3902 23rd St SW · Lehigh Acres, FL 33976

$297,900

3 bd · 2.0 ba · 1,408 sqft · SingleFamily public records · 55 Days on market

Built 2005 0.50 ac lot Est $297k · at est.

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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).

• Appreciation +10.0/10.0
• Cash flow +8.1/30.0
• ARV discount +7.4/15.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Rent growth +2.1/5.0
• 1% rule +1.8/10.0

Listing remarks MLS

Just Remodeled!!! New paint, carpet, tile, (Appliances and water system will be installed before closing) 3 bed 2 bath house with screen Lanai. Fresh paint inside and out auto garage opener, door triple sliders leading out to the lanai lead out to a fenced 1/4 acre yard. Call to set up a time to visit this house today!

Key facts

• 0.5 acre lot
• 2 garage spots
• Built 2005

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Non-gated community; No association fee

Exterior

• Parking: Attached 2-car garage with garage door opener; 2 covered parking spaces
• Security: Smoke detector(s)
• Utilities: Well water; Septic tank; Cable available
• Home design: Single-story; Resale property; Faces south; North exposure
• Construction: Block, concrete and stucco construction; Shingle roof; Built with a solid foundation
• Exterior features: Fence; Lanai; Porch; Screened porch

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Breakfast bar; Bathtub; Living/dining room; Pantry; Walk-in closet(s); Split bedroom layout; Single hung windows; Unfurnished
• Laundry & utility: Washer; Dryer; Laundry area inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $298k.

Deal economics

• At list price, monthly cash flow is $-294 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $246k (17.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (32.0% below list).
• Recommended offer: $203k (32.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 59/100 on livability (#826 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime C-, employment D+, amenities 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: Veterans Park Academy For The Arts (math 41% / reading 45%, grade F, #1,366 of 2,144 statewide, top 64%, 2,133 students, 36% FRL); Oak Hammock Middle School (math 43% / reading 41%, grade D-, #340 of 571 statewide, top 61%, 1,563 students, 56% FRL); Lehigh Senior High School (math 23% / reading 45%, grade F, #394 of 667 statewide, top 60%, 2,476 students, 57% FRL).
• Market conditions: Rents soft (-1.5%/yr); 788 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 33% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($289k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y ago; this cycle's ask is 17424% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $160k; list at $298k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,666 (32.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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.
7. 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.
8. 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: 0.68% ✗
• Cap rate: 5.11%
• Cash-on-cash: -4.23%
• DSCR: 0.81
• GRM: 12.2

CMA / ARV

• ARV (on-the-fly): $297,088
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4008 27th St SW	0.28mi	3/2.0	1,416 (+1%)	11mo	$292,000	$206	77
3913 16th St W	0.40mi	3/2.0	1,328 (-6%)	1mo	$279,999	$211	71
3614 22nd St SW	0.42mi	3/2.0	1,408 (0%)	11mo	$289,000	$205	71
4218 26th St SW	0.62mi	3/2.0	1,357 (-4%)	6mo	$330,000	$243	60
3604 27th St SW	0.52mi	3/2.0	1,363 (-3%)	13mo	$272,000	$200	59
3704 33rd St SW	0.69mi	3/2.0	1,503 (+7%)	3mo	$285,000	$190	54
3810 21st St SW	0.16mi	4/2.0 (+1)	1,532 (+9%)	23mo	$365,000	$238	54
4012 22nd St SW	0.23mi	3/2.0	1,550 (+10%)	22mo	$313,990	$203	54
4017 33rd St SW	0.67mi	3/2.0	1,400 (-1%)	19mo	$318,000	$227	52
3103 Vilma Ave S	0.64mi	3/2.0	1,512 (+7%)	10mo	$352,650	$233	50
2905 Villa Ave S	0.56mi	3/2.0	1,289 (-8%)	12mo	$245,000	$190	50
4208 17th St SW	0.62mi	3/2.0	1,272 (-10%)	19mo	$275,000	$216	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 20.5%
• Equity multiple: 2.65×
• Total profit: $137,524
• Equity at exit: $268,372

