4653-4655 29th St SW · Lehigh Acres, FL 33973

$349,000

4 bd · 4.0 ba · 2,252 sqft · MultiFamily public records · 6 Days on market

Built 2006 Est $405k · 14% under

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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 +20.3/30.0
• ARV discount +13.8/15.0
• DSCR +6.5/10.0
• 1% rule +5.0/10.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.8/10.0
• Rent growth +0.8/5.0

Multi-family units

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

Listing remarks MLS

INVESTORS OPPORTUNITY. FAIRLY WELL MAINTAINED. CLOSE TO SHOPPING, AND GREAT ACCESS TO FORT MYERS.

Key facts

• Tile floor
• Metal roof
• Ac units

Tags

• METAL ROOF
• AC UNITS
• WATER EQUIPMENT
• TILE FLOOR

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $449 ($5k/yr) — positive. Per door: $225/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $349k).
• Cap rate 7.8% 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 (-7.0%/yr); 292 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).
• At $3,494/mo this rent would consume 69% of the median local household income ($61k/yr) (locally 1142% 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 $10k 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 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $56k; list at $349k implies a 523% 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; moderate wildfire risk; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $349,000

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. 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 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: 1.00% ✓
• Cap rate: 7.84%
• Cash-on-cash: 5.51%
• DSCR: 1.25
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $405,360
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4653-4655 29th St SW	0.00mi	4/4.0	2,252 (0%)	0mo	$349,000	$155	100
4645/4647 30th St SW	0.07mi	4/4.0	2,280 (+1%)	13mo	$450,000	$197	84
4613/4615 29th St SW	0.19mi	4/4.0	2,512 (+12%)	0mo	$419,000	$167	72
1533/1535 Hightower Ave S	0.65mi	4/4.0	2,470 (+10%)	12mo	$445,000	$180	44

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: -11.1%
• Equity multiple: 0.61×
• Total profit: $-38,201
• Equity at exit: $52,037

10-year hold

• IRR: -6.6%
• Equity multiple: 0.63×
• Total profit: $-36,045
• Equity at exit: $30,175

Cash invested: $97,720 (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 33973

• Home prices YoY: -3.4%
• Rents YoY: -7.0%
• Active inventory: 292
• Price-to-rent: 16.6×

Monthly cashflow live

• Estimated rent: $3,494 high
• Mortgage (P&I): −$1,830
• Tax from tax record: −$336 /mo · $4,027/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$734
• Net cashflow: $449

Break-even live

Break-even rent $2,926

Max offer price $349,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,494
Total (2 units)			$3,494

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4719 28th St SW Lehigh Acres, FL	3.0	2.0	2000	$1,850	$0.93	23d	1	0.14mi
4720 29th St SW Unit 4722 Lehigh Acres, FL	3.0	2.0	2394	$2,400	$1.00	23d	1	0.15mi
4660 26th St SW Unit 4662 Lehigh Acres, FL	3.0	2.0	2246	$1,700	$0.76	19d	1	0.18mi
10575 Timber Creek Dr Fort Myers, FL	3.0	3.0	2434	$10,000	$4.11	23d	1	0.29mi
4646 24th St SW Lehigh Acres, FL	3.0	2.0	1600	$1,600	$1.00	23d	1	0.30mi
4614 25th St SW Lehigh Acres, FL	3.0	2.0	2328	$1,300	$0.56	21d	1	0.31mi
10849 Timber Creek Dr Fort Myers, FL	5.0	4.5	3357	$4,000	$1.19	23d	1	0.41mi
4734 22nd St SW Lehigh Acres, FL	3.0	2.0	2349	$1,850	$0.79	23d	1	0.43mi
10525 Timber Creek Dr Fort Myers, FL	4.0	3.0	2032	$3,100	$1.53	3d	1	0.51mi
10525 Timber Creek Dr Fort Myers, FL	4.0	3.0	2032	$3,100	$1.53	14d	1	0.51mi
10798 Timber Creek Dr Fort Myers, FL	3.0	3.0	2650	$8,500	$3.21	23d	1	0.53mi
4800 15th St SW Lehigh Acres, FL	3.0	2.0	2522	$1,800	$0.71	21d	1	0.53mi
4806 24th St SW Lehigh Acres, FL	3.0	2.0	2252	$1,650	$0.73	10d	1	0.56mi
4806 24th St SW Lehigh Acres, FL	3.0	2.0	2252	$1,650	$0.73	3d	1	0.56mi
4743 14th St SW Lehigh Acres, FL	3.0	2.0	2340	$1,700	$0.73	23d	1	0.61mi
4816 24th St SW Lehigh Acres, FL	3.0	2.0	1730	$1,800	$1.04	23d	1	0.62mi
4816 24th St SW Lehigh Acres, FL	3.0	2.0	1730	$1,800	$1.04	15d	1	0.62mi
4818 24th St SW Lehigh Acres, FL	3.0	2.0	1730	$1,800	$1.04	23d	1	0.62mi
4541 21st St SW Lehigh Acres, FL	3.0	2.0	2228	$1,695	$0.76	23d	1	0.62mi
14279 Winding Cedar Way Fort Myers, FL	4.0	3.0	2032	$3,000	$1.48	2d	1	0.64mi
4822 24th St SW Lehigh Acres, FL	3.0	2.0	1730	$1,800	$1.04	23d	1	0.64mi
4449 26th St SW Lehigh Acres, FL	3.0	2.0	2242	$1,900	$0.85	23d	1	0.69mi
4713 13th St SW Lehigh Acres, FL	3.0	2.0	2320	$1,600	$0.69	3d	1	0.69mi
2431 Paul Ave S Lehigh Acres, FL	3.0	2.0	2600	$2,000	$0.77	23d	1	0.72mi
11171 Canopy Loop Fort Myers, FL	3.0	3.0	2434	$3,000	$1.23	13d	1	0.73mi
11127 Canopy Loop Fort Myers, FL	3.0	3.0	2434	$3,275	$1.35	23d	1	0.74mi
11336 Canopy Loop Unit 1545819P Fort Myers, FL	3.0	3.0	2443	$4,682	$1.92	15d	1	0.77mi
2271 Eaton Lake Ct Lehigh Acres, FL	3.0	2.0	1740	$2,300	$1.32	23d	1	0.79mi
11091 Canopy Loop Fort Myers, FL	4.0	3.0	2032	$3,300	$1.62	3d	1	0.80mi
11348 Canopy Loop Fort Myers, FL	3.0	3.0	2434	$3,300	$1.36	3d	1	0.81mi
11028 Lakeland Cir Fort Myers, FL	4.0	2.0	2136	$2,550	$1.19	23d	1	0.87mi
4501 15th St SW Unit 4501 Lehigh Acres, FL	3.0	2.0	2383	$1,800	$0.76	23d	1	0.89mi
13802 Pine Lodge Ln Fort Myers, FL	4.0	3.0	2606	$4,500	$1.73	23d	1	0.89mi
11380 Canopy Loop Fort Myers, FL	3.0	3.0	2420	$3,300	$1.36	14d	1	0.90mi
1578 Gretchen Ave S Lehigh Acres, FL	3.0	2.0	1728	$2,000	$1.16	23d	1	0.90mi
4518 14th St SW Lehigh Acres, FL	3.0	2.0	2376	$2,000	$0.84	23d	1	0.90mi
13846 Pine Lodge Ln Fort Myers, FL	4.0	3.0	2032	$3,500	$1.72	23d	1	0.91mi
13856 Pine Lodge Ln Fort Myers, FL	4.0	3.0	2032	$3,200	$1.57	3d	1	0.92mi
14158 Gardeners Way Fort Myers, FL	3.0	2.5	1871	$2,600	$1.39	2d	1	0.94mi
11081 Lakeland Cir Fort Myers, FL	4.0	2.0	2136	$2,600	$1.22	23d	1	0.97mi

