2656 Dr Ella Piper Way · Fort Myers, FL 33916

$169,990

3 bd · 2.0 ba · 1,008 sqft · SingleFamily public records · 45 Days on market

Built 1991 0.26 ac lot Est $222k · 23% under

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Why this score? — see what drove the B- 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 +24.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +6.5/10.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• Condition / age +2.5/5.0
• Rent growth +1.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor Special in the heart of Fort Myers – Prime Value-Add Opportunity Near Downtown Fort Myers! Don’t miss this high-upside 3-bedroom, 2-bathroom property located at 2656 Dr Ella Piper Way, offering an exceptional fix-and-flip or buy-and-hold opportunity with strong margins and increasing demand in one of Southwest Florida’s most active investment corridors. Positioned on an oversized 0.258-acre (quarter+ acre) lot, this 1,008 sq ft home presents a rare combination of affordability, lot size, and proximity to lifestyle amenities that today’s end buyers and renters are actively seeking. This property features a functional and efficient layout with excellent bones,

Key facts

• Expansive lot
• Functional layout
• Oversized lot

Tags

• OVERSIZED LOT
• FUNCTIONAL LAYOUT
• LIGHT TO MODERATE RENOVATION
• WALKABLE LIFESTYLE
• EXPANSIVE LOT
• EASY ACCESS TO MAJOR ROADWAYS

Property features AI

Finance

• Other: Property zoned NR1
• Financial info: No specific rental/income or investor financial details provided
• HOA & community: Non-gated community; No HOA amenities listed

Exterior

• Parking: Attached 1-car carport
• Security: No community or on-site security features listed
• Utilities: Central water; Central sewer; Electric service
• Home design: Single-family home; One-story (ranch) design; Residential property in the Fort Myers development
• Construction: Concrete block construction; Tile roof; Built in 1991
• Exterior features: Stucco exterior; Single-hung windows; Oversize lot; Rear exposure faces southwest

Interior

• Kitchen: No specific appliances listed
• Bedrooms: 3 bedrooms, including a first-floor primary bedroom
• Flooring: Tile flooring throughout
• Bathrooms: 2 full bathrooms; Primary bathroom with tub-and-shower combo
• Heating & cooling: Central electric heat; Ceiling fans for cooling
• Interior features: Split-bedroom floor plan; Dining area open to family room; Unfurnished; See remarks for additional interior details
• Laundry & utility: No laundry appliance details provided

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $337 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.0% in Fort Myers — 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 86/100 on livability (#14 in FL, #383 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• 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 (-4.3%/yr); 267 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 44% of the median local income ($53k/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 $1k of loan paydown is wiped out by about $5k 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 45 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $164,890 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.15% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.50%
• DSCR: 1.38
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $221,760
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2775 Lime St	0.16mi	3/2.0	1,115 (+11%)	17mo	$245,000	$220	61
1543 Billie St	0.58mi	2/1.0 (-1)	1,026 (+2%)	16mo	$125,000	$122	48

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: -6.9%
• Equity multiple: 0.75×
• Total profit: $-11,729
• Equity at exit: $25,346

10-year hold

• IRR: -1.6%
• Equity multiple: 0.91×
• Total profit: $-4,423
• Equity at exit: $14,698

Cash invested: $47,597 (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 33916

• Home prices YoY: -28.2%
• Rents YoY: -4.3%
• Active inventory: 267
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,947 high
• Mortgage (P&I): −$891
• Tax from tax record: −$238 /mo · $2,860/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $337

Break-even live

Break-even rent $1,520

Max offer price $169,990

Occupancy floor 78%

Sensitivity live

Price	-10% $433	-5% $385	+0% $337	+5% $289	+10% $241
Rent	-10% $183	-5% $260	+0% $337	+5% $414	+10% $491
Rate	-1.0pp $423	-0.5pp $380	base $337	+0.5pp $293	+1.0pp $248

