617 SE 47th St · Cape Coral, FL 33904

$175,000

2 bd · 1.0 ba · 2,196 sqft · Other · 29 Days on market

Built 1981 Good condition

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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
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Well maintained 2 bedroom 1 bath condo in the lively downtown Cape Coral. Just a few blocks away you will find some of the finest restaurants, bars, shopping plazas and downtown activities. The condo is the first floor with no above you. In the unit you will find Stove, Refrigerator, Washer and Dryer, and few steps to the community pool. Enjoy the pool and picnic/patio area for and afternoon relaxation. Sorry no pets allowed.

Key facts

• Picnic patio area
• Community pool
• First floor

Tags

• COMMUNITY POOL
• PICNIC PATIO AREA
• FIRST FLOOR

Property features AI

Exterior

• Home design: Built in 1981
• Construction: Living area about 2,196
• Exterior features: Located in the Caloosahatchee subdivision

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $175k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $131 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% 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); 820 active listings in the ZIP; 20 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 38% of the median local income ($71k/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 $1k of loan paydown is wiped out by about $5k 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 29 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,375 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.28% ✓
• Cap rate: 10.11%
• Cash-on-cash: 13.65%
• DSCR: 1.61
• GRM: 6.5

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: -15.6%
• Equity multiple: 0.46×
• Total profit: $-26,290
• Equity at exit: $26,093

10-year hold

• IRR: -16.2%
• Equity multiple: 0.26×
• Total profit: $-36,297
• Equity at exit: $15,131

Cash invested: $49,000 (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 33904

• Rents YoY: -5.5%
• Active inventory: 820
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,236 high
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $131

Break-even live

Break-even rent $2,071

Max offer price $175,000

Occupancy floor 89%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
712 SE 47th St Unit Left Side Cape Coral, FL	2.0	1.0	1740	$1,800	$1.03	14d	1	0.13mi
440 Cape Coral Pkwy E Cape Coral, FL	3.0	1.0–2.0	1003	$3,567	$3.55	1d	95	0.28mi
309 Tarpon Dr Unit A Cape Coral, FL	3.0	2.0	2628	$1,650	$0.63	23d	1	0.59mi
206 SE 46th Ter Cape Coral, FL	3.0	2.0	1739	$1,949	$1.12	23d	1	0.60mi
5135 Coronado Pkwy Cape Coral, FL	2.0	2.0	1406	$1,625	$1.16	21d	4	0.62mi
4202 Palm Tree Blvd Cape Coral, FL	3.0	2.0	1786	$2,000	$1.12	23d	1	0.73mi
120 SE 46th St Cape Coral, FL	3.0	2.0	1993	$2,926	$1.47	3d	1	0.74mi
130 SE 44th St Cape Coral, FL	3.0	2.0	1841	$5,000	$2.72	23d	1	0.77mi
4535 SE 14th Pl Cape Coral, FL	3.0	2.0	1613	$3,800	$2.36	23d	1	0.94mi
1453 Venetian Ct Cape Coral, FL	3.0	3.0	1567	$2,500	$1.60	23d	1	1.00mi
1426 SE 43rd Ter Cape Coral, FL	3.0	3.0	1872	$2,950	$1.58	23d	1	1.05mi
1424 Windsor Ct Cape Coral, FL	3.0	2.0	1957	$7,500	$3.83	23d	1	1.11mi
3766 SE 6th Ave Cape Coral, FL	3.0	2.0	2048	$2,500	$1.22	23d	1	1.11mi
5367 Coral Ave Cape Coral, FL	3.0	2.0	1436	$1,900	$1.32	19d	1	1.11mi
3923 SE 12th Ave Cape Coral, FL	3.0	2.0	1684	$2,000	$1.19	23d	1	1.20mi
311 SW 48th Ter Cape Coral, FL	3.0	2.0	1441	$2,350	$1.63	14d	1	1.23mi
311 SW 48th Ter Cape Coral, FL	3.0	2.0	1441	$2,350	$1.63	23d	1	1.23mi
4011 SW 2nd Ave Cape Coral, FL	3.0	2.0	1660	$2,500	$1.51	23d	1	1.33mi
3722 SE 12th Ave Unit 1F Cape Coral, FL	2.0	2.0	1410	$2,150	$1.52	23d	1	1.35mi
3749 SW 1st Pl Cape Coral, FL	3.0	2.0	1475	$2,800	$1.90	23d	1	1.48mi

Listing history 9 events

1. 2026-06-17
   days on market $175,000 Active 29 DOM
2. 2026-06-16
   days on market $175,000 Active 28 DOM
3. 2026-06-16
   days on market $175,000 Active 27 DOM
4. 2026-06-13
   days on market $175,000 Active 25 DOM
5. 2026-06-09
   days on market $175,000 Active 21 DOM
6. 2026-06-07
   days on market $175,000 Active 19 DOM
7. 2026-06-01
   days on market $175,000 Active 13 DOM
8. 2026-06-01
   days on market $175,000 Active 12 DOM
9. 2026-05-19
   listed $175,000 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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 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: $26,835
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$5,994
• − Repairs & maintenance: −$2,147
• − Management: −$2,147
• − Depreciation: −$5,091
• Taxable loss: −$971
• Est. tax savings @ 24.0%: +$233
• After-tax cash flow: $1,802/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.

Condition & rehab AI · 1 photo

Good 75/100 Cosmetic rehab

This well-maintained Cape Coral condo is in good condition with no major repairs needed. A fresh coat of paint and a clean driveway can significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and can increase both resale and rental value
• Both Clean driveway — Improves curb appeal and can increase both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and can increase both resale and rental value ↑
• Both Clean driveway — Improves curb appeal and can increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 33,599
• Household income: $71,190
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 1182.0

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: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 16% Two or more races 11% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 9%
• Common ancestry: Romanian 4% Lithuanian 2% Slovak 2%
• Foreign-born: 14% · Canada, China, Jamaica
• Languages at home: 82% English-only · Spanish 13% Other Indo-European 1% Chinese 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: ▼ -190.05%
• Current HPI: 266.3458
• Rent YoY: ▼ -5.48%
• 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

1 event — show timeline

• 2026-05-19 Listed $175,000 FSBO.com