2720 NW 23rd Ave · Cape Coral, FL 33993

$322,880

4 bd · 2.0 ba · 1,499 sqft · Land · 111 Days on market

Built 2026 10,454 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 +11.6/30.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• DSCR +3.4/10.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Listing remarks

WELCOME TO YOUR NEW DR HORTON HOME!! This is our appealing one-story, open concept, 1499 sqft FREEPORT II Floorplan featuring 4 bedrooms, 2 bathrooms, 2-car garage, all concrete block construction. This home is on a beautiful lot located in Cape Coral. This home boasts Designer cabinets and quartz countertops in both the kitchen and baths. Experience the timeless beauty and durability of RevWood laminated wood floors featured throughout the home, modern flat stock trim and baseboards, all stainless kitchen appliances including refrigerator, paver driveways and lanai, irrigation system, and garage door openers. These homes move quickly so don’t miss out. Finishings may vary - images a

Key facts

• Quartz countertops
• Open concept
• Designer cabinets

Tags

• OPEN CONCEPT
• DESIGNER CABINETS
• QUARTZ COUNTERTOPS
• REVWOOD LAMINATED WOOD FLOORS
• STAINLESS KITCHEN APPLIANCES
• PAVER DRIVEWAYS

Property features AI

Finance

• Other: Lot described as regular; surveyed dimensions available; Lot unit 61+62; total area ~0.24 acres; Irrigation via well; Canal width: none; Directions available from Kismet Pkwy E to NW 23rd Ave
• HOA & community: Community type: see remarks; HOA maintenance includes irrigation water; No listed community amenities

Exterior

• Parking: Attached 2-car garage; Paved driveway
• Utilities: Well water; Septic sewer; Cable available
• Home design: Residential single-family home; 1 story (ranch); Rear exposure faces west; Located in Cape Coral development
• Construction: Concrete block construction; Built in 2026; Shingle roof
• Exterior features: Automatic sprinkler system; Shutters; Stone exterior finish; Impact resistant windows; Single-hung windows; Shingle roof

Interior

• Kitchen: Cooktop - Electric; Dishwasher; Microwave; Refrigerator/Freezer; Pantry
• Bedrooms: 4 bedrooms; Master bedroom on ground level
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms; Master bath with shower only
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Cable prewire; Pantry; Walk-in closet; Great room floor plan; Dining area integrated with living space; Laundry in residence; Auto garage door
• Laundry & utility: Laundry inside the residence

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $323k.

Deal economics

• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $305k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (29.1% below list).
• Recommended offer: $229k (29.1% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 30% 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 $10k 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 111 days — a 9% lower offer ($294k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $228,877 (29.1% 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 111 days. Have you received any prior offers? Is the seller open to a 29% 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 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?
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: 0.71% ✗
• Cap rate: 5.91%
• Cash-on-cash: -1.36%
• DSCR: 0.94
• GRM: 11.8

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: -21.5%
• Equity multiple: 0.27×
• Total profit: $-65,699
• Equity at exit: $48,142

10-year hold

• IRR: -22.8%
• Equity multiple: -0.02×
• Total profit: $-92,173
• Equity at exit: $27,917

Cash invested: $90,406 (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: 11.8×

Monthly cashflow live

• Estimated rent: $2,289 high
• Mortgage (P&I): −$1,693
• Tax from tax record: −$83 /mo · $991/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $-102