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: $42,498
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2656 Lime St Fort Myers, FL	4.0	2.0	1232	$1,700	$1.38	4d	1	0.08mi
2579 Second St Fort Myers, FL	3.0	2.0	1404	$2,500	$1.78	16d	1	0.19mi
2575 Second St Fort Myers, FL	2.0	1.0	750	$1,488	$1.98	2d	3	0.20mi
1615 Evans Ave Unit 2 Fort Myers, FL	2.0	1.0	795	$1,199	$1.51	24d	1	0.20mi
1629 Poinsettia Ave Fort Myers, FL	2.0	1.0	1410	$2,500	$1.77	24d	1	0.24mi
2610 Providence St Unit 3 Fort Myers, FL	2.0	1.0	800	$1,495	$1.87	24d	1	0.27mi
2610 Providence St Unit 10 Fort Myers, FL	2.0	1.0	750	$1,495	$1.99	22d	1	0.27mi
2711 1st St Fort Myers, FL	2.0	2.0	1201	$1,690	$1.41	24d	2	0.42mi
2711 1st St #502 Fort Myers, FL	2.0	2.0	1201	$1,780	$1.48	16d	1	0.42mi
1919 Lillie St Unit H Fort Myers, FL	2.0	1.0	829	$1,400	$1.69	24d	1	0.42mi
1919 Lillie St Unit F Fort Myers, FL	2.0	1.0	829	$1,400	$1.69	16d	1	0.42mi
2741 First St Apt 207 Fort Myers, FL	2.0	2.5	1250	$1,995	$1.60	15d	1	0.43mi
2741 1st St Fort Myers, FL	2.0	2.5	1250	$1,975	$1.58	12d	1	0.43mi
2741 First St Apt 203 Fort Myers, FL	2.0	2.5	1150	$1,825	$1.59	15d	1	0.43mi
2741 First St Apt 204 Fort Myers, FL	2.0	2.5	1200	$1,850	$1.54	15d	1	0.43mi
2515 First St Fort Myers, FL	2.0	1.0	950	$1,718	$1.81	4d	1	0.44mi
2480 First St Fort Myers, FL	2.0	1.0–2.0	984	$2,499	$2.54	3d	26	0.44mi
2743 1st St #304 Fort Myers, FL	3.0	2.0	1341	$2,300	$1.72	24d	1	0.47mi
2745 1st St #1903 Fort Myers, FL	3.0	2.0	1408	$5,500	$3.91	24d	1	0.49mi
2745 1st St #404 Fort Myers, FL	3.0	2.0	1408	$2,750	$1.95	24d	1	0.49mi
2745 1st St #2703 Fort Myers, FL	3.0	2.0	1408	$3,000	$2.13	24d	1	0.49mi
2797 1st St #804 Fort Myers, FL	2.0	2.0	1234	$3,500	$2.84	24d	1	0.54mi
2797 1st St #2002 Fort Myers, FL	2.0	2.0	1457	$2,300	$1.58	24d	1	0.54mi
2797 First St Unit 20 Fort Myers, FL	2.0	2.0	1457	$2,899	$1.99	24d	1	0.54mi
2797 First St Unit 1546387P Fort Myers, FL	3.0	3.0	1442	$3,059	$2.12	15d	1	0.54mi
2797 1st St #1602 Fort Myers, FL	3.0	2.0	1459	$2,495	$1.71	24d	1	0.54mi
2797 1st St #804 Fort Myers, FL	2.0	2.0	1234	$2,300	$1.86	16d	1	0.54mi
2825 Palm Beach Blvd Fort Myers, FL	1.0–3.0	1.5–2.5	990	$2,200	$2.22	11d	7	0.54mi
2649 Market St Unit 2651 Fort Myers, FL	3.0	2.0	1184	$1,250	$1.06	20d	1	0.55mi
2651 Market St Fort Myers, FL	3.0	2.0	1184	$1,295	$1.09	24d	1	0.55mi
2310 First St Fort Myers, FL	2.0	1.0	895	$1,700	$1.90	4d	1	0.56mi
2310 First St Fort Myers, FL	2.0	2.0	945	$1,400	$1.48	24d	1	0.56mi
2875 Palm Beach Blvd #206 Fort Myers, FL	2.0	2.0	938	$1,800	$1.92	24d	1	0.60mi
2955 Dunbar St Unit A Fort Myers, FL	3.0	2.0	1285	$2,300	$1.79	16d	1	0.60mi
2955 Dunbar St Unit A Fort Myers, FL	3.0	2.0	1111	$2,300	$2.07	4d	1	0.60mi
2885 Palm Beach Blvd #402 Fort Myers, FL	2.0	2.0	938	$1,850	$1.97	14d	1	0.62mi
2885 Palm Beach Blvd #301 Fort Myers, FL	2.0	2.0	835	$1,650	$1.98	15d	1	0.62mi
2885 Palm Beach Blvd #301 Fort Myers, FL	2.0	2.0	835	$1,650	$1.98	14d	1	0.62mi
2885 Palm Beach Blvd #408 Fort Myers, FL	2.0	2.0	835	$1,675	$2.01	24d	1	0.62mi
2885 Palm Beach Blvd #402 Fort Myers, FL	2.0	2.0	938	$1,850	$1.97	15d	1	0.62mi

