46 NW 1st Way · Cape Coral, FL 33993

$275,000

3 bd · 2.0 ba · 1,700 sqft · SingleFamily public records · 61 Days on market

Built 1998 0.33 ac lot Est $330k · 17% under

---

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).

• ARV discount +15.0/15.0
• Cash flow +13.7/30.0
• DSCR +4.2/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Space To Roam! Lush Carpet, Soaring Ceilings, Plant Shelves, Formaldining Rm, Large Open Kitchen With Breakfast Bar - Microwaveinside Laundry Room W/ Washer Dryer And Laundry Tub - Pool Bathceiling Fans With Light Kits, Large Screened Lanai - Fenced Yard

Key facts

• Oversized triple lot
• New well
• Fresh interior paint

Tags

• OVERSIZED TRIPLE LOT
• NEW ROOF
• NEW WELL
• NEW AC
• FRESH INTERIOR PAINT
• FRESH EXTERIOR PAINT

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Non-gated community; HOA covers irrigation water and street lights

Exterior

• Parking: Attached 2-car garage; Assigned parking; Driveway; Paved parking; Garage with opener; Two covered spaces
• Security: Fenced; Smoke detectors
• Utilities: Well water; Septic tank; Cable available
• Home design: Single-story home; Entry at level 1; Resale property; Faces southwest
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Fence / fenced yard; Room for a pool; Multiple lots; Paved road access; Northeast exposure

Interior

• Kitchen: Electric cooktop; Range; Microwave; Dishwasher; Refrigerator; Freezer
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: French doors; Family/Dining room; Living/Dining room; Tub with shower; Vaulted ceilings; Split bedroom floorplan; Unfurnished
• Laundry & utility: Washer; Dryer; Laundry inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $22 ($264/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (20.7% below list).
• Recommended offer: $218k (20.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $2k of loan paydown is wiped out by about $8k 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

• It's been on market 61 days — a 6% lower offer ($258k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $136k; list at $275k implies a 103% 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→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,167 (20.7% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.79% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.34%
• DSCR: 1.02
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $329,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309 NE 30th Ter	0.60mi	3/2.0	1,628 (-4%)	0mo	$365,000	$224	65
2921 NE 1st Ave	0.47mi	4/3.0 (+1)	1,683 (-1%)	10mo	$340,000	$202	59
524 Wilmington W	0.56mi	3/2.0	1,672 (-2%)	15mo	$320,000	$191	58
3213 NW 4th Ave	0.29mi	3/2.0	1,469 (-14%)	10mo	$310,000	$211	55
2845 NW 4th Ave	0.61mi	4/2.0 (+1)	1,828 (+8%)	2mo	$299,700	$164	52
2709 NW Juanita Pl	0.71mi	3/2.0	1,672 (-2%)	15mo	$324,990	$194	52
2920 NW 4th Pl	0.57mi	4/2.0 (+1)	1,565 (-8%)	6mo	$275,000	$176	50
3018 NW 6th Ct	0.73mi	4/2.0 (+1)	1,810 (+6%)	4mo	$309,800	$171	47
2911 NW 4th Pl	0.58mi	4/2.0 (+1)	1,829 (+8%)	11mo	$343,300	$188	46
2919 NW 4th Ave	0.52mi	4/2.0 (+1)	1,565 (-8%)	14mo	$306,000	$196	46
337 NE 30th Ter	0.69mi	3/2.0	1,469 (-14%)	4mo	$299,000	$204	42
2831 NW 4th Pl	0.69mi	4/2.0 (+1)	1,941 (+14%)	16mo	$333,333	$172	25

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

Projected returns pro-forma

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

5-year hold

• IRR: -18.9%
• Equity multiple: 0.36×
• Total profit: $-49,641
• Equity at exit: $41,003

10-year hold

• IRR: -18.1%
• Equity multiple: 0.14×
• Total profit: $-66,491
• Equity at exit: $23,777

Cash invested: $77,000 (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 33993

• Home prices YoY: -14.1%
• Rents YoY: -5.5%
• Active inventory: 2652
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,182 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$145 /mo · $1,737/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $22

