2510 38th St W · Lehigh Acres, FL 33971

$268,990

3 bd · 2.0 ba · 1,240 sqft · Land · 83 Days on market

Built 2026 0.25 ac lot

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Why this score? — see what drove the F 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 +7.9/30.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +2.0/10.0
• Rent growth +1.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

0.25 acre lot, 80'x136', high and dry with 80' 38th St W in Lehigh Acres.

Key facts

• Open floor plan
• Private bathroom
• Large walk-in closet

Tags

• OPEN FLOOR PLAN
• UPGRADED CABINETS
• SPACIOUS KITCHEN ISLAND
• PRIVATE BATHROOM
• LARGE WALK-IN CLOSET
• IMPACT RESISTANT WINDOWS

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: No association fee

Exterior

• Parking: Attached 2-car garage with garage door opener
• Security: Impact doors
• Utilities: Well water; Septic tank; Cable available
• Home design: Single-story; Entry level: 1; Faces south; Under construction
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Open porch; Security/high impact doors; Rectangular lot; North exposure

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric air conditioning
• Interior features: High ceilings; Living/dining room; Pantry; Cable TV; Walk-in closet(s); Split bedrooms; Single-hung windows with impact glass; Unfurnished
• Laundry & utility: Washer; Dryer; Laundry inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $269k.

Deal economics

• At list price, monthly cash flow is $-285 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (15.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (25.9% below list).
• Recommended offer: $199k (25.9% 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 falling (-4.7%/yr); 1347 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 31% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 83 days — a 6% lower offer ($253k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $21k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $269k implies a 1279% gain — meaningful room to come down on a strong offer.

Recommended offer $199,209 (25.9% 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 83 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 0.74% ✗
• Cap rate: 5.02%
• Cash-on-cash: -4.54%
• DSCR: 0.80
• GRM: 11.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -27.4%
• Equity multiple: 0.10×
• Total profit: $-67,559
• Equity at exit: $40,107

10-year hold

• IRR: -41.2%
• Equity multiple: -0.39×
• Total profit: $-104,657
• Equity at exit: $23,257

Cash invested: $75,317 (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 33971

• Home prices YoY: -8.0%
• Rents YoY: -4.7%
• Active inventory: 1347
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,992 high
• Mortgage (P&I): −$1,411
• Tax est. 1.5%: −$336 /mo · $4,035/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $-285

Break-even live

Break-even rent $2,353

Max offer price $227,724

Occupancy floor —

Sensitivity live

Price	-10% $-99	-5% $-192	+0% $-285	+5% $-378	+10% $-471
Rent	-10% $-443	-5% $-364	+0% $-285	+5% $-206	+10% $-128
Rate	-1.0pp $-150	-0.5pp $-217	base $-285	+0.5pp $-355	+1.0pp $-426

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: $67,248
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2610 40th St W Lehigh Acres, FL	3.0	2.0	1472	$2,000	$1.36	25d	1	0.22mi
2611 Carol Pl Lehigh Acres, FL	3.0	2.0	1406	$1,895	$1.35	12d	1	0.32mi
2601 48th St W Lehigh Acres, FL	3.0	2.0	1200	$2,000	$1.67	25d	1	0.67mi
2800 47th St W Lehigh Acres, FL	3.0	2.0	1370	$2,000	$1.46	25d	1	0.74mi
1711 W 12th St Lehigh Acres, FL	3.0	2.0	1400	$1,999	$1.43	21d	1	0.75mi
1711 W 12th St Lehigh Acres, FL	3.0	2.0	1400	$1,999	$1.43	21d	1	0.75mi
2617 49th St W Lehigh Acres, FL	2.0	2.0	968	$1,499	$1.55	25d	1	0.75mi
3005 40th St W Lehigh Acres, FL	3.0	2.0	1272	$2,000	$1.57	5d	1	0.76mi
1903 W 17th St Lehigh Acres, FL	4.0	2.0	1389	$1,750	$1.26	5d	1	0.85mi
1418 W 12th St Lehigh Acres, FL	2.0	2.0	1113	$1,295	$1.16	23d	1	0.92mi
3202 37th St W Lehigh Acres, FL	3.0	2.5	1412	$1,705	$1.21	16d	1	1.01mi
1503 W 17th St Lehigh Acres, FL	3.0	2.0	1356	$2,300	$1.70	25d	1	1.08mi
2513 22nd St W Lehigh Acres, FL	4.0	2.0	1389	$1,750	$1.26	16d	1	1.12mi
2513 22nd St W Lehigh Acres, FL	4.0	2.0	1389	$1,750	$1.26	23d	1	1.12mi
3016 25th St W Lehigh Acres, FL	3.0	2.0	1100	$1,555	$1.41	25d	1	1.23mi
3313 35th St W Lehigh Acres, FL	3.0	2.0	1458	$1,950	$1.34	25d	1	1.27mi
1006 W 12th St Unit B Lehigh Acres, FL	3.0	2.0	1400	$1,800	$1.29	25d	1	1.30mi
1407 W 10th St Lehigh Acres, FL	3.0	2.0	1407	$1,700	$1.21	25d	1	1.30mi
1000 W 12th St #1002 Lehigh Acres, FL	2.0	2.0	964	$1,225	$1.27	23d	1	1.32mi
2910 55th St W Lehigh Acres, FL	2.0	2.0	833	$1,550	$1.86	4d	1	1.33mi
3304 49th St W Lehigh Acres, FL	3.0	2.0	1399	$2,340	$1.67	4d	1	1.42mi
714 W 12th St Lehigh Acres, FL	3.0	2.0	1121	$1,600	$1.43	16d	1	1.50mi

