1123 NW 24th Ter · Cape Coral, FL 33993

$199,000

4 bd · 3.0 ba · 1,683 sqft · Land · 12 Days on market

Built 2024 10,018 sqft lot

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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).

• Cash flow +27.2/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic opportunity to build your dream home on this CANAL front lot in popular NW Cape Coral. Great location on a quiet street, provides easy access to shops, services, dining and all your practical everyday needs. Take a drive by today and secure your own little slice of SW Florida paradise!

Key facts

• Peaceful water views
• Near local parks
• Freshwater canal

Tags

• FRESHWATER CANAL
• PEACEFUL WATER VIEWS
• NEAR HARNS MARSH PRESERVE
• NEAR LOCAL PARKS

Property features AI

Finance

• Other: Zoned R1-W; Lot dimensions approximately 80 x 125
• Financial info: Pets allowed
• HOA & community: No association fee reported

Exterior

• Parking: Attached garage with 2 covered spaces; Driveway; Paved parking
• Security:
• Utilities: Cable available; Private sewer; Well water
• Home design: Single-story home; Entry at level 1; Facing south; Under construction
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Patio; Lanai; Screened porch; Porch; Room for a pool; Canal access waterfront; North exposure; Paved road access; Rectangular lot

Interior

• Kitchen:
• Bedrooms: Bedrooms arranged in a split layout
• Flooring: Tile flooring; Vinyl flooring
• Bathrooms: Three full bathrooms; Shower-only configuration for at least one bathroom; Separate shower
• Heating & cooling:
• Interior features: Tray ceilings; Split bedroom floorplan; Shower-only bath with separate shower; Walk-in closet(s); Casement windows, sliding windows, impact glass, and shutters; Unfurnished
• Laundry & utility: Laundry inside the home

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath land listed at $199k.

Deal economics

• At list price, monthly cash flow is $571 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Cap rate 9.7% vs local median 3.1% in Cape Coral — 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 77/100 on livability (#208 in FL, #3,098 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities B+; Watch: commute 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.
• Market conditions: Rents falling (-5.5%/yr); 2652 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $32k; list at $199k implies a 522% 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; major wildfire risk; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
3. 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.
4. 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.
5. 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: 1.13% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.31%
• DSCR: 1.55
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.95×
• Total profit: $-2,522
• Equity at exit: $29,672

10-year hold

• IRR: 5.2%
• Equity multiple: 1.34×
• Total profit: $18,868
• Equity at exit: $17,206

Cash invested: $55,720 (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 33993

• Home prices YoY: -14.1%
• Rents YoY: -5.5%
• Active inventory: 2652
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,254 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$83 /mo · $994/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $571

Break-even live

Break-even rent $1,531

Max offer price $199,000

Occupancy floor 70%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1011 Kismet Pkwy W Cape Coral, FL	4.0	2.0	1787	$2,100	$1.18	3d	1	0.18mi
2227 NW 11th Ct Cape Coral, FL	4.0	2.0	1650	$1,895	$1.15	23d	1	0.21mi
1023 NW 22nd Ter Cape Coral, FL	3.0	2.0	1469	$1,831	$1.25	14d	1	0.27mi
2308 NW 9th Ave Cape Coral, FL	4.0	3.0	1683	$2,200	$1.31	23d	1	0.38mi
1026 NW 21st Ter Cape Coral, FL	4.0	2.0	1760	$1,825	$1.04	3d	1	0.40mi
2604 NW 8th Pl Cape Coral, FL	4.0	2.0	1650	$1,795	$1.09	21d	1	0.46mi
2103 NW 10th Ave Cape Coral, FL	3.0	2.0	1455	$2,200	$1.51	23d	1	0.48mi
1917 NW 12th Ave Cape Coral, FL	3.0	2.0	1528	$2,200	$1.44	23d	1	0.59mi
1431 NW 20th Ter Cape Coral, FL	3.0	2.0	2052	$1,775	$0.87	19d	1	0.62mi
2809 NW 8th Pl Cape Coral, FL	3.0	2.0	1400	$2,400	$1.71	23d	1	0.65mi
1427 NW 20th St Cape Coral, FL	4.0	2.0	1617	$1,895	$1.17	16d	1	0.66mi
609 NW 25th St Cape Coral, FL	4.0	2.0	1556	$2,000	$1.29	3d	1	0.68mi
1719 NW 25th Ln Cape Coral, FL	4.0	2.0	1829	$2,291	$1.25	3d	1	0.75mi
2206 NW 17th Pl Cape Coral, FL	4.0	2.0	1779	$2,075	$1.17	23d	1	0.78mi
2000 NW 7th Ave Cape Coral, FL	4.0	2.0	1708	$1,950	$1.14	14d	1	0.80mi
2000 NW 7th Ave Cape Coral, FL	4.0	2.0	1708	$1,950	$1.14	23d	1	0.80mi
501 NW 26th Ter Cape Coral, FL	3.0	2.0	1465	$2,200	$1.50	14d	1	0.80mi
2014 NW 16th Pl Cape Coral, FL	4.0	2.0	1712	$1,701	$0.99	14d	1	0.81mi
520 NW 23rd Ter Cape Coral, FL	4.0	2.0	1693	$2,350	$1.39	23d	1	0.82mi
721 NW Douglas Cir Cape Coral, FL	3.0	2.0	1164	$1,770	$1.52	19d	1	0.87mi
2124 NW 18th Ave Cape Coral, FL	3.0	2.0	1556	$2,000	$1.29	19d	1	0.88mi
1818 NW 27th Ter Cape Coral, FL	4.0	2.0	1665	$1,975	$1.19	3d	1	0.95mi
1834 NW 6th Ave Cape Coral, FL	3.0	2.0	1200	$1,530	$1.27	21d	1	0.97mi
1834 NW 6th Ave Cape Coral, FL	3.0	2.0	1200	$1,575	$1.31	23d	1	0.97mi
2423 NW 19th Pl Cape Coral, FL	4.0	2.0	1829	$1,761	$0.96	10d	1	0.98mi
1831 NW 6th Ave Cape Coral, FL	4.0	2.0	1833	$1,795	$0.98	2d	1	1.01mi
324 NW 24th Ter Cape Coral, FL	3.0	2.0	1499	$2,500	$1.67	3d	1	1.01mi
1907 NW 26th St Cape Coral, FL	3.0	2.0	1842	$2,200	$1.19	14d	1	1.02mi
2901 NW 18th Pl Cape Coral, FL	3.0	2.0	1555	$2,190	$1.41	13d	1	1.05mi
2227 NW 3rd Pl Cape Coral, FL	3.0	3.0	1771	$1,999	$1.13	14d	1	1.08mi
2227 NW 3rd Pl Cape Coral, FL	3.0	2.5	1771	$1,799	$1.02	23d	1	1.08mi
221 NW 25th St Cape Coral, FL	3.0	2.0	1407	$1,780	$1.27	23d	1	1.13mi
214 NW 25th St Cape Coral, FL	3.0	2.0	1983	$2,100	$1.06	23d	1	1.15mi
1823 NW 19th Ave Cape Coral, FL	4.0	2.0	1712	$1,850	$1.08	23d	1	1.16mi
2838 NW 19th Pl Cape Coral, FL	4.0	2.0	1650	$1,845	$1.12	23d	1	1.17mi
1823 NW 31st St Cape Coral, FL	3.0	2.0	1408	$1,950	$1.38	3d	1	1.20mi
2919 NW 4th Pl Cape Coral, FL	4.0	2.0	1639	$1,926	$1.18	3d	1	1.24mi
1809 NW 17th Ter Cape Coral, FL	3.0	2.0	1750	$1,980	$1.13	23d	1	1.25mi
2936 NW 4th Pl Cape Coral, FL	4.0	2.0	1769	$1,895	$1.07	23d	1	1.26mi
2616 NW 1st Pl Cape Coral, FL	4.0	2.0	1829	$1,946	$1.06	21d	1	1.27mi

