1520 NW 24th Ave · Cape Coral, FL 33993

$319,097

4 bd · 2.0 ba · 1,824 sqft · Land · 65 Days on market

Built 2026 10,018 sqft lot ↓ 7% since listing

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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 +13.1/30.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This new single-story home is a modern take on a classic design. Down the foyer is a spacious and open-plan family room which has direct access to the cozy dining room, well-equipped kitchen and attached patio, perfect for everyday living. In a private corner is the owner's suite with a convenient adjoining bathroom, while on the opposite side of the home are three secondary bedrooms to offer restful retreats.

Key facts

• Waterfront options
• Adjoining bathroom
• Owner's suite

Tags

• OPEN-PLAN FAMILY ROOM
• WELL-EQUIPPED KITCHEN
• ATTACHED PATIO
• OWNER'S SUITE
• ADJOINING BATHROOM
• WATERFRONT OPTIONS

Property features AI

Finance

• Other: Property type: Residential; Development: Cape Coral; Canal width category: 1-30; Lot size approx. 0.23 acres; Architectural plans used for lot dimensions; Possession at closing
• HOA & community: Developer-managed community; Streetlight on property; One-time fee of $1,750

Exterior

• Parking: Attached 2-car garage; Paved driveway
• Utilities: Well water; Septic sewer; Electric service (central)
• Home design: Single-family residence; 1 story (ranch); Rear of property faces west; New construction (2026)
• Construction: Concrete block construction; Built in 2026
• Exterior features: Shingle roof; Stucco exterior finish; Single-hung and sliding windows; Manual shutters; Canal waterfront with water view; Well irrigation; Paved road access; Regular lot

Interior

• Kitchen: Kitchen island; Pantry / walk-in pantry; Range; Microwave; Refrigerator/ice maker; Dishwasher
• Bedrooms: 4 bedrooms; First floor bedroom; Split bedroom floor plan
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric cooling; Cable available
• Interior features: Cable prewire; Foyer; Pantry; Walk-in closet; Family room; Guest room; Guest bath; Laundry in residence; Unfurnished
• Laundry & utility: Washer; Dryer; Auto garage door; Smoke detector

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $319k.

Deal economics

• At list price, monthly cash flow is $-80 ($-966/yr) — negative.
• To cash-flow at today's rent, offer at most $305k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $237k (25.6% below list).
• Recommended offer: $237k (25.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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.
• Market conditions: Rents falling (-5.5%/yr); 2652 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• This rent runs 31% of the median local income ($91k/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 $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

• It's been on market 65 days — a 6% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $237,292 (25.6% 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 65 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.74% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.19%
• DSCR: 0.99
• GRM: 11.2

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: -21.1%
• Equity multiple: 0.28×
• Total profit: $-63,906
• Equity at exit: $47,578

10-year hold

• IRR: -22.4%
• Equity multiple: -0.00×
• Total profit: $-89,603
• Equity at exit: $27,590

Cash invested: $89,347 (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 33993

• Home prices YoY: -14.1%
• Rents YoY: -5.5%
• Active inventory: 2652
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,373 high
• Mortgage (P&I): −$1,673
• Tax from tax record: −$82 /mo · $988/yr
• Insurance: −$133
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$498
• Net cashflow: $-80

Break-even live

Break-even rent $2,475

Max offer price $304,878

Occupancy floor 98%

Sensitivity live

Price	-10% $100	-5% $10	+0% $-80	+5% $-171	+10% $-261
Rent	-10% $-268	-5% $-174	+0% $-80	+5% $13	+10% $107
Rate	-1.0pp $80	-0.5pp $1	base $-80	+0.5pp $-163	+1.0pp $-247

