722 Phelps St E · Lehigh Acres, FL 33974

$387,999

4 bd · 2.0 ba · 1,810 sqft · Land · 49 Days on market

Built 2026 0.25 ac lot

---

Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +4.6/30.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Rent growth +1.3/5.0
• 1% rule +0.5/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Great location! This lot is located on southern edge of State Rd 82 and Homestead Rd in Lehigh Acres. build your dream home right on this lot. Take this opportunity to invest in your future. Seller also owns 718 Phelps St E. package deal is preferred.

Key facts

• Freestanding tub
• Multipurpose space
• New construction

Tags

• NEW CONSTRUCTION
• IMPACT RATED WINDOWS
• CHEF'S DREAM KITCHEN
• JUMBO WATERFALL ISLAND
• FREESTANDING TUB
• MULTIPURPOSE SPACE

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: No association fee listed

Exterior

• Parking: Attached garage with garage door opener; 2 covered garage spaces
• Security: High-impact doors
• Utilities: Well water; Septic tank sewer; Cable not available
• Home design: Single-story; New construction; Faces west; Entry at level 1
• Construction: Block, concrete and stucco construction; Shingle roof; New construction
• Exterior features: Security/high-impact doors; Rectangular lot; Lot exposures to the east

Interior

• Kitchen: Refrigerator; Freezer
• Bedrooms: Den; Other
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central cooling (electric)
• Interior features: Living/dining room; Separate shower (shower only); Impact glass windows; Single-hung windows; Unfurnished
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $388k.

Deal economics

• At list price, monthly cash flow is $-981 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $246k (36.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (44.5% below list).
• Recommended offer: $215k (44.5% below list) — sets the bar for 1% rule.
• Cap rate 3.3% vs local median 4.7% in Lehigh Acres — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 falling (-4.7%/yr); 2476 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 36% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $41k of equity ($3k loan paydown + $39k appreciation (10.0% local appreciation)).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $18k; list at $388k implies a 2056% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $215,238 (44.5% 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 49 days. Have you received any prior offers? Is the seller open to a 45% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 0.55% ✗
• Cap rate: 3.26%
• Cash-on-cash: -10.84%
• DSCR: 0.52
• GRM: 15.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 16.1%
• Equity multiple: 2.31×
• Total profit: $142,559
• Equity at exit: $349,540

10-year hold

• IRR: 15.0%
• Equity multiple: 5.21×
• Total profit: $457,717
• Equity at exit: $753,797

Cash invested: $108,640 (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 33974

• Home prices YoY: 5.8%
• Rents YoY: -4.7%
• Active inventory: 2476
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $2,152 high
• Mortgage (P&I): −$2,035
• Tax est. 1.5%: −$485 /mo · $5,820/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $-981

Break-even live

Break-even rent $3,394

Max offer price $246,048

Occupancy floor —

Sensitivity live

Price	-10% $-713	-5% $-847	+0% $-981	+5% $-1,115	+10% $-1,249
Rent	-10% $-1,151	-5% $-1,066	+0% $-981	+5% $-896	+10% $-811
Rate	-1.0pp $-786	-0.5pp $-882	base $-981	+0.5pp $-1,082	+1.0pp $-1,184