10-year hold

• IRR: 18.1%
• Equity multiple: 5.90×
• Total profit: $408,925
• Equity at exit: $578,754

Cash invested: $83,412 (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 33976

• Home prices YoY: 6.8%
• Rents YoY: -1.5%
• Active inventory: 788
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $2,027 high
• Mortgage (P&I): −$1,562
• Tax from tax record: −$208 /mo · $2,502/yr
• Insurance: −$124
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $-294

Break-even live

Break-even rent $2,399

Max offer price $246,003

Occupancy floor —

Sensitivity live

Price	-10% $-125	-5% $-209	+0% $-294	+5% $-378	+10% $-462
Rent	-10% $-454	-5% $-374	+0% $-294	+5% $-214	+10% $-134
Rate	-1.0pp $-144	-0.5pp $-218	base $-294	+0.5pp $-371	+1.0pp $-450

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: $74,475
• Closing costs: $8,937
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4001 22nd St SW Lehigh Acres, FL	3.0	2.0	1055	$1,950	$1.85	4d	1	0.16mi
3714 17th St SW Lehigh Acres, FL	4.0	2.0	1833	$1,890	$1.03	25d	1	0.41mi
2504 Vera Ave S Lehigh Acres, FL	3.0	3.0	1643	$2,400	$1.46	25d	1	0.44mi
4021 28th St SW Lehigh Acres, FL	3.0	2.0	1529	$1,800	$1.18	25d	1	0.44mi
4203 23rd St SW Lehigh Acres, FL	4.0	2.0	1833	$1,850	$1.01	21d	1	0.48mi
2904 Wanda Ave S Lehigh Acres, FL	3.0	2.0	1501	$1,900	$1.27	25d	1	0.53mi
3600 19th St SW Lehigh Acres, FL	3.0	2.0	1114	$1,746	$1.57	5d	1	0.54mi
3604 29th St SW Lehigh Acres, FL	3.0	2.5	1776	$2,500	$1.41	25d	1	0.59mi
4221 18th St SW Lehigh Acres, FL	3.0	2.5	1600	$2,600	$1.62	16d	1	0.66mi
3702 14th St SW Lehigh Acres, FL	4.0	2.0	1472	$1,995	$1.36	25d	1	0.67mi
4005 12th St SW Lehigh Acres, FL	3.0	2.0	1122	$1,610	$1.43	21d	1	0.70mi
1511 Terry Ave S Lehigh Acres, FL	3.0	2.0	1579	$1,996	$1.26	25d	1	0.71mi
4101 33rd St SW Lehigh Acres, FL	3.0	2.0	1698	$2,200	$1.30	16d	1	0.73mi
3802 35th St SW Lehigh Acres, FL	3.0	2.0	1269	$1,640	$1.29	25d	1	0.76mi
1578 Gretchen Ave S Lehigh Acres, FL	3.0	2.0	1728	$2,000	$1.16	25d	1	0.85mi
4020 36th St SW Lehigh Acres, FL	3.0	2.0	1354	$2,050	$1.51	25d	1	0.85mi
4412 25th St SW Lehigh Acres, FL	3.0	2.0	1205	$1,700	$1.41	23d	1	0.88mi
1544 Gretchen Ave S Lehigh Acres, FL	2.0	2.0	1221	$1,800	$1.47	25d	1	0.88mi
4401 22nd St SW Lehigh Acres, FL	3.0	2.0	1109	$1,345	$1.21	25d	1	0.89mi
3705 9th St SW Lehigh Acres, FL	3.0	2.0	1272	$1,695	$1.33	16d	1	0.92mi
4421 25th St SW Lehigh Acres, FL	3.0	2.0	1253	$1,250	$1.00	12d	1	0.94mi
1502 Gretchen Ave S Lehigh Acres, FL	3.0	2.0	1270	$2,000	$1.57	5d	1	0.97mi
3402 13th St SW Lehigh Acres, FL	3.0	2.0	1117	$1,940	$1.74	5d	1	0.98mi
4507 20th St SW Lehigh Acres, FL	2.0	2.0	1135	$1,400	$1.23	25d	1	1.00mi
3818 7th St SW Lehigh Acres, FL	3.0	2.0	1422	$1,695	$1.19	25d	1	1.02mi
3820 7th St SW Lehigh Acres, FL	4.0	2.0	1841	$2,500	$1.36	13d	1	1.02mi
1504 Gary Ln Lehigh Acres, FL	3.0	2.0	1198	$1,660	$1.39	25d	1	1.06mi
1506 Gary Ln Lehigh Acres, FL	3.0	2.0	1198	$1,660	$1.39	25d	1	1.06mi
4512 Leonard Blvd S Lehigh Acres, FL	2.0	2.0	1048	$1,350	$1.29	25d	1	1.06mi
4512 Leonard Blvd S Lehigh Acres, FL	2.0	2.0	1048	$1,300	$1.24	5d	1	1.06mi
4503 15th St SW Lehigh Acres, FL	3.0	2.0	1200	$1,800	$1.50	25d	1	1.07mi
4514 Leonard Blvd S Lehigh Acres, FL	2.0	2.0	1048	$1,300	$1.24	5d	1	1.07mi
4514 Leonard Blvd S Lehigh Acres, FL	2.0	2.0	1048	$1,350	$1.29	25d	1	1.07mi
3203 24th St SW Lehigh Acres, FL	3.0	2.0	1498	$2,300	$1.54	23d	1	1.08mi
3408 10th St SW Lehigh Acres, FL	4.0	2.0	1385	$1,850	$1.34	23d	1	1.08mi
4435 27th St SW Lehigh Acres, FL	3.0	2.0	1158	$1,250	$1.08	21d	1	1.08mi
3201 23rd St SW Lehigh Acres, FL	3.0	2.0	1324	$1,845	$1.39	23d	1	1.09mi
4523 22nd St SW Lehigh Acres, FL	3.0	2.0	1125	$1,700	$1.51	25d	1	1.09mi
3303 8th St SW Lehigh Acres, FL	3.0	2.0	1400	$2,250	$1.61	5d	1	1.09mi
4440 28th St SW Lehigh Acres, FL	3.0	2.0	1200	$1,495	$1.25	13d	1	1.10mi

