3605 40th St SW · Lehigh Acres, FL 33976

$99,000

4 bd · 2.0 ba · 1,152 sqft · SingleFamily public records · 16 Days on market

Built 1989 0.25 ac lot

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0

Listing remarks MLS

Welcome to a home with a lot of room and comfort inside and out! New AC system in place, tiled throughout main areas and master, and 4 bedrooms. Perfect for a buy and hold or a permanent home. New countertops, vanities and showers also update this home along with crown molding to give it extra appeal and value. Each of the four bedrooms has plenty of space and each bathroom has a tub and shower. Enjoy the Florida weather on either your large front deck or your large back deck! There is plenty of room for gathering and entertaining in the hopefully near future! The location of this home is close to 80 and 82 with extremely easy access to Ft. Myers, Immokolee, Naples, and downtown Lehigh! View this today. This may also be available for a lease-option if the buyer is qualified.

Key facts

• 0.25 acre lot
• 2 parking spots
• Built 1989

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: No association fee; Non-gated community

Exterior

• Parking: Two parking spaces
• Security: Smoke detectors
• Utilities: Well water; Septic tank; Cable available; High-speed internet available
• Home design: Single-story; Entry level: 1; North-facing; Raised foundation; Resale property
• Construction: Vinyl siding; Wood frame construction; Shingle roof
• Exterior features: No notable exterior features listed; Rectangular lot; Paved, public-maintained road; Lot exposures to the south

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Single-hung windows; Living/dining room; Tub with shower; Split bedroom floor plan; Unfurnished
• Laundry & utility: Washer hookup inside; Dryer hookup inside

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $930 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.6% 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+, 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; 19 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).

Forward outlook

• In year one you build about $11k of equity ($684 loan paydown + $10k appreciation (10.0% local appreciation)).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 12y ago 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

• Watch-outs: property tax is 2.6% of price.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $97,515 (1.5% below list)

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.18% ✓
• Cap rate: 17.57%
• Cash-on-cash: 40.26%
• DSCR: 2.79
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $255,744
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3210 38th St SW	0.58mi	3/2.0 (-1)	1,285 (+12%)	14mo	$284,990	$222	37
2905 Villa Ave S	0.64mi	3/2.0 (-1)	1,289 (+12%)	12mo	$245,000	$190	35
3100 Xelda Ave S	0.61mi	3/2.0 (-1)	1,272 (+10%)	24mo	$315,000	$248	29

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: 53.3%
• Equity multiple: 4.86×
• Total profit: $106,930
• Equity at exit: $89,187

10-year hold

• IRR: 45.6%
• Equity multiple: 10.28×
• Total profit: $257,175
• Equity at exit: $192,335

Cash invested: $27,720 (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: 3.8×

Monthly cashflow live

• Estimated rent: $2,154 high
• Mortgage (P&I): −$519
• Tax from tax record: −$211 /mo · $2,533/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $930

Break-even live

Break-even rent $977

Max offer price $99,000

Occupancy floor 52%

Sensitivity live

Price	-10% $986	-5% $958	+0% $930	+5% $902	+10% $874
Rent	-10% $760	-5% $845	+0% $930	+5% $1,015	+10% $1,100
Rate	-1.0pp $980	-0.5pp $955	base $930	+0.5pp $904	+1.0pp $878

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3802 35th St SW Lehigh Acres, FL	3.0	2.0	1269	$1,640	$1.29	25d	1	0.48mi
3114 39th St SW Lehigh Acres, FL	3.0	2.0	1493	$2,100	$1.41	4d	1	0.73mi
3114 39th St SW Lehigh Acres, FL	3.0	2.0	1493	$2,100	$1.41	17d	1	0.73mi
3102 39th St SW Lehigh Acres, FL	3.0	2.0	1097	$1,630	$1.49	22d	1	0.82mi
4020 36th St SW Lehigh Acres, FL	3.0	2.0	1354	$2,050	$1.51	25d	1	0.84mi
3012 40th St SW Lehigh Acres, FL	3.0	2.0	1427	$1,950	$1.37	25d	1	0.95mi
3201 28th St Lehigh Acres, FL	4.0	2.0	1389	$2,000	$1.44	4d	1	0.98mi
4702 Loraine Ave S Lehigh Acres, FL	3.0	2.0	1354	$2,000	$1.48	16d	1	1.02mi
2916 42nd St SW Lehigh Acres, FL	3.0	2.0	1399	$1,930	$1.38	3d	1	1.08mi
2916 42nd St SW Lehigh Acres, FL	3.0	2.0	1399	$1,960	$1.40	4d	1	1.08mi
3001 37th St SW Lehigh Acres, FL	3.0	2.5	1235	$1,705	$1.38	25d	1	1.16mi
3203 24th St SW Lehigh Acres, FL	3.0	2.0	1498	$2,300	$1.54	22d	1	1.17mi
3201 23rd St SW Lehigh Acres, FL	3.0	2.0	1324	$1,845	$1.39	22d	1	1.23mi
4001 22nd St SW Lehigh Acres, FL	3.0	2.0	1055	$1,950	$1.85	4d	1	1.27mi
2908 51st St SW Lehigh Acres, FL	3.0	2.0	1401	$1,796	$1.28	4d	1	1.32mi
3600 19th St SW Lehigh Acres, FL	3.0	2.0	1114	$1,746	$1.57	4d	1	1.33mi
3209 21st St SW Lehigh Acres, FL	3.0	2.0	1418	$1,699	$1.20	4d	1	1.35mi
3202 21st St SW Lehigh Acres, FL	3.0	2.0	1100	$1,920	$1.75	4d	1	1.40mi
2819 51st St SW Lehigh Acres, FL	4.0	2.0	1472	$2,250	$1.53	25d	1	1.41mi

