2908 Martin Ave S #2910 · Lehigh Acres, FL 33973

$369,000

6 bd · 4.0 ba · 2,214 sqft · MultiFamily public records · 273 Days on market

Built 2004 0.29 ac lot Est $492k · 25% 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 +19.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +4.9/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

* * * EASY SHOW AND GO * * * Turnkey investment opportunity or perfect starter home. Lease both sides or live in one and have the rent from the other unit pay the mortgage. This duplex in Southwest Lehigh Acres is minutes from Fort Myers, Downtown Lehigh's conveniences, and Interstate 75 for easy access to all of SW Florida. The property has had excellent rental history. Canal in rear of property offers endless recreational opportunities. Left side AC new in 2019; right side new in 2013. AGENTS - IT IS IMPORTANT THAT YOU READ REALTOR REMARKS.

Key facts

• Landscaped grounds
• New septic system
• Prime location

Tags

• NEW ROOF
• LANDSCAPED GROUNDS
• NEW SEPTIC SYSTEM
• KITCHEN CABINET REPLACEMENTS
• PRIME LOCATION

Property features AI

Finance

• Other: Tenants pay electricity; Pets allowed
• Financial info: Gross scheduled income: $33,600; Operating expenses: $25,000; Both units currently show actual rent of $1,400 each
• HOA & community: Non-gated community; No association fee

Exterior

• Parking: No exterior parking details provided
• Security: No security features listed
• Utilities: Well water; Septic tank sewer; Cable available
• Home design: Single-story building; Resale property; RM-2 zoning
• Construction: Block, concrete, and stucco construction; Shingle roof
• Exterior features: Canal access waterfront; Paved road; Rectangular lot

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: Two 3-bedroom units (both unfurnished)
• Flooring: Tile
• Bathrooms: Each unit has 2 full bathrooms
• Heating & cooling: Central electric heating; Central electric cooling (air conditioning)
• Interior features: Double-hung windows; Tile flooring
• Laundry & utility: In-unit laundry (washer and dryer in each unit)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $369k.

Deal economics

• At list price, monthly cash flow is $427 ($5k/yr) — positive. Per door: $214/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $365k (1.1% below list).
• Recommended offer: $325k (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 $3,650/mo this rent would consume 72% 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 $3k of loan paydown is wiped out by about $11k 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 273 days — a 12% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $101k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $229k; list at $369k implies a 61% gain — meaningful room to come down on a strong offer.

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 $324,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 273 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: 0.99% ✗
• Cap rate: 7.68%
• Cash-on-cash: 4.96%
• DSCR: 1.22
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $491,508
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2413-2415 Ansel Ave S	0.27mi	6/4.0	2,398 (+8%)	1mo	$460,000	$192	73
4635/4633 27th St SW	0.51mi	6/4.0	2,226 (+0%)	8mo	$392,000	$176	69
4637-4639 28th St SW	0.48mi	6/4.0	2,268 (+2%)	24mo	$360,000	$159	54
4617-4619 30th St SW	0.57mi	6/4.0	2,392 (+8%)	9mo	$550,000	$230	52
4909-4911 28th St SW	0.60mi	6/4.0	2,392 (+8%)	9mo	$550,000	$230	51
2405/2407 Paul Ave S	0.45mi	6/4.0	2,352 (+6%)	22mo	$445,000	$189	50
4732-4734 29th St SW	0.19mi	6/4.0	2,500 (+13%)	24mo	$555,000	$222	50
4452-4454 Golfview Blvd	0.51mi	6/4.0	2,400 (+8%)	20mo	$550,000	$229	46
2220 - 2222 Keith Ave S	0.59mi	6/4.0	2,350 (+6%)	24mo	$540,000	$230	42

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: -11.9%
• Equity multiple: 0.58×
• Total profit: $-43,297
• Equity at exit: $55,019

10-year hold

• IRR: -7.8%
• Equity multiple: 0.57×
• Total profit: $-44,032
• Equity at exit: $31,904

Cash invested: $103,320 (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: 16.8×

Monthly cashflow live

• Estimated rent: $3,650 high
• Mortgage (P&I): −$1,935
• Tax from tax record: −$368 /mo · $4,412/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$766
• Net cashflow: $427

Break-even live

Break-even rent $3,109

Max offer price $369,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,650
Total (2 units)			$3,650

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: $92,250
• Closing costs: $11,070
• 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	0.97mi
2216 Leda Ave S Lehigh Acres, FL	5.0	3.0	2750	$2,470	$0.90	16d	1	1.25mi

Listing history 23 events

1. 2026-05-13
   status Pending
2. 2026-04-29
   price $369,000
3. 2026-03-10
   price $399,999
4. 2026-01-22
   status Active
5. 2026-01-22
   price $470,000
6. 2026-01-20
   status Pending
7. 2026-01-20
   status Active
8. 2026-01-19
   historical
9. 2025-09-21
   status Pending
10. 2025-09-08
    price $390,000
11. 2025-06-19
    price $420,000
12. 2025-04-13
    listed $470,000 Active
13. 2020-12-11
    soldstatus $228,900
14. 2020-12-07
    soldstatus $228,900 Closed 555-char remark

    Show marketing remark (555 chars)

    * * * EASY SHOW AND GO * * * Turnkey investment opportunity or perfect starter home. Lease both sides or live in one and have the rent from the other unit pay the mortgage. This duplex in Southwest Lehigh Acres is minutes from Fort Myers, Downtown Lehigh's conveniences, and Interstate 75 for easy access to all of SW Florida. The property has had excellent rental history. Canal in rear of property offers endless recreational opportunities. Left side AC new in 2019; right side new in 2013. AGENTS - IT IS IMPORTANT THAT YOU READ REALTOR REMARKS.

