228 NW 24th Ave · Cape Coral, FL 33993

$295,990

4 bd · 2.0 ba · 1,426 sqft · Land · 58 Days on market

Built 2026 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).

• Cash flow +17.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• 1% rule +3.5/10.0
• Condition / age +2.5/5.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * * * * Owner Financing Available * * * * * Are you ready to build your dream home in Cape Coral? This is the lot for you! Located Less than ~ 3 miles from Publix, Walmart and Farmers Joe's. great local schools and Doctors. This lot is priced to sell fast because the owner is motivated (not desperate) , so hurry before it is gone!

Key facts

• Open floor plan
• Quartz countertops
• Vaulted ceilings

Tags

• OPEN FLOOR PLAN
• UPGRADED CABINETS
• SPACIOUS KITCHEN ISLAND
• QUARTZ COUNTERTOPS
• TILE-PLANK FLOORING
• VAULTED CEILINGS

Property features AI

Finance

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

Exterior

• Parking: Attached garage with garage door opener; 2 covered garage spaces
• Security: High impact doors
• Utilities: Well water; Septic tank; Cable available
• Home design: Single-story; Entry level 1; Faces east; Under construction
• Construction: Block, concrete and stucco construction; Shingle roof; Built using typical foundation (details not provided)
• Exterior features: Open porch; Security/high impact doors; Rectangular lot; West exposure

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Pantry
• Bedrooms: Split bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central electric cooling (central air)
• Interior features: High ceilings; Open family/dining area; Combined living and dining room; Pantry; Cable TV ready; Walk-in closet(s); Split bedroom layout; Single-hung windows with impact glass; Unfurnished
• Laundry & utility: Washer; Dryer; Laundry inside

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $296k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/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 $251k (15.2% below list).
• Recommended offer: $251k (15.2% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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.
• Market conditions: Rents falling (-5.5%/yr); 2652 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 33% of the median local income ($91k/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 $9k 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 58 days — a 3% lower offer ($287k) 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.
• Current owner paid $39k; list at $296k implies a 659% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $251,114 (15.2% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.85% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.37%
• DSCR: 1.15
• GRM: 9.8

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: -15.6%
• Equity multiple: 0.46×
• Total profit: $-44,837
• Equity at exit: $44,133

10-year hold

• IRR: -12.7%
• Equity multiple: 0.35×
• Total profit: $-54,266
• Equity at exit: $25,592

Cash invested: $82,877 (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 33993

• Home prices YoY: -14.1%
• Rents YoY: -5.5%
• Active inventory: 2652
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,511 high
• Mortgage (P&I): −$1,552
• Tax from tax record: −$76 /mo · $907/yr
• Insurance: −$123
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$527
• Net cashflow: $166

Break-even live

Break-even rent $2,301

Max offer price $295,990

Occupancy floor 88%

Sensitivity live

Price	-10% $334	-5% $250	+0% $166	+5% $82	+10% $-1
Rent	-10% $-32	-5% $67	+0% $166	+5% $265	+10% $365
Rate	-1.0pp $315	-0.5pp $242	base $166	+0.5pp $90	+1.0pp $12