Break-even live

Break-even rent $2,154

Max offer price $275,000

Occupancy floor 94%

Sensitivity live

Price	-10% $178	-5% $100	+0% $22	+5% $-56	+10% $-134
Rent	-10% $-150	-5% $-64	+0% $22	+5% $108	+10% $194
Rate	-1.0pp $161	-0.5pp $92	base $22	+0.5pp $-49	+1.0pp $-122

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3229 NW 1st Ave Cape Coral, FL	4.0	2.0	1828	$1,811	$0.99	4d	1	0.11mi
3220 NW 1st Ave Cape Coral, FL	4.0	2.0	1723	$2,250	$1.31	24d	1	0.13mi
51 Wilmington Pkwy Cape Coral, FL	4.0	3.0	1681	$2,000	$1.19	24d	1	0.17mi
3055 NW 3rd Pl Cape Coral, FL	3.0	2.0	1184	$1,675	$1.41	4d	1	0.29mi
3024 NE 1st Ave Cape Coral, FL	4.0	2.0	1499	$1,695	$1.13	20d	1	0.38mi
2912 Santa Barbara Blvd N Unit 2912 Cape Coral, FL	2.0	2.0	1100	$1,550	$1.41	12d	1	0.46mi
3010 NE 1st Pl Cape Coral, FL	3.0	2.0	1582	$2,750	$1.74	24d	1	0.47mi
2907 Santa Barbara Blvd N Cape Coral, FL	3.0	2.0	1209	$1,775	$1.47	11d	1	0.49mi
2936 NW 4th Pl Cape Coral, FL	4.0	2.0	1769	$1,895	$1.07	24d	1	0.55mi
2919 NW 4th Pl Cape Coral, FL	4.0	2.0	1639	$1,926	$1.18	4d	1	0.59mi
2616 NW 1st Pl Cape Coral, FL	4.0	2.0	1829	$1,946	$1.06	22d	1	0.90mi
721 NW Douglas Cir Cape Coral, FL	3.0	2.0	1164	$1,770	$1.52	20d	1	0.95mi
3026 NE 6th Pl Cape Coral, FL	4.0	2.0	1683	$2,095	$1.24	24d	1	0.98mi
36 NW 26th St Cape Coral, FL	3.0	2.0	1270	$1,990	$1.57	4d	1	0.99mi
2925 NE 6th Ave Cape Coral, FL	4.0	2.0	1651	$2,000	$1.21	24d	1	0.99mi
2524 NE 1st Pl Cape Coral, FL	4.0	3.0	1683	$2,250	$1.34	24d	1	1.02mi
501 NW 26th Ter Cape Coral, FL	3.0	2.0	1465	$2,200	$1.50	15d	1	1.05mi
101 NW 25th St Cape Coral, FL	4.0	2.0	1613	$1,900	$1.18	4d	1	1.07mi
221 NW 25th St Cape Coral, FL	3.0	2.0	1407	$1,780	$1.27	24d	1	1.08mi
214 NW 25th St Cape Coral, FL	3.0	2.0	1983	$2,100	$1.06	24d	1	1.11mi
2620 NE 5th Ave Cape Coral, FL	3.0	2.0	1597	$3,500	$2.19	24d	1	1.14mi
2603 NE 4th Ave Cape Coral, FL	3.0	2.0	1356	$1,471	$1.08	4d	1	1.14mi
2809 NW 8th Pl Cape Coral, FL	3.0	2.0	1400	$2,400	$1.71	24d	1	1.16mi
2728 NE 6th Pl Cape Coral, FL	4.0	2.0	1760	$1,795	$1.02	3d	1	1.18mi
324 NW 24th Ter Cape Coral, FL	3.0	2.0	1499	$2,500	$1.67	4d	1	1.21mi
331 NE 25th St Cape Coral, FL	4.0	2.0	1565	$2,000	$1.28	24d	1	1.21mi
609 NW 25th St Cape Coral, FL	4.0	2.0	1556	$2,000	$1.29	4d	1	1.25mi
3445 NE 8th Pl Cape Coral, FL	4.0	2.0	1734	$2,200	$1.27	24d	1	1.27mi
921 Jacaranda Pkwy E Cape Coral, FL	4.0	3.0	2081	$2,099	$1.01	24d	1	1.32mi
2604 NW 8th Pl Cape Coral, FL	4.0	2.0	1650	$1,795	$1.09	22d	1	1.35mi
2227 NW 3rd Pl Cape Coral, FL	3.0	3.0	1771	$1,999	$1.13	15d	1	1.38mi
2227 NW 3rd Pl Cape Coral, FL	3.0	2.5	1771	$1,799	$1.02	24d	1	1.38mi
520 NW 23rd Ter Cape Coral, FL	4.0	2.0	1693	$2,350	$1.39	24d	1	1.40mi
3620 NE 9th Ave Cape Coral, FL	3.0	2.0	1969	$2,085	$1.06	20d	1	1.41mi
1015 NE 34th St Cape Coral, FL	4.0	2.0	1760	$2,300	$1.31	24d	1	1.42mi
3610 NE 9th Pl Cape Coral, FL	4.0	2.0	1774	$1,995	$1.12	15d	1	1.45mi
3462 NE 10th Pl Cape Coral, FL	4.0	3.0	1665	$3,000	$1.80	24d	1	1.49mi