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: $97,000
• Closing costs: $11,640
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
736 Barcia St E Lehigh Acres, FL	4.0	2.0	1833	$1,775	$0.97	25d	1	0.24mi
711 Nimitz Blvd Lehigh Acres, FL	4.0	2.0	1571	$2,191	$1.39	5d	1	0.33mi
652 Keller St E Lehigh Acres, FL	3.0	2.0	1417	$1,861	$1.31	23d	1	0.37mi
814 Crystal Ave S Lehigh Acres, FL	3.0	2.0	1865	$1,815	$0.97	25d	1	0.40mi
826 Dawhert Ave S Lehigh Acres, FL	4.0	2.0	1365	$1,750	$1.28	5d	1	0.42mi
737 Almelia St E Lehigh Acres, FL	3.0	2.0	1404	$1,745	$1.24	23d	1	0.50mi
804 Gaylord Ave S Lehigh Acres, FL	4.0	2.0	1833	$1,875	$1.02	25d	1	0.62mi
771 Gaylord Ave S Lehigh Acres, FL	3.0	2.0	1523	$2,000	$1.31	25d	1	0.62mi
760 Festival Ave S Lehigh Acres, FL	3.0	2.0	1650	$2,000	$1.21	25d	1	0.70mi
758 Worth Ave Lehigh Acres, FL	3.0	2.0	1360	$2,000	$1.47	18d	1	0.75mi
728 Crestline Ave S Lehigh Acres, FL	4.0	3.0	1904	$2,000	$1.05	23d	1	0.76mi
715 Bering Ave S Lehigh Acres, FL	3.0	2.0	1835	$1,895	$1.03	23d	1	0.82mi
1076 Gunby Ave S Lehigh Acres, FL	3.0	2.0	1258	$2,100	$1.67	25d	1	0.84mi
936 Joponica Ave S Lehigh Acres, FL	4.0	2.0	2101	$2,500	$1.19	25d	1	0.86mi
719 Fullerton Ave S Lehigh Acres, FL	3.0	2.0	1650	$2,000	$1.21	21d	1	0.88mi
1111 Gunby Ave S Unit S Lehigh Acres, FL	3.0	2.0	1546	$2,200	$1.42	4d	1	0.98mi
744 Oakridge Ave S Lehigh Acres, FL	3.0	2.0	1493	$2,000	$1.34	21d	1	1.05mi
528 Raintree St E Lehigh Acres, FL	4.0	3.0	1400	$1,700	$1.21	25d	1	1.07mi
710 Godwid Ave S Lehigh Acres, FL	3.0	2.0	1758	$2,150	$1.22	5d	1	1.11mi
710 Godwid Ave S Lehigh Acres, FL	3.0	2.0	1758	$2,150	$1.22	5d	1	1.11mi
710 Godwid Ave S Lehigh Acres, FL	3.0	2.0	1758	$2,150	$1.22	23d	1	1.11mi
708 Godwid Ave S Lehigh Acres, FL	3.0	2.0	1758	$2,150	$1.22	23d	1	1.13mi
1018 Garnet Ave Lehigh Acres, FL	3.0	2.0	1381	$1,575	$1.14	25d	1	1.13mi
941 Elgin St Lehigh Acres, FL	3.0	2.0	1582	$2,664	$1.68	25d	1	1.22mi
862 Charles Sise St E Lehigh Acres, FL	3.0	2.0	1582	$2,664	$1.68	25d	1	1.30mi
696 Homestead Rd S Lehigh Acres, FL	4.0	2.0	1777	$2,200	$1.24	25d	1	1.30mi
851 Bedford Dr Lehigh Acres, FL	3.0	2.0	2364	$1,600	$0.68	25d	1	1.31mi
936 Eisenhower Blvd Lehigh Acres, FL	3.0	2.0	1300	$1,395	$1.07	5d	1	1.36mi
851 Eisenhower Blvd Lehigh Acres, FL	3.0	2.0	2330	$1,450	$0.62	12d	1	1.38mi
684 Thomas Sherwin Ave S Lehigh Acres, FL	3.0	2.0	1288	$1,695	$1.32	5d	1	1.39mi
827 Eisenhower Blvd Lehigh Acres, FL	3.0	2.5	1640	$1,780	$1.09	13d	1	1.40mi
819 Eisenhower Blvd Unit 819 Lehigh Acres, FL	3.0	2.0	1390	$1,650	$1.19	25d	1	1.40mi

Listing history 26 events

1. 2026-06-22
   days on market $387,999 Active 49 DOM
2. 2026-06-17
   days on market $387,999 Active 45 DOM
3. 2026-06-16
   days on market $387,999 Active 44 DOM
4. 2026-06-15
   days on market $387,999 Active 43 DOM
5. 2026-06-13
   pricedays on market $387,999 Active 41 DOM
6. 2026-06-10
   days on market $389,999 Active 38 DOM
7. 2026-06-09
   days on market $389,999 Active 37 DOM
8. 2026-06-08
   days on market $389,999 Active 36 DOM
9. 2026-06-07
   days on market $389,999 Active 35 DOM
10. 2026-06-03
    days on market $389,999 Active 31 DOM
11. 2026-06-02
    days on market $389,999 Active 30 DOM
12. 2026-06-01
    days on market $389,999 Active 29 DOM
13. 2026-05-31
    days on market $389,999 Active 28 DOM
14. 2026-05-20
    price $389,999
15. 2026-05-16
    price $395,999
16. 2026-05-03
    listed $399,900 Active
17. 2023-09-20
    soldstatus $18,000 Sold 251-char remark

