2135 NE 35th St · Cape Coral, FL 33909

$294,990

4 bd · 2.0 ba · 1,426 sqft · Land · 59 Days on market

Built 2026 10,018 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).

• Cash flow +13.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Listing remarks

NEW BUILD - Anticipated completion date is JUNE, 2026. WAS $304,990 - NOW $294,990. SPECIAL INCENTIVES: UP to $20K toward closing cost when using a preferred lender. The 1,426 -square-foot (air-conditioned) Windsor plan boasts a well-designed open floor plan that includes four bedrooms, two bathrooms, and a two-car garage. The kitchen boasts upgraded 30” contemporary shaker-style cabinets, a spacious kitchen island with upgraded quartz countertops, Whirlpool dishwasher, microwave, and range, refrigerator, washer & dryer. The Kitchen overlooks a spacious great room that features beautiful tile-plank flooring and vaulted ceilings. The expansive owner’s suite features a priv

Key facts

• Open floor plan
• Quartz countertops
• Vaulted ceilings

Tags

• OPEN FLOOR PLAN
• UPGRADED CABINETS
• SPACIOUS KITCHEN ISLAND
• QUARTZ COUNTERTOPS
• TILE PLANK FLOORING
• VAULTED CEILINGS

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: No association fee

Exterior

• Parking: Attached garage; 2 covered garage spaces
• Security: Security/high impact doors
• Utilities: Cable available; Septic tank; Well water
• Home design: Single-story; Under construction; Faces south; Entry level 1; R1-D zoning
• Construction: Block, concrete and stucco construction; Shingle roof; Built on foundation (standard)
• Exterior features: Open porch; Security/high impact doors

Interior

• Kitchen: Pantry
• Bedrooms: Bedrooms on entry level
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central electric cooling
• Interior features: High ceilings; Pantry; Cable TV ready; Walk-in closet(s); Split bedroom floorplan; Family/Dining room combination; Living/Dining room
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $295k.

Deal economics

• At list price, monthly cash flow is $26 ($307/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (24.1% below list).
• Recommended offer: $224k (24.1% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.1% in Cape Coral — 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 77/100 on livability (#208 in FL, #3,098 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities B+; Watch: 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.
• Zoned schools: Diplomat Elementary School (math 67% / reading 60%, grade B, #564 of 2,144 statewide, top 27%, 1,069 students, 56% FRL); Mariner Middle School (math 50% / reading 47%, grade C-, #274 of 571 statewide, top 50%, 1,001 students, 53% FRL); Ida S. Baker High School (math 44% / reading 47%, grade D-, #223 of 667 statewide, top 34%, 1,933 students, 39% FRL).
• Market conditions: Rents falling (-5.6%/yr); 1604 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 37% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 59 days — a 3% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $36k; list at $295k implies a 731% 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→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $223,788 (24.1% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.76% ✗
• Cap rate: 6.40%
• Cash-on-cash: 0.37%
• DSCR: 1.02
• GRM: 11.0

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: -18.7%
• Equity multiple: 0.36×
• Total profit: $-52,878
• Equity at exit: $43,984

10-year hold

• IRR: -17.5%
• Equity multiple: 0.15×
• Total profit: $-69,895
• Equity at exit: $25,505

Cash invested: $82,597 (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 33909

• Home prices YoY: -23.1%
• Rents YoY: -5.6%
• Active inventory: 1604
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,238 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$72 /mo · $870/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $26

Break-even live

Break-even rent $2,205

Max offer price $294,990

Occupancy floor 94%

Sensitivity live

Price	-10% $193	-5% $109	+0% $26	+5% $-58	+10% $-141
Rent	-10% $-151	-5% $-63	+0% $26	+5% $114	+10% $202
Rate	-1.0pp $174	-0.5pp $101	base $26	+0.5pp $-51	+1.0pp $-129

