1116/1118 Ichabod Ave · Lehigh Acres, FL 33973

$344,900

6 bd · 4.0 ba · 2,228 sqft · MultiFamily · 146 Days on market

Built 2006 0.28 ac lot Est $512k · 33% under

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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 +19.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.8/10.0
• Rent growth +0.8/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Lowest priced 2006 built nice duplex with 6 bedrooms, 4 baths and 2 garages. Very nice duplex. Great area close to everything. Property ID#33-44-26-L4-08037.0180.

Key facts

• 0.28 acre lot
• 2 parking spots
• Built 2006

Property features AI

Finance

• Other: Lot size approximately 0.28 acres; Irrigation from well
• Financial info: Property configured as 2 units (duplex)
• HOA & community: No HOA amenities; Community is non-gated

Exterior

• Utilities: Well water; Septic sewer; Cable available
• Home design: Duplex residential income property; Built in 2006; Concrete block construction; Located in Lehigh Acres; Zoning RM-2; Regular lot; Paved public road access
• Construction: Concrete block construction; Shingle roof; Stucco exterior; Built in 2006
• Exterior features: Patio; Single-hung windows; Stucco exterior; Shingle roof

Interior

• Flooring: Tile
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Tile flooring

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $345k.

Deal economics

• At list price, monthly cash flow is $416 ($5k/yr) — positive. Per door: $208/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $345k).
• Recommended offer: $304k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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 falling (-7.0%/yr); 292 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $3,544/mo this rent would consume 70% of the median local household income ($61k/yr) (locally 1142% 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 $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 146 days — a 12% lower offer ($304k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask is 27492% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

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 $303,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.03% ✓
• Cap rate: 7.74%
• Cash-on-cash: 5.17%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $512,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
725/727 Ivan Ave S	0.20mi	6/4.0	2,316 (+4%)	15mo	$425,000	$184	72
1121-1123 Harry Ave S	0.22mi	6/4.0	2,364 (+6%)	10mo	$549,900	$233	71
1116 Harold Ave S	0.25mi	6/4.0	2,360 (+6%)	9mo	$550,000	$233	71
1541/1543 Hightower Ave S	0.37mi	6/4.0	2,400 (+8%)	2mo	$345,000	$144	69
724 Jenna Ave S	0.31mi	6/4.0	2,238 (+0%)	20mo	$449,000	$201	68
1141-1143 Ichabod Ave S	0.12mi	6/4.0	2,390 (+7%)	22mo	$562,000	$235	64
309 Ichabod Ave S	0.42mi	6/4.0	2,360 (+6%)	9mo	$550,000	$233	63
4525/4527 21st St SW	0.57mi	6/4.0	2,306 (+4%)	6mo	$435,000	$189	62
713-715 Homer Ave S #719	0.27mi	6/4.0	2,360 (+6%)	18mo	$549,900	$233	62
4635/4633 27th St SW	0.72mi	6/4.0	2,226 (-0%)	8mo	$392,000	$176	60
4452-4454 Golfview Blvd	0.54mi	6/4.0	2,400 (+8%)	20mo	$550,000	$229	46
22nd SW Unit 4417/4419	0.73mi	6/4.0	2,396 (+8%)	17mo	$550,000	$230	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -11.7%
• Equity multiple: 0.59×
• Total profit: $-39,711
• Equity at exit: $51,426

10-year hold

• IRR: -7.7%
• Equity multiple: 0.58×
• Total profit: $-40,365
• Equity at exit: $29,821

Cash invested: $96,572 (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 33973

• Home prices YoY: -3.4%
• Rents YoY: -7.0%
• Active inventory: 292
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $3,544 high
• Mortgage (P&I): −$1,809
• Tax est. 1.5%: −$431 /mo · $5,174/yr
• Insurance: −$144
• HOA: −$0
• Vacancy / Maint / Mgmt: −$744
• Net cashflow: $416

Break-even live

Break-even rent $3,017

Max offer price $344,900

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,544
Total (2 units)			$3,544

