19184/19188 Miami Blvd · San Carlos Park, FL 33967

$389,900

12 bd · 6.0 ba · 1,644 sqft · MultiFamily · 41 Days on market

Built 1984 Fair condition 0.29 ac lot

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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 +27.7/30.0
• DSCR +9.7/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.2/5.0
• Condition / age +2.2/5.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Prime San Carlos Park Duplex, NOT IN A FLOOD ZONE –This exceptionally located property offers the perfect blend of steady cash flow and low-maintenance living, just minutes from FGCU, Gulf Coast Town Center, and RSW. Featuring two functional units with private entrances, private screened in lanais and a large shared lot, it’s an ideal addition to any portfolio or a smart move for an owner-occupant looking to live for less. With no HOA fees and a consistently high rental demand in this central corridor, this duplex is priced to sell!! New roof in 2018!

Key facts

• 0.29 acre lot
• Built 1984
• Listed 41 days

Property features AI

Finance

• Financial info: Property contains 2 total units; Gross scheduled income listed at $24,900; Unit 1 actual/pro forma rent: $950; Unit 2 actual/pro forma rent: $1,125; Tenants pay electricity and water; Pets allowed
• HOA & community: No association fee; Non-gated community

Exterior

• Utilities: Public water; Septic tank sewer; Cable available
• Home design: Single-story building; Resale property; TFC2 zoning
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Rectangular lot with dimensions approximately 80 x 145 x 80 x 145; No notable exterior features listed

Interior

• Bedrooms: Each unit is a two-bedroom unit (both units have 2 bedrooms)
• Flooring: Tile
• Bathrooms: Each unit has one full bathroom (total of 2 full bathrooms in the building)
• Heating & cooling: Central electric heating; Central electric cooling
• Interior features: Tile flooring

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $390k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $391/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $390k).
• Recommended offer: $378k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 2.4% in San Carlos Park — 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 65/100 on livability (#662 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, crime B+; 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 (-5.7%/yr); 226 active listings in the ZIP; solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $4,894/mo this rent would consume 65% of the median local household income ($91k/yr) (locally 491% 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 $3k of loan paydown is wiped out by about $12k 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

• It's been on market 41 days — a 3% lower offer ($378k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $378,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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: 1.26% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.88%
• DSCR: 1.57
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -0.7%
• Equity multiple: 0.97×
• Total profit: $-2,820
• Equity at exit: $58,135

10-year hold

• IRR: 5.5%
• Equity multiple: 1.35×
• Total profit: $38,514
• Equity at exit: $33,711

Cash invested: $109,172 (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 33967

• Home prices YoY: -29.3%
• Rents YoY: -5.7%
• Active inventory: 226
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $4,894 medium
• Mortgage (P&I): −$2,045
• Tax est. 1.5%: −$487 /mo · $5,848/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,028
• Net cashflow: $1,172

Break-even live

Break-even rent $3,411

Max offer price $389,900

Occupancy floor 71%

Sensitivity live

Price	-10% $1,441	-5% $1,306	+0% $1,172	+5% $1,037	+10% $902
Rent	-10% $785	-5% $978	+0% $1,172	+5% $1,365	+10% $1,558
Rate	-1.0pp $1,368	-0.5pp $1,271	base $1,172	+0.5pp $1,071	+1.0pp $968

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,893
Total (3 units)			$4,894

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: $97,475
• Closing costs: $11,697
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-17
   days on market $389,900 Active 41 DOM
2. 2026-06-16
   days on market $389,900 Active 40 DOM
3. 2026-06-15
   days on market $389,900 Active 39 DOM
4. 2026-06-13
   days on market $389,900 Active 37 DOM
5. 2026-06-10
   days on market $389,900 Active 34 DOM
6. 2026-06-09
   days on market $389,900 Active 33 DOM
7. 2026-06-08
   days on market $389,900 Active 32 DOM
8. 2026-06-07
   days on market $389,900 Active 31 DOM
9. 2026-06-03
   days on market $389,900 Active 27 DOM
10. 2026-06-02
    days on market $389,900 Active 26 DOM
11. 2026-06-01
    days on market $389,900 Active 25 DOM
12. 2026-05-31
    days on market $389,900 Active 24 DOM
13. 2026-05-07
    listed $389,900 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 30 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: $58,728
• − Mortgage interest: −$21,840
• − Property taxes: −$5,848
• − Insurance: −$1,950
• − Repairs & maintenance: −$4,698
• − Management: −$4,698
• − Depreciation: −$11,343
• Taxable income: $8,351
• Est. tax owed @ 24.0%: −$2,004
• After-tax cash flow: $12,057/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 · 12 photos

Fair 45/100 Moderate rehab

This two-unit property in San Carlos Park, Florida, requires moderate renovations to improve its condition and increase its value. The home is located in a prime location with no HOA fees and a consistently high rental demand. Upgrading the kitchen, bathroom, exterior, and landscaping would significantly enhance the home's appearance and functionality.

