3828 NW 46th Ln · Cape Coral, FL 33993

$369,000

3 bd · 2.0 ba · 1,614 sqft · SingleFamily public records · 32 Days on market

Built 2023 10,018 sqft lot Est $366k · at est.

---

Why this score? — see what drove the C- 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 +21.3/30.0
• ARV discount +7.2/15.0
• DSCR +6.8/10.0
• 1% rule +5.5/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Modern spacious 4 bedroom 2 bath home in a quiet neighborhood in Cape Coral. This home is perfect for your new Florida home. The home features vaulted ceilings, tile floors, soft close cabinets and quartz countertops. No flood insurance required on this home. Call today to see this home. This home is a must see, call today to see all the upgrades in your private showing.

Key facts

• 0.23 acre lot
• 2 garage spots
• Built 2023

Property features AI

Finance

• Other: Lot is rectangular, approximately 0.23 acres (surveyed), north exposure; Zoned R1
• Financial info: Pets allowed
• HOA & community: Non-gated community; No association fee listed

Exterior

• Parking: Attached garage; 2 covered garage spaces
• Utilities: Well water; Septic tank; Cable available
• Home design: Single-story; Faces south; Resale property
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Fence; Shutters (manual); Lanai; Porch; Screened porch

Interior

• Kitchen: Dishwasher; Freezer; Microwave; Range; Refrigerator
• Bedrooms: Screened porch listed as a room type
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Built-in features; Living/dining room; Bar; Vaulted ceilings; Split bedrooms; Shower only with separate shower; Single-hung windows; Unfurnished
• Laundry & utility: Washer hookup inside; Dryer hookup inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $369k.

Deal economics

• At list price, monthly cash flow is $111 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $369k).
• Recommended offer: $358k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• At $3,883/mo this rent would consume 51% of the median local household income ($91k/yr) (locally 286% 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 $3k of loan paydown is wiped out by about $11k 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 32 days — a 3% lower offer ($358k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y 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 $9k; list at $369k implies a 4141% gain — meaningful room to come down on a strong offer.

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; moderate wildfire risk; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $357,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
6. 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.
7. 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: 1.05% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.25%
• DSCR: 1.28
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $366,378
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4318 NW 38th Pl	0.44mi	4/2.0 (+1)	1,818 (+13%)	14mo	$312,990	$172	42
4751 NW 39th Ave	0.29mi	4/2.0 (+1)	1,830 (+13%)	24mo	$414,900	$227	40

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: -18.1%
• Equity multiple: 0.38×
• Total profit: $-63,786
• Equity at exit: $55,019

10-year hold

• IRR: -19.1%
• Equity multiple: 0.14×
• Total profit: $-89,154
• Equity at exit: $31,904

Cash invested: $103,320 (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: 7.9×

Monthly cashflow live

• Estimated rent: $3,883 high
• Mortgage (P&I): −$1,935
• Tax from tax record: −$441 /mo · $5,294/yr
• Insurance: −$154
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$815
• Net cashflow: $111

Break-even live

Break-even rent $3,742

Max offer price $369,000

Occupancy floor 92%

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: $92,250
• Closing costs: $11,070
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3929 NW 42nd Ln Cape Coral, FL	3.0	2.0	1333	$1,995	$1.50	23d	1	0.56mi
4157 NW 39th Ave Cape Coral, FL	3.0	2.0	1515	$2,500	$1.65	3d	1	0.64mi
4157 NW 39th Ave Cape Coral, FL	3.0	2.0	1515	$2,500	$1.65	23d	1	0.64mi
3191 Matecumbe Key Rd #206 Punta Gorda, FL	2.0	2.0	1102	$4,400	$3.99	23d	1	0.84mi
3181 Matecumbe Key Rd Punta Gorda, FL	2.0	2.0	1254	$2,450	$1.95	23d	2	0.85mi
17947 Courtside Landings Cir Punta Gorda, FL	3.0	2.0	1338	$5,500	$4.11	23d	1	0.89mi
3170 Matecumbe Key Rd #134 Punta Gorda, FL	2.0	2.0	1188	$1,899	$1.60	23d	1	0.91mi
3911 NW 40th Ln Cape Coral, FL	3.0	2.0	1363	$3,500	$2.57	23d	1	0.93mi
5 Pirates Ln Unit 54B Punta Gorda, FL	2.0	2.0	1516	$4,600	$3.03	23d	1	0.97mi
1010 Islamorada Blvd Punta Gorda, FL	3.0	2.0	1592	$4,700	$2.95	23d	1	1.04mi
3250 Southshore Dr Unit 54B Punta Gorda, FL	3.0	2.0	2069	$5,750	$2.78	23d	1	1.05mi
1610 Islamorada Blvd Unit 64A Punta Gorda, FL	2.0	2.0	1516	$2,000	$1.32	23d	1	1.07mi
3280 Southshore Dr Unit 87A Punta Gorda, FL	3.0	2.0	2069	$4,000	$1.93	23d	1	1.11mi
1001 Islamorada Blvd Unit 12A Punta Gorda, FL	2.0	2.0	1365	$1,600	$1.17	16d	1	1.11mi
3270 Southshore Dr Unit 72B Punta Gorda, FL	3.0	2.0	2069	$5,750	$2.78	23d	1	1.12mi
3471 Sunset Key Cir #102 Punta Gorda, FL	3.0	2.0	1991	$5,750	$2.89	23d	1	1.13mi
3020 Matecumbe Key Rd #103 Punta Gorda, FL	2.0	2.0	1148	$5,200	$4.53	23d	1	1.14mi
3313 Sunset Key Cir Punta Gorda, FL	3.0	2.0–3.0	2089	$6,750	$3.23	23d	4	1.16mi
3313 Sunset Key Cir Unit Reservation spot 1 Punta Gorda, FL	2.0	2.0	2099	$2,750	$1.31	23d	1	1.16mi
2060 Matecumbe Key Rd Punta Gorda, FL	2.0–3.0	2.0	1271	$5,400	$4.25	23d	3	1.25mi
3617 NW 38th Ter Cape Coral, FL	4.0	3.0	1903	$2,200	$1.16	23d	1	1.29mi
3255 Sugarloaf Key Rd Unit 31B Punta Gorda, FL	2.0	2.0	1516	$3,000	$1.98	16d	1	1.30mi
17849 Hibiscus Cove Ct #1 Punta Gorda, FL	3.0	2.0	1937	$6,250	$3.23	23d	1	1.38mi
5050 Marianne Key Rd Unit 1B Punta Gorda, FL	2.0	2.0	1347	$4,500	$3.34	16d	1	1.38mi
3812 NW 38th St Cape Coral, FL	3.0	2.0	1920	$2,600	$1.35	23d	1	1.39mi
2091 King Tarpon Dr Punta Gorda, FL	3.0	2.0	1640	$5,200	$3.17	23d	1	1.42mi
4005 Big Pass Ln Punta Gorda, FL	2.0	2.0	1423	$5,500	$3.87	16d	1	1.42mi
3001 King Tarpon Dr Punta Gorda, FL	3.0	2.0	1734	$5,500	$3.17	23d	1	1.43mi

