928-930 Hepburn Ave · Lehigh Acres, FL 33974

$565,000

None bd · None ba · 2,956 sqft · MultiFamily · 47 Days on market

Built 2025 ↓ 3% since listing

---

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 +6.9/30.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• Rent growth +1.3/5.0
• DSCR +1.2/10.0

Multi-family units

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

Listing remarks

Stunning new construction. unique investment opportunity. offering exceptional design flexibility, and income potential This expansive 2.956 sf ft Duplex sits on a 12,502 sf ft lot, with each residence featuring 3 bedrooms and 2 bathrooms, private entrances, and exclusive patio spaces. Appointed with impact-resistant windows and doors and sleek stainless steel appliances, the property blends modern style with durability A rare and valuable opportunity, this resident can also be transformed unto a 4 units multifamily configuration ( two 2-bedroom-1bath units and two 1-bedroom -1bath units) acreating a significant income potential . Ideal for discerning investors or homeowners seeking both

Key facts

• 4 parking spots
• Built 2025
• Listed 47 days

Property features AI

Exterior

• Parking: 4 parking spaces
• Utilities: Cable available; Public sewer
• Home design: Single-story; Resale property
• Construction: Block construction
• Exterior features: Less than quarter acre lot

Interior

• Flooring: Ceramic tile
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceramic tile flooring

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2-bath units multifamily listed at $565k.

Deal economics

• At list price, monthly cash flow is $-844 ($-10k/yr) — negative. Per door: $-422/mo.
• To cash-flow at today's rent, offer at most $443k (21.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $387k (31.4% below list).
• Recommended offer: $387k (31.4% 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+, 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 (-4.7%/yr); 2460 active listings in the ZIP; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $3,874/mo this rent would consume 64% of the median local household income ($72k/yr) (locally 434% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $60k of equity ($4k loan paydown + $56k 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 ~$97k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($548k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: 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 $387,400 (31.4% 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 47 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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?
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: 0.69% ✗
• Cap rate: 4.50%
• Cash-on-cash: -6.40%
• DSCR: 0.72
• GRM: 12.2

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: 19.0%
• Equity multiple: 2.53×
• Total profit: $242,656
• Equity at exit: $508,997

10-year hold

• IRR: 17.0%
• Equity multiple: 5.66×
• Total profit: $736,649
• Equity at exit: $1,097,671

Cash invested: $158,200 (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: 2460
• Price-to-rent: 24.3×

Monthly cashflow live

• Estimated rent: $3,874 high
• Mortgage (P&I): −$2,963
• Tax est. 1.5%: −$706 /mo · $8,475/yr
• Insurance: −$235
• HOA: −$0
• Vacancy / Maint / Mgmt: −$814
• Net cashflow: $-844

Break-even live

Break-even rent $4,943

Max offer price $442,853

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,874
Total (2 units)			$3,874

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: $141,250
• Closing costs: $16,950
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-17
   days on market $565,000 Active 47 DOM
2. 2026-06-16
   days on market $565,000 Active 46 DOM
3. 2026-06-15
   days on market $565,000 Active 45 DOM
4. 2026-06-13
   days on market $565,000 Active 43 DOM
5. 2026-06-10
   days on market $565,000 Active 40 DOM
6. 2026-06-09
   days on market $565,000 Active 39 DOM
7. 2026-06-08
   days on market $565,000 Active 38 DOM
8. 2026-06-07
   days on market $565,000 Active 37 DOM
9. 2026-06-03
   days on market $565,000 Active 33 DOM
10. 2026-06-02
    days on market $565,000 Active 32 DOM
11. 2026-06-01
    days on market $565,000 Active 31 DOM
12. 2026-05-31
    days on market $565,000 Active 30 DOM
13. 2026-05-01
    listed $565,000 Active
14. 2026-04-30
    historical
15. 2026-04-23
    price $525,000
16. 2026-03-05
    price $539,000
17. 2026-02-12
    price $549,000
18. 2026-01-28
    listed $559,000 Active
19. 2026-01-07
    listed $559,000 Active
20. 2025-11-20
    historical
21. 2025-11-15
    price $559,999
22. 2025-11-15
    historical
23. 2025-11-15
    historical
24. 2025-11-13
    status Active
25. 2025-11-02
    status Pending
26. 2025-10-06
    price $559,999
27. 2025-09-13
    listed $579,999 Active
28. 2025-09-08
    listed $579,999 Active
29. 2025-09-03
    listed $579,999 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,488
• − Mortgage interest: −$31,649
• − Property taxes: −$8,475
• − Insurance: −$2,825
• − Repairs & maintenance: −$3,719
• − Management: −$3,719
• − Depreciation: −$16,436
• Taxable loss: −$20,335
• Est. tax savings @ 24.0%: +$4,880
• After-tax cash flow: $-5,249/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

-2.6% since first listed

17 events — show timeline

• 2026-05-01 Listed $565,000 MARMLS
• 2026-04-30 Listing Removed — NAPLESMLS
• 2026-04-23 Price Changed $525,000 NAPLESMLS
• 2026-03-05 Price Changed $539,000 NAPLESMLS
• 2026-02-12 Price Changed $549,000 NAPLESMLS
• 2026-01-28 Listed $559,000 NAPLESMLS
• 2026-01-07 Listed $559,000 BEARMLS
• 2025-11-20 Listing Removed — MARMLS
• 2025-11-15 Price Changed $559,999 Stellar MLS as Distributed by MLS Grid
• 2025-11-15 Listing Removed — NAPLESMLS
• 2025-11-15 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-11-13 Relisted — NAPLESMLS
• 2025-11-02 Pending — NAPLESMLS
• 2025-10-06 Price Changed $559,999 NAPLESMLS
• 2025-09-13 Listed $579,999 MARMLS
• 2025-09-08 Listed $579,999 Stellar MLS as Distributed by MLS Grid
• 2025-09-03 Listed $579,999 NAPLESMLS