3505 32nd St SW · Lehigh Acres, FL 33976

$359,900

4 bd · 2.0 ba · 2,052 sqft · Land · 204 Days on market

Built 2026 0.25 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +5.8/30.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• 1% rule +1.2/10.0
• DSCR +0.2/10.0

Listing remarks

From the moment you arrive, The Iris in Lehigh Acres welcomes you with style and thoughtful design. Located just 12 miles east of Fort Myers, this vibrant community is renowned for its natural beauty, featuring 175 miles of canals and 16 well-stocked lakes—a true haven for fishing enthusiasts and beginners alike. Enjoy the charm of the area along with updated interior finishes, plus the freedom of No HOA and No CDD. Step through the protected front entry into a spacious open floor plan crafted for modern living. Ceramic tile flows throughout the main living areas, while plush carpeting adds warmth and comfort to the bedrooms. Horizontal blinds and ENERGY STAR® windows enhance both

Key facts

• 0.25 acre lot
• 2 garage spots
• Built 2026

Property features AI

Finance

• Other: Oversized, rectangular lot on a south exposure
• Financial info: Pets allowed
• HOA & community: No association fee reported

Exterior

• Parking: Attached 2-car garage; Driveway with paved access; Garage door opener
• Security: Smoke detector(s)
• Utilities: Well water; Septic tank; Cable available
• Home design: Single-story; North-facing
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Patio; Lanai; Screened porch; Porch

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Eat-in kitchen with island and breakfast bar; Pantry / walk-in pantry
• Bedrooms: Master bedroom; Three additional bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central electric cooling (air conditioning)
• Interior features: Breakfast bar; Entrance foyer; Eat-in kitchen; Kitchen island; Pantry; Walk-in pantry; Walk-in closet(s); Dual sinks; Shower only / separate shower; Split bedrooms; Thermal windows; Window shutters; Unfurnished
• Laundry & utility: Washer hookup inside; Dryer hookup inside; Utility room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $360k.

Deal economics

• At list price, monthly cash flow is $-723 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $255k (29.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $223k (38.0% below list).
• Recommended offer: $223k (38.0% below list) — sets the bar for 1% rule.

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 soft (-1.5%/yr); 786 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).
• 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

• In year one you build about $38k of equity ($2k loan paydown + $36k appreciation (10.0% local appreciation)).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 204 days — a 12% lower offer ($317k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $223,296 (38.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 204 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 0.62% ✗
• Cap rate: 3.88%
• Cash-on-cash: -8.61%
• DSCR: 0.62
• GRM: 13.4

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: 17.5%
• Equity multiple: 2.42×
• Total profit: $143,444
• Equity at exit: $324,226

10-year hold

• IRR: 16.0%
• Equity multiple: 5.44×
• Total profit: $446,986
• Equity at exit: $699,207

Cash invested: $100,772 (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 33976

• Home prices YoY: 6.8%
• Rents YoY: -1.5%
• Active inventory: 786
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $2,233 high
• Mortgage (P&I): −$1,887
• Tax est. 1.5%: −$450 /mo · $5,398/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $-723

Break-even live

Break-even rent $3,148

Max offer price $255,260

Occupancy floor —

Sensitivity live

Price	-10% $-474	-5% $-599	+0% $-723	+5% $-848	+10% $-972
Rent	-10% $-900	-5% $-811	+0% $-723	+5% $-635	+10% $-547
Rate	-1.0pp $-542	-0.5pp $-632	base $-723	+0.5pp $-816	+1.0pp $-911