Break-even live

Break-even rent $2,418

Max offer price $304,829

Occupancy floor 99%

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: $80,720
• Closing costs: $9,686
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2630 NW 23rd Ave Cape Coral, FL	3.0	2.0	1515	$2,299	$1.52	24d	1	0.05mi
2824 NW 23rd Ave Cape Coral, FL	3.0	2.0	1462	$1,641	$1.12	21d	1	0.12mi
2837 NW 24th Ave Cape Coral, FL	3.0	2.0	1286	$4,470	$3.48	24d	1	0.17mi
2538 NW 24th Pl Cape Coral, FL	4.0	2.0	1565	$1,950	$1.25	3d	1	0.28mi
2507 NW 25th St Cape Coral, FL	4.0	2.0	1842	$2,200	$1.19	14d	1	0.44mi
2838 NW 19th Pl Cape Coral, FL	4.0	2.0	1650	$1,845	$1.12	24d	1	0.44mi
2511 NW 25th St Cape Coral, FL	4.0	2.0	1842	$2,200	$1.19	14d	1	0.45mi
1907 NW 26th St Cape Coral, FL	3.0	2.0	1842	$2,200	$1.19	14d	1	0.46mi
2837 NW 27th Ave Cape Coral, FL	3.0	2.0	1408	$1,691	$1.20	3d	1	0.49mi
1818 NW 27th Ter Cape Coral, FL	4.0	2.0	1665	$1,975	$1.19	3d	1	0.56mi
2423 NW 19th Pl Cape Coral, FL	4.0	2.0	1829	$1,761	$0.96	10d	1	0.59mi
2901 NW 18th Pl Cape Coral, FL	3.0	2.0	1555	$2,190	$1.41	13d	1	0.59mi
2152 NW 22nd Pl Cape Coral, FL	3.0	2.0	1418	$2,550	$1.80	11d	1	0.65mi
2329 NW 27th Ave Cape Coral, FL	3.0	2.0	1761	$2,300	$1.31	16d	1	0.69mi
1823 NW 31st St Cape Coral, FL	3.0	2.0	1408	$1,950	$1.38	3d	1	0.70mi
2800 NW 25th Ter Cape Coral, FL	3.0	2.0	1469	$2,000	$1.36	3d	1	0.73mi
1719 NW 25th Ln Cape Coral, FL	4.0	2.0	1829	$2,291	$1.25	3d	1	0.73mi
2812 NW 25th St Cape Coral, FL	4.0	2.0	1657	$1,950	$1.18	24d	1	0.79mi
2105 NW 22nd Ave Cape Coral, FL	4.0	2.0	1833	$2,265	$1.24	14d	1	0.85mi
2206 NW 17th Pl Cape Coral, FL	4.0	2.0	1779	$2,075	$1.17	24d	1	0.93mi
2928 NW 27th St Cape Coral, FL	4.0	2.0	1853	$1,999	$1.08	24d	1	0.95mi
2928 NW 27th St Cape Coral, FL	4.0	2.0	1853	$1,999	$1.08	21d	1	0.95mi
2124 NW 18th Ave Cape Coral, FL	3.0	2.0	1556	$2,000	$1.29	19d	1	0.99mi
2532 NW 31st Ave Cape Coral, FL	3.0	2.0	1750	$2,400	$1.37	24d	1	1.03mi
2216 NW 18th Ter Cape Coral, FL	3.0	2.0	1548	$1,816	$1.17	14d	1	1.16mi
2014 NW 16th Pl Cape Coral, FL	4.0	2.0	1712	$1,701	$0.99	14d	1	1.24mi
1823 NW 19th Ave Cape Coral, FL	4.0	2.0	1712	$1,850	$1.08	24d	1	1.24mi
1809 NW 17th Ter Cape Coral, FL	3.0	2.0	1750	$1,980	$1.13	24d	1	1.38mi
1427 NW 20th St Cape Coral, FL	4.0	2.0	1617	$1,895	$1.17	16d	1	1.40mi

Listing history 14 events

1. 2026-06-17
   days on market $322,880 Active 111 DOM
2. 2026-06-16
   days on market $322,880 Active 110 DOM
3. 2026-06-15
   days on market $322,880 Active 109 DOM
4. 2026-06-13
   days on market $322,880 Active 107 DOM
5. 2026-06-10
   days on market $322,880 Active 104 DOM
6. 2026-06-09
   days on market $322,880 Active 103 DOM
7. 2026-06-07
   days on market $322,880 Active 101 DOM
8. 2026-06-02
   days on market $322,880 Active 96 DOM
9. 2026-06-01
   days on market $322,880 Active 95 DOM
10. 2026-06-01
    days on market $322,880 Active 94 DOM
11. 2026-02-26
    listed $322,880 Active
12. 2025-12-19
    soldstatus $1,102,500
13. 2012-10-23
    soldstatus $157,100
14. 2012-08-20
    soldstatus $13,500

ⓘ 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: $991 · $83/mo
• Projected year-2 tax: $2,680 · $223/mo
• Expected delta: +$1,689/yr (+$141/mo · 170.5%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 62% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 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: $27,465
• − Mortgage interest: −$18,086
• − Property taxes: −$991
• − Insurance: −$1,614
• − Repairs & maintenance: −$2,197
• − Management: −$2,197
• − Depreciation: −$9,393
• Taxable loss: −$7,014
• Est. tax savings @ 24.0%: +$1,683
• After-tax cash flow: $457/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

+2291.7% since first listed

4 events — show timeline

• 2026-02-26 Listed $322,880 NAPLESMLS
• 2025-12-19 Sold (Public Records) $1,102,500 Public Records
• 2012-10-23 Sold (Public Records) $157,100 Public Records
• 2012-08-20 Sold (Public Records) $13,500 Public Records

Property tax history

+30.3%/yr

Latest (2025): $991 · +13.6% YoY. Source: county tax records.