15. 2020-11-02
    status Pending 555-char remark

    Show marketing remark (555 chars)

    * * * EASY SHOW AND GO * * * Turnkey investment opportunity or perfect starter home. Lease both sides or live in one and have the rent from the other unit pay the mortgage. This duplex in Southwest Lehigh Acres is minutes from Fort Myers, Downtown Lehigh's conveniences, and Interstate 75 for easy access to all of SW Florida. The property has had excellent rental history. Canal in rear of property offers endless recreational opportunities. Left side AC new in 2019; right side new in 2013. AGENTS - IT IS IMPORTANT THAT YOU READ REALTOR REMARKS.

16. 2020-10-27
    price $228,900 555-char remark

    Show marketing remark (555 chars)

    * * * EASY SHOW AND GO * * * Turnkey investment opportunity or perfect starter home. Lease both sides or live in one and have the rent from the other unit pay the mortgage. This duplex in Southwest Lehigh Acres is minutes from Fort Myers, Downtown Lehigh's conveniences, and Interstate 75 for easy access to all of SW Florida. The property has had excellent rental history. Canal in rear of property offers endless recreational opportunities. Left side AC new in 2019; right side new in 2013. AGENTS - IT IS IMPORTANT THAT YOU READ REALTOR REMARKS.

17. 2020-09-24
    listed $229,900 Active 555-char remark

    Show marketing remark (555 chars)

    * * * EASY SHOW AND GO * * * Turnkey investment opportunity or perfect starter home. Lease both sides or live in one and have the rent from the other unit pay the mortgage. This duplex in Southwest Lehigh Acres is minutes from Fort Myers, Downtown Lehigh's conveniences, and Interstate 75 for easy access to all of SW Florida. The property has had excellent rental history. Canal in rear of property offers endless recreational opportunities. Left side AC new in 2019; right side new in 2013. AGENTS - IT IS IMPORTANT THAT YOU READ REALTOR REMARKS.

18. 2012-04-27
    soldstatus $70,000
19. 2012-03-29
    soldstatus $58,500
20. 2012-03-27
    soldstatus $58,500 332-char remark

    Show marketing remark (332 chars)

    Great Opportunity for Investors! Duplex in Lehigh Acres. Each Side has Tile Throughout, 3 Bedrooms, 2 Full Baths, Sliders to Back Yard, Walk In Closets, Inside Laundry Rooms, and Some Kitchen Appliances in Place. Some Repairs Needed. Good Location Located Close to Route 82, Daniels and Lee Blvd. This is a Corporate Owned Property.

21. 2012-03-27
    price $59,900 332-char remark

    Show marketing remark (332 chars)

    Great Opportunity for Investors! Duplex in Lehigh Acres. Each Side has Tile Throughout, 3 Bedrooms, 2 Full Baths, Sliders to Back Yard, Walk In Closets, Inside Laundry Rooms, and Some Kitchen Appliances in Place. Some Repairs Needed. Good Location Located Close to Route 82, Daniels and Lee Blvd. This is a Corporate Owned Property.

22. 2005-11-29
    soldstatus $279,900
23. 2005-10-10
    soldstatus $279,900

ⓘ 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: $4,412 · $368/mo
• Projected year-2 tax: $4,412 · $368/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $43,800
• − Mortgage interest: −$20,670
• − Property taxes: −$4,412
• − Insurance: −$1,845
• − Repairs & maintenance: −$3,504
• − Management: −$3,504
• − Depreciation: −$10,735
• Taxable loss: −$869
• Est. tax savings @ 24.0%: +$209
• After-tax cash flow: $5,333/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

+31.8% since first listed

23 events — show timeline

• 2026-05-13 Pending — FORTMLS
• 2026-04-29 Price Changed $369,000 FORTMLS
• 2026-03-10 Price Changed $399,999 FORTMLS
• 2026-01-22 Relisted — FORTMLS
• 2026-01-22 Price Changed $470,000 FORTMLS
• 2026-01-20 Pending — FORTMLS
• 2026-01-20 Relisted — FORTMLS
• 2026-01-19 Listing Removed — FORTMLS
• 2025-09-21 Pending — FORTMLS
• 2025-09-08 Price Changed $390,000 FORTMLS
• 2025-06-19 Price Changed $420,000 FORTMLS
• 2025-04-13 Listed $470,000 FORTMLS
• 2020-12-11 Sold (Public Records) $228,900 Public Records
• 2020-12-07 Sold (MLS) $228,900 FORTMLS
• 2020-11-02 Pending — FORTMLS
• 2020-10-27 Price Changed $228,900 FORTMLS
• 2020-09-24 Listed $229,900 FORTMLS
• 2012-04-27 Sold (Public Records) $70,000 Public Records
• 2012-03-29 Sold (Public Records) $58,500 Public Records
• 2012-03-27 Price Changed $59,900 FORTMLS
• 2012-03-27 Sold (MLS) $58,500 FORTMLS
• 2005-11-29 Sold (Public Records) $279,900 Public Records
• 2005-10-10 Sold (MLS) $279,900 FORTMLS

Property tax history

+10.0%/yr

Latest (2025): $4,412 · +8.5% YoY. Source: county tax records.