236/238 Peerless St · Lehigh Acres, FL 33974

$395,000

6 bd · 4.0 ba · 2,330 sqft · MultiFamily · 60 Days on market

Built 2006 Good condition 10,624 sqft lot Est $496k · 20% under ↓ 6% since listing

---

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).

• ARV discount +15.0/15.0
• Cash flow +13.1/30.0
• Appreciation +10.0/10.0
• Schools +4.1/10.0
• DSCR +3.9/10.0
• Condition / age +3.8/5.0
• 1% rule +3.7/10.0
• Livability +3.0/5.0
• Rent growth +1.3/5.0

Multi-family units

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

Listing remarks

Nestled in a quiet, established single-family neighborhood, this well-kept duplex offers comfort, stability, and a peaceful residential setting that’s hard to find in Lehigh Acres. Unlike the dense duplex clusters in the Westminster area, this property sits among well-maintained single-family homes, providing added privacy and a more inviting atmosphere. The 236 side has been thoughtfully updated and feels fresh and move-in ready, featuring new stainless-steel appliances, a new hot water heater, luxury vinyl plank flooring, fresh interior paint, refinished tubs, and upgraded fixtures. The 238 side is occupied by a reliable long-term tenant of over six years who pays on time and would

Key facts

• Updated appliances
• Refinished tubs
• New hot water heater

Tags

• NEW ROOF
• UPDATED APPLIANCES
• NEW HOT WATER HEATER
• NEW INTERIOR PAINT
• LUXURY VINYL PLANK FLOORING
• REFINISHED TUBS

Property features AI

Finance

• Other: Tenant is responsible for credit check, cable TV, departure cleaning, electricity, janitorial service, pest control and telephone; Pets allowed on a conditional basis (call for details); Annual taxes listed (financial detail retained as relevant): $4,705.02 (2025)
• Financial info: Gross scheduled income: $38,400; Operating expenses: $7,931; Actual rent example: $1,600 per unit; Pro forma rent example: $1,600 per unit; Land lease expiration date: 2026-08-31
• HOA & community: No association fee; Non-gated community

Exterior

• Parking: Each unit includes an attached 1-car garage (2 total)
• Security: No specific security features listed
• Utilities: Well water; Septic tank sewer; Cable available
• Home design: Multifamily property with 2 units; Resale property; Zoned RM-2
• Construction: Block, concrete and stucco construction; Shingle roof; Measured lot dimensions: 85 x 125 x 85 x 125
• Exterior features: Rectangular lot; Paved public-maintained road access; No additional exterior features listed

Interior

• Kitchen: Kitchens included (appliances not specified)
• Bedrooms: Two units, each with three bedrooms
• Flooring: Tile; Vinyl
• Bathrooms: Four full bathrooms total (two in each unit)
• Heating & cooling: Central electric heating; Central electric cooling
• Interior features: Sliding windows; Great room
• Laundry & utility: Laundry located in garage for each unit

🏷️ Possibly a rental listed for sale. The $395,000 price doesn't fit this home's estimated sale value (~$496,290) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $395k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-18 ($-212/yr) — negative. Per door: $-9/mo.
• To cash-flow at today's rent, offer at most $392k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $343k (13.1% below list).
• Recommended offer: $343k (13.1% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.7% in Lehigh Acres — 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 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+, schools 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.
• Market conditions: Rents falling (-4.7%/yr); 2460 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $3,433/mo this rent would consume 57% of the median local household income ($72k/yr) (locally 434% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $42k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.0% rent growth), your $111k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$68k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($383k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $343,300 (13.1% 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 60 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 0.87% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.19%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $496,290
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
322-324 Poplar St	0.19mi	6/4.0	2,398 (+3%)	2mo	$510,000	$213	84
318-320 Poplar St	0.18mi	6/4.0	2,398 (+3%)	3mo	$515,000	$215	84
326-328 Grant Blvd	0.18mi	6/4.0	2,330 (0%)	14mo	$400,000	$172	80

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

Projected returns pro-forma

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

5-year hold

• IRR: 23.2%
• Equity multiple: 2.84×
• Total profit: $203,992
• Equity at exit: $355,847

10-year hold

• IRR: 20.0%
• Equity multiple: 6.28×
• Total profit: $583,697
• Equity at exit: $767,398

Cash invested: $110,600 (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: 2460
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $3,433 high
• Mortgage (P&I): −$2,071
• Tax est. 1.5%: −$494 /mo · $5,925/yr
• Insurance: −$165
• HOA: −$0
• Vacancy / Maint / Mgmt: −$721
• Net cashflow: $-18

Break-even live

Break-even rent $3,455

Max offer price $392,441

Occupancy floor 96%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,434
Total (2 units)			$3,433

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: $98,750
• Closing costs: $11,850
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19525 Fairhill Ct Lehigh Acres, FL	6.0	3.0	2463	$2,499	$1.01	23d	1	0.39mi
11634 Savanna Lakes Blvd Lehigh Acres, FL	5.0	3.0	2451	$2,650	$1.08	21d	1	0.71mi
11902 Savanna Lakes Blvd Lehigh Acres, FL	6.0	3.0	3041	$2,750	$0.90	16d	1	0.72mi
11613 Savanna Lakes Blvd Lehigh Acres, FL	5.0	3.0	2451	$2,700	$1.10	16d	1	1.07mi
19972 Green Pasture Rd Lehigh Acres, FL	5.0	2.5	2959	$3,000	$1.01	21d	1	1.15mi
10601 Crossback Ln Lehigh Acres, FL	5.0	3.0	2634	$2,800	$1.06	23d	1	1.18mi

Listing history 6 events

1. 2026-05-16
   status Pending
2. 2026-05-07
   price $395,000
3. 2026-04-22
   price $394,900
4. 2026-04-09
   price $399,900
5. 2026-03-26
   price $409,900
6. 2026-03-16
   listed $419,900 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 4/10 Moderate
• 🌡 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,196
• − Mortgage interest: −$22,126
• − Property taxes: −$5,925
• − Insurance: −$1,975
• − Repairs & maintenance: −$3,296
• − Management: −$3,296
• − Depreciation: −$11,491
• Taxable loss: −$6,912
• Est. tax savings @ 24.0%: +$1,659
• After-tax cash flow: $1,447/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

Good 75/100 Cosmetic rehab

This well-maintained and updated duplex is in excellent condition, with fresh appliances, paint, and flooring. It offers a move-in ready experience and is ideal for both resale and rental.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental.
• Both Painting exterior trim — Freshens up the exterior and improves curb appeal.
• Both Upgrading fixtures in bathrooms — Enhances the aesthetic and functionality of the bathrooms, improving both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental. ↑
• Both Painting exterior trim — Freshens up the exterior and improves curb appeal. ↑
• Both Upgrading fixtures in bathrooms — Enhances the aesthetic and functionality of the bathrooms, improving both resale and rental value. ↑

ⓘ 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 — 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

-5.9% since first listed

6 events — show timeline

• 2026-05-16 Pending — FORTMLS
• 2026-05-07 Price Changed $395,000 FORTMLS
• 2026-04-22 Price Changed $394,900 FORTMLS
• 2026-04-09 Price Changed $399,900 FORTMLS
• 2026-03-26 Price Changed $409,900 FORTMLS
• 2026-03-16 Listed $419,900 FORTMLS