Why this score? — see what drove the D+ 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 +18.7/30.0
• 1% rule +6.0/10.0
• DSCR +5.9/10.0
• ARV discount +4.1/15.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully maintained Ibis model home in the highly desirable Herons Glen Golf & Country Club! This move-in ready 3-bedroom, 2-bath residence offers the perfect blend of comfort, privacy, and Florida lifestyle living. New tile roof 2020, skeeter beater for the garage, whole house Culligan house water system including under sink water system. Step inside to an inviting open floor plan that seamlessly flows into a spacious Florida Sunroom, featuring a stunning wall of glass that frames peaceful preserve views—providing exceptional privacy and a serene natural backdrop, this light-filled space brings the outdoors in. The thoughtfully designed split-bedroom layout e

Key facts

• Fitness center
• New tile roof
• Florida sunroom

Tags

• NEW TILE ROOF
• FLORIDA SUNROOM
• PAVER PATIO
• RESORT-STYLE POOL AND SPA
• FITNESS CENTER

Property features AI

Finance

• Other: Private paved road with private maintenance; Lot is rectangular with dimensions approximately 62 x 112 x 57 x 110; Lot has sprinklers included in assessment; Zoning: RPD
• Financial info: Land lease expires 2026-04-01; Pets allowed conditionally (call) — maximum 3
• HOA & community: Homeowners association with quarterly fee; Association fee includes management, cable TV, internet, irrigation water, legal/accounting, grounds maintenance, recreation facilities, reserve fund, road maintenance, street lights, and security; Community amenities include clubhouse, fitness center, golf course, pool, spa/hot tub, tennis courts, pickleball, bocce, shuffleboard, billiards, restaurant, barbecue/picnic area, trails, sidewalks, and on-site management

Exterior

• Parking: Attached 2-car garage; Assigned parking (two spaces); Covered parking (2 spaces)
• Security: Gated community with guard; Security gate; Smoke detector(s)
• Utilities: Cable available; Underground utilities; Sewer assessment paid; Water assessment paid
• Home design: Single-story; Entry level 1; Resale property; Faces east
• Construction: Block, concrete, and stucco construction; Tile roof
• Exterior features: Patio; Sprinkler/irrigation (automatic); Community pool; Has view; West exposure

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Water purifier; Pantry; Breakfast bar; Eat-in kitchen
• Bedrooms: Split bedroom layout; Includes Florida room
• Flooring: Tile
• Bathrooms: 2 full bathrooms; Dual sinks; Separate shower; Shower only
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Furnished; Breakfast bar; Dual sinks; Eat-in kitchen; Living/dining room; Pantry; Shower only; Separate shower; Walk-in closet(s); High speed internet; Split bedrooms; Single hung windows; Shutters
• Laundry & utility: Washer (in unit); Laundry inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $295k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/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: $277k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 rising (+2.6%/yr); 841 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $3,241/mo this rent would consume 71% of the median local household income ($55k/yr) (locally 775% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 74 days — a 6% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $225k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $277,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 1.10% ✓
• Cap rate: 7.48%
• Cash-on-cash: 4.22%
• DSCR: 1.19
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $274,050
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2030 Rio Nuevo Dr	0.14mi	2/2.0 (-1)	1,408 (+8%)	3mo	$295,000	$210	73
20919 Villareal Way	0.16mi	2/2.0 (-1)	1,428 (+9%)	14mo	$286,000	$200	60
1941 Palo Duro Blvd	0.25mi	3/2.0	1,448 (+11%)	17mo	$281,000	$194	56
1921 Embarcadero Way	0.16mi	3/2.0	1,495 (+15%)	22mo	$429,000	$287	50
20526 Plumwood Loop	0.68mi	2/2.0 (-1)	1,497 (+15%)	18mo	$285,000	$190	24
20502 Plumwood Loop	0.71mi	2/2.0 (-1)	1,497 (+15%)	18mo	$330,000	$220	22
20621 Marathona Ct	0.71mi	2/2.0 (-1)	1,140 (-13%)	23mo	$272,500	$239	22

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 · 2.63% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.54×
• Total profit: $-38,194
• Equity at exit: $43,985

10-year hold

• IRR: -4.4%
• Equity multiple: 0.72×
• Total profit: $-23,492
• 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 33917

• Home prices YoY: -30.2%
• Rents YoY: 2.6%
• Active inventory: 841
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $3,241 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$358 /mo · $4,297/yr
• Insurance: −$123
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$242
• Vacancy / Maint / Mgmt: −$681
• Net cashflow: $166

