838 ALETHA Aletha Ave S · Lehigh Acres, FL 33974

$320,900

3 bd · 2.0 ba · 1,519 sqft · Land · 161 Days on market

Built 2025 10,018 sqft 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +5.9/30.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Rent growth +1.3/5.0
• 1% rule +1.2/10.0
• DSCR +0.2/10.0

Listing remarks MLS

Great location! This lot is located on southern edge of State Rd 82 and Homestead Rd in Lehigh Acres. build your dream home right on this lot with beautiful canal view. Take this opportunity to invest in your future.

Key facts

• Canal view
• Modern design
• Dedicated office

Tags

• CANAL VIEW
• DEDICATED OFFICE
• CERAMIC TILE FLOORING
• MODERN DESIGN
• EXCELLENT COMMUTER LOCATION

Property features AI

Finance

• Other: Lot: approximately 0.23 acres with canal view; Lot dimensions from architectural plans/survey
• HOA & community: No HOA maintenance or amenities noted; Community type: see remarks

Exterior

• Parking: Detached 2-car garage
• Security: Impact resistant doors and windows
• Utilities: Well water; Septic system; Electric service (central)
• Home design: Residential single-family home; Florida-style design; Single-story; Rear exposure facing south
• Construction: Concrete block construction; Built in 2025
• Exterior features: Automatic sprinkler system; Impact resistant windows and doors; Stucco exterior; Shingle roof

Interior

• Kitchen: Electric cooktop; Dishwasher; Microwave; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms; Master bath with shower only
• Heating & cooling: Central electric heat; Central electric air conditioning
• Interior features: Custom mirrors; Fire sprinkler system; Smoke detectors; Dining area (family); Home office; Unfurnished; Open/other floor plan
• Laundry & utility: Auto garage door

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $321k.

Deal economics

• At list price, monthly cash flow is $-634 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (28.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (37.5% below list).
• Recommended offer: $200k (37.5% 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); 2476 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); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 33% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $34k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$55k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y ago; this cycle's ask has dropped $19k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $321k implies a 1683% gain — meaningful room to come down on a strong offer.

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 $200,484 (37.5% 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 161 days. Have you received any prior offers? Is the seller open to a 38% 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: 0.62% ✗
• Cap rate: 3.92%
• Cash-on-cash: -8.47%
• DSCR: 0.62
• GRM: 13.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 17.6%
• Equity multiple: 2.43×
• Total profit: $128,556
• Equity at exit: $289,092

10-year hold

• IRR: 16.1%
• Equity multiple: 5.45×
• Total profit: $399,862
• Equity at exit: $623,438

Cash invested: $89,852 (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 33974

• Home prices YoY: 5.8%
• Rents YoY: -4.7%
• Active inventory: 2476
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $2,005 high
• Mortgage (P&I): −$1,683
• Tax est. 1.5%: −$401 /mo · $4,814/yr
• Insurance: −$134
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $-634

Break-even live

Break-even rent $2,807

Max offer price $229,182

Occupancy floor —

Sensitivity live

Price	-10% $-412	-5% $-523	+0% $-634	+5% $-745	+10% $-856
Rent	-10% $-792	-5% $-713	+0% $-634	+5% $-555	+10% $-475
Rate	-1.0pp $-472	-0.5pp $-552	base $-634	+0.5pp $-717	+1.0pp $-802

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: $80,225
• Closing costs: $9,627
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
548 Knapp St Lehigh Acres, FL	3.0	2.0	1182	$1,565	$1.32	16d	1	0.50mi
528 Raintree St E Lehigh Acres, FL	4.0	3.0	1400	$1,700	$1.21	25d	1	0.53mi
558 Nimitz Blvd Lehigh Acres, FL	3.0	2.0	1186	$1,595	$1.34	25d	1	0.57mi
744 Oakridge Ave S Lehigh Acres, FL	3.0	2.0	1493	$2,000	$1.34	21d	1	0.58mi
804 Gaylord Ave S Lehigh Acres, FL	4.0	2.0	1833	$1,875	$1.02	25d	1	0.67mi
758 Worth Ave Lehigh Acres, FL	3.0	2.0	1360	$2,000	$1.47	17d	1	0.70mi
771 Gaylord Ave S Lehigh Acres, FL	3.0	2.0	1523	$2,000	$1.31	25d	1	0.73mi
652 Keller St E Lehigh Acres, FL	3.0	2.0	1417	$1,861	$1.31	23d	1	0.86mi
722 La Plata Ave Lehigh Acres, FL	3.0	2.0	1770	$1,900	$1.07	17d	1	1.03mi
719 Fullerton Ave S Lehigh Acres, FL	3.0	2.0	1650	$2,000	$1.21	21d	1	1.06mi
696 Homestead Rd S Lehigh Acres, FL	4.0	2.0	1777	$2,200	$1.24	25d	1	1.08mi
711 Nimitz Blvd Lehigh Acres, FL	4.0	2.0	1571	$2,191	$1.39	5d	1	1.10mi
337 Marabou Dr Lehigh Acres, FL	3.0	2.0	1850	$2,300	$1.24	5d	1	1.17mi
736 Barcia St E Lehigh Acres, FL	4.0	2.0	1833	$1,775	$0.97	25d	1	1.20mi
335 Parish Dr Lehigh Acres, FL	4.0	3.0	2205	$2,390	$1.08	12d	1	1.21mi
645 Homestead Rd S Lehigh Acres, FL	3.0	2.0	1165	$1,700	$1.46	25d	1	1.27mi
737 Almelia St E Lehigh Acres, FL	3.0	2.0	1404	$1,745	$1.24	23d	1	1.35mi
750 Newhall St E Lehigh Acres, FL	3.0	2.0	1147	$1,675	$1.46	25d	1	1.36mi
750 Newhall St E Lehigh Acres, FL	3.0	2.0	1147	$1,675	$1.46	21d	1	1.36mi
715 Bering Ave S Lehigh Acres, FL	3.0	2.0	1835	$1,895	$1.03	23d	1	1.38mi
814 Crystal Ave S Lehigh Acres, FL	3.0	2.0	1865	$1,815	$0.97	25d	1	1.39mi
728 Crestline Ave S Lehigh Acres, FL	4.0	3.0	1904	$2,000	$1.05	23d	1	1.45mi

