3501 38th St · Lehigh Acres, FL 33976

$249,000

3 bd · 2.0 ba · 1,122 sqft · SingleFamily public records · 8 Days on market

Built 1993 0.25 ac lot Est $249k · at est.

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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 +13.4/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• DSCR +4.0/10.0
• 1% rule +3.3/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0

Listing remarks MLS

Opportunity knocks! This 3-bedroom, 2-bath home offers strong upside potential for investors, flippers, or buyers looking to add value. Located in a quiet residential area with no HOA, the property already has major improvements in place including a 2023 roof and newer HVAC, giving you a strong head start on renovations. The home features a functional split-bedroom floor plan, spacious living areas, and solid bones making it an ideal candidate for a profitable flip, rental property, or long-term hold. Comparable renovated homes in the area support excellent value-add potential. 2023 roof Newer HVAC No HOA Strong rental market Growing Lehigh Acres location Ideal for flip, rental, or long-term investment Property is being sold as-is. Cash or conventional financing preferred. Bring your vision and unlock the potential.

Key facts

• Spacious backyard
• Newer roof
• Split floor plan

Tags

• SPLIT FLOOR PLAN
• SPACIOUS BACKYARD
• NO HOA RESTRICTIONS
• NEWER ROOF
• HVAC SYSTEM
• CONVENIENTLY LOCATED

Property features AI

Finance

• Other: Single unit, single floor dwelling; Possession at closing
• HOA & community: Mandatory HOA; Street lights maintained by HOA; Community allows horses; Non-gated community

Exterior

• Parking: Attached 2-car garage
• Utilities: Well water; Septic sewer; Electric service available
• Home design: Residential single-family; 1 story (Ranch); Located in Lehigh Acres
• Construction: Concrete block construction; Built in 1993
• Exterior features: Shingle roof; Single hung windows; Stucco exterior finish; Rear exposure faces north; Total area 1564

Interior

• Bedrooms: 3 bedrooms
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms; 1 half bathroom; No master bath
• Heating & cooling: Central electric heat; Cooling: see remarks
• Interior features: Approx. living area 1122; See remarks for additional interior details; Unfurnished; Other floor plan

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $249k.

Deal economics

• At list price, monthly cash flow is $4 ($54/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 $206k (17.4% below list).
• Recommended offer: $206k (17.4% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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 soft (-1.5%/yr); 786 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 34% 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 $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.0% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts 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.
• Current owner paid $149k; list at $249k implies a 67% 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→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $205,780 (17.4% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 0.83% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.08%
• DSCR: 1.00
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $249,084
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3210 38th St SW	0.42mi	3/2.0	1,285 (+14%)	14mo	$284,990	$222	45
2905 Villa Ave S	0.57mi	3/2.0	1,289 (+15%)	12mo	$245,000	$190	39
3100 Xelda Ave S	0.59mi	3/2.0	1,272 (+13%)	24mo	$315,000	$248	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 23.4%
• Equity multiple: 2.86×
• Total profit: $129,837
• Equity at exit: $224,319

10-year hold

• IRR: 20.2%
• Equity multiple: 6.33×
• Total profit: $371,265
• Equity at exit: $483,752

Cash invested: $69,720 (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 33976

• Home prices YoY: 6.8%
• Rents YoY: -1.5%
• Active inventory: 786
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,058 high
• Mortgage (P&I): −$1,306
• Tax from tax record: −$212 /mo · $2,540/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $4

