5621/5623 Fourth Ave · Pine Manor, FL 33907

$264,000

4 bd · 2.0 ba · 1,534 sqft · MultiFamily · 10 Days on market

Built 1973 Good condition 6,011 sqft lot Est $293k · 10% under

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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).

• Cash flow +16.4/30.0
• ARV discount +12.0/15.0
• DSCR +5.1/10.0
• 1% rule +4.5/10.0
• Schools +4.1/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +0.1/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Well maintained Duplex 2 bedrooms1 bath each side. The property features a Beautiful new kitchen, Central AC and window AC all good working condition and newer water heater, all floor ceramic tiles throughout and. freshly painted interior and exterior.

Key facts

• 6,011 sq ft lot
• Built 1973
• Listed 10 days

Property features AI

Finance

• Other: Lot dimensions approximately 148 x 50 x 50 x 148
• Financial info: Each unit currently rents for $1,300 (actual and pro forma); Units appear unfurnished; Tenant pays cable and water; Pets allowed
• HOA & community: No association fee

Exterior

• Parking: Parking details not provided
• Security: No security features listed
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-story multifamily building (2 units); Resale property; Zoned TFC-2
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Patio; Paved road access; Rectangular lot

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Two 2-bedroom units (each unit described with a great room)
• Flooring: Tile
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Central heating (electric); Central air (electric); Window air unit(s)
• Interior features: Single-hung windows; Tile flooring
• Laundry & utility: Tenant pays water

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $264k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $82 ($981/yr) — positive. Per door: $41/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 $250k (5.4% below list).
• Recommended offer: $250k (5.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#695 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools F, amenities F, commute F.
• 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 (-9.7%/yr); 346 active listings in the ZIP; 19 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).
• At $2,497/mo this rent would consume 57% of the median local household income ($52k/yr) (locally 1960% 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 $2k of loan paydown is wiped out by about $8k 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; 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 $249,700 (5.4% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-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: 0.95% ✗
• Cap rate: 6.97%
• Cash-on-cash: 2.41%
• DSCR: 1.11
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $292,994
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5625/5627 Fourth Ave	0.01mi	4/2.5	1,528 (-0%)	1mo	$250,000	$164	96
5637-5639 Fifth Ave	0.07mi	4/2.0	1,560 (+2%)	5mo	$180,000	$115	90
5532/5534 Seventh Ave	0.22mi	4/2.0	1,440 (-6%)	2mo	$275,000	$191	78
5508 10th Ave	0.40mi	4/2.0	1,440 (-6%)	15mo	$282,646	$196	59
5455/5457 Tenth Ave	0.40mi	4/2.0	1,320 (-14%)	2mo	$267,300	$203	57

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: -17.7%
• Equity multiple: 0.39×
• Total profit: $-44,813
• Equity at exit: $39,363

10-year hold

• IRR: -17.2%
• Equity multiple: 0.18×
• Total profit: $-60,281
• Equity at exit: $22,826

Cash invested: $73,920 (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 33907

• Home prices YoY: -26.8%
• Rents YoY: -9.7%
• Active inventory: 346
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $2,497 high
• Mortgage (P&I): −$1,384
• Tax est. 1.5%: −$330 /mo · $3,960/yr
• Insurance: −$110
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $82

Break-even live

Break-even rent $2,394

Max offer price $264,000

Occupancy floor 92%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,498
Total (2 units)			$2,497

