2703 38th St SW · Lehigh Acres, FL 33976

$239,900

3 bd · 2.0 ba · 1,592 sqft · SingleFamily public records · 16 Days on market

Built 2005 0.25 ac lot Est $310k · 23% under

---

Why this score? — see what drove the C+ 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 +15.4/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +4.7/10.0
• Schools +4.1/10.0
• 1% rule +4.0/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0

Listing remarks MLS

Take a look at this great 3/2 split plan home with a fully fenced yard, large 2 car garage, and a fabulous liveable SHED!! The open concept living room, dining area, and kitchen feels so much larger with the high ceilings with crown molding and 8 ft. doors leading to the other rooms. Home sits at the end of the street, so traffic is non-existent. The 10’ by 16’ climate controlled SHED is already set up with electric, lighting, windows, a/c unit and ceiling fans. It is ready for your craft room, wood shop, in law quarters, or perfect private get away. The garage has 12 foot ceiling heights to accompany extra storage or a vehicle lift. In residence laundry. Roof shingled-2018, Water heater-2013, A/C-2012, Water system and R/O-2011. Plenty of room for a pool.

Key facts

• Private gym
• Split-plan home
• Fully fenced yard

Tags

• SPLIT-PLAN HOME
• FULLY FENCED YARD
• CLIMATE CONTROLLED SHED
• WIRED AND FINISHED SHED
• PRIVATE GYM
• 50-AMP GENERATOR HOOKUP

Property features AI

Finance

• Other: Zoned RS-1; Rectangular lot (approx. 0.25 acre, 80 x 135 x 80 x 135); Publicly maintained paved road
• Financial info: Pets allowed
• HOA & community: Non-gated community; No association fee listed

Exterior

• Parking: Attached 2-car garage with garage door opener; 2 covered parking spaces
• Security: Smoke detectors
• Utilities: Well water; Septic tank; High-speed internet available; Cable not available
• Home design: Single-story home; Resale property; North-facing front; South exposure
• Construction: Vinyl siding with wood frame construction; Shingle roof; Built on standard foundation
• Exterior features: Fenced yard; Room for a pool; Outbuilding

Interior

• Kitchen: Electric cooktop; Dishwasher; Refrigerator; Freezer; Breakfast bar; Eat-in kitchen; Reverse osmosis system
• Bedrooms: Main level primary; Additional bedroom(s) on main level
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms; Separate shower(s); Shower-only configuration in at least one bathroom; Dual sinks
• Heating & cooling: Central electric heating; Central electric air conditioning
• Interior features: Breakfast bar; Eat-in kitchen; Family/Dining room; Living/Dining room; Main-level primary bedroom; Bedroom on main level; Dual sinks; Separate shower (shower only); Split bedroom layout; Single-hung windows; Unfurnished; Vinyl flooring; Reverse osmosis system
• Laundry & utility: Washer; Dryer; Indoor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $92 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (10.3% below list).
• Recommended offer: $215k (10.3% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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 soft (-1.5%/yr); 788 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 36% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k 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 $67k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k 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 ($236k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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

• 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 $215,187 (10.3% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.90% ✗
• Cap rate: 6.75%
• Cash-on-cash: 1.65%
• DSCR: 1.07
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $310,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2600 38th St SW	0.15mi	3/2.0	1,629 (+2%)	0mo	$350,000	$215	89
2515 29th St SW	0.63mi	3/2.0	1,630 (+2%)	1mo	$315,000	$193	66
339 Pyramid Ave	0.64mi	3/2.0	1,637 (+3%)	3mo	$320,000	$195	63
341 Pyramid Ave	0.65mi	3/2.0	1,637 (+3%)	4mo	$315,000	$192	62
2906 29th St SW	0.71mi	3/2.0	1,538 (-3%)	2mo	$335,000	$218	59
20529 Hazelnut Ct S	0.71mi	2/2.0 (-1)	1,564 (-2%)	1mo	$202,000	$129	58
20531 Hazelnut Ct S	0.71mi	2/2.0 (-1)	1,564 (-2%)	1mo	$202,000	$129	58
117 Paxton St	0.51mi	3/2.0	1,421 (-11%)	2mo	$275,000	$194	57
2907 48th St SW	0.74mi	3/2.0	1,503 (-6%)	9mo	$293,000	$195	49
4602 Beth Ave S	0.56mi	4/2.0 (+1)	1,757 (+10%)	4mo	$274,500	$156	48
4609 Inez Ave S	0.68mi	3/2.0	1,785 (+12%)	2mo	$480,000	$269	47
3010 44th St SW	0.65mi	3/2.0	1,354 (-15%)	7mo	$305,000	$225	39