Listing history 9 events

1. 2026-05-19
   status Pending
2. 2026-05-07
   listed $199,000 Active
3. 2021-12-07
   soldstatus $32,000
4. 2021-11-29
   soldstatus $32,000 Closed 296-char remark

   Show marketing remark (296 chars)

   Fantastic opportunity to build your dream home on this CANAL front lot in popular NW Cape Coral. Great location on a quiet street, provides easy access to shops, services, dining and all your practical everyday needs. Take a drive by today and secure your own little slice of SW Florida paradise!

5. 2021-11-13
   status Pending 296-char remark

   Show marketing remark (296 chars)

   Fantastic opportunity to build your dream home on this CANAL front lot in popular NW Cape Coral. Great location on a quiet street, provides easy access to shops, services, dining and all your practical everyday needs. Take a drive by today and secure your own little slice of SW Florida paradise!

6. 2021-10-27
   listed $38,000 Active 296-char remark

   Show marketing remark (296 chars)

   Fantastic opportunity to build your dream home on this CANAL front lot in popular NW Cape Coral. Great location on a quiet street, provides easy access to shops, services, dining and all your practical everyday needs. Take a drive by today and secure your own little slice of SW Florida paradise!

7. 2013-09-16
   price $120,000
8. 2005-07-05
   soldstatus $121,500
9. 2005-06-17
   soldstatus $121,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $994 · $83/mo
• Projected year-2 tax: $1,652 · $138/mo
• Expected delta: +$658/yr (+$55/mo · 66.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 30 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: $27,050
• − Mortgage interest: −$11,147
• − Property taxes: −$994
• − Insurance: −$995
• − Repairs & maintenance: −$2,164
• − Management: −$2,164
• − Depreciation: −$5,789
• Taxable income: $3,797
• Est. tax owed @ 24.0%: −$911
• After-tax cash flow: $5,947/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 — Cape Coral

• Score: 77/100
• State rank: #208
• US rank: #3098

Category grades

Amenities B+ Commute F Cost of living B Crime B- Employment C+ Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cape Coral, FL
• County: Lee County · 788,662 people
• City population: 217,388
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 35,580
• Household income: $90,577
• Rent vs Own: 12.6% rent · 87.4% own
• Severe rent burden: 286.0

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 0.58)
• Race & ethnicity: White 57% Hispanic / Latino 30% Two or more races 21% Black 7% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Cuban 17% Dominican 1%
• Common ancestry: Romanian 2% Hispanic 2% Lithuanian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 73% English-only · Spanish 24% French/Haitian/Cajun 1% Russian/Polish/Slavic 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: ▼ -55.34%
• Current HPI: 337.0575
• Rent YoY: ▼ -5.51%
• 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

+63.8% since first listed

9 events — show timeline

• 2026-05-19 Pending — FORTMLS
• 2026-05-07 Listed $199,000 FORTMLS
• 2021-12-07 Sold (Public Records) $32,000 Public Records
• 2021-11-29 Sold (MLS) $32,000 FORTMLS
• 2021-11-13 Pending — FORTMLS
• 2021-10-27 Listed $38,000 FORTMLS
• 2013-09-16 Price Changed $120,000 FORTMLS
• 2005-07-05 Sold (Public Records) $121,500 Public Records
• 2005-06-17 Sold (MLS) $121,500 FORTMLS

Property tax history

+9.6%/yr

Latest (2025): $994 · +15.3% YoY. Source: county tax records.