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: $73,748
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2217 NE 33rd Ln Cape Coral, FL	3.0	2.0	1706	$2,650	$1.55	25d	1	0.25mi
3527 NE 19th Pl Cape Coral, FL	3.0	2.0	1574	$2,000	$1.27	25d	1	0.34mi
2213 NE 33rd St Cape Coral, FL	3.0	2.0	1385	$1,800	$1.30	25d	1	0.38mi
3603 NE 19th Ave Cape Coral, FL	3.0	2.0	1147	$1,750	$1.53	5d	1	0.39mi
2434 Laurentina Ln Cape Coral, FL	3.0	2.5	1744	$1,975	$1.13	25d	1	0.40mi
3622 NE 19th Ave Cape Coral, FL	3.0	2.0	1286	$2,480	$1.93	25d	1	0.46mi
3512 NE 17th Pl Cape Coral, FL	4.0	3.0	1650	$1,995	$1.21	4d	1	0.56mi
3511 NE 17th Ave Cape Coral, FL	4.0	2.0	1717	$2,350	$1.37	21d	1	0.60mi
3141 Amadora Cir Cape Coral, FL	3.0	2.0	1816	$2,295	$1.26	5d	1	0.68mi
3141 Amadora Cir Cape Coral, FL	3.0	2.0	1816	$2,295	$1.26	15d	1	0.68mi
2117 NE 40th St Cape Coral, FL	3.0	3.0	1776	$2,100	$1.18	17d	1	0.75mi
1532 NE 35th St Cape Coral, FL	4.0	2.0	1809	$1,995	$1.10	25d	1	0.75mi
4020 Garden Blvd Cape Coral, FL	4.0	2.0	1650	$1,845	$1.12	23d	1	0.83mi
13700 Oak St North Fort Myers, FL	1.0–3.0	1.0–2.0	1023	$2,465	$2.41	5d	32	0.91mi
3928 NE 17th Ave Cape Coral, FL	4.0	3.0	1683	$2,100	$1.25	25d	1	0.95mi
3440 Cancun Ct Cape Coral, FL	3.0	2.0	1747	$1,950	$1.12	25d	1	1.00mi
4141 NE 19th Pl Cape Coral, FL	4.0	2.0	1734	$1,995	$1.15	16d	1	1.01mi
3420 Cancun Ct Cape Coral, FL	3.0	2.0	1747	$1,895	$1.08	16d	1	1.01mi
1672 Lake Jessup Cir Cape Coral, FL	3.0	2.5	1729	$2,200	$1.27	12d	1	1.05mi
3940 Villa Del Mar CIR Cape Coral, FL	1.0–3.0	1.0–2.0	1051	$2,739	$2.60	3d	21	1.07mi
1541 Fells Cove Ln Unit 1541 Cape Coral, FL	3.0	2.5	1657	$2,400	$1.45	5d	1	1.10mi
1541 Fells Cove Ln Unit 1541 Cape Coral, FL	3.0	2.5	1657	$2,400	$1.45	15d	1	1.10mi
3717 NE 13th Ave Cape Coral, FL	3.0	2.0	1408	$1,795	$1.27	17d	1	1.14mi
1545 Lake Jessup Cir Cape Coral, FL	3.0	2.5	1831	$2,350	$1.28	25d	1	1.14mi
4215 E Gator Cir Cape Coral, FL	3.0	2.0	1385	$1,725	$1.25	5d	1	1.15mi
3223 NE 14th Ave Cape Coral, FL	4.0	3.0	1765	$2,200	$1.25	25d	1	1.15mi
3944 Pomodoro Cir #202 Cape Coral, FL	3.0	2.0	1411	$2,200	$1.56	25d	1	1.18mi
2729 Foralesca Ct Cape Coral, FL	4.0	2.0	1828	$2,300	$1.26	25d	1	1.20mi
2729 Foralesca Ct Cape Coral, FL	4.0	2.0	1828	$2,300	$1.26	5d	1	1.20mi
3953 Pomodoro Cir Cape Coral, FL	1.0–3.0	1.0–2.0	1044	$1,624	$1.56	16d	9	1.22mi
1424 Weeping Willow Ct Cape Coral, FL	3.0	2.5	1679	$1,999	$1.19	25d	1	1.23mi
4309 NE 20th Ct Cape Coral, FL	4.0	2.0	1774	$2,000	$1.13	23d	1	1.24mi
4125 NE 15th Pl Cape Coral, FL	3.0	2.0	1556	$2,000	$1.29	25d	1	1.24mi
2497 Ciales Ct Cape Coral, FL	3.0	2.0	1747	$1,850	$1.06	17d	1	1.27mi
3732 NE 12th Pl Cape Coral, FL	3.0	2.0	1408	$1,950	$1.38	25d	1	1.29mi
3187 Cozumel Ct Cape Coral, FL	3.0	2.0	1747	$2,000	$1.14	4d	1	1.32mi
3153 Cozumel Ct Cape Coral, FL	3.0	2.0	1747	$2,000	$1.14	16d	1	1.41mi
19152 Meadowbrook Ct North Fort Myers, FL	3.0	2.0	1251	$1,499	$1.20	3d	1	1.43mi
1701 NE 44th Ter Cape Coral, FL	3.0	2.0	1147	$1,800	$1.57	15d	1	1.44mi
1701 NE 44th Ter Cape Coral, FL	3.0	2.0	1147	$1,800	$1.57	17d	1	1.44mi