Repairs flagged

• Minor kitchen countertops — Cluttered and could benefit from cleaning and organization.
• Minor bathroom fixtures — Dated and could be replaced with modern fixtures.
• Moderate exterior siding — Shows some wear and could benefit from a fresh coat of paint.
• Minor tile flooring — Shows some wear and could be cleaned or replaced with new tiles.
• Minor interior walls — Show some wear and could be painted or refreshed.
• Minor windows — Show some wear and could be replaced with energy-efficient windows.
• Minor HVAC filters — Could be replaced with new filters to improve air quality and efficiency.
• Minor landscaping — Could be refreshed with new plants and landscaping to improve curb appeal.

Value-add opportunities

• Both updating kitchen countertops — Cleaning and organizing the countertops would improve the overall appearance and functionality of the kitchen.
• Both replacing bathroom fixtures — Updating the dated fixtures would improve the bathroom's appearance and functionality.
• Both painting exterior siding — Painting the exterior siding would improve the home's curb appeal and increase its value.
• Both cleaning tile flooring — Cleaning the tile flooring would improve the home's appearance and functionality.
• Both painting interior walls — Painting the interior walls would improve the home's appearance and functionality.
• Both replacing windows — Replacing the windows would improve the home's energy efficiency and increase its value.
• Both replacing HVAC filters — Replacing the HVAC filters would improve the home's air quality and increase its value.
• Both refreshing landscaping — Refreshing the landscaping would improve the home's curb appeal and increase its value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen countertops · Cluttered and could benefit from cleaning and organization.	Minor	$500–3,000
bathroom fixtures · Dated and could be replaced with modern fixtures.	Minor	$500–3,000
exterior siding · Shows some wear and could benefit from a fresh coat of paint.	Moderate	$3,000–15,000
tile flooring · Shows some wear and could be cleaned or replaced with new tiles.	Minor	$500–3,000
interior walls · Show some wear and could be painted or refreshed.	Minor	$500–3,000
windows · Show some wear and could be replaced with energy-efficient windows.	Minor	$500–3,000
HVAC filters · Could be replaced with new filters to improve air quality and efficiency.	Minor	$500–3,000
landscaping · Could be refreshed with new plants and landscaping to improve curb appeal.	Minor	$500–3,000
Total estimated repair cost · 8 items		$6,500–36,000

Value-add ROI direction

• Both updating kitchen countertops — Cleaning and organizing the countertops would improve the overall appearance and functionality of the kitchen. ↑
• Both replacing bathroom fixtures — Updating the dated fixtures would improve the bathroom's appearance and functionality. ↑
• Both painting exterior siding — Painting the exterior siding would improve the home's curb appeal and increase its value. ↑
• Both cleaning tile flooring — Cleaning the tile flooring would improve the home's appearance and functionality. ↑
• Both painting interior walls — Painting the interior walls would improve the home's appearance and functionality. ↑
• Both replacing windows — Replacing the windows would improve the home's energy efficiency and increase its value. ↑
• Both replacing HVAC filters — Replacing the HVAC filters would improve the home's air quality and increase its value. ↑
• Both refreshing landscaping — Refreshing the landscaping would improve the home's curb appeal and increase its value. ↑

ⓘ 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 — San Carlos Park

• Score: 65/100
• State rank: #662
• US rank: #13354

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Carlos Park, FL
• County: Lee County · 788,662 people
• City population: 27,337
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 28,341
• Household income: $90,519
• Rent vs Own: 28.9% rent · 71.1% own
• Severe rent burden: 491.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 23% Two or more races 16% Asian 3% Black 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2% Cuban 4% Dominican 1%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 14% · Canada, Jamaica, Vietnam
• Languages at home: 79% English-only · Spanish 16% Other Indo-European 1% 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: ▼ -123.07%
• Current HPI: 296.5923
• Rent YoY: ▼ -5.68%
• 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 event — show timeline

• 2026-05-07 Listed $389,900 FORTMLS