4024 23rd St SW · Lehigh Acres, FL 33976

$265,097

3 bd · 2.0 ba · 1,487 sqft · Land · 9 Days on market

Built 2026 10,759 sqft lot

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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
• Cash flow +7.8/30.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Rent growth +2.1/5.0
• DSCR +1.9/10.0

Listing remarks

One or more photo(s) has been virtually staged, AI generated or rendered. THIS NEW CONSTRUCTION HOME IS READY FOR YOU NOW! This new single-story home maximizes space and emphasizes convenience. The open-concept layout integrates the family room, dining room and kitchen with a central island, facilitating effortless transitions between rooms for easy entertaining during gatherings. On the opposite side of the home are all three bedrooms, including the peaceful owner’s suite with an attached bathroom and walk-in closet. Discover the allure of Lennar's standalone homes throughout Lehigh Acres, where you can enjoy the advantages of a Lennar home with no HOA fees. Prices, dimensions and fe

Key facts

• 0.25 acre lot
• 2 garage spots
• Built 2026

Property features AI

Finance

• Other: Corner lot; Lot dimensions approx. 90 x 120 (developer brochure); Lot size about 0.247 acre; Landscaped view; Irrigation via well; No canal access; Single unit building on one floor
• HOA & community: No HOA maintenance; No community amenities; Community type: see remarks

Exterior

• Parking: Attached 2-car garage
• Utilities: Well water; Septic sewer; Electric service (central)
• Home design: Residential single-family home; 1-story ranch / traditional exterior; Rear exposure faces north; Located in Lehigh Acres development
• Construction: Concrete block construction; Built in 2026
• Exterior features: Shingle roof; Single-hung and sliding windows; Manual shutters; Stucco exterior

Interior

• Kitchen: Dishwasher; Double oven; Range; Self-cleaning oven; Microwave; Refrigerator/ice maker; Freezer
• Bedrooms: 3 bedrooms; Primary bedroom on first floor
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning
• Interior features: High-speed internet available; Walk-in closet; Dining area (family); Guest bath; Guest room; Laundry in residence; Open porch/lanai; Unfurnished; Great room floor plan; 2-story interior layout
• Laundry & utility: Washer; Dryer; Auto garage door

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $265k.

Deal economics

• At list price, monthly cash flow is $-290 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $223k (15.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (26.4% below list).
• Recommended offer: $195k (26.4% 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 soft (-1.5%/yr); 786 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 32% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $28k of equity ($2k loan paydown + $27k 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 ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $224k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $195,148 (26.4% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.74% ✗
• Cap rate: 4.98%
• Cash-on-cash: -4.69%
• DSCR: 0.79
• GRM: 11.3

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: 20.1%
• Equity multiple: 2.62×
• Total profit: $120,196
• Equity at exit: $238,820

10-year hold

• IRR: 17.8%
• Equity multiple: 5.83×
• Total profit: $358,319
• Equity at exit: $515,025

Cash invested: $74,227 (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 33976

• Home prices YoY: 6.8%
• Rents YoY: -1.5%
• Active inventory: 786
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,951 high
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,976/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $-290