Listing history 22 events

1. 2026-06-16
   status $268,990 Pending 83 DOM
2. 2026-06-15
   pricedays on market $268,990 Active 83 DOM
3. 2026-06-13
   days on market $266,990 Active 81 DOM
4. 2026-06-10
   pricedays on market $266,990 Active 78 DOM
5. 2026-06-09
   days on market $267,990 Active 77 DOM
6. 2026-06-07
   days on market $267,990 Active 75 DOM
7. 2026-06-03
   days on market $267,990 Active 71 DOM
8. 2026-06-02
   pricedays on market $267,990 Active 70 DOM
9. 2026-06-01
   days on market $269,490 Active 69 DOM
10. 2026-06-01
    days on market $269,490 Active 68 DOM
11. 2026-05-21
    price $269,990
12. 2026-05-13
    price $271,990
13. 2026-05-06
    price $274,990
14. 2026-04-29
    price $279,990
15. 2026-04-22
    price $283,990
16. 2026-03-24
    listed $289,990 Active
17. 2025-11-03
    soldstatus $19,500 Closed 73-char remark

    Show marketing remark (73 chars)

    0.25 acre lot, 80'x136', high and dry with 80' 38th St W in Lehigh Acres.

18. 2025-11-03
    soldstatus $19,500

    Show marketing remark (73 chars)

    0.25 acre lot, 80'x136', high and dry with 80' 38th St W in Lehigh Acres.

19. 2025-10-10
    status Pending 73-char remark

    Show marketing remark (73 chars)

    0.25 acre lot, 80'x136', high and dry with 80' 38th St W in Lehigh Acres.

20. 2024-08-02
    price $32,000 73-char remark

    Show marketing remark (73 chars)

    0.25 acre lot, 80'x136', high and dry with 80' 38th St W in Lehigh Acres.

21. 2024-07-02
    price $64,000 73-char remark

    Show marketing remark (73 chars)

    0.25 acre lot, 80'x136', high and dry with 80' 38th St W in Lehigh Acres.

22. 2023-10-26
    listed $59,000 Active 73-char remark

    Show marketing remark (73 chars)

    0.25 acre lot, 80'x136', high and dry with 80' 38th St W in Lehigh Acres.

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

Taxation est. · year 1

• Rental income: $23,905
• − Mortgage interest: −$15,068
• − Property taxes: −$4,035
• − Insurance: −$1,345
• − Repairs & maintenance: −$1,912
• − Management: −$1,912
• − Depreciation: −$7,825
• Taxable loss: −$8,192
• Est. tax savings @ 24.0%: +$1,966
• After-tax cash flow: $-1,456/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): 30,790
• Household income: $77,723
• Rent vs Own: 21.6% rent · 78.4% own
• Severe rent burden: 587.0

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 49% Two or more races 32% White 26% Black 19% Asian 2%
• Hispanic origin (detail): Mexican 9% Puerto Rican 13% Cuban 14% Dominican 2%
• Common ancestry: Hispanic 7% Estonian 1% Romanian 1%
• Foreign-born: 31% · Canada, Vietnam, Guatemala
• Languages at home: 46% English-only · Spanish 41% French/Haitian/Cajun 9% Other Indo-European 2%

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: ▼ -27.68%
• Current HPI: 317.7147
• Rent YoY: ▼ -4.69%
• 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

+357.6% since first listed

12 events — show timeline

• 2026-05-21 Price Changed $269,990 FORTMLS
• 2026-05-13 Price Changed $271,990 FORTMLS
• 2026-05-06 Price Changed $274,990 FORTMLS
• 2026-04-29 Price Changed $279,990 FORTMLS
• 2026-04-22 Price Changed $283,990 FORTMLS
• 2026-03-24 Listed $289,990 FORTMLS
• 2025-11-03 Sold (Public Records) $19,500 Public Records
• 2025-11-03 Sold (MLS) $19,500 Stellar MLS as Distributed by MLS Grid
• 2025-10-10 Pending — Stellar MLS as Distributed by MLS Grid
• 2024-08-02 Price Changed $32,000 Stellar MLS as Distributed by MLS Grid
• 2024-07-02 Price Changed $64,000 Stellar MLS as Distributed by MLS Grid
• 2023-10-26 Listed $59,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+11.1%/yr

Latest (2025): $386 · +10.0% YoY. Source: county tax records.