Listing history 16 events

1. 2026-06-17
   days on market $275,000 Active 61 DOM
2. 2026-06-16
   days on market $275,000 Active 60 DOM
3. 2026-06-15
   days on market $275,000 Active 59 DOM
4. 2026-06-13
   days on market $275,000 Active 57 DOM
5. 2026-06-10
   days on market $275,000 Active 54 DOM
6. 2026-06-09
   days on market $275,000 Active 53 DOM
7. 2026-06-07
   pricedays on market $275,000 Active 51 DOM
8. 2026-06-03
   days on market $290,000 Active 47 DOM
9. 2026-06-02
   days on market $290,000 Active 46 DOM
10. 2026-06-01
    days on market $290,000 Active 45 DOM
11. 2026-05-31
    days on market $290,000 Active 44 DOM
12. 2026-05-07
    price $290,000
13. 2026-04-17
    listed $299,000 Active
14. 2003-04-22
    soldstatus $135,500
15. 2003-04-04
    soldstatus $135,500 257-char remark

    Show marketing remark (257 chars)

    Space To Roam! Lush Carpet, Soaring Ceilings, Plant Shelves, Formaldining Rm, Large Open Kitchen With Breakfast Bar - Microwaveinside Laundry Room W/ Washer Dryer And Laundry Tub - Pool Bathceiling Fans With Light Kits, Large Screened Lanai - Fenced Yard

16. 2003-02-15
    price $139,900 257-char remark

    Show marketing remark (257 chars)

    Space To Roam! Lush Carpet, Soaring Ceilings, Plant Shelves, Formaldining Rm, Large Open Kitchen With Breakfast Bar - Microwaveinside Laundry Room W/ Washer Dryer And Laundry Tub - Pool Bathceiling Fans With Light Kits, Large Screened Lanai - Fenced Yard

ⓘ 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: $1,737 · $145/mo
• Projected year-2 tax: $2,282 · $190/mo
• Expected delta: +$545/yr (+$45/mo · 31.4%)

ⓘ 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 7/10 Severe
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 32 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: $26,180
• − Mortgage interest: −$15,404
• − Property taxes: −$1,737
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,094
• − Management: −$2,094
• − Depreciation: −$8,000
• Taxable loss: −$4,525
• Est. tax savings @ 24.0%: +$1,086
• After-tax cash flow: $1,351/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

+107.3% since first listed

5 events — show timeline

• 2026-05-07 Price Changed $290,000 FORTMLS
• 2026-04-17 Listed $299,000 FORTMLS
• 2003-04-22 Sold (Public Records) $135,500 Public Records
• 2003-04-04 Sold (MLS) $135,500 FORTMLS
• 2003-02-15 Price Changed $139,900 FORTMLS

Property tax history

+5.0%/yr

Latest (2025): $1,737 · +10.7% YoY. Source: county tax records.