Listing history 29 events

1. 2026-06-17
   days on market $169,990 Active 45 DOM
2. 2026-06-16
   pricedays on market $169,990 Active 44 DOM
3. 2026-06-15
   days on market $174,990 Active 43 DOM
4. 2026-06-13
   days on market $174,990 Active 41 DOM
5. 2026-06-10
   days on market $174,990 Active 38 DOM
6. 2026-06-09
   days on market $174,990 Active 37 DOM
7. 2026-06-08
   days on market $174,990 Active 36 DOM
8. 2026-06-07
   days on market $174,990 Active 35 DOM
9. 2026-06-03
   days on market $174,990 Active 31 DOM
10. 2026-06-02
    days on market $174,990 Active 30 DOM
11. 2026-06-01
    days on market $174,990 Active 29 DOM
12. 2026-05-31
    days on market $174,990 Active 28 DOM
13. 2026-05-14
    price $174,990
14. 2026-05-01
    listed $179,990 Active
15. 2026-04-01
    listed $5,000 Active
16. 2026-02-20
    historical
17. 2025-10-02
    status Active
18. 2024-10-28
    price $250,000
19. 2024-09-23
    listed $195,000 Active
20. 2023-08-01
    soldstatus $225,000
21. 2023-07-31
    soldstatus $225,000 Closed
22. 2023-06-18
    status Pending
23. 2023-06-17
    status Active
24. 2023-06-13
    price $225,000
25. 2023-06-13
    status Pending
26. 2023-06-13
    price $230,000
27. 2023-06-05
    listed $230,000 Active
28. 2020-02-12
    soldstatus $120,000
29. 1991-06-19
    soldstatus $33,000

ⓘ 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: $2,860 · $238/mo
• Projected year-2 tax: $2,860 · $238/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 4/10 Moderate FEMA zone X (shaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $23,360
• − Mortgage interest: −$9,522
• − Property taxes: −$2,860
• − Insurance: −$850
• − Repairs & maintenance: −$1,869
• − Management: −$1,869
• − Depreciation: −$4,945
• Taxable income: $1,444
• Est. tax owed @ 24.0%: −$347
• After-tax cash flow: $3,700/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 — Fort Myers

• Score: 86/100
• State rank: #14
• US rank: #383

Category grades

Amenities A+ Commute A+ 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: Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 278,598
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 27,943
• Household income: $52,586
• Rent vs Own: 66.2% rent · 33.8% own
• Severe rent burden: 2324.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Black 34% Hispanic / Latino 30% White 28% Two or more races 21% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 6% Cuban 7% Dominican 1%
• Common ancestry: Estonian 3% Hispanic 1% Romanian 1%
• Foreign-born: 22% · Canada, Vietnam, China
• Languages at home: 69% English-only · Spanish 24% Other Indo-European 4% French/Haitian/Cajun 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: ▼ -95.73%
• Current HPI: 243.2657
• Rent YoY: ▼ -4.30%
• 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

+430.3% since first listed

17 events — show timeline

• 2026-05-14 Price Changed $174,990 NAPLESMLS
• 2026-05-01 Listed $179,990 NAPLESMLS
• 2026-04-01 Listed $5,000 NFMLS
• 2026-02-20 Delisted — BEARMLS
• 2025-10-02 Relisted — BEARMLS
• 2024-10-28 Price Changed $250,000 BEARMLS
• 2024-09-23 Listed $195,000 BEARMLS
• 2023-08-01 Sold (Public Records) $225,000 Public Records
• 2023-07-31 Sold (MLS) $225,000 FORTMLS
• 2023-06-18 Pending — FORTMLS
• 2023-06-17 Relisted — FORTMLS
• 2023-06-13 Price Changed $225,000 FORTMLS
• 2023-06-13 Pending — FORTMLS
• 2023-06-13 Price Changed $230,000 FORTMLS
• 2023-06-05 Listed $230,000 FORTMLS
• 2020-02-12 Sold (Public Records) $120,000 Public Records
• 1991-06-19 Sold (Public Records) $33,000 Public Records

Property tax history

+11.5%/yr

Latest (2025): $2,860 · -20.3% YoY. Source: county tax records.