    Show marketing remark (251 chars)

    Great location! This lot is located on southern edge of State Rd 82 and Homestead Rd in Lehigh Acres. build your dream home right on this lot. Take this opportunity to invest in your future. Seller also owns 718 Phelps St E. package deal is preferred.

18. 2023-09-20
    soldstatus $36,000

    Show marketing remark (251 chars)

    Great location! This lot is located on southern edge of State Rd 82 and Homestead Rd in Lehigh Acres. build your dream home right on this lot. Take this opportunity to invest in your future. Seller also owns 718 Phelps St E. package deal is preferred.

19. 2023-09-01
    status Pending 251-char remark

    Show marketing remark (251 chars)

    Great location! This lot is located on southern edge of State Rd 82 and Homestead Rd in Lehigh Acres. build your dream home right on this lot. Take this opportunity to invest in your future. Seller also owns 718 Phelps St E. package deal is preferred.

20. 2023-08-26
    price $19,900 251-char remark

    Show marketing remark (251 chars)

    Great location! This lot is located on southern edge of State Rd 82 and Homestead Rd in Lehigh Acres. build your dream home right on this lot. Take this opportunity to invest in your future. Seller also owns 718 Phelps St E. package deal is preferred.

21. 2023-08-18
    listed $18,900 Active 251-char remark

    Show marketing remark (251 chars)

    Great location! This lot is located on southern edge of State Rd 82 and Homestead Rd in Lehigh Acres. build your dream home right on this lot. Take this opportunity to invest in your future. Seller also owns 718 Phelps St E. package deal is preferred.

22. 2011-01-06
    soldstatus $21,600
23. 2010-08-12
    soldstatus $10,000
24. 2009-05-28
    soldstatus $100
25. 2005-04-01
    soldstatus $25,900
26. 2005-01-27
    soldstatus $18,000

ⓘ 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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 24 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: $25,829
• − Mortgage interest: −$21,734
• − Property taxes: −$5,820
• − Insurance: −$1,940
• − Repairs & maintenance: −$2,066
• − Management: −$2,066
• − Depreciation: −$11,287
• Taxable loss: −$19,085
• Est. tax savings @ 24.0%: +$4,580
• After-tax cash flow: $-7,191/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): 19,927
• Household income: $72,192
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 434.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 52% Two or more races 31% White 26% Black 18%
• Hispanic origin (detail): Mexican 12% Puerto Rican 7% Cuban 20% Dominican 4%
• Common ancestry: Hispanic 7% Italian 1% Portuguese 1%
• Foreign-born: 32% · Canada, Jamaica
• Languages at home: 48% English-only · Spanish 43% French/Haitian/Cajun 7% 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: ▲ 16.53%
• Current HPI: 303.3399
• Rent YoY: ▼ -4.68%
• 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

+2066.7% since first listed

13 events — show timeline

• 2026-05-20 Price Changed $389,999 FORTMLS
• 2026-05-16 Price Changed $395,999 FORTMLS
• 2026-05-03 Listed $399,900 FORTMLS
• 2023-09-20 Sold (Public Records) $36,000 Public Records
• 2023-09-20 Sold (MLS) $18,000 NAPLESMLS
• 2023-09-01 Pending — NAPLESMLS
• 2023-08-26 Price Changed $19,900 NAPLESMLS
• 2023-08-18 Listed $18,900 NAPLESMLS
• 2011-01-06 Sold (Public Records) $21,600 Public Records
• 2010-08-12 Sold (Public Records) $10,000 Public Records
• 2009-05-28 Sold (Public Records) $100 Public Records
• 2005-04-01 Sold (Public Records) $25,900 Public Records
• 2005-01-27 Sold (Public Records) $18,000 Public Records

Property tax history

+13.3%/yr

Latest (2025): $433 · +9.6% YoY. Source: county tax records.