Listing history 42 events

1. 2026-06-13
   statusdays on market $99,000 Pending 16 DOM
2. 2026-06-10
   days on market $99,000 Active 15 DOM
3. 2026-06-09
   days on market $99,000 Active 14 DOM
4. 2026-06-08
   days on market $99,000 Active 13 DOM
5. 2026-06-07
   days on market $99,000 Active 12 DOM
6. 2026-06-03
   days on market $99,000 Active 8 DOM
7. 2026-06-02
   days on market $99,000 Active 7 DOM
8. 2026-06-01
   days on market $99,000 Active 6 DOM
9. 2026-05-31
   days on market $99,000 Active 5 DOM
10. 2026-05-26
    listed $99,000 Active
11. 2020-08-03
    soldstatus $145,000
12. 2020-07-27
    soldstatus $140,000 Closed 789-char remark

    Show marketing remark (789 chars)

    Welcome to a home with a lot of room and comfort inside and out! New AC system in place, tiled throughout main areas and master, and 4 bedrooms. Perfect for a buy and hold or a permanent home. New countertops, vanities and showers also update this home along with crown molding to give it extra appeal and value. Each of the four bedrooms has plenty of space and each bathroom has a tub and shower. Enjoy the Florida weather on either your large front deck or your large back deck! There is plenty of room for gathering and entertaining in the hopefully near future! The location of this home is close to 80 and 82 with extremely easy access to Ft. Myers, Immokolee, Naples, and downtown Lehigh! View this today. This may also be available for a lease-option if the buyer is qualified.

13. 2020-06-10
    status Pending 789-char remark

    Show marketing remark (789 chars)

    Welcome to a home with a lot of room and comfort inside and out! New AC system in place, tiled throughout main areas and master, and 4 bedrooms. Perfect for a buy and hold or a permanent home. New countertops, vanities and showers also update this home along with crown molding to give it extra appeal and value. Each of the four bedrooms has plenty of space and each bathroom has a tub and shower. Enjoy the Florida weather on either your large front deck or your large back deck! There is plenty of room for gathering and entertaining in the hopefully near future! The location of this home is close to 80 and 82 with extremely easy access to Ft. Myers, Immokolee, Naples, and downtown Lehigh! View this today. This may also be available for a lease-option if the buyer is qualified.

14. 2020-04-23
    listed $145,000 Active 789-char remark

    Show marketing remark (789 chars)

    Welcome to a home with a lot of room and comfort inside and out! New AC system in place, tiled throughout main areas and master, and 4 bedrooms. Perfect for a buy and hold or a permanent home. New countertops, vanities and showers also update this home along with crown molding to give it extra appeal and value. Each of the four bedrooms has plenty of space and each bathroom has a tub and shower. Enjoy the Florida weather on either your large front deck or your large back deck! There is plenty of room for gathering and entertaining in the hopefully near future! The location of this home is close to 80 and 82 with extremely easy access to Ft. Myers, Immokolee, Naples, and downtown Lehigh! View this today. This may also be available for a lease-option if the buyer is qualified.

