200/202 Ichabod Ave · Lehigh Acres, FL 33973

$339,900

6 bd · 4.0 ba · — sqft · MultiFamily · 2 Days on market

Built 2004 Fair condition 0.28 ac lot

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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).

• Cash flow +19.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.0/5.0
• Appreciation +0.8/10.0
• Rent growth +0.8/5.0

Multi-family units

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

Listing remarks

Excellent investment opportunity! This duplex features 3 bedrooms and 2 bathrooms on each side and is situated on a desirable corner lot. Both units are occupied by long-term tenants, providing immediate and reliable rental income. Recent updates include a new roof installed in 2023. Each unit offers a screened-in front porch, adding comfortable outdoor living space for tenants. Perfect for investors looking to expand their portfolio, or for an owner-occupant who wants to live in one unit and rent the other for instant income potential. Conveniently located near shopping, schools, and major roadways.

Key facts

• Rental income
• Corner lot
• New roof

Tags

• CORNER LOT
• RENTAL INCOME
• NEW ROOF
• SCREENED-IN FRONT PORCH
• OUTDOOR LIVING SPACE
• CONVENIENTLY LOCATED

Property features AI

Finance

• Other: Lot dimensions approximately 100 x 100 x 114 x 125 (per appraiser); Lot size approximately 0.284 acres
• Financial info: Gross scheduled income: $39,600 (multi-unit); Tenants pay cable and electricity; Pets allowed
• HOA & community: No association fees; Non-gated community

Exterior

• Utilities: Cable available; Septic tank; Well water
• Home design: Resale property; Zoned RM-2
• Construction: Block, concrete, and stucco construction; Shingle roof; Built with standard foundations
• Exterior features: Corner lot; Paved road access; No additional exterior features listed

Interior

• Flooring: Tile
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Single hung windows; Tile flooring

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $340k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $363 ($4k/yr) — positive. Per door: $182/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $340k).
• Cap rate 7.6% vs local median 4.7% in Lehigh Acres — 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 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 (-7.0%/yr); 292 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $3,433/mo this rent would consume 68% of the median local household income ($61k/yr) (locally 1142% 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 $10k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $339,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.01% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.58%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309 Ichabod Ave S	0.21mi	6/4.0	2,360	9mo	$550,000	$233	70
128 - 130 Ichabod Ave S	0.04mi	6/4.0	3,284	20mo	$460,000	$140	69
700-702 S Hightower Ave	0.33mi	6/4.0	1,200	8mo	$549,000	$458	65
133-135 Hightower Ave S	0.15mi	6/4.0	2,392	22mo	$554,900	$232	62
4738-4740 Douglas Ln	0.33mi	6/4.0	2,396	13mo	$565,000	$236	61
725/727 Ivan Ave S	0.42mi	6/4.0	2,316	15mo	$425,000	$184	55
713-715 Homer Ave S #719	0.38mi	6/4.0	2,360	18mo	$549,900	$233	54
724 Jenna Ave S	0.47mi	6/4.0	2,238	20mo	$449,000	$201	49
1116 Harold Ave S	0.67mi	6/4.0	2,360	9mo	$550,000	$233	48
1121-1123 Harry Ave S	0.68mi	6/4.0	2,364	10mo	$549,900	$233	48
1119 Harry Ave S	0.66mi	6/4.0	—	21mo	$450,000	—	39
1141-1143 Ichabod Ave S	0.74mi	6/4.0	2,390	22mo	$562,000	$235	35

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -12.6%
• Equity multiple: 0.56×
• Total profit: $-41,962
• Equity at exit: $50,680

10-year hold

• IRR: -8.9%
• Equity multiple: 0.52×
• Total profit: $-45,432
• Equity at exit: $29,388

Cash invested: $95,172 (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 33973