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: $73,998
• Closing costs: $8,880
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
313 El Dorado Blvd N Cape Coral, FL	3.0	2.0	1500	$2,300	$1.53	24d	1	0.06mi
233 NW 22nd Pl Cape Coral, FL	4.0	3.0	1665	$2,200	$1.32	24d	1	0.24mi
231 NW 26th Ave Cape Coral, FL	3.0	2.0	1479	$2,300	$1.56	24d	1	0.26mi
128 NW 25th Pl Cape Coral, FL	3.0	2.0	1409	$2,850	$2.02	24d	1	0.28mi
17 El Dorado Blvd N Cape Coral, FL	3.0	2.0	1779	$2,200	$1.24	24d	1	0.32mi
512 NW 25th Ave Cape Coral, FL	3.0	2.0	1702	$2,100	$1.23	12d	1	0.35mi
2045 NW 3rd St Cape Coral, FL	3.0	2.0	1656	$2,095	$1.27	11d	1	0.37mi
2507 Embers Pkwy W Cape Coral, FL	3.0	2.0	1777	$2,450	$1.38	24d	1	0.42mi
2023 NW 3rd Ter Cape Coral, FL	3.0	2.0	1408	$2,150	$1.53	24d	1	0.46mi
2447 SW Embers Ter Cape Coral, FL	3.0	3.0	1870	$2,100	$1.12	17d	1	0.47mi
2710 NW 5th Ter Cape Coral, FL	4.0	2.0	1830	$1,925	$1.05	17d	1	0.53mi
2043 NW 6th Ter Cape Coral, FL	4.0	2.0	1712	$2,999	$1.75	24d	1	0.60mi
2716 NW Embers Ter Cape Coral, FL	4.0	3.0	1765	$3,000	$1.70	24d	1	0.61mi
2837 NW 3rd St Cape Coral, FL	3.0	3.0	1700	$3,500	$2.06	24d	1	0.69mi
2837 NW 3rd St Cape Coral, FL	3.0	3.0	1700	$3,500	$2.06	22d	1	0.69mi
1909 NW 6th Ter Cape Coral, FL	3.0	2.0	1828	$1,895	$1.04	4d	1	0.73mi
1909 NW 6th Ter Cape Coral, FL	4.0	2.0	1828	$1,895	$1.04	3d	1	0.73mi
1827 Embers Pkwy W Cape Coral, FL	4.0	3.0	1807	$2,300	$1.27	4d	1	0.74mi
1827 Embers Pkwy W Cape Coral, FL	4.0	3.0	1807	$2,500	$1.38	15d	1	0.74mi
2835 NW Embers Ter Cape Coral, FL	3.0	2.0	1667	$2,250	$1.35	15d	1	0.74mi
212 SW 25th Ave Cape Coral, FL	4.0	2.0	1828	$1,850	$1.01	24d	1	0.74mi
2453 NW 8th Ter Cape Coral, FL	3.0	2.0	1574	$2,200	$1.40	24d	1	0.76mi
221 SW 25th Ave Cape Coral, FL	4.0	2.5	1871	$2,600	$1.39	3d	1	0.77mi
532 NW 18th Ave Cape Coral, FL	3.0	2.0	1765	$2,000	$1.13	24d	1	0.78mi
222 NW 28th Ct Cape Coral, FL	3.0	2.0	1116	$1,526	$1.37	11d	1	0.79mi
2022 NW 9th St Cape Coral, FL	3.0	2.0	1303	$1,611	$1.24	15d	1	0.84mi
2014 NW 9th St Cape Coral, FL	4.0	2.0	1828	$2,300	$1.26	24d	1	0.85mi
416 NW 17th Ave Cape Coral, FL	3.0	2.0	1199	$2,000	$1.67	4d	1	0.85mi
2251 SW 4th St Cape Coral, FL	3.0	2.0	1806	$1,595	$0.88	11d	1	0.86mi
305 NW 16th Pl Cape Coral, FL	3.0	2.5	1446	$2,095	$1.45	4d	1	0.93mi
326 SW 24th Pl Cape Coral, FL	3.0	2.0	1747	$1,795	$1.03	24d	1	0.96mi
2619 NW 11th St Cape Coral, FL	3.0	2.0	1272	$2,110	$1.66	24d	1	1.09mi
1108 NW 21st Pl Cape Coral, FL	3.0	2.0	1666	$2,060	$1.24	24d	1	1.10mi
2701 NW 11th St Cape Coral, FL	3.0	2.0	1627	$3,000	$1.84	24d	1	1.11mi
1501 NW 4th St Cape Coral, FL	4.0	2.0	1809	$3,800	$2.10	4d	1	1.11mi
1827 NW 10th St Cape Coral, FL	3.0	2.0	1864	$2,050	$1.10	24d	1	1.12mi
1101 NW 19th Pl Cape Coral, FL	4.0	2.0	1711	$1,900	$1.11	4d	1	1.16mi
1208 NW 25th Pl Cape Coral, FL	4.0	2.0	1735	$2,200	$1.27	4d	1	1.19mi
1129 NW 20th Ave Cape Coral, FL	4.0	2.0	1828	$2,200	$1.20	24d	1	1.23mi
1129 NW 20th Ave Cape Coral, FL	4.0	2.0	1828	$2,180	$1.19	22d	1	1.23mi