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: $86,225
• Closing costs: $10,347
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1133 Ichabod Ave Lehigh Acres, FL	6.0	4.0	2376	$2,100	$0.88	23d	1	0.06mi
2216 Leda Ave S Lehigh Acres, FL	5.0	3.0	2750	$2,470	$0.90	16d	1	1.46mi

Listing history 26 events

1. 2026-06-17
   days on market $344,900 Active 146 DOM
2. 2026-06-16
   days on market $344,900 Active 145 DOM
3. 2026-06-15
   days on market $344,900 Active 144 DOM
4. 2026-06-13
   days on market $344,900 Active 142 DOM
5. 2026-06-10
   days on market $344,900 Active 139 DOM
6. 2026-06-09
   days on market $344,900 Active 138 DOM
7. 2026-06-07
   days on market $344,900 Active 136 DOM
8. 2026-06-02
   days on market $344,900 Active 131 DOM
9. 2026-06-01
   days on market $344,900 Active 130 DOM
10. 2026-06-01
    days on market $344,900 Active 129 DOM
11. 2026-05-24
    price $344,900
12. 2026-05-05
    price $349,900
13. 2026-03-12
    historical $1,250
14. 2026-03-11
    listed $1,250
15. 2026-03-10
    historical $1,250
16. 2026-02-26
    historical $1,250
17. 2026-02-17
    listed $1,250
18. 2026-01-30
    listed $1,350
19. 2026-01-27
    price $354,500
20. 2026-01-22
    listed $364,500 Active
21. 2025-12-31
    price $364,500
22. 2025-12-23
    price $364,900
23. 2025-12-15
    price $369,000
24. 2025-11-24
    price $375,000
25. 2025-11-14
    historical $1,395
26. 2025-11-07
    listed $1,395

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 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: $42,528
• − Mortgage interest: −$19,320
• − Property taxes: −$5,174
• − Insurance: −$1,724
• − Repairs & maintenance: −$3,402
• − Management: −$3,402
• − Depreciation: −$10,033
• Taxable loss: −$528
• Est. tax savings @ 24.0%: +$127
• After-tax cash flow: $5,121/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): 14,392
• Household income: $60,530
• Rent vs Own: 77.1% rent · 22.9% own
• Severe rent burden: 1142.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 41% Black 36% Two or more races 21% White 18%
• Hispanic origin (detail): Mexican 21% Puerto Rican 7% Cuban 4% Dominican 1%
• Common ancestry: Hispanic 14% Russian 1% Estonian 1%
• Foreign-born: 23% · Canada, China
• Languages at home: 54% English-only · Spanish 31% French/Haitian/Cajun 13% 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: ▼ -8.43%
• Current HPI: 237.694
• Rent YoY: ▼ -6.99%
• 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

+24624.0% since first listed

16 events — show timeline

• 2026-05-24 Price Changed $344,900 BEARMLS
• 2026-05-05 Price Changed $349,900 BEARMLS
• 2026-03-12 Rental Removed $1,250 APPFOLIO
• 2026-03-11 Listed for Rent $1,250 APPFOLIO
• 2026-03-10 Rental Removed $1,250 FGCMLS
• 2026-02-26 Rental Removed $1,250 APPFOLIO
• 2026-02-17 Listed for Rent $1,250 FGCMLS
• 2026-01-30 Listed for Rent $1,350 APPFOLIO
• 2026-01-27 Price Changed $354,500 BEARMLS
• 2026-01-22 Listed $364,500 BEARMLS
• 2025-12-31 Price Changed $364,500 FORTMLS
• 2025-12-23 Price Changed $364,900 FORTMLS
• 2025-12-15 Price Changed $369,000 FORTMLS
• 2025-11-24 Price Changed $375,000 FORTMLS
• 2025-11-14 Rental Removed $1,395 APPFOLIO
• 2025-11-07 Listed for Rent $1,395 APPFOLIO