Listing history 25 events

1. 2026-06-17
   days on market $297,900 Active 55 DOM
2. 2026-06-16
   days on market $297,900 Active 54 DOM
3. 2026-06-15
   days on market $297,900 Active 53 DOM
4. 2026-06-13
   days on market $297,900 Active 51 DOM
5. 2026-06-10
   days on market $297,900 Active 48 DOM
6. 2026-06-09
   days on market $297,900 Active 47 DOM
7. 2026-06-08
   pricedays on market $297,900 Active 46 DOM
8. 2026-06-07
   days on market $299,900 Active 45 DOM
9. 2026-06-03
   days on market $299,900 Active 41 DOM
10. 2026-06-02
    days on market $299,900 Active 40 DOM
11. 2026-06-01
    days on market $299,900 Active 39 DOM
12. 2026-05-31
    days on market $299,900 Active 38 DOM
13. 2026-05-17
    listed $1,700
14. 2026-04-22
    listed $299,900 Active
15. 2024-09-17
    historical $2,100
16. 2024-08-31
    listed $2,100
17. 2023-08-23
    historical $2,000
18. 2023-08-17
    price $2,000
19. 2023-08-11
    price $2,100
20. 2023-08-02
    listed $2,300
21. 2017-09-22
    soldstatus $159,900 Sold 322-char remark

    Show marketing remark (322 chars)

    Just Remodeled!!! New paint, carpet, tile, (Appliances and water system will be installed before closing) 3 bed 2 bath house with screen Lanai. Fresh paint inside and out auto garage opener, door triple sliders leading out to the lanai lead out to a fenced 1/4 acre yard. Call to set up a time to visit this house today!