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: $79,774
• Closing costs: $9,573
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2027 NW 17th St Cape Coral, FL	4.0	2.0	2000	$2,450	$1.23	24d	1	0.36mi
2216 NW 18th Ter Cape Coral, FL	3.0	2.0	1548	$1,816	$1.17	15d	1	0.38mi
1243 NW 22nd Ave Cape Coral, FL	3.0	2.0	1274	$2,195	$1.72	15d	1	0.41mi
1821 NW 23rd Ave Cape Coral, FL	3.0	2.0	1876	$1,856	$0.99	14d	1	0.42mi
1926 NW 15th St Cape Coral, FL	3.0	2.0	1461	$2,100	$1.44	11d	1	0.44mi
1903 NW 22nd Ave Cape Coral, FL	4.0	2.0	1984	$2,200	$1.11	24d	1	0.52mi
1225 NW 26th Pl Cape Coral, FL	4.0	2.0	1993	$1,995	$1.00	24d	1	0.55mi
1840 NW 14th Ter Cape Coral, FL	3.0	2.0	1994	$1,871	$0.94	4d	1	0.55mi
1208 NW 25th Pl Cape Coral, FL	4.0	2.0	1735	$2,200	$1.27	4d	1	0.55mi
1822 Diplomat Pkwy W Cape Coral, FL	4.0	2.0	1787	$2,145	$1.20	24d	1	0.59mi
1818 Diplomat Pkwy W Cape Coral, FL	4.0	2.0	1787	$2,025	$1.13	24d	1	0.60mi
2001 NW 25th Ave Cape Coral, FL	3.0	2.0	1887	$2,500	$1.32	24d	1	0.60mi
1809 NW 17th Ter Cape Coral, FL	3.0	2.0	1750	$1,980	$1.13	24d	1	0.62mi
1108 NW 21st Pl Cape Coral, FL	3.0	2.0	1666	$2,060	$1.24	24d	1	0.63mi
1150 NW 19th Pl Cape Coral, FL	4.0	2.0	1833	$1,895	$1.03	2d	1	0.65mi
1820 NW 19th Ave Cape Coral, FL	4.0	3.0	2340	$2,500	$1.07	12d	1	0.66mi
1129 NW 20th Ave Cape Coral, FL	4.0	2.0	1828	$2,180	$1.19	22d	1	0.69mi
1129 NW 20th Ave Cape Coral, FL	4.0	2.0	1828	$2,200	$1.20	24d	1	0.69mi
1823 NW 19th Ave Cape Coral, FL	4.0	2.0	1712	$1,850	$1.08	24d	1	0.69mi
1731 NW 14th St Cape Coral, FL	4.0	2.0	1337	$1,866	$1.40	4d	1	0.71mi
2105 NW 22nd Ave Cape Coral, FL	4.0	2.0	1833	$2,265	$1.24	15d	1	0.72mi
2619 NW 11th St Cape Coral, FL	3.0	2.0	1272	$2,110	$1.66	24d	1	0.74mi
1137 NW 19th Ave Cape Coral, FL	4.0	2.0	1771	$2,215	$1.25	14d	1	0.75mi
2701 NW 11th St Cape Coral, FL	3.0	2.0	1627	$3,000	$1.84	24d	1	0.76mi
1101 NW 19th Pl Cape Coral, FL	4.0	2.0	1711	$1,900	$1.11	4d	1	0.81mi
2152 NW 22nd Pl Cape Coral, FL	3.0	2.0	1418	$2,550	$1.80	12d	1	0.87mi
1119 NW 28th Pl Cape Coral, FL	3.0	3.0	2047	$2,400	$1.17	24d	1	0.88mi
2465 NW 9th St Cape Coral, FL	4.0	3.0	2020	$2,595	$1.28	24d	1	0.95mi
1827 NW 10th St Cape Coral, FL	3.0	2.0	1864	$2,050	$1.10	24d	1	0.97mi
2022 NW 9th St Cape Coral, FL	3.0	2.0	1303	$1,611	$1.24	14d	1	0.97mi
2453 NW 8th Ter Cape Coral, FL	3.0	2.0	1574	$2,200	$1.40	24d	1	0.99mi
2014 NW 9th St Cape Coral, FL	4.0	2.0	1828	$2,300	$1.26	24d	1	0.99mi
2124 NW 18th Ave Cape Coral, FL	3.0	2.0	1556	$2,000	$1.29	20d	1	1.01mi
1212 Chiquita Blvd N Cape Coral, FL	3.0	2.0	1672	$2,100	$1.26	24d	1	1.01mi
2302 NW 27th Ave Cape Coral, FL	3.0	2.0	2136	$1,691	$0.79	22d	1	1.02mi
2014 NW 16th Pl Cape Coral, FL	4.0	2.0	1712	$1,701	$0.99	14d	1	1.05mi
2329 NW 27th Ave Cape Coral, FL	3.0	2.0	1761	$2,300	$1.31	17d	1	1.10mi
1319 NW 15th Ave Cape Coral, FL	4.0	2.0	2009	$2,150	$1.07	24d	1	1.12mi
2206 NW 17th Pl Cape Coral, FL	4.0	2.0	1779	$2,075	$1.17	24d	1	1.15mi
1621 NW 9th Ter Cape Coral, FL	4.0	3.0	2020	$2,500	$1.24	24d	1	1.16mi

