350/352 Pullman St · Lehigh Acres, FL 33974

$499,900

6 bd · 6.0 ba · 2,386 sqft · MultiFamily · 35 Days on market

Built 2025 0.25 ac lot Est $508k · at est. ↓ 7% since listing

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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
• ARV discount +8.2/15.0
• Cash flow +6.9/30.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0
• Rent growth +1.3/5.0
• DSCR +1.1/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

BRAND NEW DUPLEX 6 BEDROOMS 4 BATHROOMS WITH EXTRA LONG CONCRETE DRIVEWAY AND GARAGES ON EACH SIDE with plenty of extra parking, covered front porch, nicely landscaped with irrigation system on well, quiet low traffic street with single family homes in the area. You can't beat this location just minutes to SR 82, I-75, Ft Myers and the SWFL International Airport, READY FOR IMMEDIATE OCCUPANCY, C. O. HAS BEEN ISSUED, polished porcelain tile floors throughout with five inch baseboards, solid surface countertops in kitchens and bathrooms, breakfast bar and large pantry space with stainless steel appliances, primary bedroom with private ensuite bathroom with fully tiled walk in shower and tub a

Key facts

• Covered front porch
• Nicely landscaped
• Minutes to sr 82

Tags

• EXTRA LONG CONCRETE DRIVEWAY
• COVERED FRONT PORCH
• NICELY LANDSCAPED
• IRRIGATION SYSTEM
• QUIET LOW TRAFFIC STREET
• MINUTES TO SR 82

Property features AI

Finance

• Financial info: Tenant pays cable TV and electricity; Pets allowed
• HOA & community: Non-gated community; No association fee listed

Exterior

• Parking: Each unit has an attached 1-car garage; Automatic garage door openers
• Security: Smoke detectors in each unit
• Utilities: Well water; Septic tank sewer; Cable available
• Home design: Duplex (2-unit property); Resale property
• Construction: Block, concrete and stucco construction; Shingle roof; Built on standard foundation
• Exterior features: Patio and open lanai/porch; Automatic sprinklers/irrigation system (well source)

Interior

• Kitchen: Each unit includes dishwasher, microwave, range, and refrigerator
• Bedrooms: Two 3-bedroom units (each unit is a three-bedroom residence)
• Flooring: Tile
• Bathrooms: Each unit has 2 full bathrooms (4 full bathrooms total)
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Double-hung and sliding windows; Tile flooring; Water softener (owned)
• Laundry & utility: Unit 1: Laundry in residence; Unit 2: Laundry in garage

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $-752 ($-9k/yr) — negative. Per door: $-376/mo.
• To cash-flow at today's rent, offer at most $391k (21.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $342k (31.6% below list).
• Recommended offer: $342k (31.6% 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+, schools D-.
• 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 falling (-4.7%/yr); 2460 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $3,421/mo this rent would consume 57% of the median local household income ($72k/yr) (locally 434% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $53k of equity ($3k loan paydown + $50k 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 ~$86k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($485k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $342,100 (31.6% 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 35 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.68% ✗
• Cap rate: 4.49%
• Cash-on-cash: -6.45%
• DSCR: 0.71
• GRM: 12.2

CMA / ARV

• ARV (on-the-fly): $508,218
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
322-324 Poplar St	0.52mi	6/4.0	2,398 (+0%)	2mo	$510,000	$213	66
318-320 Poplar St	0.51mi	6/4.0	2,398 (+0%)	3mo	$515,000	$215	65
326-328 Grant Blvd	0.58mi	6/4.0	2,330 (-2%)	14mo	$400,000	$172	49

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: 18.9%
• Equity multiple: 2.53×
• Total profit: $214,383
• Equity at exit: $450,350

10-year hold

• IRR: 17.0%
• Equity multiple: 5.65×
• Total profit: $651,143
• Equity at exit: $971,196

Cash invested: $139,972 (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 33974

• Home prices YoY: 5.8%
• Rents YoY: -4.7%
• Active inventory: 2460
• Price-to-rent: 24.4×

Monthly cashflow live

• Estimated rent: $3,421 high
• Mortgage (P&I): −$2,622
• Tax est. 1.5%: −$625 /mo · $7,498/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$718
• Net cashflow: $-752

Break-even live

Break-even rent $4,373

Max offer price $391,069

Occupancy floor —

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,422
Total (2 units)			$3,421

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10601 Crossback Ln Lehigh Acres, FL	5.0	3.0	2634	$2,800	$1.06	23d	1	0.86mi
19525 Fairhill Ct Lehigh Acres, FL	6.0	3.0	2463	$2,499	$1.01	23d	1	0.92mi
11902 Savanna Lakes Blvd Lehigh Acres, FL	6.0	3.0	3041	$2,750	$0.90	16d	1	1.12mi
11634 Savanna Lakes Blvd Lehigh Acres, FL	5.0	3.0	2451	$2,650	$1.08	21d	1	1.15mi
19972 Green Pasture Rd Lehigh Acres, FL	5.0	2.5	2959	$3,000	$1.01	21d	1	1.42mi
11613 Savanna Lakes Blvd Lehigh Acres, FL	5.0	3.0	2451	$2,700	$1.10	16d	1	1.42mi

Listing history 17 events

1. 2026-06-17
   days on market $499,900 Active 35 DOM
2. 2026-06-16
   days on market $499,900 Active 34 DOM
3. 2026-06-15
   days on market $499,900 Active 33 DOM
4. 2026-06-13
   days on market $499,900 Active 31 DOM
5. 2026-06-10
   days on market $499,900 Active 28 DOM
6. 2026-06-09
   days on market $499,900 Active 27 DOM
7. 2026-06-08
   days on market $499,900 Active 26 DOM
8. 2026-06-07
   days on market $499,900 Active 25 DOM
9. 2026-06-03
   days on market $499,900 Active 21 DOM
10. 2026-06-02
    days on market $499,900 Active 20 DOM
11. 2026-06-01
    days on market $499,900 Active 19 DOM
12. 2026-05-31
    days on market $499,900 Active 18 DOM
13. 2026-05-13
    listed $499,900 Active
14. 2025-10-30
    historical
15. 2025-09-16
    listed $540,000 Active
16. 2025-08-28
    historical
17. 2025-07-29
    listed $540,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,052
• − Mortgage interest: −$28,002
• − Property taxes: −$7,498
• − Insurance: −$2,500
• − Repairs & maintenance: −$3,284
• − Management: −$3,284
• − Depreciation: −$14,543
• Taxable loss: −$18,059
• Est. tax savings @ 24.0%: +$4,334
• After-tax cash flow: $-4,691/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): 19,927
• Household income: $72,192
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 434.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 52% Two or more races 31% White 26% Black 18%
• Hispanic origin (detail): Mexican 12% Puerto Rican 7% Cuban 20% Dominican 4%
• Common ancestry: Hispanic 7% Italian 1% Portuguese 1%
• Foreign-born: 32% · Canada, Jamaica
• Languages at home: 48% English-only · Spanish 43% French/Haitian/Cajun 7% Other Indo-European 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: ▲ 16.53%
• Current HPI: 303.3399
• Rent YoY: ▼ -4.68%
• 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

-7.4% since first listed

5 events — show timeline

• 2026-05-13 Listed $499,900 FORTMLS
• 2025-10-30 Listing Removed — FORTMLS
• 2025-09-16 Listed $540,000 FORTMLS
• 2025-08-28 Listing Removed — MARMLS
• 2025-07-29 Listed $540,000 MARMLS