18617/18619 Bartow Blvd

San Carlos Park, FL 33967

$349,900C

4 bd · 2.0 ba · 1,800 sqft · Built 1982 · MultiFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,665/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$583
• HOA: −$0
• Vac / Maint / Mgmt: −$770
• Net cashflow: $477/mo
• Annual: $5,727/yr
• Cap rate: 7.93%
• Cash-on-cash: 5.85%
• DSCR: 1.26
• 1% rule: 1.05%
• Cash to close: $97,972

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $350k. Condition is rated fair.
• At list price, monthly cash flow is $477 ($6k/yr) — positive. Per door: $239/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#662 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, crime B+; Watch: amenities F, commute F, health & safety D-.
• 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: Three Oaks Elementary School (math 72% / reading 68%, grade A-, #345 of 2,144 statewide, top 17%, 1,000 students, 34% FRL); South Fort Myers High School (math 23% / reading 30%, grade F, #489 of 667 statewide, top 74%, 1,917 students, 50% FRL) — zoned schools average 42% FRL vs 57% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents falling (-5.7%/yr); 226 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); solid renter incomes; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• Climate carrying-cost: 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.
• Cap rate 7.9% vs local median 2.4% in San Carlos Park — 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.
• At $3,665/mo this rent would consume 49% of the median local household income ($91k/yr) (locally 491% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Landscaping — Overgrown vegetation needs trimming
• Minor: Exterior paint — Paint appears faded in some areas