Break-even live

Break-even rent $3,032

Max offer price $295,000

Occupancy floor 90%

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 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1900 Corona del Sire Dr North Fort Myers, FL	2.0	2.0	1449	$2,400	$1.66	24d	1	0.13mi
20919 Villareal Way North Fort Myers, FL	2.0	2.0	1428	$4,000	$2.80	24d	1	0.15mi
2130 Rio Nuevo Dr Unit 1546442P North Fort Myers, FL	2.0	2.0	1248	$4,682	$3.75	15d	1	0.23mi
1670 Palo Duro Blvd North Fort Myers, FL	2.0	2.0	1604	$2,700	$1.68	3d	1	0.24mi
2300 Valparaiso Blvd North Fort Myers, FL	2.0	2.0	1237	$4,000	$3.23	24d	1	0.32mi
2300 Valparaiso Blvd North Fort Myers, FL	2.0	2.0	1237	$3,000	$2.43	16d	1	0.32mi
2481 Palo Duro Blvd North Fort Myers, FL	3.0	2.0	1450	$4,000	$2.76	21d	1	0.60mi
2481 Palo Duro Blvd North Fort Myers, FL	3.0	2.0	1450	$4,000	$2.76	16d	1	0.60mi
20038 Fiddlewood Ave North Fort Myers, FL	3.0	2.0	1519	$1,999	$1.32	19d	1	0.84mi
20056 Sweetbay Dr North Fort Myers, FL	3.0	2.0	1672	$4,000	$2.39	24d	1	0.86mi
20559 Long Pond Rd North Fort Myers, FL	3.0	2.0	1805	$2,295	$1.27	24d	1	0.89mi
10401 Circle Pine Rd North Fort Myers, FL	2.0	2.0	1294	$3,000	$2.32	24d	1	1.32mi
19621 N Tamiami Trl North Fort Myers, FL	3.0	2.0	1205	$1,300	$1.08	24d	1	1.39mi
20333 Camino Torcido Loop North Fort Myers, FL	4.0	2.0	1828	$3,800	$2.08	24d	1	1.46mi

HOA detail

• Monthly dues: $242 · $2,904/yr
• Likely covers: water

Listing history 17 events

1. 2026-05-12
   status Pending
2. 2026-02-27
   listed $295,000 Active
3. 2025-09-20
   historical
4. 2025-08-05
   price $299,900
5. 2025-08-05
   price $299,900
6. 2025-07-01
   listed $315,000 Active
7. 2025-05-21
   listed $315,000 Active
8. 2020-11-02
   soldstatus $225,000
9. 2020-10-26
   soldstatus $225,000 Closed
10. 2020-09-13
    status Pending
11. 2020-08-13
    listed $225,000 Active
12. 2016-09-15
    historical
13. 2016-05-03
    price $229,900
14. 2016-01-22
    listed $239,900 Active
15. 2012-03-15
    soldstatus $172,250
16. 2012-02-16
    price $178,000
17. 1999-07-08
    soldstatus $34,000

ⓘ 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: $4,297 · $358/mo
• Projected year-2 tax: $4,297 · $358/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 1/10 Low FEMA zone A · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 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: $38,897
• − Mortgage interest: −$16,525
• − Property taxes: −$4,297
• − Insurance: −$2,978
• − Repairs & maintenance: −$3,112
• − Management: −$3,112
• − HOA: −$2,904
• − Depreciation: −$8,582
• Taxable loss: −$2,611
• Est. tax savings @ 24.0%: +$627
• After-tax cash flow: $2,613/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): 33,380
• Household income: $55,000
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 775.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 10% Two or more races 7% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 3%
• Common ancestry: Lithuanian 3% Romanian 3% Slovak 2%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 1% 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: ▼ -122.28%
• Current HPI: 282.2895
• Rent YoY: ▲ 2.63%
• 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

+767.6% since first listed

17 events — show timeline

• 2026-05-12 Pending — FORTMLS
• 2026-02-27 Listed $295,000 FORTMLS
• 2025-09-20 Listing Removed — FORTMLS
• 2025-08-05 Price Changed $299,900 Stellar MLS as Distributed by MLS Grid
• 2025-08-05 Price Changed $299,900 FORTMLS
• 2025-07-01 Listed $315,000 Stellar MLS as Distributed by MLS Grid
• 2025-05-21 Listed $315,000 FORTMLS
• 2020-11-02 Sold (Public Records) $225,000 Public Records
• 2020-10-26 Sold (MLS) $225,000 FORTMLS
• 2020-09-13 Pending — FORTMLS
• 2020-08-13 Listed $225,000 FORTMLS
• 2016-09-15 Listing Removed — FORTMLS
• 2016-05-03 Price Changed $229,900 FORTMLS
• 2016-01-22 Listed $239,900 FORTMLS
• 2012-03-15 Sold (MLS) $172,250 FORTMLS
• 2012-02-16 Price Changed $178,000 FORTMLS
• 1999-07-08 Sold (Public Records) $34,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $4,297 · +14.2% YoY. Source: county tax records.