2609 Bridgeview St

Matlacha, FL 33993

$449,500D+

4 bd · 4.0 ba · 1,120 sqft · Built 1959 · Other · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,413/mo
• Mortgage (P&I): −$2,357
• Tax + insurance: −$1,176
• HOA: −$0
• Vac / Maint / Mgmt: −$927
• Net cashflow: $-47/mo
• Annual: $-563/yr
• Cap rate: 7.31%
• Cash-on-cash: 3.62%
• DSCR: 1.16
• 1% rule: 0.98%
• Cash to close: $125,860

Investor read

• This is a 4-bed/4.0-bath other listed at $450k. Condition is rated good.
• At list price, monthly cash flow is $-47 ($-563/yr) — negative.
• To cash-flow at today's rent, offer at most $443k (1.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $441k (1.8% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $441k (1.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#824 in FL) — a working-class tenant base; expect higher turnover. Strengths: crime A+; Watch: amenities F, commute F, health & safety D-.
• Watch-outs: flood insurance adds $427/mo; built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents falling (-5.5%/yr); 2652 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $4,413/mo this rent would consume 58% 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.

Questions for listing agent

• 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?
• Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.