Listing history 9 events

1. 2026-04-28
   status Pending
2. 2026-04-22
   listed $349,000 Active
3. 2013-11-27
   price $48,900 97-char remark

   Show marketing remark (111 chars)

   brand new duplex for sale. Quality construction! Tile floors in entire home. A must see! Don't wait to build!

4. 2013-11-27
   price $299,900 111-char remark

   Show marketing remark (111 chars)

   brand new duplex for sale. Quality construction! Tile floors in entire home. A must see! Don't wait to build!

5. 2010-01-29
   soldstatus $56,000
6. 2009-05-20
   soldstatus $50,000
7. 2009-05-15
   soldstatus $50,000 97-char remark

   Show marketing remark (97 chars)

   INVESTORS OPPORTUNITY. FAIRLY WELL MAINTAINED. CLOSE TO SHOPPING, AND GREAT ACCESS TO FORT MYERS.

8. 2006-03-16
   soldstatus $305,000
9. 2006-02-28
   soldstatus $305,000 111-char remark

   Show marketing remark (111 chars)

   brand new duplex for sale. Quality construction! Tile floors in entire home. A must see! Don't wait to build!

ⓘ 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: $4,027 · $336/mo
• Projected year-2 tax: $4,027 · $336/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 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 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: $41,928
• − Mortgage interest: −$19,549
• − Property taxes: −$4,027
• − Insurance: −$1,745
• − Repairs & maintenance: −$3,354
• − Management: −$3,354
• − Depreciation: −$10,153
• Taxable loss: −$255
• Est. tax savings @ 24.0%: +$61
• After-tax cash flow: $5,450/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): 14,392
• Household income: $60,530
• Rent vs Own: 77.1% rent · 22.9% own
• Severe rent burden: 1142.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 41% Black 36% Two or more races 21% White 18%
• Hispanic origin (detail): Mexican 21% Puerto Rican 7% Cuban 4% Dominican 1%
• Common ancestry: Hispanic 14% Russian 1% Estonian 1%
• Foreign-born: 23% · Canada, China
• Languages at home: 54% English-only · Spanish 31% French/Haitian/Cajun 13% 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: ▼ -8.43%
• Current HPI: 237.694
• Rent YoY: ▼ -6.99%
• 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

+14.4% since first listed

9 events — show timeline

• 2026-04-28 Pending — FORTMLS
• 2026-04-22 Listed $349,000 FORTMLS
• 2013-11-27 Price Changed $299,900 FORTMLS
• 2013-11-27 Price Changed $48,900 FORTMLS
• 2010-01-29 Sold (MLS) $56,000 FORTMLS
• 2009-05-20 Sold (Public Records) $50,000 Public Records
• 2009-05-15 Sold (MLS) $50,000 FORTMLS
• 2006-03-16 Sold (Public Records) $305,000 Public Records
• 2006-02-28 Sold (MLS) $305,000 FORTMLS

Property tax history

+9.1%/yr

Latest (2025): $4,027 · +10.3% YoY. Source: county tax records.