732/734 Holmes Ave · Lehigh Acres, FL 33974

$400,000

4 bd · 4.0 ba · 2,390 sqft · MultiFamily public records · 5 Days on market

Built 2008 0.29 ac 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).

• Cash flow +13.8/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Schools +4.1/10.0
• 1% rule +3.3/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• 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 MLS

BACK ON THE MARKET Come see this charming duplex consisting of 2 bedrooms plus den, 2 bath, 1,165 (sqft), 2 car garage, concrete driveway -very well taken care of property. This property has a spacious layout and nice sized rooms. This property will make the perfect addition to your rental portfolio. One unit is vacant and the second will be vacant on 8/31/2019. Property is being sold “as-is” with right to inspect. It is the buyers and buyer’s agent responsibility to verify all room measurements, utilities info, lot size, schools zoning, building addition permits, building materials, along with all property information in this listing. All room measurements and dimensions are estimates.

Key facts

• New stove
• Recent updates
• New fridge

Tags

• WELL ESTABLISHED AREA
• EASY ACCESS TO FORT MYERS
• CONCRETE DRIVEWAY
• RECENT UPDATES
• NEW FRIDGE
• NEW STOVE

Property features AI

Finance

• Financial info: Gross scheduled income: $17,280; Unit rents currently $1,600 and $1,500; Land lease expires 2026-07-31; Tenants pay electricity; Pets allowed conditionally
• HOA & community: Non-gated community; No association fee reported

Exterior

• Parking: Each unit has an attached 2-car garage (total 4 garage spaces)
• Utilities: Cable available; Well water; Septic tank
• Home design: Multifamily property with 2 total units; Resale condition; Zoned RM-2
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Patio; Room for a pool; Rectangular lot; Paved road access; Lot dimensions approximately 80 x 120

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Carpet; Tile
• Bathrooms: Each unit has 2 full bathrooms (4 full bathrooms total)
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Single hung and sliding windows; Smoke detectors
• Laundry & utility: Washer and dryer in each unit; Laundry located in garage

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $33 ($401/yr) — positive. Per door: $17/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 $331k (17.2% below list).
• Recommended offer: $331k (17.2% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $3,310/mo this rent would consume 55% 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 $43k of equity ($3k loan paydown + $40k 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 $112k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 7y ago 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.
• Current owner paid $227k; list at $400k implies a 76% 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 4→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $331,000 (17.2% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.83% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.36%
• DSCR: 1.02
• GRM: 10.1

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: 23.6%
• Equity multiple: 2.88×
• Total profit: $210,215
• Equity at exit: $360,352

10-year hold

• IRR: 20.3%
• Equity multiple: 6.36×
• Total profit: $599,882
• Equity at exit: $777,112

Cash invested: $112,000 (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: 20.1×

Monthly cashflow live

• Estimated rent: $3,310 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$317 /mo · $3,806/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$695
• Net cashflow: $33

Break-even live

Break-even rent $3,268

Max offer price $400,000

Occupancy floor 94%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,310
Total (2 units)			$3,310