Listing history 34 events

1. 2026-06-17
   days on market $369,000 Active 32 DOM
2. 2026-06-16
   days on market $369,000 Active 31 DOM
3. 2026-06-15
   days on market $369,000 Active 30 DOM
4. 2026-06-13
   days on market $369,000 Active 28 DOM
5. 2026-06-10
   days on market $369,000 Active 25 DOM
6. 2026-06-09
   days on market $369,000 Active 24 DOM
7. 2026-06-08
   days on market $369,000 Active 23 DOM
8. 2026-06-07
   days on market $369,000 Active 22 DOM
9. 2026-06-03
   days on market $369,000 Active 18 DOM
10. 2026-06-02
    days on market $369,000 Active 17 DOM
11. 2026-06-01
    days on market $369,000 Active 16 DOM
12. 2026-05-31
    days on market $369,000 Active 15 DOM
13. 2026-05-15
    listed $369,000 Active
14. 2026-04-06
    historical
15. 2026-03-28
    price $379,000
16. 2026-03-15
    listed $389,000 Active
17. 2024-02-06
    historical
18. 2024-01-30
    price $370,000
19. 2024-01-19
    listed $378,000 Active
20. 2024-01-16
    historical
21. 2024-01-12
    price $379,000
22. 2023-12-18
    historical $2,400
23. 2023-12-17
    listed $380,000 Active
24. 2023-12-01
    price $2,400
25. 2023-11-22
    listed $2,500
26. 2023-10-02
    historical
27. 2023-09-09
    price $379,900
28. 2023-09-08
    price $389,900
29. 2023-08-29
    price $399,900
30. 2023-08-05
    listed $405,000 Active
31. 2021-04-14
    soldstatus $8,700
32. 2021-03-15
    soldstatus $8,700 Closed
33. 2021-02-09
    status Pending
34. 2021-02-01
    listed $7,500 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: $5,294 · $441/mo
• Projected year-2 tax: $5,294 · $441/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,597
• − Mortgage interest: −$20,670
• − Property taxes: −$5,294
• − Insurance: −$6,964
• − Repairs & maintenance: −$3,728
• − Management: −$3,728
• − Depreciation: −$10,735
• Taxable loss: −$4,520
• Est. tax savings @ 24.0%: +$1,085
• After-tax cash flow: $2,419/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

+4820.0% since first listed

22 events — show timeline

• 2026-05-15 Listed $369,000 FORTMLS
• 2026-04-06 Listing Removed — FORTMLS
• 2026-03-28 Price Changed $379,000 FORTMLS
• 2026-03-15 Listed $389,000 FORTMLS
• 2024-02-06 Listing Removed — FORTMLS
• 2024-01-30 Price Changed $370,000 FORTMLS
• 2024-01-19 Listed $378,000 FORTMLS
• 2024-01-16 Listing Removed — FORTMLS
• 2024-01-12 Price Changed $379,000 FORTMLS
• 2023-12-18 Rental Removed $2,400 FORTMLS
• 2023-12-17 Listed $380,000 FORTMLS
• 2023-12-01 Price Changed $2,400 FORTMLS
• 2023-11-22 Listed for Rent $2,500 FORTMLS
• 2023-10-02 Listing Removed — FORTMLS
• 2023-09-09 Price Changed $379,900 FORTMLS
• 2023-09-08 Price Changed $389,900 FORTMLS
• 2023-08-29 Price Changed $399,900 FORTMLS
• 2023-08-05 Listed $405,000 FORTMLS
• 2021-04-14 Sold (Public Records) $8,700 Public Records
• 2021-03-15 Sold (MLS) $8,700 FORTMLS
• 2021-02-09 Pending — FORTMLS
• 2021-02-01 Listed $7,500 FORTMLS

Property tax history

+31.2%/yr

Latest (2025): $5,294 · -2.7% YoY. Source: county tax records.