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3604 29th St SW Lehigh Acres, FL	3.0	2.5	1776	$2,500	$1.41	24d	1	0.20mi
3419 36th St Lehigh Acres, FL	4.0	2.0	1920	$1,850	$0.96	24d	1	0.29mi
2904 Wanda Ave S Lehigh Acres, FL	3.0	2.0	1501	$1,900	$1.27	24d	1	0.31mi
3316 35th St SW Lehigh Acres, FL	4.0	2.0	2133	$1,745	$0.82	24d	1	0.33mi
3314 35th St SW Lehigh Acres, FL	4.0	2.0	2133	$1,745	$0.82	24d	1	0.34mi
3312 35th St SW Lehigh Acres, FL	4.0	2.0	2133	$1,745	$0.82	24d	1	0.35mi
3418 26th St SW Lehigh Acres, FL	4.0	3.0	2030	$2,300	$1.13	16d	1	0.36mi
3801 33rd St SW Lehigh Acres, FL	4.0	2.0	2133	$1,745	$0.82	24d	1	0.37mi
2504 Vera Ave S Lehigh Acres, FL	3.0	3.0	1643	$2,400	$1.46	24d	1	0.38mi
3803 33rd St SW Lehigh Acres, FL	4.0	2.0	2133	$1,745	$0.82	24d	1	0.39mi
3805 33rd St SW Lehigh Acres, FL	4.0	2.0	2133	$1,745	$0.82	24d	1	0.40mi
3313 36th St SW Lehigh Acres, FL	3.0	2.0	1723	$2,300	$1.33	24d	1	0.41mi
3807 33rd St SW Lehigh Acres, FL	4.0	2.0	2133	$1,745	$0.82	24d	1	0.41mi
3809 33rd St SW Lehigh Acres, FL	4.0	2.0	2133	$1,745	$0.82	24d	1	0.43mi
3201 29th St SW Lehigh Acres, FL	4.0	2.0	1833	$1,950	$1.06	3d	1	0.57mi
3203 24th St SW Lehigh Acres, FL	3.0	2.0	1498	$2,300	$1.54	21d	1	0.69mi
3114 39th St SW Lehigh Acres, FL	3.0	2.0	1493	$2,100	$1.41	3d	1	0.78mi
3114 39th St SW Lehigh Acres, FL	3.0	2.0	1493	$2,100	$1.41	16d	1	0.78mi
4021 28th St SW Lehigh Acres, FL	3.0	2.0	1529	$1,800	$1.18	24d	1	0.82mi
3209 21st St SW Lehigh Acres, FL	3.0	2.0	1418	$1,699	$1.20	3d	1	0.86mi
4101 33rd St SW Lehigh Acres, FL	3.0	2.0	1698	$2,200	$1.30	15d	1	0.88mi
3201 42nd St SW Lehigh Acres, FL	3.0	2.0	1571	$2,195	$1.40	3d	1	0.90mi
3201 42nd St SW Lehigh Acres, FL	3.0	2.0	1571	$2,195	$1.40	3d	1	0.90mi
3714 17th St SW Lehigh Acres, FL	4.0	2.0	1833	$1,890	$1.03	24d	1	0.96mi
1511 Terry Ave S Lehigh Acres, FL	3.0	2.0	1579	$1,996	$1.26	24d	1	0.98mi
3008 25th St SW Lehigh Acres, FL	4.0	2.0	1565	$1,711	$1.09	21d	1	1.00mi
3012 40th St SW Lehigh Acres, FL	3.0	2.0	1427	$1,950	$1.37	24d	1	1.01mi
3008 23rd St SW Lehigh Acres, FL	3.0	2.0	1640	$2,350	$1.43	24d	1	1.08mi
2914 24th St SW Lehigh Acres, FL	3.0	2.0	1537	$2,250	$1.46	24d	1	1.13mi
4203 23rd St SW Lehigh Acres, FL	4.0	2.0	1833	$1,850	$1.01	20d	1	1.14mi
1507 Paula Ave S Lehigh Acres, FL	3.0	2.0	1547	$2,000	$1.29	19d	1	1.16mi
3702 14th St SW Lehigh Acres, FL	4.0	2.0	1472	$1,995	$1.36	24d	1	1.18mi
2811 25th St SW Unit NA Lehigh Acres, FL	3.0	2.0	1430	$1,990	$1.39	24d	1	1.28mi
4704 Karen Ave S Lehigh Acres, FL	4.0	3.0	1916	$2,500	$1.30	3d	1	1.36mi
2710 28th St SW Lehigh Acres, FL	4.0	2.0	1742	$2,450	$1.41	24d	1	1.40mi
3408 10th St SW Lehigh Acres, FL	4.0	2.0	1920	$1,750	$0.91	14d	1	1.41mi
4221 18th St SW Lehigh Acres, FL	3.0	2.5	1600	$2,600	$1.62	14d	1	1.42mi
3121 11th St SW Lehigh Acres, FL	4.0	2.0	2768	$2,205	$0.80	24d	1	1.42mi
2708 27th St SW Lehigh Acres, FL	4.0	2.0	1698	$2,280	$1.34	3d	1	1.43mi
3303 8th St SW Lehigh Acres, FL	3.0	2.0	1400	$2,250	$1.61	3d	1	1.49mi

Listing history 11 events

1. 2026-06-17
   days on market $359,900 Active 204 DOM
2. 2026-06-16
   days on market $359,900 Active 203 DOM
3. 2026-06-16
   days on market $359,900 Active 202 DOM
4. 2026-06-13
   days on market $359,900 Active 200 DOM
5. 2026-06-09
   days on market $359,900 Active 196 DOM
6. 2026-06-07
   days on market $359,900 Active 194 DOM
7. 2026-06-02
   days on market $359,900 Active 189 DOM
8. 2026-06-01
   days on market $359,900 Active 188 DOM
9. 2026-06-01
   days on market $359,900 Active 187 DOM
10. 2025-11-25
    listed $359,900 Active
11. 2024-08-16
    listed $35,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $26,796
• − Mortgage interest: −$20,160
• − Property taxes: −$5,398
• − Insurance: −$1,800
• − Repairs & maintenance: −$2,144
• − Management: −$2,144
• − Depreciation: −$10,470
• Taxable loss: −$15,319
• Est. tax savings @ 24.0%: +$3,677
• After-tax cash flow: $-5,001/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): 20,277
• Household income: $72,679
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 574.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 50% Two or more races 30% White 24% Black 20% Asian 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 8% Cuban 18% Dominican 4%
• Common ancestry: Hispanic 8% Slovak 1% Lithuanian 1%
• Foreign-born: 35% · Canada, Jamaica, Vietnam
• Languages at home: 46% English-only · Spanish 43% French/Haitian/Cajun 8% 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: ▲ 21.77%
• Current HPI: 340.4255
• Rent YoY: ▼ -1.54%
• 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

+928.3% since first listed

2 events — show timeline

• 2025-11-25 Listed $359,900 FORTMLS
• 2024-08-16 Listed $35,000 BEARMLS

Property tax history

+17.6%/yr

Latest (2025): $433 · +10.7% YoY. Source: county tax records.