Break-even live

Break-even rent $2,319

Max offer price $223,082

Occupancy floor —

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: $66,274
• Closing costs: $7,953
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4203 23rd St SW Lehigh Acres, FL	4.0	2.0	1833	$1,850	$1.01	19d	1	0.13mi
4001 22nd St SW Lehigh Acres, FL	3.0	2.0	1055	$1,950	$1.85	3d	1	0.22mi
4221 18th St SW Lehigh Acres, FL	3.0	2.5	1600	$2,600	$1.62	14d	1	0.35mi
4021 28th St SW Lehigh Acres, FL	3.0	2.0	1529	$1,800	$1.18	24d	1	0.39mi
1578 Gretchen Ave S Lehigh Acres, FL	3.0	2.0	1728	$2,000	$1.16	24d	1	0.48mi
4401 22nd St SW Lehigh Acres, FL	3.0	2.0	1109	$1,345	$1.21	24d	1	0.51mi
4412 25th St SW Lehigh Acres, FL	3.0	2.0	1205	$1,700	$1.41	21d	1	0.52mi
1544 Gretchen Ave S Lehigh Acres, FL	2.0	2.0	1221	$1,800	$1.47	24d	1	0.53mi
4421 25th St SW Lehigh Acres, FL	3.0	2.0	1253	$1,250	$1.00	10d	1	0.58mi
4507 20th St SW Lehigh Acres, FL	2.0	2.0	1135	$1,400	$1.23	24d	1	0.63mi
1502 Gretchen Ave S Lehigh Acres, FL	3.0	2.0	1270	$2,000	$1.57	3d	1	0.65mi
4101 33rd St SW Lehigh Acres, FL	3.0	2.0	1698	$2,200	$1.30	14d	1	0.65mi
3714 17th St SW Lehigh Acres, FL	4.0	2.0	1833	$1,890	$1.03	24d	1	0.68mi
4512 Leonard Blvd S Lehigh Acres, FL	2.0	2.0	1048	$1,300	$1.24	3d	1	0.69mi
4512 Leonard Blvd S Lehigh Acres, FL	2.0	2.0	1048	$1,350	$1.29	24d	1	0.69mi
4514 Leonard Blvd S Lehigh Acres, FL	2.0	2.0	1048	$1,300	$1.24	3d	1	0.70mi
4514 Leonard Blvd S Lehigh Acres, FL	2.0	2.0	1048	$1,350	$1.29	24d	1	0.70mi
4005 12th St SW Lehigh Acres, FL	3.0	2.0	1122	$1,610	$1.43	19d	1	0.70mi
4523 22nd St SW Lehigh Acres, FL	3.0	2.0	1125	$1,700	$1.51	24d	1	0.72mi
1504 Gary Ln Lehigh Acres, FL	3.0	2.0	1198	$1,660	$1.39	24d	1	0.72mi
1506 Gary Ln Lehigh Acres, FL	3.0	2.0	1198	$1,660	$1.39	24d	1	0.73mi
4435 27th St SW Lehigh Acres, FL	3.0	2.0	1158	$1,250	$1.08	19d	1	0.73mi
4503 15th St SW Lehigh Acres, FL	3.0	2.0	1200	$1,800	$1.50	24d	1	0.74mi
4440 28th St SW Lehigh Acres, FL	3.0	2.0	1200	$1,495	$1.25	12d	1	0.76mi
2904 Wanda Ave S Lehigh Acres, FL	3.0	2.0	1501	$1,900	$1.27	24d	1	0.78mi
2504 Vera Ave S Lehigh Acres, FL	3.0	3.0	1643	$2,400	$1.46	24d	1	0.79mi
4541 20th St SW Lehigh Acres, FL	2.0	1.0	924	$1,195	$1.29	24d	1	0.79mi
4543 21st St SW Lehigh Acres, FL	3.0	2.0	1228	$1,600	$1.30	3d	1	0.79mi
4543 21st St SW Lehigh Acres, FL	3.0	2.0	1228	$1,600	$1.30	3d	1	0.79mi
4545 21st St SW Lehigh Acres, FL	3.0	2.0	1200	$1,500	$1.25	24d	1	0.80mi
4020 36th St SW Lehigh Acres, FL	3.0	2.0	1354	$2,050	$1.51	24d	1	0.81mi
4528 24th St SW Lehigh Acres, FL	3.0	2.0	1200	$2,300	$1.92	16d	1	0.82mi
1101 Meadow Rd Lehigh Acres, FL	2.0	2.0	1024	$2,027	$1.98	24d	1	0.82mi
1103 Meadow Rd Lehigh Acres, FL	2.0	2.0	1024	$2,027	$1.98	24d	1	0.82mi
1511 Haviland Ave S Lehigh Acres, FL	3.0	2.0	1200	$1,550	$1.29	24d	1	0.83mi
1509 Haviland Ave S Lehigh Acres, FL	3.0	2.0	1200	$1,550	$1.29	24d	1	0.83mi
4458 29th St SW Lehigh Acres, FL	2.0	2.0	1024	$2,027	$1.98	24d	1	0.85mi
4460 29th St SW Lehigh Acres, FL	2.0	2.0	1024	$1,500	$1.46	24d	1	0.86mi
4453 29th St SW Lehigh Acres, FL	3.0	2.0	1198	$1,660	$1.39	24d	1	0.86mi
4455 29th St SW Lehigh Acres, FL	3.0	2.0	1198	$1,660	$1.39	24d	1	0.86mi

Listing history 6 events

1. 2026-05-08
   status Pending
2. 2026-04-29
   listed $265,097 Active
3. 2025-10-06
   soldstatus $224,000
4. 2022-07-06
   soldstatus $244,000
5. 2016-01-08
   soldstatus $2,000,000
6. 2005-02-11
   soldstatus $24,400

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 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: $23,418
• − Mortgage interest: −$14,850
• − Property taxes: −$3,976
• − Insurance: −$1,325
• − Repairs & maintenance: −$1,873
• − Management: −$1,873
• − Depreciation: −$7,712
• Taxable loss: −$8,192
• Est. tax savings @ 24.0%: +$1,966
• After-tax cash flow: $-1,518/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): 20,277
• Household income: $72,679
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 574.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 50% Two or more races 30% White 24% Black 20% Asian 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 8% Cuban 18% Dominican 4%
• Common ancestry: Hispanic 8% Slovak 1% Lithuanian 1%
• Foreign-born: 35% · Canada, Jamaica, Vietnam
• Languages at home: 46% English-only · Spanish 43% French/Haitian/Cajun 8% Vietnamese 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: ▲ 21.77%
• Current HPI: 340.4255
• Rent YoY: ▼ -1.54%
• 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

+986.5% since first listed

6 events — show timeline

• 2026-05-08 Pending — NAPLESMLS
• 2026-04-29 Listed $265,097 NAPLESMLS
• 2025-10-06 Sold (Public Records) $224,000 Public Records
• 2022-07-06 Sold (Public Records) $244,000 Public Records
• 2016-01-08 Sold (Public Records) $2,000,000 Public Records
• 2005-02-11 Sold (Public Records) $24,400 Public Records

Property tax history

+19.1%/yr

Latest (2025): $497 · +11.9% YoY. Source: county tax records.