Listing history 27 events

1. 2026-06-22
   days on market $320,900 Active 161 DOM
2. 2026-06-17
   days on market $320,900 Active 157 DOM
3. 2026-06-16
   days on market $320,900 Active 156 DOM
4. 2026-06-15
   days on market $320,900 Active 155 DOM
5. 2026-06-13
   days on market $320,900 Active 153 DOM
6. 2026-06-10
   days on market $320,900 Active 150 DOM
7. 2026-06-09
   days on market $320,900 Active 149 DOM
8. 2026-06-07
   days on market $320,900 Active 147 DOM
9. 2026-06-02
   days on market $320,900 Active 142 DOM
10. 2026-06-01
    days on market $320,900 Active 141 DOM
11. 2026-06-01
    days on market $320,900 Active 140 DOM
12. 2026-05-15
    price $320,900
13. 2026-01-11
    listed $339,900 Active
14. 2024-01-19
    soldstatus $18,000 Sold 216-char remark

    Show marketing remark (216 chars)

    Great location! This lot is located on southern edge of State Rd 82 and Homestead Rd in Lehigh Acres. build your dream home right on this lot with beautiful canal view. Take this opportunity to invest in your future.

15. 2024-01-04
    soldstatus $18,000
16. 2023-12-11
    status Pending 216-char remark

    Show marketing remark (216 chars)

    Great location! This lot is located on southern edge of State Rd 82 and Homestead Rd in Lehigh Acres. build your dream home right on this lot with beautiful canal view. Take this opportunity to invest in your future.

17. 2023-10-24
    price $18,900 216-char remark

    Show marketing remark (216 chars)

    Great location! This lot is located on southern edge of State Rd 82 and Homestead Rd in Lehigh Acres. build your dream home right on this lot with beautiful canal view. Take this opportunity to invest in your future.

18. 2023-08-29
    listed $19,900 Active 216-char remark

    Show marketing remark (216 chars)

    Great location! This lot is located on southern edge of State Rd 82 and Homestead Rd in Lehigh Acres. build your dream home right on this lot with beautiful canal view. Take this opportunity to invest in your future.

19. 2020-10-28
    soldstatus $5,000
20. 2020-10-15
    soldstatus $5,000 Closed 86-char remark

    Show marketing remark (86 chars)

    Great Lot For Your Next Home Or To Hold As An Investment! Don't Miss This Opportunity!

21. 2020-09-21
    status Pending 86-char remark

    Show marketing remark (86 chars)

    Great Lot For Your Next Home Or To Hold As An Investment! Don't Miss This Opportunity!

22. 2019-11-07
    listed $5,495 Active 86-char remark

    Show marketing remark (86 chars)

    Great Lot For Your Next Home Or To Hold As An Investment! Don't Miss This Opportunity!

23. 2006-08-16
    soldstatus $40,000
24. 2006-08-11
    soldstatus $40,000
25. 2006-07-13
    price $44,900
26. 2005-04-28
    soldstatus $35,900
27. 2005-03-18
    listed $35,900

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,058
• − Mortgage interest: −$17,975
• − Property taxes: −$4,814
• − Insurance: −$1,604
• − Repairs & maintenance: −$1,925
• − Management: −$1,925
• − Depreciation: −$9,335
• Taxable loss: −$13,520
• Est. tax savings @ 24.0%: +$3,245
• After-tax cash flow: $-4,361/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): 19,927
• Household income: $72,192
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 434.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 52% Two or more races 31% White 26% Black 18%
• Hispanic origin (detail): Mexican 12% Puerto Rican 7% Cuban 20% Dominican 4%
• Common ancestry: Hispanic 7% Italian 1% Portuguese 1%
• Foreign-born: 32% · Canada, Jamaica
• Languages at home: 48% English-only · Spanish 43% French/Haitian/Cajun 7% 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: ▲ 16.53%
• Current HPI: 303.3399
• Rent YoY: ▼ -4.68%
• 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

+793.9% since first listed

16 events — show timeline

• 2026-05-15 Price Changed $320,900 NAPLESMLS
• 2026-01-11 Listed $339,900 NAPLESMLS
• 2024-01-19 Sold (MLS) $18,000 NAPLESMLS
• 2024-01-04 Sold (Public Records) $18,000 Public Records
• 2023-12-11 Pending — NAPLESMLS
• 2023-10-24 Price Changed $18,900 NAPLESMLS
• 2023-08-29 Listed $19,900 NAPLESMLS
• 2020-10-28 Sold (Public Records) $5,000 Public Records
• 2020-10-15 Sold (MLS) $5,000 FORTMLS
• 2020-09-21 Pending — FORTMLS
• 2019-11-07 Listed $5,495 FORTMLS
• 2006-08-16 Sold (Public Records) $40,000 Public Records
• 2006-08-11 Sold (MLS) $40,000 FORTMLS
• 2006-07-13 Price Changed $44,900 FORTMLS
• 2005-04-28 Sold (Public Records) $35,900 Public Records
• 2005-03-18 Listed $35,900 FORTMLS

Property tax history

+18.9%/yr

Latest (2025): $444 · +27.5% YoY. Source: county tax records.