Break-even live

Break-even rent $2,052

Max offer price $249,000

Occupancy floor 95%

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3802 35th St SW Lehigh Acres, FL	3.0	2.0	1269	$1,640	$1.29	23d	1	0.49mi
3114 39th St SW Lehigh Acres, FL	3.0	2.0	1493	$2,100	$1.41	16d	1	0.60mi
3114 39th St SW Lehigh Acres, FL	3.0	2.0	1493	$2,100	$1.41	3d	1	0.60mi
3102 39th St SW Lehigh Acres, FL	3.0	2.0	1097	$1,630	$1.49	21d	1	0.69mi
3201 28th St Lehigh Acres, FL	4.0	2.0	1389	$2,000	$1.44	3d	1	0.80mi
3012 40th St SW Lehigh Acres, FL	3.0	2.0	1427	$1,950	$1.37	23d	1	0.83mi
4020 36th St SW Lehigh Acres, FL	3.0	2.0	1354	$2,050	$1.51	23d	1	0.92mi
2916 42nd St SW Lehigh Acres, FL	3.0	2.0	1399	$1,960	$1.40	3d	1	0.97mi
2916 42nd St SW Lehigh Acres, FL	3.0	2.0	1399	$1,930	$1.38	2d	1	0.97mi
4702 Loraine Ave S Lehigh Acres, FL	3.0	2.0	1354	$2,000	$1.48	14d	1	0.99mi
3203 24th St SW Lehigh Acres, FL	3.0	2.0	1498	$2,300	$1.54	21d	1	0.99mi
3001 37th St SW Lehigh Acres, FL	3.0	2.5	1235	$1,705	$1.38	23d	1	1.02mi
3201 23rd St SW Lehigh Acres, FL	3.0	2.0	1324	$1,845	$1.39	21d	1	1.05mi
3209 21st St SW Lehigh Acres, FL	3.0	2.0	1418	$1,699	$1.20	3d	1	1.18mi
3600 19th St SW Lehigh Acres, FL	3.0	2.0	1114	$1,746	$1.57	3d	1	1.20mi
3202 21st St SW Lehigh Acres, FL	3.0	2.0	1100	$1,920	$1.75	3d	1	1.23mi
4001 22nd St SW Lehigh Acres, FL	3.0	2.0	1055	$1,950	$1.85	2d	1	1.23mi
2908 51st St SW Lehigh Acres, FL	3.0	2.0	1401	$1,796	$1.28	3d	1	1.29mi
2819 51st St SW Lehigh Acres, FL	4.0	2.0	1472	$2,250	$1.53	23d	1	1.38mi
2811 25th St SW Unit NA Lehigh Acres, FL	3.0	2.0	1430	$1,990	$1.39	23d	1	1.42mi

Listing history 31 events

1. 2026-06-18
   days on market $249,000 Active 8 DOM
2. 2026-06-17
   days on market $249,000 Active 7 DOM
3. 2026-06-16
   days on market $249,000 Active 6 DOM
4. 2026-06-15
   price $249,000 Active 5 DOM
5. 2026-06-15
   days on market $269,000 Active 5 DOM
6. 2026-06-13
   pricedays on marketlisting id $269,000 Active 3 DOM
7. 2026-05-14
   listed $259,000 Active
8. 2026-04-15
   soldstatus $149,000
9. 2026-04-14
   soldstatus $149,000 Closed 837-char remark

   Show marketing remark (837 chars)

   Opportunity knocks! This 3-bedroom, 2-bath home offers strong upside potential for investors, flippers, or buyers looking to add value. Located in a quiet residential area with no HOA, the property already has major improvements in place including a 2023 roof and newer HVAC, giving you a strong head start on renovations. The home features a functional split-bedroom floor plan, spacious living areas, and solid bones making it an ideal candidate for a profitable flip, rental property, or long-term hold. Comparable renovated homes in the area support excellent value-add potential. 2023 roof Newer HVAC No HOA Strong rental market Growing Lehigh Acres location Ideal for flip, rental, or long-term investment Property is being sold as-is. Cash or conventional financing preferred. Bring your vision and unlock the potential.

10. 2026-03-25
    status Pending 837-char remark

    Show marketing remark (837 chars)

    Opportunity knocks! This 3-bedroom, 2-bath home offers strong upside potential for investors, flippers, or buyers looking to add value. Located in a quiet residential area with no HOA, the property already has major improvements in place including a 2023 roof and newer HVAC, giving you a strong head start on renovations. The home features a functional split-bedroom floor plan, spacious living areas, and solid bones making it an ideal candidate for a profitable flip, rental property, or long-term hold. Comparable renovated homes in the area support excellent value-add potential. 2023 roof Newer HVAC No HOA Strong rental market Growing Lehigh Acres location Ideal for flip, rental, or long-term investment Property is being sold as-is. Cash or conventional financing preferred. Bring your vision and unlock the potential.

11. 2026-03-17
    status Active 837-char remark

    Show marketing remark (837 chars)

    Opportunity knocks! This 3-bedroom, 2-bath home offers strong upside potential for investors, flippers, or buyers looking to add value. Located in a quiet residential area with no HOA, the property already has major improvements in place including a 2023 roof and newer HVAC, giving you a strong head start on renovations. The home features a functional split-bedroom floor plan, spacious living areas, and solid bones making it an ideal candidate for a profitable flip, rental property, or long-term hold. Comparable renovated homes in the area support excellent value-add potential. 2023 roof Newer HVAC No HOA Strong rental market Growing Lehigh Acres location Ideal for flip, rental, or long-term investment Property is being sold as-is. Cash or conventional financing preferred. Bring your vision and unlock the potential.

