2804 46th St SW · Lehigh Acres, FL 33976

$409,000

4 bd · 2.0 ba · 2,170 sqft · Land · 8 Days on market

Built 2026 0.50 ac lot

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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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +5.1/30.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• 1% rule +0.8/10.0
• DSCR +0.0/10.0

Listing remarks

SELLER IS MOTIVATED * * and offering * * CLOSING COST ASSISTANT * * This beautiful, move-in ready home is the opportunity you've been waiting for. Featuring 4 bedrooms, 2 bathrooms, and 2,152 sq ft under air, this property sits on double lot 0.5 acres with metal fence . offering both comfort and freedom. Designed with modern finishes throughout, the home showcases granite countertops, an open and inviting layout, and a large lanai perfect for relaxing or entertaining. Impact windows and doors provide added security and peace of mind, along with a builder warranty for extra confidence in your investment. Located in one of the most desirable and fast-growing areas, this home offers co

Key facts

• 0.5 acre lot
• 2 garage spots
• Built 2026

Property features AI

Finance

• Other: Property type: Residential; Zoning: RS-1; Total area approximately 0.5 acre; One unit, single-floor building
• HOA & community: Non-gated community; No HOA maintenance or amenities

Exterior

• Parking: Attached 2-car garage
• Utilities: Well water; Septic sewer; Cable available
• Home design: Single-family residential; 1 story (ranch); Rear of property faces north; Located in Lehigh Acres development; Oversize lot; Landscaped area view
• Construction: Concrete block construction; Stucco exterior finish; Shingle roof; Built in 2026; Deeded restrictions
• Exterior features: Fence; Sliding windows; Impact resistant doors and windows

Interior

• Bedrooms: 4 bedrooms
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms; Master bath with separate tub and shower
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Formal dining area; Open porch/lanai; Unfurnished; See remarks for additional interior details

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $409k.

Deal economics

• At list price, monthly cash flow is $-949 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $272k (33.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $238k (41.9% below list).
• Recommended offer: $238k (41.9% below list) — sets the bar for 1% rule.
• Cap rate 3.5% 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 soft (-1.5%/yr); 788 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 39% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $44k of equity ($3k loan paydown + $41k 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 ~$70k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $60k; list at $409k implies a 582% 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; moderate wildfire risk; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $237,612 (41.9% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.58% ✗
• Cap rate: 3.51%
• Cash-on-cash: -9.95%
• DSCR: 0.56
• GRM: 14.3

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: 16.6%
• Equity multiple: 2.36×
• Total profit: $155,359
• Equity at exit: $368,460

10-year hold

• IRR: 15.4%
• Equity multiple: 5.30×
• Total profit: $492,658
• Equity at exit: $794,597

Cash invested: $114,520 (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 33976

• Home prices YoY: 6.8%
• Rents YoY: -1.5%
• Active inventory: 788
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $2,376 high
• Mortgage (P&I): −$2,145
• Tax est. 1.5%: −$511 /mo · $6,135/yr
• Insurance: −$170
• HOA: −$0
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $-949

Break-even live

Break-even rent $3,578

Max offer price $271,624

Occupancy floor —

Sensitivity live

Price	-10% $-667	-5% $-808	+0% $-949	+5% $-1,091	+10% $-1,232
Rent	-10% $-1,137	-5% $-1,043	+0% $-949	+5% $-856	+10% $-762
Rate	-1.0pp $-743	-0.5pp $-845	base $-949	+0.5pp $-1,055	+1.0pp $-1,163