22. 2017-08-07
    status Pending 322-char remark

    Show marketing remark (322 chars)

    Just Remodeled!!! New paint, carpet, tile, (Appliances and water system will be installed before closing) 3 bed 2 bath house with screen Lanai. Fresh paint inside and out auto garage opener, door triple sliders leading out to the lanai lead out to a fenced 1/4 acre yard. Call to set up a time to visit this house today!

23. 2017-07-25
    listed $159,900 Active 322-char remark

    Show marketing remark (322 chars)

    Just Remodeled!!! New paint, carpet, tile, (Appliances and water system will be installed before closing) 3 bed 2 bath house with screen Lanai. Fresh paint inside and out auto garage opener, door triple sliders leading out to the lanai lead out to a fenced 1/4 acre yard. Call to set up a time to visit this house today!

24. 2009-12-11
    soldstatus $58,000 237-char remark

    Show marketing remark (237 chars)

    (font color=blue)(font size=5)(marquee) GREAT HOME GREAT PRICE!!! (/marquee) (font color=red) (font size=3) 3 BEDROOM 2 BATH 2 CAR GARAGE LOCATED IN SW LEHIGH CLOSE TO SR 82 AND I-75. THIS ONE WILL NOT LAST! BRING YOUR OFFERS TODAY!!!

25. 2009-12-09
    price $59,900 237-char remark

    Show marketing remark (237 chars)

    (font color=blue)(font size=5)(marquee) GREAT HOME GREAT PRICE!!! (/marquee) (font color=red) (font size=3) 3 BEDROOM 2 BATH 2 CAR GARAGE LOCATED IN SW LEHIGH CLOSE TO SR 82 AND I-75. THIS ONE WILL NOT LAST! BRING YOUR OFFERS TODAY!!!

ⓘ 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: $2,502 · $208/mo
• Projected year-2 tax: $2,502 · $208/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 X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 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: $24,320
• − Mortgage interest: −$16,687
• − Property taxes: −$2,502
• − Insurance: −$1,490
• − Repairs & maintenance: −$1,946
• − Management: −$1,946
• − Depreciation: −$8,666
• Taxable loss: −$8,916
• Est. tax savings @ 24.0%: +$2,140
• After-tax cash flow: $-1,386/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 — Lehigh Acres

• Score: 59/100
• State rank: #826
• US rank: #20055

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lehigh Acres, FL
• County: Lee County · 788,662 people
• City population: 130,638
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 20,277
• Household income: $72,679
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 574.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Hispanic / Latino 50% Two or more races 30% White 24% Black 20% Asian 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 8% Cuban 18% Dominican 4%
• Common ancestry: Hispanic 8% Slovak 1% Lithuanian 1%
• Foreign-born: 35% · Canada, Jamaica, Vietnam
• Languages at home: 46% English-only · Spanish 43% French/Haitian/Cajun 8% Vietnamese 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: ▲ 21.77%
• Current HPI: 340.4255
• Rent YoY: ▼ -1.54%
• 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

-97.2% since first listed

13 events — show timeline

• 2026-05-17 Listed for Rent $1,700 FGCMLS
• 2026-04-22 Listed $299,900 FORTMLS
• 2024-09-17 Rental Removed $2,100 FORTMLS
• 2024-08-31 Listed for Rent $2,100 FORTMLS
• 2023-08-23 Rental Removed $2,000 FORTMLS
• 2023-08-17 Price Changed $2,000 FORTMLS
• 2023-08-11 Price Changed $2,100 FORTMLS
• 2023-08-02 Listed for Rent $2,300 FORTMLS
• 2017-09-22 Sold (MLS) $159,900 FORTMLS
• 2017-08-07 Pending — FORTMLS
• 2017-07-25 Listed $159,900 FORTMLS
• 2009-12-11 Sold (MLS) $58,000 FORTMLS
• 2009-12-09 Price Changed $59,900 FORTMLS

Property tax history

+9.0%/yr

Latest (2021): $2,502 · +3.4% YoY. Source: county tax records.