• Home prices YoY: -3.4%
• Rents YoY: -7.0%
• Active inventory: 292
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $3,433 high
• Mortgage (P&I): −$1,782
• Tax est. 1.5%: −$425 /mo · $5,098/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$721
• Net cashflow: $363

Break-even live

Break-even rent $2,973

Max offer price $339,900

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,434
Total (2 units)			$3,433

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: $84,975
• Closing costs: $10,197
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1133 Ichabod Ave Lehigh Acres, FL	6.0	4.0	2376	$2,100	$0.88	23d	1	0.68mi
1128 Gilbert Ave S Lehigh Acres, FL	6.0	4.0	589	$1,600	$2.72	11d	1	0.75mi
2216 Leda Ave S Lehigh Acres, FL	5.0	3.0	2750	$2,470	$0.90	16d	1	1.28mi

Listing history 3 events

1. 2026-06-18
   days on market $339,900 Active 2 DOM
2. 2026-06-16
   remarks 607-char remark
3. 2026-06-16
   listed $339,900 Active 1 DOM

ⓘ 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 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 30 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: $41,196
• − Mortgage interest: −$19,040
• − Property taxes: −$5,098
• − Insurance: −$1,700
• − Repairs & maintenance: −$3,296
• − Management: −$3,296
• − Depreciation: −$9,888
• Taxable loss: −$1,121
• Est. tax savings @ 24.0%: +$269
• After-tax cash flow: $4,626/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 · 2 photos

Fair 40/100 Moderate rehab

This multi-family property presents significant opportunities for renovation and landscaping improvements to increase its value. Immediate repairs and maintenance are needed to address structural and exterior issues.

Repairs flagged

• Major Exterior concrete — The concrete appears unfinished and exposed, indicating significant structural issues that need addressing.
• Major Landscaping — The lack of landscaping and vegetation suggests a need for significant improvement to enhance curb appeal and property value.
• Major Interior walls and flooring — The exposed concrete and unfinished appearance suggest that the interior walls and flooring need significant work to be move-in ready.

Value-add opportunities

• Both Landscaping and exterior improvements — Enhancing the landscaping and exterior will improve both the resale and rental value by making the property more attractive and marketable.
• Both Interior finishing and repairs — Finishing the interior walls and flooring will make the property move-in ready and improve both the resale and rental value.
• Both HVAC and mechanical upgrades — Upgrading the HVAC and mechanical systems will improve the comfort and energy efficiency of the property, enhancing both the resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior concrete · The concrete appears unfinished and exposed, indicating significant structural issues that need addressing.	Major	$15,000–50,000
Landscaping · The lack of landscaping and vegetation suggests a need for significant improvement to enhance curb appeal and property value.	Major	$15,000–50,000
Interior walls and flooring · The exposed concrete and unfinished appearance suggest that the interior walls and flooring need significant work to be move-in ready.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Landscaping and exterior improvements — Enhancing the landscaping and exterior will improve both the resale and rental value by making the property more attractive and marketable. ↑
• Both Interior finishing and repairs — Finishing the interior walls and flooring will make the property move-in ready and improve both the resale and rental value. ↑
• Both HVAC and mechanical upgrades — Upgrading the HVAC and mechanical systems will improve the comfort and energy efficiency of the property, enhancing both the 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 — 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): 14,392
• Household income: $60,530
• Rent vs Own: 77.1% rent · 22.9% own
• Severe rent burden: 1142.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 41% Black 36% Two or more races 21% White 18%
• Hispanic origin (detail): Mexican 21% Puerto Rican 7% Cuban 4% Dominican 1%
• Common ancestry: Hispanic 14% Russian 1% Estonian 1%
• Foreign-born: 23% · Canada, China
• Languages at home: 54% English-only · Spanish 31% French/Haitian/Cajun 13% 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: ▼ -8.43%
• Current HPI: 237.694
• Rent YoY: ▼ -6.99%
• 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

1 event — show timeline

• 2026-06-16 Listed $339,900 FORTMLS