647 NW 29th St · Cape Coral, FL 33993

$299,999

4 bd · 2.0 ba · 1,498 sqft · Land · 74 Days on market

Built 2026 10,454 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 MLS

Are you looking to built your dream home? Enjoy a north rear exposure part of Cape Coral, just a few miles away from a plenty of restaurants! To the East is Fort Myers and to the West is Matlache and Pine Island Rd for fun adventures! This lot is in a premium location for your South-West Florida Future! Captivating cleared lot situated in a rapidly developing area of Cape Coral. Ideal for constructing a new home or for investment purposes!!

Key facts

• Quartz countertops
• Open concept
• Designer cabinets

Tags

• OPEN CONCEPT
• DESIGNER CABINETS
• QUARTZ COUNTERTOPS
• REVWOOD LAMINATED WOOD FLOORS
• PAVER DRIVEWAYS
• SMART THERMOSTAT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $300k.

Deal economics

• At list price, monthly cash flow is $29 ($347/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 $228k (24.0% below list).
• Recommended offer: $228k (24.0% 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.
• 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 20d 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 30% 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 $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 74 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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.
• Current owner paid $215k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 6→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,871 (24.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 6.41%
• Cash-on-cash: 0.41%
• 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: -18.6%
• Equity multiple: 0.36×
• Total profit: $-53,599
• Equity at exit: $44,731

10-year hold

• IRR: -17.4%
• Equity multiple: 0.16×
• Total profit: $-70,722
• Equity at exit: $25,938

Cash invested: $84,000 (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: 11.0×

Monthly cashflow live

• Estimated rent: $2,279 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$73 /mo · $876/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $29

Break-even live

Break-even rent $2,242

Max offer price $299,999

Occupancy floor 94%

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
721 NW Douglas Cir Cape Coral, FL	3.0	2.0	1164	$1,770	$1.52	19d	1	0.10mi
2809 NW 8th Pl Cape Coral, FL	3.0	2.0	1400	$2,400	$1.71	24d	1	0.14mi
501 NW 26th Ter Cape Coral, FL	3.0	2.0	1465	$2,200	$1.50	14d	1	0.31mi
2604 NW 8th Pl Cape Coral, FL	4.0	2.0	1650	$1,795	$1.09	21d	1	0.36mi
609 NW 25th St Cape Coral, FL	4.0	2.0	1556	$2,000	$1.29	3d	1	0.47mi
2936 NW 4th Pl Cape Coral, FL	4.0	2.0	1769	$1,895	$1.07	24d	1	0.52mi
2919 NW 4th Pl Cape Coral, FL	4.0	2.0	1639	$1,926	$1.18	3d	1	0.52mi
1011 Kismet Pkwy W Cape Coral, FL	4.0	2.0	1787	$2,100	$1.18	3d	1	0.71mi
324 NW 24th Ter Cape Coral, FL	3.0	2.0	1499	$2,500	$1.67	3d	1	0.74mi
3055 NW 3rd Pl Cape Coral, FL	3.0	2.0	1184	$1,675	$1.41	3d	1	0.74mi
520 NW 23rd Ter Cape Coral, FL	4.0	2.0	1693	$2,350	$1.39	24d	1	0.75mi
2308 NW 9th Ave Cape Coral, FL	4.0	3.0	1683	$2,200	$1.31	24d	1	0.75mi
221 NW 25th St Cape Coral, FL	3.0	2.0	1407	$1,780	$1.27	24d	1	0.75mi
2616 NW 1st Pl Cape Coral, FL	4.0	2.0	1829	$1,946	$1.06	21d	1	0.77mi
36 NW 26th St Cape Coral, FL	3.0	2.0	1270	$1,990	$1.57	3d	1	0.89mi
3220 NW 1st Ave Cape Coral, FL	4.0	2.0	1723	$2,250	$1.31	24d	1	0.90mi
1023 NW 22nd Ter Cape Coral, FL	3.0	2.0	1469	$1,831	$1.25	14d	1	0.91mi
101 NW 25th St Cape Coral, FL	4.0	2.0	1613	$1,900	$1.18	3d	1	0.91mi
2227 NW 3rd Pl Cape Coral, FL	3.0	2.5	1771	$1,799	$1.02	24d	1	0.92mi
2227 NW 3rd Pl Cape Coral, FL	3.0	3.0	1771	$1,999	$1.13	14d	1	0.92mi
2227 NW 11th Ct Cape Coral, FL	4.0	2.0	1650	$1,895	$1.15	24d	1	0.93mi
3229 NW 1st Ave Cape Coral, FL	4.0	2.0	1828	$1,811	$0.99	3d	1	0.94mi
2907 Santa Barbara Blvd N Cape Coral, FL	3.0	2.0	1209	$1,775	$1.47	10d	1	0.96mi
2103 NW 10th Ave Cape Coral, FL	3.0	2.0	1455	$2,200	$1.51	24d	1	1.02mi
51 Wilmington Pkwy Cape Coral, FL	4.0	3.0	1681	$2,000	$1.19	24d	1	1.04mi
1026 NW 21st Ter Cape Coral, FL	4.0	2.0	1760	$1,825	$1.04	3d	1	1.05mi
3024 NE 1st Ave Cape Coral, FL	4.0	2.0	1499	$1,695	$1.13	19d	1	1.07mi
2000 NW 7th Ave Cape Coral, FL	4.0	2.0	1708	$1,950	$1.14	24d	1	1.09mi
2000 NW 7th Ave Cape Coral, FL	4.0	2.0	1708	$1,950	$1.14	14d	1	1.09mi
3010 NE 1st Pl Cape Coral, FL	3.0	2.0	1582	$2,750	$1.74	24d	1	1.14mi
2524 NE 1st Pl Cape Coral, FL	4.0	3.0	1683	$2,250	$1.34	24d	1	1.20mi
1834 NW 6th Ave Cape Coral, FL	3.0	2.0	1200	$1,575	$1.31	24d	1	1.21mi
1834 NW 6th Ave Cape Coral, FL	3.0	2.0	1200	$1,530	$1.27	21d	1	1.21mi
1831 NW 6th Ave Cape Coral, FL	4.0	2.0	1833	$1,795	$0.98	2d	1	1.23mi
1917 NW 12th Ave Cape Coral, FL	3.0	2.0	1528	$2,200	$1.44	24d	1	1.28mi
1719 NW 25th Ln Cape Coral, FL	4.0	2.0	1829	$2,291	$1.25	3d	1	1.31mi
2901 NW 18th Pl Cape Coral, FL	3.0	2.0	1555	$2,190	$1.41	13d	1	1.42mi
1818 NW 27th Ter Cape Coral, FL	4.0	2.0	1665	$1,975	$1.19	3d	1	1.43mi
1427 NW 20th St Cape Coral, FL	4.0	2.0	1617	$1,895	$1.17	16d	1	1.44mi
1823 NW 31st St Cape Coral, FL	3.0	2.0	1408	$1,950	$1.38	3d	1	1.45mi