Listing history 15 events

1. 2026-06-17
   days on market $319,097 Active 65 DOM
2. 2026-06-16
   days on market $319,097 Active 64 DOM
3. 2026-06-15
   days on market $319,097 Active 63 DOM
4. 2026-06-13
   days on market $319,097 Active 61 DOM
5. 2026-06-10
   days on market $319,097 Active 58 DOM
6. 2026-06-09
   days on market $319,097 Active 57 DOM
7. 2026-06-07
   days on market $319,097 Active 55 DOM
8. 2026-06-03
   days on market $319,097 Active 51 DOM
9. 2026-06-02
   days on market $319,097 Active 50 DOM
10. 2026-06-01
    days on market $319,097 Active 49 DOM
11. 2026-05-31
    days on market $319,097 Active 48 DOM
12. 2026-05-23
    price $319,097 413-char remark

    Show marketing remark (413 chars)

    This new single-story home is a modern take on a classic design. Down the foyer is a spacious and open-plan family room which has direct access to the cozy dining room, well-equipped kitchen and attached patio, perfect for everyday living. In a private corner is the owner's suite with a convenient adjoining bathroom, while on the opposite side of the home are three secondary bedrooms to offer restful retreats.

13. 2026-04-14
    listed $339,097 Active 413-char remark

    Show marketing remark (413 chars)

    This new single-story home is a modern take on a classic design. Down the foyer is a spacious and open-plan family room which has direct access to the cozy dining room, well-equipped kitchen and attached patio, perfect for everyday living. In a private corner is the owner's suite with a convenient adjoining bathroom, while on the opposite side of the home are three secondary bedrooms to offer restful retreats.

14. 2026-04-13
    listed $339,097 Active
15. 2025-10-09
    soldstatus $342,000

ⓘ 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: $988 · $82/mo
• Projected year-2 tax: $2,649 · $221/mo
• Expected delta: +$1,661/yr (+$138/mo · 168.2%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 97% chance over 30 yrs
• 🔥 Wildfire 4/10 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: $28,475
• − Mortgage interest: −$17,874
• − Property taxes: −$988
• − Insurance: −$2,393
• − Repairs & maintenance: −$2,278
• − Management: −$2,278
• − Depreciation: −$9,283
• Taxable loss: −$6,619
• Est. tax savings @ 24.0%: +$1,589
• After-tax cash flow: $623/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): 35,580
• Household income: $90,577
• Rent vs Own: 12.6% rent · 87.4% own
• Severe rent burden: 286.0

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 0.58)
• Race & ethnicity: White 57% Hispanic / Latino 30% Two or more races 21% Black 7% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Cuban 17% Dominican 1%
• Common ancestry: Romanian 2% Hispanic 2% Lithuanian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 73% English-only · Spanish 24% French/Haitian/Cajun 1% Russian/Polish/Slavic 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: ▼ -55.34%
• Current HPI: 337.0575
• Rent YoY: ▼ -5.51%
• 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

-6.7% since first listed

4 events — show timeline

• 2026-05-23 Price Changed $319,097 Zillow
• 2026-04-14 Listed $339,097 Zillow
• 2026-04-13 Listed $339,097 NAPLESMLS
• 2025-10-09 Sold (Public Records) $342,000 Public Records

Property tax history

+12.5%/yr

Latest (2025): $988 · +13.8% YoY. Source: county tax records.