632/634 Knapp St · Lehigh Acres, FL 33974

$449,999

6 bd · 4.0 ba · — sqft · MultiFamily · 45 Days on market

Built 2025 Excellent condition

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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 +13.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +5.0/5.0
• Schools +4.1/10.0
• DSCR +3.9/10.0
• 1% rule +3.7/10.0
• Livability +3.0/5.0
• Rent growth +1.3/5.0

Multi-family units

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

Listing remarks

New construction just completed less than two months ago, 10 year warranty on property. Very nice duplex fully rented 2 tenants in place each paying 1700 a month. The insurance on home is only 1400 a year makes for a very good return on investment. Very good area close to 82 right where all the new shopping Plaza come this will be an easy rent for the lifetime of this home 28-45-27-L0-03016.0060

Key facts

• Built 2025
• Listed 45 days

Property features AI

Finance

• Other: Pets allowed with conditions (call for details)
• Financial info: Gross scheduled rental income: $40,800; Operating expenses: $4,800
• HOA & community: No association fee listed

Exterior

• Utilities: Well water; Septic sewer; Cable available
• Home design: Resale property; Zoned RM-2
• Construction: Built with block, concrete, and stucco; Shingle roof
• Exterior features: Non-gated community; Well water; Septic tank; Utilities: cable available

Interior

• Flooring: Tile
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Tile flooring; Solar hot water

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $450k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-22 ($-261/yr) — negative. Per door: $-11/mo.
• To cash-flow at today's rent, offer at most $447k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $391k (13.1% below list).
• Recommended offer: $391k (13.1% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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 (-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 $3,909/mo this rent would consume 65% 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 $48k of equity ($3k loan paydown + $45k appreciation (10.0% local appreciation)).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.0% rent growth), your $126k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$77k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 2 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 $390,900 (13.1% 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 45 days. Have you received any prior offers? Is the seller open to a 13% 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. 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: 0.87% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.21%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

No comps found within radius.

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1023 Loyal Ave S	0.30mi	6/4.0	—	9mo	$499,000	—	66
558-560 Nimitz Blvd	0.27mi	6/4.0	2,364	15mo	$529,900	$224	63

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

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 23.2%
• Equity multiple: 2.84×
• Total profit: $232,300
• Equity at exit: $405,395

10-year hold

• IRR: 20.0%
• Equity multiple: 6.28×
• Total profit: $664,780
• Equity at exit: $874,249

Cash invested: $126,000 (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: 19.2×

Monthly cashflow live

• Estimated rent: $3,909 high
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$821
• Net cashflow: $-22

Break-even live

Break-even rent $3,937

Max offer price $446,854

Occupancy floor 96%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,910
Total (2 units)			$3,909

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-17
   days on market $449,999 Active 45 DOM
2. 2026-06-16
   days on market $449,999 Active 44 DOM
3. 2026-06-15
   days on market $449,999 Active 43 DOM
4. 2026-06-13
   days on market $449,999 Active 41 DOM
5. 2026-06-10
   days on market $449,999 Active 38 DOM
6. 2026-06-09
   days on market $449,999 Active 37 DOM
7. 2026-06-08
   days on market $449,999 Active 36 DOM
8. 2026-06-07
   days on market $449,999 Active 35 DOM
9. 2026-06-03
   days on market $449,999 Active 31 DOM
10. 2026-06-02
    days on market $449,999 Active 30 DOM
11. 2026-06-01
    days on market $449,999 Active 29 DOM
12. 2026-05-31
    days on market $449,999 Active 28 DOM
13. 2026-05-10
    price $449,999
14. 2026-05-10
    status Active
15. 2026-04-13
    historical
16. 2026-04-06
    listed $443,900 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 10/10 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: $46,908
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,753
• − Management: −$3,753
• − Depreciation: −$13,091
• Taxable loss: −$7,895
• Est. tax savings @ 24.0%: +$1,895
• After-tax cash flow: $1,634/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.

Condition & rehab AI · 13 photos

Excellent 100/100 None rehab

This newly constructed multi-family property is in excellent condition with no visible repairs or maintenance needed. It is fully rented and presents a great investment opportunity.

Value-add opportunities

• Both Painting the interior walls and adding decorative elements to the kitchen and bathrooms. — Enhances the aesthetic appeal and can attract more renters or buyers.
• Both Adding a backsplash in the kitchen. — Improves the kitchen's functionality and appearance, making it more attractive to potential buyers or renters.
• Both Upgrading the flooring in the bathrooms. — Modernizes the bathrooms and improves the overall aesthetic of the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the interior walls and adding decorative elements to the kitchen and bathrooms. — Enhances the aesthetic appeal and can attract more renters or buyers. ↑
• Both Adding a backsplash in the kitchen. — Improves the kitchen's functionality and appearance, making it more attractive to potential buyers or renters. ↑
• Both Upgrading the flooring in the bathrooms. — Modernizes the bathrooms and improves the overall aesthetic of the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+1.4% since first listed

4 events — show timeline

• 2026-05-10 Price Changed $449,999 FORTMLS
• 2026-05-10 Relisted — FORTMLS
• 2026-04-13 Listing Removed — FORTMLS
• 2026-04-06 Listed $443,900 FORTMLS