421/423 SE 24th Ave · Cape Coral, FL 33990

$375,500

5 bd · 4.0 ba · 2,194 sqft · MultiFamily · 85 Days on market

Built 1983 Good condition 10,497 sqft lot $171/sqft · 19% below area Est $465k · 19% under ↓ 22% 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).

• ARV discount +15.0/15.0
• Cash flow +6.6/30.0
• Schools +5.8/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Excellent investment opportunity!!! well-maintained duplex features two units with strong income potential. Unit B offers 3 bedrooms and 2 renovated bathrooms. Unit A features 2 bedrooms and 2 bathrooms, along with a renovated kitchen and updated baths, and is currently vacant, perfect for an owner-occupant or to lease at current market rates. Both units offer functional layouts, tile flooring throughout, generous parking, and outdoor space for added comfort and convenience are move-in ready. The property has been updated with major improvements already completed, including impact windows, new A/C units, a new water heater, and a 2021 roof, helping to minimize future maintenance expenses.

Key facts

• 0.24 acre lot
• Built 1983
• Listed 84 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $376k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-620 ($-7k/yr) — negative. Per door: $-310/mo.
• To cash-flow at today's rent, offer at most $286k (23.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (33.4% below list).
• Recommended offer: $250k (33.4% below list) — sets the bar for 1% rule.
• Cap rate 4.3% vs local median 3.1% in Cape Coral — 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 77/100 on livability (#208 in FL, #3,098 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities B+; Watch: 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.
• Zoned schools: Gulf Elementary School (math 70% / reading 65%, grade B+, #435 of 2,144 statewide, top 21%, 1,231 students, 38% FRL); Challenger Middle School (math 59% / reading 56%, grade B, #157 of 571 statewide, top 28%, 1,124 students, 50% FRL); Ida S. Baker High School (math 44% / reading 47%, grade D-, #223 of 667 statewide, top 34%, 1,933 students, 39% FRL) — zoned schools average 42% FRL vs 57% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 689 active listings in the ZIP; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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 85 days — a 6% lower offer ($353k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask is 29940% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $250,000 (33.4% 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 85 days. Have you received any prior offers? Is the seller open to a 33% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. 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: 0.67% ✗
• Cap rate: 4.31%
• Cash-on-cash: -7.08%
• DSCR: 0.69
• GRM: 12.5

CMA / ARV

• ARV (median comp): $465,255
• List price: $375,500
• Delta: -19.29%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1912 Howe Ct	0.49mi	5/3.0	2,031 (-7%)	1mo	$360,000	$177	60
29 NE 20th Ct	0.83mi	4/3.0 (-1)	2,145 (-2%)	2mo	$595,000	$277	51
401 NE 23rd Ave	1.11mi	4/2.0 (-1)	2,323 (+6%)	1mo	$370,000	$159	41
107 SE 16th Pl	1.07mi	4/3.0 (-1)	2,050 (-7%)	6mo	$610,000	$298	40
524 NE 24th Pl	1.27mi	6/4.0 (+1)	2,448 (+12%)	1mo	$406,000	$166	40
1803 NE 2nd St	1.17mi	4/2.0 (-1)	2,377 (+8%)	0mo	$440,000	$185	38
4255 Glasgow Ct	0.49mi	4/2.5 (-1)	2,690 (+23%)	5mo	$405,000	$151	37
206 NE 21st Ave	0.94mi	4/2.0 (-1)	2,010 (-8%)	2mo	$549,000	$273	37
1818 NE 2nd St	1.11mi	4/2.0 (-1)	2,010 (-8%)	4mo	$380,000	$189	35
17 SE 15th Ave	1.27mi	4/2.5 (-1)	2,466 (+12%)	2mo	$555,000	$225	32
1817 NE Van Loon Ter	1.01mi	4/3.0 (-1)	1,727 (-21%)	1mo	$237,500	$138	30
513 SE 16th Pl	0.98mi	4/2.0 (-1)	1,880 (-14%)	5mo	$319,900	$170	24