Listing history 19 events

1. 2026-06-13
   status $295,990 Pending 58 DOM
2. 2026-06-10
   days on market $295,990 Active 58 DOM
3. 2026-06-09
   days on market $295,990 Active 57 DOM
4. 2026-06-07
   days on market $295,990 Active 55 DOM
5. 2026-06-03
   pricedays on market $295,990 Active 51 DOM
6. 2026-06-02
   days on market $297,990 Active 50 DOM
7. 2026-06-01
   days on market $297,990 Active 49 DOM
8. 2026-05-31
   days on market $297,990 Active 48 DOM
9. 2026-05-21
   price $299,990
10. 2026-05-13
    price $301,990
11. 2026-04-13
    listed $304,990 Active
12. 2025-12-10
    soldstatus $39,000
13. 2025-11-24
    soldstatus $36,000 Closed 345-char remark

    Show marketing remark (345 chars)

    * * * * * Owner Financing Available * * * * * Are you ready to build your dream home in Cape Coral? This is the lot for you! Located Less than ~ 3 miles from Publix, Walmart and Farmers Joe's. great local schools and Doctors. This lot is priced to sell fast because the owner is motivated (not desperate) , so hurry before it is gone!

14. 2025-11-02
    status Pending 345-char remark

    Show marketing remark (345 chars)

    * * * * * Owner Financing Available * * * * * Are you ready to build your dream home in Cape Coral? This is the lot for you! Located Less than ~ 3 miles from Publix, Walmart and Farmers Joe's. great local schools and Doctors. This lot is priced to sell fast because the owner is motivated (not desperate) , so hurry before it is gone!

15. 2025-11-01
    listed $41,950 Active 345-char remark

    Show marketing remark (345 chars)

    * * * * * Owner Financing Available * * * * * Are you ready to build your dream home in Cape Coral? This is the lot for you! Located Less than ~ 3 miles from Publix, Walmart and Farmers Joe's. great local schools and Doctors. This lot is priced to sell fast because the owner is motivated (not desperate) , so hurry before it is gone!

16. 2019-08-04
    historical
17. 2019-07-23
    status Pending With Contingencies
18. 2019-05-15
    listed $10,500 Active
19. 2012-10-10
    soldstatus $100

ⓘ 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: $907 · $76/mo
• Projected year-2 tax: $2,457 · $205/mo
• Expected delta: +$1,550/yr (+$129/mo · 170.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $30,134
• − Mortgage interest: −$16,580
• − Property taxes: −$907
• − Insurance: −$2,277
• − Repairs & maintenance: −$2,411
• − Management: −$2,411
• − Depreciation: −$8,611
• Taxable loss: −$3,063
• Est. tax savings @ 24.0%: +$735
• After-tax cash flow: $2,730/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 — 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 · 788,662 people
• City population: 217,388
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 35,580
• Household income: $90,577
• Rent vs Own: 12.6% rent · 87.4% own
• Severe rent burden: 286.0

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 0.58)
• Race & ethnicity: White 57% Hispanic / Latino 30% Two or more races 21% Black 7% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Cuban 17% Dominican 1%
• Common ancestry: Romanian 2% Hispanic 2% Lithuanian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 73% English-only · Spanish 24% French/Haitian/Cajun 1% Russian/Polish/Slavic 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: ▼ -55.34%
• Current HPI: 337.0575
• Rent YoY: ▼ -5.51%
• 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

+2757.0% since first listed

11 events — show timeline

• 2026-05-21 Price Changed $299,990 FORTMLS
• 2026-05-13 Price Changed $301,990 FORTMLS
• 2026-04-13 Listed $304,990 FORTMLS
• 2025-12-10 Sold (Public Records) $39,000 Public Records
• 2025-11-24 Sold (MLS) $36,000 Stellar MLS as Distributed by MLS Grid
• 2025-11-02 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-11-01 Listed $41,950 Stellar MLS as Distributed by MLS Grid
• 2019-08-04 Listing Removed — FORTMLS
• 2019-07-23 Pending — FORTMLS
• 2019-05-15 Listed $10,500 FORTMLS
• 2012-10-10 Sold (Public Records) $100 Public Records

Property tax history

+9.4%/yr

Latest (2025): $907 · +14.1% YoY. Source: county tax records.