2403/2405 Stella St · Fort Myers, FL 33901

$150,000

4 bd · 4.0 ba · — sqft · MultiFamily · 12 Days on market

Built 1958 Poor condition 8,189 sqft lot ↓ 47% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• Rent growth +1.7/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

This is a Short Sale subject to existing lender's approval which could result in delays at teast 35 to 45 % work of this property need to be done please schedule for any showing and go figure

Key facts

• 8,189 sq ft lot
• Built 1958
• Listed 12 days

Property features AI

Finance

• Financial info: Gross scheduled income: $23,000; Operating expenses: $2,500; Pets are allowed
• HOA & community: Community amenities include a restaurant; Non-gated community with nearby shopping

Exterior

• Utilities: Public water; Public sewer; Cable available
• Home design: Resale property; Zoned RS-D; Rectangular lot with dimensions approximately 130 x 64 x 64 x 130
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Fenced yard; Municipal irrigation

Interior

• Flooring: Tile
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Single hung windows; Tile flooring

What this means for you Summary

Snapshot

• This is a 2 × 5-bed/4.0-bath units multifamily listed at $150k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $150k).
• Cap rate 25.6% vs local median 3.0% in Fort Myers — 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 86/100 on livability (#14 in FL, #383 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• 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 (-3.2%/yr); 286 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); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $4,373/mo this rent would consume 101% of the median local household income ($52k/yr) (locally 1782% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask has dropped $134k (47%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 2.92% ✓
• Cap rate: 25.64%
• Cash-on-cash: 69.09%
• DSCR: 4.07
• GRM: 2.9

CMA / ARV

No comps found within radius.

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2405 Jeffcott St	0.06mi	4/2.0	1,392	22mo	$220,000	$158	58
2429 South St	0.13mi	3/3.0 (-1)	1,283	23mo	$320,000	$249	53
2219 Jackson St	0.60mi	4/2.0	1,772	21mo	$265,000	$150	34

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

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 65.1%
• Equity multiple: 3.78×
• Total profit: $116,951
• Equity at exit: $22,365

10-year hold

• IRR: 68.5%
• Equity multiple: 6.97×
• Total profit: $250,889
• Equity at exit: $12,969

Cash invested: $42,000 (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 33901

• Home prices YoY: -25.9%
• Rents YoY: -3.2%
• Active inventory: 286
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $4,373 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$918
• Net cashflow: $2,418

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 40%

Sensitivity live

Price	-10% $2,522	-5% $2,470	+0% $2,418	+5% $2,366	+10% $2,314
Rent	-10% $2,073	-5% $2,245	+0% $2,418	+5% $2,591	+10% $2,764
Rate	-1.0pp $2,494	-0.5pp $2,456	base $2,418	+0.5pp $2,379	+1.0pp $2,340