12. 2026-03-11
    status Pending 837-char remark

    Show marketing remark (837 chars)

    Opportunity knocks! This 3-bedroom, 2-bath home offers strong upside potential for investors, flippers, or buyers looking to add value. Located in a quiet residential area with no HOA, the property already has major improvements in place including a 2023 roof and newer HVAC, giving you a strong head start on renovations. The home features a functional split-bedroom floor plan, spacious living areas, and solid bones making it an ideal candidate for a profitable flip, rental property, or long-term hold. Comparable renovated homes in the area support excellent value-add potential. 2023 roof Newer HVAC No HOA Strong rental market Growing Lehigh Acres location Ideal for flip, rental, or long-term investment Property is being sold as-is. Cash or conventional financing preferred. Bring your vision and unlock the potential.

13. 2026-02-27
    listed $169,900 Active 837-char remark

    Show marketing remark (837 chars)

    Opportunity knocks! This 3-bedroom, 2-bath home offers strong upside potential for investors, flippers, or buyers looking to add value. Located in a quiet residential area with no HOA, the property already has major improvements in place including a 2023 roof and newer HVAC, giving you a strong head start on renovations. The home features a functional split-bedroom floor plan, spacious living areas, and solid bones making it an ideal candidate for a profitable flip, rental property, or long-term hold. Comparable renovated homes in the area support excellent value-add potential. 2023 roof Newer HVAC No HOA Strong rental market Growing Lehigh Acres location Ideal for flip, rental, or long-term investment Property is being sold as-is. Cash or conventional financing preferred. Bring your vision and unlock the potential.

14. 2026-02-24
    historical
15. 2026-02-18
    status Active
16. 2026-02-10
    status Pending
17. 2025-12-12
    status Active
18. 2025-10-14
    status Pending
19. 2025-09-29
    price $189,900
20. 2025-08-19
    listed $199,500 Active
21. 2021-08-04
    soldstatus $140,000
22. 2015-03-02
    price $17,600
23. 2013-09-17
    price $72,900
24. 2010-09-08
    soldstatus $42,000
25. 2010-09-03
    price $43,500
26. 2009-05-14
    soldstatus $20,000
27. 2005-10-03
    price $159,900
28. 2005-08-22
    soldstatus $125,000
29. 2005-08-19
    soldstatus $125,000
30. 2001-03-28
    soldstatus $75,400
31. 2001-03-02
    soldstatus $75,400

ⓘ 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: $2,540 · $212/mo
• Projected year-2 tax: $2,540 · $212/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 · 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: $24,694
• − Mortgage interest: −$13,948
• − Property taxes: −$2,540
• − Insurance: −$1,245
• − Repairs & maintenance: −$1,975
• − Management: −$1,975
• − Depreciation: −$7,244
• Taxable loss: −$4,234
• Est. tax savings @ 24.0%: +$1,016
• After-tax cash flow: $1,070/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

+243.5% since first listed

25 events — show timeline

• 2026-05-14 Listed $259,000 NAPLESMLS
• 2026-04-15 Sold (Public Records) $149,000 Public Records
• 2026-04-14 Sold (MLS) $149,000 FORTMLS
• 2026-03-25 Pending — FORTMLS
• 2026-03-17 Relisted — FORTMLS
• 2026-03-11 Pending — FORTMLS
• 2026-02-27 Listed $169,900 FORTMLS
• 2026-02-24 Listing Removed — FORTMLS
• 2026-02-18 Relisted — FORTMLS
• 2026-02-10 Pending — FORTMLS
• 2025-12-12 Relisted — FORTMLS
• 2025-10-14 Pending — FORTMLS
• 2025-09-29 Price Changed $189,900 FORTMLS
• 2025-08-19 Listed $199,500 FORTMLS
• 2021-08-04 Sold (Public Records) $140,000 Public Records
• 2015-03-02 Price Changed $17,600 FORTMLS
• 2013-09-17 Price Changed $72,900 FORTMLS
• 2010-09-08 Sold (MLS) $42,000 FORTMLS
• 2010-09-03 Price Changed $43,500 FORTMLS
• 2009-05-14 Sold (MLS) $20,000 FORTMLS
• 2005-10-03 Price Changed $159,900 FORTMLS
• 2005-08-22 Sold (Public Records) $125,000 Public Records
• 2005-08-19 Sold (MLS) $125,000 FORTMLS
• 2001-03-28 Sold (Public Records) $75,400 Public Records
• 2001-03-02 Sold (MLS) $75,400 FORTMLS

Property tax history

+8.0%/yr

Latest (2025): $2,540 · -14.9% YoY. Source: county tax records.