Listing history 19 events

1. 2026-03-30
   status Pending
2. 2026-03-06
   price $299,999
3. 2026-02-12
   price $309,999
4. 2026-01-15
   listed $314,990 Active
5. 2025-11-21
   soldstatus $215,000
6. 2025-11-20
   soldstatus $43,000 Closed 444-char remark

   Show marketing remark (444 chars)

   Are you looking to built your dream home? Enjoy a north rear exposure part of Cape Coral, just a few miles away from a plenty of restaurants! To the East is Fort Myers and to the West is Matlache and Pine Island Rd for fun adventures! This lot is in a premium location for your South-West Florida Future! Captivating cleared lot situated in a rapidly developing area of Cape Coral. Ideal for constructing a new home or for investment purposes!!

7. 2025-08-01
   status Pending 444-char remark

   Show marketing remark (444 chars)

   Are you looking to built your dream home? Enjoy a north rear exposure part of Cape Coral, just a few miles away from a plenty of restaurants! To the East is Fort Myers and to the West is Matlache and Pine Island Rd for fun adventures! This lot is in a premium location for your South-West Florida Future! Captivating cleared lot situated in a rapidly developing area of Cape Coral. Ideal for constructing a new home or for investment purposes!!

8. 2025-07-10
   listed $44,000 Active 444-char remark

   Show marketing remark (444 chars)

   Are you looking to built your dream home? Enjoy a north rear exposure part of Cape Coral, just a few miles away from a plenty of restaurants! To the East is Fort Myers and to the West is Matlache and Pine Island Rd for fun adventures! This lot is in a premium location for your South-West Florida Future! Captivating cleared lot situated in a rapidly developing area of Cape Coral. Ideal for constructing a new home or for investment purposes!!

9. 2021-04-28
   soldstatus $25,000
10. 2021-04-23
    soldstatus $25,000 Closed
11. 2021-04-07
    status Pending
12. 2021-04-07
    price $25,000
13. 2021-04-07
    listed $20,000 Active
14. 2016-09-27
    price $7,500
15. 2016-09-23
    soldstatus $7,500
16. 2016-09-20
    soldstatus $7,500 Sold
17. 2016-09-20
    price $8,000
18. 2016-08-09
    price $8,000
19. 2016-03-08
    listed $10,000 Active

ⓘ 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: $876 · $73/mo
• Projected year-2 tax: $2,490 · $207/mo
• Expected delta: +$1,614/yr (+$134/mo · 184.2%)

ⓘ 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) · 13% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 10/10 Extreme 6 d/yr ≥107°F today · 26 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: $27,345
• − Mortgage interest: −$16,805
• − Property taxes: −$876
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,188
• − Management: −$2,188
• − Depreciation: −$8,727
• Taxable loss: −$4,939
• Est. tax savings @ 24.0%: +$1,185
• After-tax cash flow: $1,533/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

+2900.0% since first listed

19 events — show timeline

• 2026-03-30 Pending — NAPLESMLS
• 2026-03-06 Price Changed $299,999 NAPLESMLS
• 2026-02-12 Price Changed $309,999 NAPLESMLS
• 2026-01-15 Listed $314,990 NAPLESMLS
• 2025-11-21 Sold (Public Records) $215,000 Public Records
• 2025-11-20 Sold (MLS) $43,000 FORTMLS
• 2025-08-01 Pending — FORTMLS
• 2025-07-10 Listed $44,000 FORTMLS
• 2021-04-28 Sold (Public Records) $25,000 Public Records
• 2021-04-23 Sold (MLS) $25,000 FORTMLS
• 2021-04-07 Pending — FORTMLS
• 2021-04-07 Price Changed $25,000 FORTMLS
• 2021-04-07 Listed $20,000 FORTMLS
• 2016-09-27 Price Changed $7,500 NAPLESMLS
• 2016-09-23 Sold (Public Records) $7,500 Public Records
• 2016-09-20 Price Changed $8,000 NAPLESMLS
• 2016-09-20 Sold (MLS) $7,500 NAPLESMLS
• 2016-08-09 Price Changed $8,000 NAPLESMLS
• 2016-03-08 Listed $10,000 NAPLESMLS

Property tax history

+10.8%/yr

Latest (2025): $876 · +12.6% YoY. Source: county tax records.