4874 Pine Island Rd NW · Matlacha, FL 33993

$529,000

3 bd · 3.0 ba · 1,168 sqft · MultiFamily public records · 477 Days on market

Built 1942 4,965 sqft lot

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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 +26.3/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

TRIPLEX already generating income! Welcome to your dream waterfront escape in Matlacha, a unique TRIPLEX boasting not only direct Gulf access but also a wealth of investment potential. This multi-family residence showcases 3 immaculate units. Each of them it's been meticulously renovated to offer comfort, style and functionality with brand new floors, new kitchen cabinets, appliances and a shared laundry room. The setup is perfect for those looking to live in one unit while embracing the financial benefits of renting out the other two, providing a smart way to manage retirement finances while enjoying the culture and community of a bustling waterfront locale. Step outside to discover the vi

Key facts

• Direct gulf access
• Brand new floors
• Solid metal roof

Tags

• DIRECT GULF ACCESS
• METICULOUSLY RENOVATED
• BRAND NEW FLOORS
• NEW KITCHEN CABINETS
• VINYL FENCE
• SOLID METAL ROOF

Property features AI

Finance

• Other: Pets allowed
• Financial info: Total of 3 units; Gross scheduled income: $50,400; Operating expenses reported: $1,200; Current rents by unit: one 2-bed at $1,600; one 1-bed at $1,300; one 1-bed at $1,100
• HOA & community: No association fee; Association amenities listed: Laundry, Pier

Exterior

• Parking: Parking details not provided
• Security: No security features listed
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-story multi-family building; Resale property; Gulf-front waterfront
• Construction: Vinyl siding with wood frame construction; Metal roof; Built on a rectangular lot approximately 0.114 acres (lot dimensions 50 x 100 x 50 x 100)
• Exterior features: Courtyard; Fenced yard; Patio

Interior

• Kitchen: Each unit includes a cooktop, range, microwave, dishwasher and refrigerator
• Bedrooms: Three total units: one 2-bedroom unit and two 1-bedroom units
• Flooring: Laminate flooring
• Bathrooms: Each unit has one full bathroom (3 full bathrooms total)
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Double-hung windows
• Laundry & utility: Common-area laundry

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $529k.

Deal economics

• At list price, monthly cash flow is $947 ($11k/yr) — positive. Per door: $316/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $529k).
• Recommended offer: $466k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#824 in FL) — a working-class tenant base; expect higher turnover. Strengths: crime A+; Watch: amenities F, commute F, health & safety 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 falling (-5.5%/yr); 2652 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• At $5,907/mo this rent would consume 78% of the median local household income ($91k/yr) (locally 286% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k 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 477 days — a 12% lower offer ($466k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y ago; this cycle's ask is 47991% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $140k; list at $529k implies a 278% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $465,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 477 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 9.41%
• Cash-on-cash: 11.13%
• DSCR: 1.50
• GRM: 7.5

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: -8.1%
• Equity multiple: 0.71×
• Total profit: $-42,558
• Equity at exit: $78,876

10-year hold

• IRR: -3.0%
• Equity multiple: 0.83×
• Total profit: $-25,734
• Equity at exit: $45,738

Cash invested: $148,120 (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: 22.4×

Monthly cashflow live

• Estimated rent: $5,907 medium
• Mortgage (P&I): −$2,774
• Tax from tax record: −$298 /mo · $3,575/yr
• Insurance: −$220
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,240
• Net cashflow: $947

Break-even live

Break-even rent $4,708

Max offer price $529,000

Occupancy floor 79%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$5,907
Total (3 units)			$5,907

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: $132,250
• Closing costs: $15,870
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4743 Pine Island Rd NW Matlacha, FL	2.0	2.5	1400	$12,000	$8.57	23d	1	0.15mi
2585 3rd St Matlacha, FL	2.0	2.0	936	$4,500	$4.81	23d	1	0.29mi
2579 3rd St Matlacha, FL	3.0	3.0	1402	$5,500	$3.92	23d	1	0.29mi
2758 Bruce St Matlacha, FL	3.0	2.0	1404	$5,500	$3.92	23d	1	0.71mi