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -28.6%
• Equity multiple: 0.05×
• Total profit: $-100,297
• Equity at exit: $55,988

10-year hold

• IRR: -28.0%
• Equity multiple: -0.31×
• Total profit: $-138,031
• Equity at exit: $32,466

Cash invested: $105,140 (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 →

Active competition Active MLS

• For sale now: 11 active
• Median asking: $434,900 ($188/sqft)
• Median days on market: 197 d
• This list price: 18% of active listings are priced below it
• ARV vs active asking: +12.5% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 33990

• Active inventory: 689
• Price-to-rent: 25.0×

Monthly cashflow live

• Estimated rent: $2,500 high
• Mortgage (P&I): −$1,969
• Tax est. 1.5%: −$469 /mo · $5,632/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $-620

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,500
Total (2 units)			$2,500

Break-even live

Break-even rent $3,285

Max offer price $285,786

Occupancy floor —

Sensitivity live

Price	-10% $-360	-5% $-490	+0% $-620	+5% $-750	+10% $-879
Rent	-10% $-817	-5% $-719	+0% $-620	+5% $-521	+10% $-422
Rate	-1.0pp $-431	-0.5pp $-524	base $-620	+0.5pp $-717	+1.0pp $-816

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: $93,875
• Closing costs: $11,265
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
423 SE 24th Ave Cape Coral, FL	3.0	2.0	1097	$1,450	$1.32	82d	1	0.02mi
421 SE 24th Ave Cape Coral, FL	2.0	2.0	1097	$1,250	$1.14	82d	1	0.02mi
513 SE 24th Ave #1 Cape Coral, FL	2.0	2.0	1200	$1,600	$1.33	119d	1	0.07mi
517 SE 23rd Pl Cape Coral, FL	3.0	2.0	1250	$1,600	$1.28	9d	1	0.10mi
609 SE 23rd Pl Unit 1 Cape Coral, FL	2.0	2.0	1100	$1,400	$1.27	9d	1	0.19mi
2213 SE 5th St Cape Coral, FL	3.0	2.0	1201	$1,696	$1.41	3d	1	0.20mi
2206 SE 4th St Cape Coral, FL	3.0	2.0	1301	$2,600	$2.00	119d	1	0.24mi
2305 SE 6th Ln Unit A Cape Coral, FL	2.0	2.0	1106	$1,350	$1.22	98d	1	0.29mi
215 SE 23rd Pl Unit 215 Cape Coral, FL	3.0	2.0	1206	$1,495	$1.24	9d	1	0.29mi
215 SE 23rd Pl Unit 215 Cape Coral, FL	3.0	2.0	1206	$1,495	$1.24	3d	1	0.29mi
2126 SE 5th Ter Cape Coral, FL	3.0	2.0	1440	$1,986	$1.38	65d	1	0.30mi
213 SE 24th Ave Cape Coral, FL	3.0	2.0	1400	$1,700	$1.21	74d	1	0.30mi
209 SE 24th Ave Cape Coral, FL	3.0	2.0	1408	$1,895	$1.35	119d	1	0.32mi
2216 SE 6th Ln Cape Coral, FL	3.0	2.0	1311	$1,840	$1.40	119d	1	0.34mi
129 SE 23rd Pl Apt 4 Cape Coral, FL	2.0	1.0	976	$1,250	$1.28	9d	1	0.36mi
129 SE 23rd Pl Apt 4 Cape Coral, FL	2.0	1.0	976	$1,250	$1.28	7d	1	0.36mi
2122 SE 6th Ter Cape Coral, FL	3.0	2.0	1416	$2,200	$1.55	73d	1	0.36mi