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: 24.5%
• Equity multiple: 2.94×
• Total profit: $130,223
• Equity at exit: $216,121

10-year hold

• IRR: 20.9%
• Equity multiple: 6.47×
• Total profit: $367,580
• Equity at exit: $466,073

Cash invested: $67,172 (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 33976

• Home prices YoY: 6.8%
• Rents YoY: -1.5%
• Active inventory: 788
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,152 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$250 /mo · $2,997/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $92

Break-even live

Break-even rent $2,035

Max offer price $239,900

Occupancy floor 91%

Sensitivity live

Price	-10% $228	-5% $160	+0% $92	+5% $24	+10% $-44
Rent	-10% $-78	-5% $7	+0% $92	+5% $177	+10% $262
Rate	-1.0pp $213	-0.5pp $153	base $92	+0.5pp $30	+1.0pp $-33

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3001 37th St SW Lehigh Acres, FL	3.0	2.5	1235	$1,705	$1.38	25d	1	0.36mi
2916 42nd St SW Lehigh Acres, FL	3.0	2.0	1399	$1,960	$1.40	4d	1	0.45mi
2916 42nd St SW Lehigh Acres, FL	3.0	2.0	1399	$1,930	$1.38	3d	1	0.45mi
3012 40th St SW Lehigh Acres, FL	3.0	2.0	1427	$1,950	$1.37	25d	1	0.54mi
2612 31st St Lehigh Acres, FL	4.0	2.0	1389	$1,799	$1.30	17d	1	0.54mi
2612 31st St Lehigh Acres, FL	4.0	2.0	1365	$1,799	$1.32	15d	1	0.54mi
813 Alabama Rd S Lehigh Acres, FL	3.0	2.0	1200	$1,495	$1.25	25d	1	0.60mi
4701 Connie Ave S Lehigh Acres, FL	3.0	2.0	1314	$1,900	$1.45	15d	1	0.62mi
397 Pennfield Ave Lehigh Acres, FL	4.0	2.0	1780	$2,100	$1.18	25d	1	0.66mi
3102 39th St SW Lehigh Acres, FL	3.0	2.0	1097	$1,630	$1.49	22d	1	0.67mi
2513 48th St SW Lehigh Acres, FL	3.0	2.0	1423	$1,750	$1.23	17d	1	0.68mi
2710 28th St SW Lehigh Acres, FL	4.0	2.0	1742	$2,450	$1.41	25d	1	0.71mi
2911 48th St SW Lehigh Acres, FL	3.0	2.0	1723	$2,200	$1.28	11d	1	0.72mi
20517 Hazelnut Ct S Lehigh Acres, FL	2.0	2.0	1564	$2,050	$1.31	25d	1	0.73mi
20483 Copperhead Dr Unit 20483 Lehigh Acres, FL	3.0	3.0	1849	$2,300	$1.24	11d	1	0.76mi
3114 39th St SW Lehigh Acres, FL	3.0	2.0	1493	$2,100	$1.41	17d	1	0.76mi
3114 39th St SW Lehigh Acres, FL	3.0	2.0	1493	$2,100	$1.41	4d	1	0.76mi
2708 27th St SW Lehigh Acres, FL	4.0	2.0	1698	$2,280	$1.34	4d	1	0.77mi
749 Alabama Rd S Unit 749 Lehigh Acres, FL	3.0	2.0	1275	$1,800	$1.41	3d	1	0.79mi
4704 Karen Ave S Lehigh Acres, FL	4.0	3.0	1916	$2,500	$1.30	4d	1	0.79mi
20559 Hazelnut Ct S Lehigh Acres, FL	2.0	2.0	1564	$1,750	$1.12	25d	1	0.80mi
3201 42nd St SW Lehigh Acres, FL	3.0	2.0	1571	$2,195	$1.40	4d	1	0.82mi
3201 42nd St SW Lehigh Acres, FL	3.0	2.0	1571	$2,195	$1.40	4d	1	0.82mi
4702 Loraine Ave S Lehigh Acres, FL	3.0	2.0	1354	$2,000	$1.48	16d	1	0.83mi
325 Paulcrest Ave Lehigh Acres, FL	4.0	2.0	1619	$2,300	$1.42	25d	1	0.84mi
177 Pennfield St Lehigh Acres, FL	3.0	2.0	1250	$1,850	$1.48	25d	1	0.84mi
2819 51st St SW Lehigh Acres, FL	4.0	2.0	1472	$2,250	$1.53	25d	1	0.85mi
2908 51st St SW Lehigh Acres, FL	3.0	2.0	1401	$1,796	$1.28	4d	1	0.85mi
20555 Copperhead Dr Lehigh Acres, FL	4.0	3.0	2032	$2,490	$1.23	4d	1	0.85mi
20550 Copperhead Dr Lehigh Acres, FL	4.0	3.0	2002	$3,500	$1.75	25d	1	0.87mi
2811 25th St SW Unit NA Lehigh Acres, FL	3.0	2.0	1430	$1,990	$1.39	25d	1	0.88mi
20673 Hazelnut Ct Lehigh Acres, FL	2.0	2.0	1564	$2,099	$1.34	25d	1	0.96mi
2602 24th St SW Lehigh Acres, FL	3.0	2.0	1358	$1,800	$1.33	4d	1	0.97mi
2507 53rd St SW Lehigh Acres, FL	3.0	2.0	1714	$1,950	$1.14	4d	1	0.98mi
2512 54th St SW Lehigh Acres, FL	4.0	2.0	1833	$1,750	$0.95	4d	1	1.00mi
18451 Copperhead Dr #522 Lehigh Acres, FL	2.0	2.0	1120	$1,895	$1.69	25d	1	1.00mi
20699 Hazelnut Ct Lehigh Acres, FL	2.0	2.0	1564	$2,351	$1.50	25d	1	1.00mi
507 Peerless Cir Lehigh Acres, FL	3.0	2.0	1408	$2,100	$1.49	25d	1	1.01mi
507 Peerless Cir Lehigh Acres, FL	3.0	2.0	1408	$2,000	$1.42	4d	1	1.01mi
3008 25th St SW Lehigh Acres, FL	4.0	2.0	1565	$1,711	$1.09	22d	1	1.02mi