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

Units	Beds	Baths	Est. rent
▸ 2× units	5	4	$4,372
Total (2 units)			$4,373

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2822 Central Ave Fort Myers, FL	3.0	2.0	1641	$1,100	$0.67	24d	1	0.16mi
2817 Jackson St Fort Myers, FL	3.0	2.0	1200	$2,200	$1.83	24d	1	0.19mi
2351 Lafayette St Fort Myers, FL	3.0	1.0	—	$1,550	—	11d	1	0.46mi
2330 Hoople St Fort Myers, FL	3.0	2.0	1250	$1,750	$1.40	17d	1	0.56mi
2627 Saint Charles St Fort Myers, FL	4.0	2.0	1400	$1,850	$1.32	15d	1	0.61mi
2651 Market St Fort Myers, FL	3.0	2.0	1184	$1,295	$1.09	24d	1	0.69mi
2649 Market St Unit 2651 Fort Myers, FL	3.0	2.0	1184	$1,250	$1.06	20d	1	0.69mi
2530 Kennesaw St Fort Myers, FL	3.0	2.0	—	$1,599	—	22d	1	0.78mi
2330 Union St Fort Myers, FL	3.0	1.0–2.0	951	$3,714	$3.90	4d	27	0.78mi
2103 Unity Ave Fort Myers, FL	4.0	2.0	1456	$1,900	$1.30	24d	1	0.83mi
2408 Euclid Ave Fort Myers, FL	3.0	2.0	1347	$3,975	$2.95	24d	1	0.83mi
2922 McCann St Fort Myers, FL	3.0	2.0	1323	$2,550	$1.93	24d	1	0.91mi
2950 McCann St Fort Myers, FL	3.0	2.0	3182	$3,000	$0.94	24d	1	0.93mi
2955 Dunbar St Unit A Fort Myers, FL	3.0	2.0	1111	$2,300	$2.07	4d	1	0.99mi
2955 Dunbar St Unit A Fort Myers, FL	3.0	2.0	1285	$2,300	$1.79	17d	1	0.99mi
2987 Thomas St Fort Myers, FL	3.0	2.0	1200	$2,100	$1.75	22d	1	1.00mi
1661 Coronado Rd Fort Myers, FL	3.0	2.0	1144	$3,000	$2.62	24d	1	1.03mi
2147 Pauldo St Fort Myers, FL	3.0	2.0	1088	$1,395	$1.28	24d	1	1.03mi
3141 Edison Ave Fort Myers, FL	4.0	1.0	1136	$1,500	$1.32	24d	1	1.04mi
33 Broadway Cir Fort Myers, FL	3.0	2.0	1122	$1,800	$1.60	17d	1	1.09mi
2656 Lime St Fort Myers, FL	4.0	2.0	1232	$1,700	$1.38	4d	1	1.13mi
3034 Price Ave Fort Myers, FL	3.0	2.0	1367	$2,100	$1.54	4d	1	1.15mi
2350 W First St Fort Myers, FL	1.0–4.0	1.0–2.0	1344	$1,560	$1.16	22d	2	1.19mi
1535 Ransom St Fort Myers, FL	3.0	2.0	1104	$2,400	$2.17	24d	1	1.19mi
1659 Ricardo Ave Fort Myers, FL	3.0	2.0	1985	$2,300	$1.16	24d	1	1.19mi
2218 Quality Life Center Way Fort Myers, FL	4.0	2.0	1257	$2,250	$1.79	24d	1	1.19mi
2104 W First St #2503 Fort Myers, FL	3.0	2.0	2140	$5,885	$2.75	24d	1	1.20mi
2104 W First St #1902 Fort Myers, FL	3.0	2.0	2140	$3,000	$1.40	24d	1	1.20mi
1900 Virginia Ave #503 Fort Myers, FL	3.0	2.0	2025	$3,000	$1.48	24d	1	1.24mi
3341 Willard St Fort Myers, FL	4.0	2.0	1257	$2,500	$1.99	17d	1	1.25mi
3341 Willard St Fort Myers, FL	4.0	2.0	1619	$2,500	$1.54	20d	1	1.25mi
3306 Bassie Ct Fort Myers, FL	4.0	2.0	1257	$2,100	$1.67	24d	1	1.26mi
4051 Regata Way Fort Myers, FL	1.0–3.0	1.0–2.0	987	$2,021	$2.05	3d	34	1.28mi
3417 South St Fort Myers, FL	3.0	2.0	1008	$1,695	$1.68	24d	1	1.28mi
2225 Carver Ave Fort Myers, FL	3.0	2.0	1193	$2,200	$1.84	24d	1	1.29mi
3425 South St Fort Myers, FL	3.0	1.0	1132	$1,395	$1.23	4d	1	1.30mi
2579 Second St Fort Myers, FL	3.0	2.0	1404	$2,500	$1.78	17d	1	1.34mi
3647 Pine Oak Cir #107 Fort Myers, FL	3.0	2.5	1447	$1,749	$1.21	3d	1	1.41mi
3647 Pine Oak Cir #107 Fort Myers, FL	3.0	2.5	1447	$1,749	$1.21	22d	1	1.41mi
3643 Pine Oak Cir #105 Fort Myers, FL	3.0	2.5	1447	$1,800	$1.24	24d	1	1.43mi

Listing history 7 events

1. 2026-06-03
   pricestatusdays on market $150,000 Pending 12 DOM
2. 2026-06-02
   days on market $284,000 Active 11 DOM
3. 2026-06-01
   days on market $284,000 Active 10 DOM
4. 2026-05-31
   days on market $284,000 Active 9 DOM
5. 2026-04-27
   historical
6. 2026-04-01
   listed $284,000 Active
7. 2025-07-20
   listed $535,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 32 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: $52,476
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$4,198
• − Management: −$4,198
• − Depreciation: −$4,364
• Taxable income: $28,314
• Est. tax owed @ 24.0%: −$6,795
• After-tax cash flow: $22,221/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

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance, including exterior siding, driveway, and roof. Immediate action is needed to stabilize the property and improve its value.

Repairs flagged

• Major Exterior siding — Severe damage and peeling
• Major Driveway and sidewalk — Cracked and uneven concrete
• Major Roof — Condition unknown, but likely in poor condition

Value-add opportunities

• Both Repair and paint exterior siding — Improves curb appeal and structural integrity
• Both Repair driveway and sidewalk — Enhances property value and usability
• Both Inspect and repair roof — Ensures structural integrity and protects against water damage

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Severe damage and peeling	Major	$15,000–50,000
Driveway and sidewalk · Cracked and uneven concrete	Major	$15,000–50,000
Roof · Condition unknown, but likely in poor condition	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Repair and paint exterior siding — Improves curb appeal and structural integrity ↑
• Both Repair driveway and sidewalk — Enhances property value and usability ↑
• Both Inspect and repair roof — Ensures structural integrity and protects against water damage ↑

ⓘ 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 — Fort Myers

• Score: 86/100
• State rank: #14
• US rank: #383

Category grades

Amenities A+ Commute A+ 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: Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 278,598
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 24,481
• Household income: $51,816
• Rent vs Own: 52.8% rent · 47.2% own
• Severe rent burden: 1782.0

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: White 50% Hispanic / Latino 23% Black 22% Two or more races 15% Asian 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 4% Cuban 4%
• Common ancestry: Hispanic 7% Estonian 2% Lithuanian 2%
• Foreign-born: 22% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 18% French/Haitian/Cajun 8% Other Indo-European 4%

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: ▼ -108.70%
• Current HPI: 311.8283
• Rent YoY: ▼ -3.23%
• 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

-46.9% since first listed

3 events — show timeline

• 2026-04-27 Listing Removed — FORTMLS
• 2026-04-01 Listed $284,000 FORTMLS
• 2025-07-20 Listed $535,000 FORTMLS