Listing history 40 events

1. 2026-06-17
   days on market $529,000 Active 477 DOM
2. 2026-06-16
   days on market $529,000 Active 476 DOM
3. 2026-06-16
   days on market $529,000 Active 475 DOM
4. 2026-06-13
   days on market $529,000 Active 473 DOM
5. 2026-06-09
   days on market $529,000 Active 469 DOM
6. 2026-06-07
   days on market $529,000 Active 467 DOM
7. 2026-06-02
   days on market $529,000 Active 462 DOM
8. 2026-06-01
   days on market $529,000 Active 461 DOM
9. 2026-06-01
   days on market $529,000 Active 460 DOM
10. 2026-04-08
    price $529,000
11. 2026-02-23
    historical
12. 2026-02-11
    price $535,000
13. 2026-02-09
    price $535,000
14. 2025-10-24
    price $549,000
15. 2025-09-29
    price $549,999
16. 2025-09-18
    price $599,000
17. 2025-09-17
    price $599,000
18. 2025-08-26
    price $450,000
19. 2025-08-26
    price $450,000
20. 2025-08-25
    price $599,000
21. 2025-07-17
    price $599,900
22. 2025-07-09
    historical $1,100
23. 2025-07-09
    listed $1,100
24. 2025-06-21
    price $749,000
25. 2025-05-05
    price $749,000
26. 2025-02-25
    listed $850,000 Active
27. 2025-02-23
    listed $850,000 Active
28. 2017-07-31
    historical
29. 2017-01-10
    price $475,000
30. 2016-11-16
    listed $499,000 Active
31. 2015-02-09
    soldstatus $140,000
32. 2015-02-03
    price $140,000
33. 2015-02-03
    soldstatus $140,000 Sold
34. 2015-01-27
    price $149,000
35. 2015-01-13
    status Pending
36. 2015-01-07
    listed $149,000 Active
37. 2001-01-24
    soldstatus $83,300
38. 2001-01-24
    soldstatus $115,000
39. 1988-07-27
    soldstatus $78,000
40. 1981-12-01
    soldstatus $53,500

ⓘ 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: $3,575 · $298/mo
• Projected year-2 tax: $4,391 · $366/mo
• Expected delta: +$815/yr (+$68/mo · 22.8%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 28 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: $70,884
• − Mortgage interest: −$29,632
• − Property taxes: −$3,575
• − Insurance: −$7,764
• − Repairs & maintenance: −$5,671
• − Management: −$5,671
• − Depreciation: −$15,389
• Taxable income: $3,182
• Est. tax owed @ 24.0%: −$764
• After-tax cash flow: $10,606/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 — Matlacha

• Score: 59/100
• State rank: #824
• US rank: #20183

Category grades

Amenities F Commute F Cost of living C Crime A+ Employment C Housing B- Health & safety D- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lee County · 788,662 people
• 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

+888.8% since first listed

31 events — show timeline

• 2026-04-08 Price Changed $529,000 FORTMLS
• 2026-02-23 Listing Removed — MARMLS
• 2026-02-11 Price Changed $535,000 MARMLS
• 2026-02-09 Price Changed $535,000 FORTMLS
• 2025-10-24 Price Changed $549,000 MARMLS
• 2025-09-29 Price Changed $549,999 FORTMLS
• 2025-09-18 Price Changed $599,000 MARMLS
• 2025-09-17 Price Changed $599,000 FORTMLS
• 2025-08-26 Price Changed $450,000 MARMLS
• 2025-08-26 Price Changed $450,000 FORTMLS
• 2025-08-25 Price Changed $599,000 MARMLS
• 2025-07-17 Price Changed $599,900 FORTMLS
• 2025-07-09 Rental Removed $1,100 NAPLESMLS
• 2025-07-09 Listed for Rent $1,100 NAPLESMLS
• 2025-06-21 Price Changed $749,000 MARMLS
• 2025-05-05 Price Changed $749,000 FORTMLS
• 2025-02-25 Listed $850,000 FORTMLS
• 2025-02-23 Listed $850,000 MARMLS
• 2017-07-31 Listing Removed — FORTMLS
• 2017-01-10 Price Changed $475,000 FORTMLS
• 2016-11-16 Listed $499,000 FORTMLS
• 2015-02-09 Sold (Public Records) $140,000 Public Records
• 2015-02-03 Price Changed $140,000 FORTMLS
• 2015-02-03 Sold (MLS) $140,000 FORTMLS
• 2015-01-27 Price Changed $149,000 FORTMLS
• 2015-01-13 Pending — FORTMLS
• 2015-01-07 Listed $149,000 FORTMLS
• 2001-01-24 Sold (Public Records) $115,000 Public Records
• 2001-01-24 Sold (Public Records) $83,300 Public Records
• 1988-07-27 Sold (Public Records) $78,000 Public Records
• 1981-12-01 Sold (Public Records) $53,500 Public Records

Property tax history

+1.3%/yr

Latest (2025): $3,575 · -4.0% YoY. Source: county tax records.