Listing history 9 events

1. 2026-06-13
   statusdays on market $239,900 Pending 16 DOM
2. 2026-06-10
   days on market $239,900 Active 14 DOM
3. 2026-06-09
   days on market $239,900 Active 13 DOM
4. 2026-06-08
   days on market $239,900 Active 12 DOM
5. 2026-06-07
   days on market $239,900 Active 11 DOM
6. 2026-06-03
   days on market $239,900 Active 7 DOM
7. 2026-06-02
   pricedays on market $239,900 Active 6 DOM
8. 2026-06-01
   days on market $249,900 Active 5 DOM
9. 2026-05-31
   days on market $249,900 Active 4 DOM

ⓘ 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: $2,997 · $250/mo
• Projected year-2 tax: $2,997 · $250/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 4/10 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,822
• − Mortgage interest: −$13,438
• − Property taxes: −$2,997
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,066
• − Management: −$2,066
• − Depreciation: −$6,979
• Taxable loss: −$2,923
• Est. tax savings @ 24.0%: +$701
• After-tax cash flow: $1,808/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

+2399.0% since first listed

12 events — show timeline

• 2026-05-27 Listed $249,900 FORTMLS
• 2021-10-14 Sold (Public Records) $240,000 Public Records
• 2021-10-12 Sold (MLS) $240,000 FORTMLS
• 2021-09-13 Pending — FORTMLS
• 2021-08-11 Price Changed $243,000 FORTMLS
• 2021-07-16 Listed $249,900 FORTMLS
• 2019-06-03 Sold (Public Records) $175,000 Public Records
• 2019-05-31 Sold (MLS) $175,000 FORTMLS
• 2019-03-16 Pending — FORTMLS
• 2019-02-27 Listed $179,000 FORTMLS
• 2005-05-06 Sold (MLS) $202,000 FORTMLS
• 2004-05-14 Sold (Public Records) $10,000 Public Records

Property tax history

+6.2%/yr

Latest (2025): $2,997 · +3.9% YoY. Source: county tax records.