Listing history 16 events

1. 2026-06-13
   statusdays on market $294,990 Pending 59 DOM
2. 2026-06-10
   pricedays on market $294,990 Active 58 DOM
3. 2026-06-09
   days on market $295,990 Active 57 DOM
4. 2026-06-07
   days on market $295,990 Active 55 DOM
5. 2026-06-03
   pricedays on market $295,990 Active 51 DOM
6. 2026-06-02
   days on market $297,990 Active 50 DOM
7. 2026-06-01
   days on market $297,990 Active 49 DOM
8. 2026-05-31
   days on market $297,990 Active 48 DOM
9. 2026-05-21
   price $299,990
10. 2026-05-13
    price $301,990
11. 2026-04-13
    listed $304,990 Active
12. 2025-10-28
    soldstatus $35,500
13. 2017-07-11
    soldstatus $15,400
14. 2013-09-16
    price $35,000
15. 2004-08-24
    soldstatus $35,100
16. 2004-07-27
    soldstatus $35,100

ⓘ 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: $870 · $72/mo
• Projected year-2 tax: $2,448 · $204/mo
• Expected delta: +$1,579/yr (+$132/mo · 181.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $26,855
• − Mortgage interest: −$16,524
• − Property taxes: −$870
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,148
• − Management: −$2,148
• − Depreciation: −$8,582
• Taxable loss: −$4,892
• Est. tax savings @ 24.0%: +$1,174
• After-tax cash flow: $1,481/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 — Cape Coral

• Score: 77/100
• State rank: #208
• US rank: #3098

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cape Coral, FL
• County: Lee County · 788,662 people
• City population: 217,388
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 40,231
• Household income: $73,053
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 1657.0

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 0.55)
• Race & ethnicity: White 56% Hispanic / Latino 36% Two or more races 24% Black 3% Asian 1%
• Hispanic origin (detail): Puerto Rican 7% Cuban 14% Dominican 4%
• Common ancestry: Romanian 2% Lithuanian 2% Serbian 1%
• Foreign-born: 20% · Canada, Jamaica
• Languages at home: 69% English-only · Spanish 27% Other Indo-European 1% German/W. Germanic 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: ▼ -94.24%
• Current HPI: 313.8761
• Rent YoY: ▼ -5.60%
• 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

+754.7% since first listed

8 events — show timeline

• 2026-05-21 Price Changed $299,990 FORTMLS
• 2026-05-13 Price Changed $301,990 FORTMLS
• 2026-04-13 Listed $304,990 FORTMLS
• 2025-10-28 Sold (Public Records) $35,500 Public Records
• 2017-07-11 Sold (Public Records) $15,400 Public Records
• 2013-09-16 Price Changed $35,000 FORTMLS
• 2004-08-24 Sold (Public Records) $35,100 Public Records
• 2004-07-27 Sold (MLS) $35,100 FORTMLS

Property tax history

+9.1%/yr

Latest (2025): $870 · +12.9% YoY. Source: county tax records.