715 SE 24th Ave Unit 715 Cape Coral, FL	3.0	2.0	1182	$1,800	$1.52	117d	1	0.37mi
715 SE 24th Ave Unit 715 Cape Coral, FL	3.0	2.0	1182	$1,800	$1.52	119d	1	0.37mi
803 SE 24th Ave Cape Coral, FL	2.0	2.0	1191	$1,399	$1.17	9d	1	0.38mi
119 SE 23rd Pl Cape Coral, FL	2.0	1.5	1186	$1,950	$1.64	9d	1	0.40mi
2212 SE 7th St Cape Coral, FL	3.0	2.0	1399	$2,800	$2.00	9d	1	0.40mi
2122 SE 6th Ln Cape Coral, FL	3.0	2.0	1394	$1,795	$1.29	74d	1	0.40mi
2122 SE 6th Ln Cape Coral, FL	3.0	2.0	1394	$1,880	$1.35	82d	1	0.40mi
811 SE 24th Ave Cape Coral, FL	3.0	2.0	1209	$1,600	$1.32	9d	1	0.42mi
815 SE 24th Ave Cape Coral, FL	2.0	2.0	1250	$1,797	$1.44	119d	1	0.44mi
2202 SE 8th St Cape Coral, FL	3.0	2.0	1485	$3,295	$2.22	119d	1	0.46mi
1920 W Lakeview Blvd Unit Blvd-4 North Fort Myers, FL	1.0	1.0	1000	$1,150	$1.15	119d	1	0.47mi
1920 W Lakeview Blvd Unit 4 North Fort Myers, FL	1.0	1.0	1000	$1,150	$1.15	107d	1	0.47mi
1920 W Lakeview Blvd Unit 1 North Fort Myers, FL	2.0	2.0	961	$1,350	$1.40	9d	1	0.47mi
22 SE 24th Ave Cape Coral, FL	3.0	2.0	1209	$1,500	$1.24	4d	1	0.52mi
4495 Frankie Ct Unit 1 North Fort Myers, FL	2.0	1.5	1000	$1,200	$1.20	7d	1	0.53mi
5917 Littlestone Ct #118 North Fort Myers, FL	2.0	2.5	1122	$1,395	$1.24	99d	1	0.53mi
4562 Tennyson Dr North Fort Myers, FL	2.0	1.0	1210	$1,780	$1.47	9d	1	0.54mi
4495 Frankie Ct North Fort Myers, FL	2.0	1.5	1000	$1,295	$1.29	119d	1	0.54mi
15 SE 24th Ave Apt D Cape Coral, FL	2.0	1.0	950	$1,275	$1.34	9d	1	0.55mi
4475 Frankie Ct North Fort Myers, FL	2.0	1.5	952	$1,200	$1.26	74d	1	0.56mi
5989 Hillyer Ct North Fort Myers, FL	3.0	2.0	1263	$1,625	$1.29	65d	1	0.57mi
5989 Hillyer Ct North Fort Myers, FL	3.0	2.0	1263	$1,695	$1.34	87d	1	0.57mi
5917 Littlestone Ct North Fort Myers, FL	2.0	2.5	1118	$1,462	$1.31	119d	2	0.59mi

Property features AI

Finance

• Other: Zoning: R3-DLot acreage: 0.2410 acresSubdivision: Cape CoralPossession at closing
• Financial info: Two-unit property (duplex)
• HOA & community: Non-gated communityNo HOA amenities

Exterior

• Utilities: Water assessment paidSewer assessment paidCable available
• Home design: Residential income propertyDuplexLocated in Cape Coral developmentFacing information not provided
• Construction: Concrete block constructionBuilt in 1983
• Exterior features: CourtyardStucco exteriorImpact resistant windowsShingle roofCity-maintained paved road accessRegular lot

Interior

• Flooring: Tile
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central electric heatCentral electric cooling
• Interior features: Tile flooring

