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$339,900

For Sale - Active
3111 Meandering Way Apt 101, Fort Myers, FL 33905
2 Beds
2 Baths
1,421 Square Feet
0.11 Acres Lot
Built in 2003
For Sale - Active
Units n/a
Checked: 6 days ago
Updated: Sep 06, 2025 at 10:08AM

Investment Summary


Monthly Cash Flow
$1,036
Cap Rate
9.8%
Cash-on-Cash Return
15.9%
Debt Coverage Ratio
1.60
Internal Rate of Return (5 years)
19.5%

Property Description


0.11 Acres Lot
Built in 2003
For Sale - Active
Units n/a

Welcome to this incredible golf view first-floor carriage home, sold turnkey with several brand-new items that will convey with the sale! This updated 2-bedroom, 2-bathroom plus den home is located just a minute walk from the Idlewild community pool, offering ultimate convenience and relaxation. No need to worry about updates or painting—this home has been fully refreshed and is move-in ready! Some of the amazing features include a new AC, new flooring, new appliances, and a renovated kitchen. You’ll also love the electric hurricane shutters, custom closets, built-in linen cabinet, and new frosted glass shower doors. Plus, a new roof adds peace of mind for years to come. The sliders from the front room and kitchen open up to a spacious lanai, where you can enjoy watching golfers, spot wildlife, and take in the breathtaking Southwest Florida sunsets with your favorite beverage in hand. Located in The Verandah, one of the most highly desirable golf communities, this home offers access to two championship golf courses designed by Jack Nicklaus and Bob Cupp (check out the video in the listing). The community features too many amenities to mention, but some highlights include an Olympic-sized community pool, a fitness center, a spa, and even free kayaks to explore the scenic Orange River. Don’t miss out on this incredible opportunity—book your private appointment today!

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Location


Property Details


Parking

  • Description: Attached, Garage, GarageDoorOpener
  • Details: Garage Door Opener, Attached
  • Garage Spaces: 2
  • Spaces Total: 2

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Stories: 1

Exterior Features

  • Roof Material: Tile
  • Pool Community: Yes

HOA

  • Has HOA: Yes
  • HOA Fee: $595/quarterly
  • Additional HOA Fee: $1,604/quarterly

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 314326070000D.0101
  • Lot Size: 4874 sqft

Property Information

  • Property Type: Condominium
  • Style: Low Rise (1-3)
  • Year Built: 2003

Tax Information

  • Annual Tax: $5,072

Utilities

  • Heating: Central, Electric
  • Cooling: Ceiling Fan(s)

Location

  • County: Lee

Listing Details


Listed by:
Dr. Shari Turner McKee
Paradise Real Estate & Rentals, LLC
(309) 230-4148

Source:
Naples Area Board of REALTORS
MLS#: 225020305
Naples Area Board of REALTORS

Investment Summary


Monthly Cash Flow
$1,036
Cap Rate
9.8%
Cash-on-Cash Return
15.9%
Debt Coverage Ratio
1.60
Internal Rate of Return (5 years)
19.5%

Purchase Details

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Purchase price:
$339,900
Amount financed:
-$271,920
Down payment:
$67,980
Closing costs:
$10,197
Rehab costs:
$0
Initial cash invested:
$78,177
Square feet:
1,421
Cost per square foot:
$239
Monthly rent per square foot:
$4.01

Financing Details

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Loan amount:
$271,920
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$1,741
Property tax:
$423
Insurance:
$399
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,563

Operating Income

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% Rent Monthly Yearly
Gross rent:
$5,700 $68,400
Vacancy loss: (6%)
6% -$342 -$4,104
Operating income:
$5,358 $64,296

Operating Expenses


% Rent Monthly Yearly
Property taxes: (7%)
7%-$423-$5,072
Insurance: (7%)
7%-$399-$4,788
Property management: (8%)
8%-$456-$5,472
Repairs & maintenance: (5%)
5%-$285-$3,420
Capital expenditures: (5%)
5%-$285-$3,420
HOA fees: (13%)
13%-$733-$8,796
Total operating expenses: (45%)
45%-$2,581-$30,968

Cash Flow


Monthly Yearly
Net operating income:
$2,777 $33,324
Mortgage payments:
-$1,741 -$20,892
Cash flow:
$1,036 $12,432