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: $66,000
• Closing costs: $7,920
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5457 9th Ave Fort Myers, FL	3.0	2.0	1158	$2,050	$1.77	23d	1	0.36mi
5001 Palm Pointe Ct Fort Myers, FL	1.0–3.0	1.0–2.0	990	$2,735	$2.76	2d	35	0.36mi
1608 Park Meadows Dr #1 Fort Myers, FL	3.0	2.5	1722	$1,950	$1.13	23d	1	0.39mi
5335 Hawks Landing Dr Unit 202 Fort Myers, FL	3.0	2.0	1154	$1,555	$1.35	23d	1	0.56mi
12750 Equestrian Cir #3005 Fort Myers, FL	3.0	2.0	1154	$1,650	$1.43	23d	1	0.66mi
2181 Coronet St Fort Myers, FL	3.0	1.0	1810	$1,200	$0.66	3d	1	0.67mi
5625 Trailwinds Dr #412 Fort Myers, FL	3.0	2.0	1331	$2,150	$1.62	23d	1	0.89mi
5883 Sand Oak Dr Fort Myers, FL	3.0	2.0	1582	$2,300	$1.45	3d	1	0.97mi
1601 Red Cedar Dr Fort Myers, FL	1.0–3.0	1.0–2.0	1000	$1,594	$1.59	1d	36	0.99mi
5710 Trailwinds Dr #525 Fort Myers, FL	3.0	2.0	1435	$1,950	$1.36	19d	1	1.00mi
5710 Trailwinds Dr #525 Fort Myers, FL	3.0	3.0	1171	$1,700	$1.45	2d	1	1.00mi
1411 Whiskey Creek Dr Fort Myers, FL	3.0	2.0	2087	$3,390	$1.62	23d	1	1.10mi
1463 Tanglewood Pkwy Fort Myers, FL	3.0	2.0	1754	$3,100	$1.77	23d	1	1.15mi
1448 Covington Cir W Fort Myers, FL	3.0	2.0	1350	$3,500	$2.59	23d	1	1.20mi
8251 Pathfinder Loop #621 Fort Myers, FL	3.0	2.0	1306	$4,000	$3.06	23d	1	1.26mi
6346 Saint Andrews Cir S Fort Myers, FL	3.0	2.0	1174	$2,400	$2.04	3d	1	1.38mi
1208 Westfield Dr Fort Myers, FL	3.0	2.0	1600	$2,900	$1.81	23d	1	1.39mi
6313 Saint Andrews Cir S Fort Myers, FL	3.0	2.0	1418	$2,350	$1.66	3d	1	1.44mi
2425 Woodland Cir Fort Myers, FL	3.0	2.0	1379	$2,220	$1.61	23d	1	1.49mi

Listing history 2 events

1. 2026-05-08
   status Pending
2. 2026-04-27
   listed $264,000 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 7/10 Severe FEMA zone X (shaded) · 73% 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: $29,964
• − Mortgage interest: −$14,788
• − Property taxes: −$3,960
• − Insurance: −$2,118
• − Repairs & maintenance: −$2,397
• − Management: −$2,397
• − Depreciation: −$7,680
• Taxable loss: −$3,376
• Est. tax savings @ 24.0%: +$810
• After-tax cash flow: $1,791/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 · 6 photos

Good 75/100 Cosmetic rehab

A well-maintained and updated two-bedroom duplex with a new kitchen and central AC, ready for immediate occupancy.

Value-add opportunities

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics.
• Resale Replace countertops with quartz or granite — Improves kitchen functionality and appearance.
• Both Install smart home devices — Enhances convenience and marketability for both buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics. ↑
• Resale Replace countertops with quartz or granite — Improves kitchen functionality and appearance. ↑
• Both Install smart home devices — Enhances convenience and marketability for both buyers and renters. ↑

ⓘ 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 — Pine Manor

• Score: 64/100
• State rank: #695
• US rank: #14531

Category grades

Amenities F Commute F Cost of living A+ Crime B Employment F Housing A- Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pine Manor, FL
• County: Lee County · 788,662 people
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 25,033
• Household income: $52,478
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 1960.0

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 0.63)
• Race & ethnicity: White 52% Hispanic / Latino 30% Two or more races 21% Black 10% Asian 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 6% Cuban 2% Dominican 1%
• Common ancestry: Hispanic 2% Romanian 2% Lithuanian 2%
• Foreign-born: 26% · Canada, Jamaica, Dominican Republic
• Languages at home: 65% English-only · Spanish 25% Other Indo-European 4% French/Haitian/Cajun 2%

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: ▼ -93.02%
• Current HPI: 254.2264
• Rent YoY: ▼ -9.68%
• 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 events — show timeline

• 2026-05-08 Pending — FORTMLS
• 2026-04-27 Listed $264,000 FORTMLS