Listing history 23 events

1. 2026-07-02
   days on market $375,500 Active 85 DOM
2. 2026-07-01
   days on market $375,500 Active 84 DOM
3. 2026-06-30
   days on market $375,500 Active 83 DOM
4. 2026-06-29
   days on market $375,500 Active 82 DOM
5. 2026-06-28
   days on market $375,500 Active 81 DOM
6. 2026-06-25
   days on market $375,500 Active 77 DOM
7. 2026-06-22
   days on market $375,500 Active 75 DOM
8. 2026-06-22
   days on market $375,500 Active 74 DOM
9. 2026-06-17
   days on market $375,500 Active 70 DOM
10. 2026-06-16
    days on market $375,500 Active 69 DOM
11. 2026-06-15
    days on market $375,500 Active 68 DOM
12. 2026-06-13
    days on market $375,500 Active 66 DOM
13. 2026-06-10
    days on market $375,500 Active 63 DOM
14. 2026-06-09
    days on market $375,500 Active 62 DOM
15. 2026-06-07
    days on market $375,500 Active 60 DOM
16. 2026-06-03
    days on market $375,500 Active 56 DOM
17. 2026-06-02
    days on market $375,500 Active 55 DOM
18. 2026-06-01
    days on market $375,500 Active 54 DOM
19. 2026-06-01
    days on market $375,500 Active 53 DOM
20. 2026-05-22
    price $375,500
21. 2026-04-08
    listed $399,000 Active
22. 2025-02-26
    historical $1,600
23. 2025-01-11
    listed $1,600

ⓘ 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 5/10 Major FEMA zone X (shaded) · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 28 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: $30,000
• − Mortgage interest: −$21,034
• − Property taxes: −$5,632
• − Insurance: −$1,878
• − Repairs & maintenance: −$2,400
• − Management: −$2,400
• − Depreciation: −$10,924
• Taxable loss: −$14,267
• Est. tax savings @ 24.0%: +$3,424
• After-tax cash flow: $-4,016/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 · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $10,970–$32,910 screening

This well-maintained and updated duplex is move-in ready with good condition and minimal repairs needed.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace outdoor light fixtures — Improves safety and enhances curb appeal ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 58/100

Zoned Schools

Elementary Caloosa Elementary School B FL #601/2,144 Nat'l #6,111/41,679 Middle Caloosa Middle School D FL #310/571 Nat'l #4,622/14,009 High North Fort Myers High School B FL #73/667 Nat'l #2,694/17,239

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

B Composite livability gradescore 77/100

Livability — Cape Coral

• Score: 77/100
• State rank: #208
• US rank: #3098

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cape Coral, FL
• County: Lee County · 871,946 people
• City population: 217,388
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 34,713
• Household income: $70,665
• Rent vs Own: 27.4% rent · 72.6% own
• Severe rent burden: 18% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 26% Two or more races 17% Asian 3% Black 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Cuban 8% Dominican 2%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 3%
• Foreign-born: 20% · Canada, Jamaica, China
• Languages at home: 74% English-only · Spanish 20% Other Indo-European 2% Russian/Polish/Slavic 1%

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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: ▼ -196.42%
• Current HPI: 289.1969
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

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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

Property features AI

Finance

• Other: Zoning: R3-DLot acreage: 0.2410 acresSubdivision: Cape CoralPossession at closing
• Financial info: Two-unit property (duplex)
• HOA & community: Non-gated communityNo HOA amenities

Exterior

• Utilities: Water assessment paidSewer assessment paidCable available
• Home design: Residential income propertyDuplexLocated in Cape Coral developmentFacing information not provided
• Construction: Concrete block constructionBuilt in 1983
• Exterior features: CourtyardStucco exteriorImpact resistant windowsShingle roofCity-maintained paved road accessRegular lot

Interior

• Flooring: Tile
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central electric heatCentral electric cooling
• Interior features: Tile flooring

Price history

-21.9% since first listed

6 events — show timeline

• 2026-07-03 Listed for Rent $1,250 FGCMLS
• 2026-07-03 Listing Removed — NAPLESMLS
• 2026-05-22 Price Changed $375,500 NAPLESMLS
• 2026-04-08 Listed $399,000 NAPLESMLS
• 2025-02-26 Rental Removed $1,600 FORTMLS
• 2025-01-11 Listed for Rent $1,600 FORTMLS