977-979 Graystone Ave · Lehigh Acres, FL 33974

$425,000

4 bd · 4.0 ba · 2,442 sqft · MultiFamily public records · 106 Days on market

Built 2009 0.32 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).

• Cash flow +13.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• DSCR +3.9/10.0
• 1% rule +3.4/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• 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

Beautiful duplex fully rented! So much room and space it feels like it's a single family home instead of a duplex. It even has a 2 car garage for each unit!

Key facts

• 0.32 acre lot
• 4 garage spots
• Built 2009

Property features AI

Finance

• Financial info: Gross scheduled income: $35,640; Unit rents reported: one unit $1,395; the other unit $1,575; Land lease expires 2026-04-30; Tenants pay cable TV, electricity and telephone; Pets allowed
• HOA & community: No HOA fee; Non-gated community

Exterior

• Parking: Each unit has an attached 2-car garage
• Utilities: Cable available; Septic tank; Well water
• Home design: Multifamily property with 1 building and 2 units; Resale condition; Zoned RM-2
• Construction: Block, concrete and stucco construction; Shingle roof; Well for irrigation
• Exterior features: Oversized lot; Public maintained paved road; No additional exterior amenities listed

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: Two 3-bedroom units
• Flooring: Laminate; Tile
• Bathrooms: Four full bathrooms total (two full bathrooms per unit)
• Heating & cooling: Central heating (electric); Central air conditioning; Ceiling fans
• Interior features: Single-hung windows
• Laundry & utility: Laundry in residence; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $-15 ($-176/yr) — negative. Per door: $-7/mo.
• To cash-flow at today's rent, offer at most $422k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $356k (16.3% below list).
• Recommended offer: $356k (16.3% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $3,557/mo this rent would consume 59% 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 $45k of equity ($3k loan paydown + $42k 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 $119k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$73k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $113k; list at $425k implies a 276% 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $355,700 (16.3% 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 106 days. Have you received any prior offers? Is the seller open to a 16% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.84% ✗
• Cap rate: 6.25%
• Cash-on-cash: -0.15%
• DSCR: 0.99
• GRM: 10.0

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: 23.2%
• Equity multiple: 2.85×
• Total profit: $220,094
• Equity at exit: $382,874

10-year hold

• IRR: 20.0%
• Equity multiple: 6.30×
• Total profit: $630,179
• Equity at exit: $825,682

Cash invested: $119,000 (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: 19.9×

Monthly cashflow live

• Estimated rent: $3,557 high
• Mortgage (P&I): −$2,229
• Tax from tax record: −$419 /mo · $5,026/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$747
• Net cashflow: $-15

Break-even live

Break-even rent $3,576

Max offer price $422,414

Occupancy floor 95%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,556
Total (2 units)			$3,557

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
941 Elgin St Lehigh Acres, FL	3.0	2.0	1582	$2,664	$1.68	23d	1	0.21mi
1089 Eisenhower Blvd Lehigh Acres, FL	4.0	2.0	1639	$2,000	$1.22	3d	1	0.50mi
851 Bedford Dr Lehigh Acres, FL	3.0	2.0	2364	$1,600	$0.68	23d	1	0.51mi
851 Eisenhower Blvd Lehigh Acres, FL	3.0	2.0	2330	$1,450	$0.62	10d	1	0.56mi
936 Joponica Ave S Lehigh Acres, FL	4.0	2.0	2101	$2,500	$1.19	23d	1	0.57mi
1137 Edgerton Ave Lehigh Acres, FL	3.0	2.0	2394	$1,800	$0.75	2d	1	0.62mi
827 Eisenhower Blvd Lehigh Acres, FL	3.0	2.5	1640	$1,780	$1.09	11d	1	0.68mi
847 Genoa Ave Lehigh Acres, FL	3.0	2.0	1600	$2,000	$1.25	3d	1	0.74mi
828 Genoa Ave S Lehigh Acres, FL	4.0	2.5	1632	$2,400	$1.47	23d	1	0.81mi
1121 Deauville St E Lehigh Acres, FL	3.0	2.0	1698	$2,100	$1.24	23d	1	1.00mi
1129 Deauville St E Lehigh Acres, FL	3.0	2.0	1698	$2,100	$1.24	23d	1	1.04mi
934 Marilyn Ave S Lehigh Acres, FL	4.0	2.0	1577	$2,000	$1.27	2d	1	1.04mi
934 Marilyn Ave S Lehigh Acres, FL	4.0	2.0	1577	$2,000	$1.27	11d	1	1.04mi
1142 Dutchess St E Lehigh Acres, FL	4.0	2.5	1632	$2,400	$1.47	23d	1	1.08mi
760 Festival Ave S Lehigh Acres, FL	3.0	2.0	1650	$2,000	$1.21	23d	1	1.23mi
814 Crystal Ave S Lehigh Acres, FL	3.0	2.0	1865	$1,815	$0.97	23d	1	1.32mi
736 Barcia St E Lehigh Acres, FL	4.0	2.0	1833	$1,775	$0.97	23d	1	1.33mi
710 Godwid Ave S Lehigh Acres, FL	3.0	2.0	1758	$2,150	$1.22	21d	1	1.46mi
710 Godwid Ave S Lehigh Acres, FL	3.0	2.0	1758	$2,150	$1.22	3d	1	1.46mi
710 Godwid Ave S Lehigh Acres, FL	3.0	2.0	1758	$2,150	$1.22	3d	1	1.46mi
765 Aprile Ave S Lehigh Acres, FL	4.0	2.0	1712	$2,100	$1.23	1d	1	1.46mi
708 Godwid Ave S Lehigh Acres, FL	3.0	2.0	1758	$2,150	$1.22	21d	1	1.48mi
862 Charles Sise St E Lehigh Acres, FL	3.0	2.0	1582	$2,664	$1.68	23d	1	1.49mi

Listing history 12 events

1. 2026-06-10
   days on market $425,000 Active 106 DOM
2. 2026-06-09
   days on market $425,000 Active 105 DOM
3. 2026-06-07
   days on market $425,000 Active 103 DOM
4. 2026-06-02
   days on market $425,000 Active 98 DOM
5. 2026-06-01
   days on market $425,000 Active 97 DOM
6. 2026-06-01
   days on market $425,000 Active 96 DOM
7. 2026-02-24
   listed $425,000 Active
8. 2013-10-17
   soldstatus $113,000
9. 2013-09-24
   soldstatus $86,000
10. 2007-05-01
    soldstatus $349,000
11. 2006-04-03
    soldstatus $270,000
12. 2006-03-28
    soldstatus $53,500

ⓘ 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: $5,026 · $419/mo
• Projected year-2 tax: $5,026 · $419/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 27 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: $42,684
• − Mortgage interest: −$23,807
• − Property taxes: −$5,026
• − Insurance: −$2,125
• − Repairs & maintenance: −$3,415
• − Management: −$3,415
• − Depreciation: −$12,364
• Taxable loss: −$7,467
• Est. tax savings @ 24.0%: +$1,792
• After-tax cash flow: $1,616/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

+694.4% since first listed

6 events — show timeline

• 2026-02-24 Listed $425,000 FORTMLS
• 2013-10-17 Sold (Public Records) $113,000 Public Records
• 2013-09-24 Sold (Public Records) $86,000 Public Records
• 2007-05-01 Sold (Public Records) $349,000 Public Records
• 2006-04-03 Sold (Public Records) $270,000 Public Records
• 2006-03-28 Sold (Public Records) $53,500 Public Records

Property tax history

+7.1%/yr

Latest (2025): $5,026 · +7.4% YoY. Source: county tax records.