648 650 Creuset Ave S · Lehigh Acres, FL 33974

$319,900

6 bd · 4.0 ba · 2,340 sqft · MultiFamily public records · 63 Days on market

Built 1989 0.32 ac lot

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Why this score? — see what drove the B 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 +28.2/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Rent growth +1.3/5.0

Multi-family units

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

Listing remarks MLS

Don't miss out on great investment opportunity. Duplex in Lehigh Acres close to town. Seller requests borrowers contact Chase Loan Office Joshua Shoemaker [phone]. Seller will credit buyer up to 3% of sales price towards closing costs if negotiated in final signed counter offer.

Key facts

• Zoned rm-2
• No hoa
• 0.32 acre lot

Tags

• ZONED RM-2
• WASHER AND DRYER HOOKUPS
• PRIVATE ONE-CAR GARAGES
• FUNCTIONAL FLOOR PLANS
• NO HOA
• NO RENTAL RESTRICTIONS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $320k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $506/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $320k).
• Recommended offer: $301k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 falling (-4.7%/yr); 2460 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $3,899/mo this rent would consume 65% of the median local household income ($72k/yr) (locally 434% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $34k of equity ($2k loan paydown + $32k 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 $90k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$55k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($301k) is reasonable based on typical stale-listing flexibility.
• 2 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 $37k; list at $320k implies a 765% 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; extreme-heat days projected 6→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $300,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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. 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 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?
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: 1.22% ✓
• Cap rate: 10.09%
• Cash-on-cash: 13.56%
• DSCR: 1.60
• GRM: 6.8

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: 32.9%
• Equity multiple: 3.54×
• Total profit: $227,243
• Equity at exit: $288,191

10-year hold

• IRR: 27.5%
• Equity multiple: 7.68×
• Total profit: $597,975
• Equity at exit: $621,495

Cash invested: $89,572 (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 33974

• Home prices YoY: 5.8%
• Rents YoY: -4.7%
• Active inventory: 2460
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $3,899 high
• Mortgage (P&I): −$1,678
• Tax from tax record: −$257 /mo · $3,085/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$819
• Net cashflow: $1,012

Break-even live

Break-even rent $2,618

Max offer price $319,900

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,900
Total (2 units)			$3,899

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: $79,975
• Closing costs: $9,597
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11613 Savanna Lakes Blvd Lehigh Acres, FL	5.0	3.0	2451	$2,700	$1.10	16d	1	0.70mi
19972 Green Pasture Rd Lehigh Acres, FL	5.0	2.5	2959	$3,000	$1.01	21d	1	0.72mi
11902 Savanna Lakes Blvd Lehigh Acres, FL	6.0	3.0	3041	$2,750	$0.90	16d	1	1.05mi
11634 Savanna Lakes Blvd Lehigh Acres, FL	5.0	3.0	2451	$2,650	$1.08	21d	1	1.07mi
19525 Fairhill Ct Lehigh Acres, FL	6.0	3.0	2463	$2,499	$1.01	24d	1	1.46mi

Listing history 7 events

1. 2026-06-17
   status $319,900 Active 63 DOM
2. 2026-04-07
   status Pending
3. 2026-02-03
   listed $319,900 Active
4. 2026-02-03
   historical
5. 2026-02-01
   listed $319,900 Active
6. 2015-03-02
   price $36,700 286-char remark

   Show marketing remark (286 chars)

   Don't miss out on great investment opportunity. Duplex in Lehigh Acres close to town. Seller requests borrowers contact Chase Loan Office Joshua Shoemaker [phone]. Seller will credit buyer up to 3% of sales price towards closing costs if negotiated in final signed counter offer.

7. 2010-07-19
   soldstatus $37,000 286-char remark

   Show marketing remark (286 chars)

   Don't miss out on great investment opportunity. Duplex in Lehigh Acres close to town. Seller requests borrowers contact Chase Loan Office Joshua Shoemaker [phone]. Seller will credit buyer up to 3% of sales price towards closing costs if negotiated in final signed counter offer.

ⓘ 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: $3,085 · $257/mo
• Projected year-2 tax: $3,085 · $257/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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 6 d/yr ≥108°F today · 22 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,788
• − Mortgage interest: −$17,919
• − Property taxes: −$3,085
• − Insurance: −$1,600
• − Repairs & maintenance: −$3,743
• − Management: −$3,743
• − Depreciation: −$9,306
• Taxable income: $7,392
• Est. tax owed @ 24.0%: −$1,774
• After-tax cash flow: $10,373/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): 19,927
• Household income: $72,192
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 434.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 52% Two or more races 31% White 26% Black 18%
• Hispanic origin (detail): Mexican 12% Puerto Rican 7% Cuban 20% Dominican 4%
• Common ancestry: Hispanic 7% Italian 1% Portuguese 1%
• Foreign-born: 32% · Canada, Jamaica
• Languages at home: 48% English-only · Spanish 43% French/Haitian/Cajun 7% Other Indo-European 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: ▲ 16.53%
• Current HPI: 303.3399
• Rent YoY: ▼ -4.68%
• 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

+764.6% since first listed

6 events — show timeline

• 2026-04-07 Pending — FORTMLS
• 2026-02-03 Listing Removed — FORTMLS
• 2026-02-03 Listed $319,900 FORTMLS
• 2026-02-01 Listed $319,900 FORTMLS
• 2015-03-02 Price Changed $36,700 FORTMLS
• 2010-07-19 Sold (MLS) $37,000 FORTMLS

Property tax history

+5.4%/yr

Latest (2022): $3,085 · +15.9% YoY. Source: county tax records.