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
827 Eisenhower Blvd Lehigh Acres, FL	3.0	2.5	1640	$1,780	$1.09	12d	1	0.49mi
862 Charles Sise St E Lehigh Acres, FL	3.0	2.0	1582	$2,664	$1.68	24d	1	0.56mi
908 Winters St E Lehigh Acres, FL	3.0	2.0	1639	$2,200	$1.34	10d	1	0.58mi
851 Eisenhower Blvd Lehigh Acres, FL	3.0	2.0	2330	$1,450	$0.62	10d	1	0.61mi
851 Bedford Dr Lehigh Acres, FL	3.0	2.0	2364	$1,600	$0.68	24d	1	0.67mi
928 Milwaukee Blvd Lehigh Acres, FL	4.0	2.0	1719	$1,990	$1.16	24d	1	0.67mi
710 Godwid Ave S Lehigh Acres, FL	3.0	2.0	1758	$2,150	$1.22	3d	1	0.69mi
710 Godwid Ave S Lehigh Acres, FL	3.0	2.0	1758	$2,150	$1.22	21d	1	0.69mi
710 Godwid Ave S Lehigh Acres, FL	3.0	2.0	1758	$2,150	$1.22	3d	1	0.69mi
708 Godwid Ave S Lehigh Acres, FL	3.0	2.0	1758	$2,150	$1.22	21d	1	0.69mi
828 Genoa Ave S Lehigh Acres, FL	4.0	2.5	1632	$2,400	$1.47	24d	1	0.78mi
760 Festival Ave S Lehigh Acres, FL	3.0	2.0	1650	$2,000	$1.21	24d	1	0.90mi
847 Genoa Ave Lehigh Acres, FL	3.0	2.0	1600	$2,000	$1.25	3d	1	0.91mi
1147 Antonio St E Lehigh Acres, FL	3.0	2.0	1713	$2,300	$1.34	2d	1	0.94mi
556 Sherwood Ave S Lehigh Acres, FL	3.0	2.0	1582	$2,175	$1.37	24d	1	0.96mi
541 Hawthorne Ave S Lehigh Acres, FL	3.0	2.0	1634	$1,921	$1.18	3d	1	1.03mi
941 Elgin St Lehigh Acres, FL	3.0	2.0	1582	$2,664	$1.68	24d	1	1.15mi
765 Aprile Ave S Lehigh Acres, FL	4.0	2.0	1712	$2,100	$1.23	2d	1	1.19mi
814 Crystal Ave S Lehigh Acres, FL	3.0	2.0	1865	$1,815	$0.97	24d	1	1.19mi
728 Crestline Ave S Lehigh Acres, FL	4.0	3.0	1904	$2,000	$1.05	21d	1	1.20mi
936 Joponica Ave S Lehigh Acres, FL	4.0	2.0	2101	$2,500	$1.19	24d	1	1.23mi
751 Milano Ave S Lehigh Acres, FL	4.0	3.0	2263	$2,500	$1.10	2d	1	1.23mi
530 Kilgour Ave Lehigh Acres, FL	3.0	2.0	2214	$1,795	$0.81	3d	1	1.31mi
715 Bering Ave S Lehigh Acres, FL	3.0	2.0	1835	$1,895	$1.03	21d	1	1.32mi
1018 Kent St E Lehigh Acres, FL	3.0	2.0	1600	$2,000	$1.25	16d	1	1.35mi
934 Marilyn Ave S Lehigh Acres, FL	4.0	2.0	1577	$2,000	$1.27	11d	1	1.42mi
934 Marilyn Ave S Lehigh Acres, FL	4.0	2.0	1577	$2,000	$1.27	2d	1	1.42mi
459 Lockport Ave S Lehigh Acres, FL	3.0	2.0	1650	$2,000	$1.21	24d	1	1.48mi

Listing history 6 events

1. 2026-06-18
   days on market $400,000 Active 5 DOM
2. 2026-06-17
   days on market $400,000 Active 4 DOM
3. 2026-06-16
   days on market $400,000 Active 3 DOM
4. 2026-06-15
   days on market $400,000 Active 2 DOM
5. 2026-06-13
   remarks 695-char remark
6. 2026-06-13
   listed $400,000 Active 1 DOM

ⓘ 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: $3,806 · $317/mo
• Projected year-2 tax: $3,806 · $317/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 1/10 Low
• 🌡 Heat 9/10 Extreme 4 d/yr ≥109°F today · 15 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: $39,720
• − Mortgage interest: −$22,406
• − Property taxes: −$3,806
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,178
• − Management: −$3,178
• − Depreciation: −$11,636
• Taxable loss: −$6,484
• Est. tax savings @ 24.0%: +$1,556
• After-tax cash flow: $1,957/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): 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

+71.0% since first listed

6 events — show timeline

• 2026-06-13 Listed $400,000 FORTMLS
• 2019-04-18 Sold (MLS) $227,000 FORTMLS
• 2019-03-19 Pending — FORTMLS
• 2019-03-06 Relisted — FORTMLS
• 2019-02-19 Pending — FORTMLS
• 2019-01-25 Listed $233,900 FORTMLS

Property tax history

+9.4%/yr

Latest (2022): $3,806 · +18.2% YoY. Source: county tax records.