15. 2019-12-30
    soldstatus $67,000
16. 2019-12-23
    soldstatus $67,000 Closed 163-char remark

    Show marketing remark (163 chars)

    Great Starter home! With Specialty financing Buyer can get a FHA or VA Loan. The house will appraise for more then list price, fiance in upgrades. Buyer pays title

17. 2019-11-19
    status Pending 163-char remark

    Show marketing remark (163 chars)

    Great Starter home! With Specialty financing Buyer can get a FHA or VA Loan. The house will appraise for more then list price, fiance in upgrades. Buyer pays title

18. 2019-11-02
    status Active 163-char remark

    Show marketing remark (163 chars)

    Great Starter home! With Specialty financing Buyer can get a FHA or VA Loan. The house will appraise for more then list price, fiance in upgrades. Buyer pays title

19. 2019-11-02
    price $94,000 163-char remark

    Show marketing remark (163 chars)

    Great Starter home! With Specialty financing Buyer can get a FHA or VA Loan. The house will appraise for more then list price, fiance in upgrades. Buyer pays title

20. 2019-10-26
    historical 163-char remark

    Show marketing remark (163 chars)

    Great Starter home! With Specialty financing Buyer can get a FHA or VA Loan. The house will appraise for more then list price, fiance in upgrades. Buyer pays title

21. 2019-09-15
    listed $97,000 Active 163-char remark

    Show marketing remark (163 chars)

    Great Starter home! With Specialty financing Buyer can get a FHA or VA Loan. The house will appraise for more then list price, fiance in upgrades. Buyer pays title

22. 2019-08-15
    historical
23. 2019-07-30
    price $97,000
24. 2019-07-10
    price $99,000
25. 2019-07-03
    status Active
26. 2019-06-30
    historical
27. 2019-05-21
    status Active
28. 2019-04-29
    status Pending
29. 2019-03-06
    status Active
30. 2019-03-01
    historical
31. 2019-01-30
    price $114,000
32. 2018-10-24
    price $120,000
33. 2018-09-23
    listed $130,000 Active
34. 2014-12-31
    historical
35. 2014-11-01
    listed $64,900
36. 2013-09-17
    price $89,900
37. 2012-07-20
    soldstatus $44,000
38. 2005-06-27
    soldstatus $143,100
39. 2003-08-14
    soldstatus $98,000
40. 2003-07-30
    soldstatus $98,000
41. 2002-03-14
    soldstatus $74,100
42. 1986-10-01
    soldstatus $3,000

ⓘ 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: $2,533 · $211/mo
• Projected year-2 tax: $2,533 · $211/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 6/10 Major
• 🌡 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: $25,848
• − Mortgage interest: −$5,546
• − Property taxes: −$2,533
• − Insurance: −$495
• − Repairs & maintenance: −$2,068
• − Management: −$2,068
• − Depreciation: −$2,880
• Taxable income: $10,258
• Est. tax owed @ 24.0%: −$2,462
• After-tax cash flow: $8,699/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

+3200.0% since first listed

33 events — show timeline

• 2026-05-26 Listed $99,000 FORTMLS
• 2020-08-03 Sold (Public Records) $145,000 Public Records
• 2020-07-27 Sold (MLS) $140,000 FORTMLS
• 2020-06-10 Pending — FORTMLS
• 2020-04-23 Listed $145,000 FORTMLS
• 2019-12-30 Sold (Public Records) $67,000 Public Records
• 2019-12-23 Sold (MLS) $67,000 FORTMLS
• 2019-11-19 Pending — FORTMLS
• 2019-11-02 Relisted — FORTMLS
• 2019-11-02 Price Changed $94,000 FORTMLS
• 2019-10-26 Listing Removed — FORTMLS
• 2019-09-15 Listed $97,000 FORTMLS
• 2019-08-15 Listing Removed — FORTMLS
• 2019-07-30 Price Changed $97,000 FORTMLS
• 2019-07-10 Price Changed $99,000 FORTMLS
• 2019-07-03 Relisted — FORTMLS
• 2019-06-30 Listing Removed — FORTMLS
• 2019-05-21 Relisted — FORTMLS
• 2019-04-29 Pending — FORTMLS
• 2019-03-06 Relisted — FORTMLS
• 2019-03-01 Listing Removed — FORTMLS
• 2019-01-30 Price Changed $114,000 FORTMLS
• 2018-10-24 Price Changed $120,000 FORTMLS
• 2018-09-23 Listed $130,000 FORTMLS
• 2014-12-31 Listing Removed — FORTMLS
• 2014-11-01 Listed $64,900 FORTMLS
• 2013-09-17 Price Changed $89,900 FORTMLS
• 2012-07-20 Sold (MLS) $44,000 FORTMLS
• 2005-06-27 Sold (Public Records) $143,100 Public Records
• 2003-08-14 Sold (Public Records) $98,000 Public Records
• 2003-07-30 Sold (MLS) $98,000 FORTMLS
• 2002-03-14 Sold (Public Records) $74,100 Public Records
• 1986-10-01 Sold (Public Records) $3,000 Public Records

Property tax history

+8.8%/yr

Latest (2025): $2,533 · -2.8% YoY. Source: county tax records.