404 Irving Ave · Lehigh Acres, FL 33972

$230,000

2 bd · 2.0 ba · 1,244 sqft · SingleFamily public records · 224 Days on market

Built 1983 0.50 ac lot Est $260k · 12% under

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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).

• ARV discount +12.7/15.0
• Cash flow +10.2/30.0
• Schools +4.1/10.0
• Rent growth +3.8/5.0
• Livability +3.0/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity knocks! This 3-bedroom, 2-bath ranch on a generous 0.5-acre lot offers great potential. Enjoy a new central air system, 1-car garage, and a quiet dead-end street location. Home needs some TLC—perfect for buyers looking to add their own finishing touches. Priced to reflect needed repairs!

Key facts

• Generous lot
• Central air system
• 0.5 acre lot

Tags

• CENTRAL AIR SYSTEM
• QUIET DEAD-END STREET
• GENEROUS LOT

Property features AI

Finance

• Other: Property zoned RS-1; Lot described as regular and on a dead-end; Approximately 0.5 acre lot (surveyed); Subdivision: Lehigh Acres
• HOA & community: No HOA maintenance; Non-gated community

Exterior

• Parking: Attached garage with 1 space; Paved driveway
• Utilities: Well water; Septic sewer; Cable available
• Home design: Single-family residence; One-story / ranch style; Rear exposure facing east; Residential property in Lehigh Acres development
• Construction: Built in 1983; Wood frame construction
• Exterior features: Storage; Double-hung windows; Storm protection as noted in remarks; Shingle roof; Stucco exterior finish; Wooded area view

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms; First-floor primary bedroom; Split bedroom floor plan
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Primary bathroom with shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning
• Interior features: Smoke detectors; Window coverings; Screened lanai/porch; Dining area open to living space
• Laundry & utility: Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $-129 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (9.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (25.6% below list).
• Recommended offer: $171k (25.6% below list) — sets the bar for 1% rule.

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+, amenities 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.
• Zoned schools: Veterans Park Academy For The Arts (math 41% / reading 45%, grade F, #1,366 of 2,144 statewide, top 64%, 2,133 students, 36% FRL); Oak Hammock Middle School (math 43% / reading 41%, grade D-, #340 of 571 statewide, top 61%, 1,563 students, 56% FRL); Lehigh Senior High School (math 23% / reading 45%, grade F, #394 of 667 statewide, top 60%, 2,476 students, 57% FRL).
• Market conditions: Rents rising fast (+5.3%/yr); 1620 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 224 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $155k; 48% 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; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,047 (25.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 224 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 0.74% ✗
• Cap rate: 5.62%
• Cash-on-cash: -2.40%
• DSCR: 0.89
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $259,996
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 Louis Ave	0.53mi	3/2.0 (+1)	1,144 (-8%)	9mo	$298,000	$260	49
215 Leroy Ave	0.70mi	2/2.0	1,332 (+7%)	15mo	$215,000	$161	43
406 Leroy Ave	0.53mi	3/2.0 (+1)	1,386 (+11%)	13mo	$290,000	$209	41

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 · 5.33% rent growth · sell at horizon

5-year hold

• IRR: -17.9%
• Equity multiple: 0.36×
• Total profit: $-41,420
• Equity at exit: $34,294

10-year hold

• IRR: -6.5%
• Equity multiple: 0.55×
• Total profit: $-29,150
• Equity at exit: $19,886

Cash invested: $64,400 (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 33972

• Home prices YoY: -13.6%
• Rents YoY: 5.3%
• Active inventory: 1620
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,710 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$178 /mo · $2,139/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $-129

Break-even live

Break-even rent $1,874

Max offer price $207,223

Occupancy floor —

Sensitivity live

Price	-10% $1	-5% $-64	+0% $-129	+5% $-194	+10% $-259
Rent	-10% $-264	-5% $-197	+0% $-129	+5% $-61	+10% $6
Rate	-1.0pp $-13	-0.5pp $-70	base $-129	+0.5pp $-189	+1.0pp $-249

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3803 E 6th St Lehigh Acres, FL	3.0	2.0	1100	$1,485	$1.35	25d	1	0.64mi
426 Hamilton Ave Lehigh Acres, FL	3.0	2.0	1354	$1,800	$1.33	16d	1	1.13mi
807 Monroe Dr Lehigh Acres, FL	3.0	2.0	965	$1,750	$1.81	4d	1	1.15mi
1150 Rahway St Lehigh Acres, FL	2.0	2.0	833	$1,450	$1.74	4d	1	1.44mi

Listing history 16 events

1. 2026-06-22
   days on market $230,000 Active 224 DOM
2. 2026-06-17
   days on market $230,000 Active 220 DOM
3. 2026-06-16
   days on market $230,000 Active 219 DOM
4. 2026-06-16
   days on market $230,000 Active 218 DOM
5. 2026-06-13
   pricedays on market $230,000 Active 216 DOM
6. 2026-06-09
   days on market $240,000 Active 212 DOM
7. 2026-06-07
   days on market $240,000 Active 210 DOM
8. 2026-06-02
   days on market $240,000 Active 205 DOM
9. 2026-06-01
   days on market $240,000 Active 204 DOM
10. 2026-06-01
    days on market $240,000 Active 203 DOM
11. 2026-03-04
    price $240,000
12. 2025-11-09
    listed $245,000 Active
13. 2019-10-11
    soldstatus $155,000
14. 2016-10-31
    soldstatus $103,765
15. 2008-04-21
    soldstatus $55,000
16. 1983-01-01
    soldstatus $7,800

ⓘ 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: $2,139 · $178/mo
• Projected year-2 tax: $2,139 · $178/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 · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,526
• − Mortgage interest: −$12,884
• − Property taxes: −$2,139
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,642
• − Management: −$1,642
• − Depreciation: −$6,691
• Taxable loss: −$5,622
• Est. tax savings @ 24.0%: +$1,349
• After-tax cash flow: $-198/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): 17,285
• Household income: $73,819
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 190.0

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 44% Hispanic / Latino 38% Two or more races 21% Black 13%
• Hispanic origin (detail): Mexican 8% Puerto Rican 7% Cuban 18%
• Common ancestry: Hispanic 6% Italian 2% Romanian 2%
• Foreign-born: 27% · Canada, Guatemala
• Languages at home: 61% English-only · Spanish 32% French/Haitian/Cajun 4% 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: ▼ -53.97%
• Current HPI: 343.484
• Rent YoY: ▲ 5.33%
• 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

+2976.9% since first listed

6 events — show timeline

• 2026-03-04 Price Changed $240,000 BEARMLS
• 2025-11-09 Listed $245,000 BEARMLS
• 2019-10-11 Sold (Public Records) $155,000 Public Records
• 2016-10-31 Sold (Public Records) $103,765 Public Records
• 2008-04-21 Sold (Public Records) $55,000 Public Records
• 1983-01-01 Sold (Public Records) $7,800 Public Records

Property tax history

+6.8%/yr

Latest (2025): $2,139 · -4.6% YoY. Source: county tax records.