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: $102,250
• Closing costs: $12,270
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4601 Elva Ave S Lehigh Acres, FL	4.0	3.0	2362	$2,500	$1.06	23d	1	0.20mi
2911 48th St SW Lehigh Acres, FL	3.0	2.0	1723	$2,200	$1.28	12d	1	0.31mi
2819 51st St SW Lehigh Acres, FL	4.0	2.0	1472	$2,250	$1.53	25d	1	0.41mi
2908 51st St SW Lehigh Acres, FL	3.0	2.0	1401	$1,796	$1.28	5d	1	0.42mi
4704 Karen Ave S Lehigh Acres, FL	4.0	3.0	1916	$2,500	$1.30	5d	1	0.44mi
2513 48th St SW Lehigh Acres, FL	3.0	2.0	1423	$1,750	$1.23	18d	1	0.44mi
3012 40th St SW Lehigh Acres, FL	3.0	2.0	1427	$1,950	$1.37	25d	1	0.54mi
397 Pennfield Ave Lehigh Acres, FL	4.0	2.0	1780	$2,100	$1.18	25d	1	0.59mi
2512 54th St SW Lehigh Acres, FL	4.0	2.0	1833	$1,750	$0.95	5d	1	0.67mi
2507 53rd St SW Lehigh Acres, FL	3.0	2.0	1714	$1,950	$1.14	5d	1	0.68mi
3201 42nd St SW Lehigh Acres, FL	3.0	2.0	1571	$2,195	$1.40	4d	1	0.69mi
3201 42nd St SW Lehigh Acres, FL	3.0	2.0	1571	$2,195	$1.40	5d	1	0.69mi
3114 39th St SW Lehigh Acres, FL	3.0	2.0	1493	$2,100	$1.41	18d	1	0.76mi
3114 39th St SW Lehigh Acres, FL	3.0	2.0	1493	$2,100	$1.41	5d	1	0.76mi
507 Peerless Cir Lehigh Acres, FL	3.0	2.0	1408	$2,100	$1.49	25d	1	0.95mi
507 Peerless Cir Lehigh Acres, FL	3.0	2.0	1408	$2,000	$1.42	5d	1	0.95mi
2710 28th St SW Lehigh Acres, FL	4.0	2.0	1742	$2,450	$1.41	25d	1	1.12mi
325 Paulcrest Ave Lehigh Acres, FL	4.0	2.0	1619	$2,300	$1.42	25d	1	1.13mi
3313 36th St SW Lehigh Acres, FL	3.0	2.0	1723	$2,300	$1.33	25d	1	1.14mi
20483 Copperhead Dr Unit 20483 Lehigh Acres, FL	3.0	3.0	1849	$2,300	$1.24	12d	1	1.17mi
2708 27th St SW Lehigh Acres, FL	4.0	2.0	1698	$2,280	$1.34	5d	1	1.18mi
3312 35th St SW Lehigh Acres, FL	4.0	2.0	2133	$1,745	$0.82	25d	1	1.19mi
3314 35th St SW Lehigh Acres, FL	4.0	2.0	2133	$1,745	$0.82	25d	1	1.20mi
3316 35th St SW Lehigh Acres, FL	4.0	2.0	2133	$1,745	$0.82	25d	1	1.21mi
212 Pullman St Lehigh Acres, FL	3.0	2.0	2396	$1,800	$0.75	25d	1	1.22mi
3201 29th St SW Lehigh Acres, FL	4.0	2.0	1833	$1,950	$1.06	5d	1	1.24mi
20555 Copperhead Dr Lehigh Acres, FL	4.0	3.0	2032	$2,490	$1.23	5d	1	1.27mi
2811 25th St SW Unit NA Lehigh Acres, FL	3.0	2.0	1430	$1,990	$1.39	25d	1	1.27mi
20550 Copperhead Dr Lehigh Acres, FL	4.0	3.0	2002	$3,500	$1.75	25d	1	1.28mi
227 Pennfield St Lehigh Acres, FL	4.0	2.0	1732	$2,275	$1.31	25d	1	1.28mi
208 Pembroke St Lehigh Acres, FL	3.0	2.0	1545	$2,100	$1.36	25d	1	1.30mi
3419 36th St Lehigh Acres, FL	4.0	2.0	1920	$1,850	$0.96	25d	1	1.32mi
3008 25th St SW Lehigh Acres, FL	4.0	2.0	1565	$1,711	$1.09	23d	1	1.34mi
633 Alabama Rd S Lehigh Acres, FL	3.0	2.0	2422	$1,500	$0.62	25d	1	1.37mi
2914 24th St SW Lehigh Acres, FL	3.0	2.0	1537	$2,250	$1.46	25d	1	1.38mi
20681 Copperhead Dr Lehigh Acres, FL	3.0	3.0	2434	$3,000	$1.23	25d	1	1.43mi
3008 23rd St SW Lehigh Acres, FL	3.0	2.0	1640	$2,350	$1.43	25d	1	1.46mi
20720 Copperhead Dr Lehigh Acres, FL	3.0	3.0	2434	$2,500	$1.03	25d	1	1.48mi

Listing history 5 events

1. 2026-05-07
   status Pending
2. 2026-04-29
   listed $409,000 Active
3. 2024-04-08
   soldstatus $60,000
4. 2005-01-31
   soldstatus $25,000
5. 2002-09-24
   soldstatus $9,000

ⓘ 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 5/10 Major
• 🌡 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,513
• − Mortgage interest: −$22,910
• − Property taxes: −$6,135
• − Insurance: −$2,045
• − Repairs & maintenance: −$2,281
• − Management: −$2,281
• − Depreciation: −$11,898
• Taxable loss: −$19,037
• Est. tax savings @ 24.0%: +$4,569
• After-tax cash flow: $-6,824/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): 20,277
• Household income: $72,679
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 574.0

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: Hispanic / Latino 50% Two or more races 30% White 24% Black 20% Asian 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 8% Cuban 18% Dominican 4%
• Common ancestry: Hispanic 8% Slovak 1% Lithuanian 1%
• Foreign-born: 35% · Canada, Jamaica, Vietnam
• Languages at home: 46% English-only · Spanish 43% French/Haitian/Cajun 8% Vietnamese 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: ▲ 21.77%
• Current HPI: 340.4255
• Rent YoY: ▼ -1.54%
• 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

+4444.4% since first listed

5 events — show timeline

• 2026-05-07 Pending — NAPLESMLS
• 2026-04-29 Listed $409,000 NAPLESMLS
• 2024-04-08 Sold (Public Records) $60,000 Public Records
• 2005-01-31 Sold (Public Records) $25,000 Public Records
• 2002-09-24 Sold (Public Records) $9,000 Public Records

Property tax history

+19.5%/yr

Latest (2025): $520 · +33.6% YoY. Source: county tax records.