2038 NW 3rd Ter · Cape Coral, FL 33993

$299,000

3 bd · 2.0 ba · 1,703 sqft · SingleFamily public records · 18 Days on market

Built 1998 0.34 ac lot Est $353k · 15% under

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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 +14.8/30.0
• ARV discount +14.3/15.0
• DSCR +4.5/10.0
• 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

Welcome to this 3-bedroom, 2-bath home offering 1,703 square feet of living space, perfectly situated on an oversized triple lot with mature landscaping that provides privacy and plenty of room to enjoy the Florida lifestyle. Several major updates have already been completed, including a new roof (April 2022), water heater (2025), well pump (2025), water softener (2025), and garage door opener (2025). The kitchen is equipped with smart LG appliances installed in 2022, adding modern convenience and functionality. Inside, you'll find a desirable split-bedroom floor plan that offers privacy for both homeowners and guests. The home presents a fantastic opportunity for a buyer to add their perso

Key facts

• Oversized triple lot
• Open patio
• Screened lanai

Tags

• OVERSIZED TRIPLE LOT
• MATURE LANDSCAPING
• SMART LG APPLIANCES
• SPLIT-BEDROOM FLOOR PLAN
• SCREENED LANAI
• OPEN PATIO

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Non-gated community; Association amenities include guest suites; Association fee includes internet; Association fee: $0

Exterior

• Parking: Attached 2-car garage; Assigned parking; Driveway; Paved; Garage door opener; Two covered spaces
• Utilities: Well water; Septic tank; Cable available; High speed internet available
• Home design: Single-story; Resale property; Entry level: 1; Faces north; R1 zoning
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Patio; Screened lanai (16 x 10); Room for pool; Sprinkler/irrigation; Shutters (manual); Sprinklers automatic; Rectangular lot; South exposure; Public maintained road

Interior

• Kitchen: Electric cooktop; Microwave; Refrigerator; Freezer; Dishwasher; Disposal; Pantry; Breakfast bar
• Bedrooms: Master bedroom; Two additional bedrooms; Bedroom on main level
• Flooring: Concrete; Laminate; Tile
• Bathrooms: Two full bathrooms; Bathtub; Dual sinks; Separate shower
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Breakfast bar; Built-in features; Entrance foyer; Living/dining room; Main level primary; Pantry; Bar; Walk-in closet(s); Cable TV; High speed internet; Split bedrooms; Bathtub; Dual sinks; Separate shower; Single hung windows; Unfurnished
• Laundry & utility: Washer and dryer included; Inside laundry; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $81 ($971/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 $236k (20.9% below list).
• Recommended offer: $236k (20.9% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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.
• Zoned schools: Gulf Elementary School (math 70% / reading 65%, grade B+, #435 of 2,144 statewide, top 21%, 1,231 students, 38% FRL); Challenger Middle School (math 59% / reading 56%, grade B, #157 of 571 statewide, top 28%, 1,124 students, 50% FRL); Ida S. Baker High School (math 44% / reading 47%, grade D-, #223 of 667 statewide, top 34%, 1,933 students, 39% FRL) — zoned schools average 42% FRL vs 57% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents falling (-5.5%/yr); 2671 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).
• This rent runs 31% of the median local income ($91k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 18 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 4y 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $236,462 (20.9% below list)

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. 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?
4. 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.
5. 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.
6. 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: 6.62%
• Cash-on-cash: 1.16%
• DSCR: 1.05
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $352,521
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
224 NW 23rd Ave	0.33mi	4/3.0 (+1)	1,683 (-1%)	8mo	$165,000	$98	67
2200 NW 6th St	0.33mi	4/3.0 (+1)	1,683 (-1%)	12mo	$349,000	$207	64
315 NW 24th Ave	0.35mi	3/2.0	1,887 (+11%)	4mo	$360,000	$191	63
127 EL Dorado Blvd N	0.46mi	3/2.0	1,799 (+6%)	11mo	$285,000	$158	60
16 SW 22nd Ave	0.53mi	4/2.0 (+1)	1,800 (+6%)	3mo	$400,000	$222	59
2006 NW 8th Ter	0.64mi	4/2.0 (+1)	1,671 (-2%)	7mo	$385,000	$230	56
317 NW 16th Pl	0.53mi	4/2.0 (+1)	1,828 (+7%)	5mo	$329,999	$181	54
2304 NW 7th St	0.55mi	3/2.0	1,458 (-14%)	1mo	$349,900	$240	49
1804 SW Embers Ln	0.64mi	4/2.0 (+1)	1,650 (-3%)	13mo	$340,990	$207	49
112 NW 15th Pl	0.69mi	4/2.0 (+1)	1,800 (+6%)	6mo	$380,000	$211	48
309 NW 23rd Ave	0.28mi	4/3.0 (+1)	1,917 (+13%)	11mo	$499,000	$260	48
1705 SW Embers Ter	0.65mi	4/2.0 (+1)	1,810 (+6%)	10mo	$321,000	$177	46

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: -17.5%
• Equity multiple: 0.40×
• Total profit: $-50,360
• Equity at exit: $44,582

10-year hold

• IRR: -15.5%
• Equity multiple: 0.23×
• Total profit: $-64,547
• Equity at exit: $25,852

Cash invested: $83,720 (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: 2671
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,365 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$95 /mo · $1,134/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$497
• Net cashflow: $81

Break-even live

Break-even rent $2,262

Max offer price $299,000

Occupancy floor 92%

Sensitivity live

Price	-10% $250	-5% $166	+0% $81	+5% $-4	+10% $-88
Rent	-10% $-106	-5% $-12	+0% $81	+5% $174	+10% $268
Rate	-1.0pp $232	-0.5pp $157	base $81	+0.5pp $3	+1.0pp $-75

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2045 NW 3rd St Cape Coral, FL	3.0	2.0	1656	$2,095	$1.27	12d	1	0.05mi
2023 NW 3rd Ter Cape Coral, FL	3.0	2.0	1408	$2,150	$1.53	25d	1	0.09mi
233 NW 22nd Pl Cape Coral, FL	4.0	3.0	1665	$2,200	$1.32	25d	1	0.16mi
2032 NW 5th St Cape Coral, FL	3.0	2.0	1946	$2,200	$1.13	25d	1	0.17mi
313 El Dorado Blvd N Cape Coral, FL	3.0	2.0	1500	$2,300	$1.53	25d	1	0.38mi
2043 NW 6th Ter Cape Coral, FL	4.0	2.0	1712	$2,999	$1.75	25d	1	0.40mi
1909 NW 6th Ter Cape Coral, FL	3.0	2.0	1828	$1,895	$1.04	5d	1	0.42mi
1909 NW 6th Ter Cape Coral, FL	4.0	2.0	1828	$1,895	$1.04	4d	1	0.42mi
532 NW 18th Ave Cape Coral, FL	3.0	2.0	1765	$2,000	$1.13	25d	1	0.43mi
1900 NW Embers Ter Cape Coral, FL	4.0	3.0	2009	$2,900	$1.44	25d	1	0.47mi
416 NW 17th Ave Cape Coral, FL	3.0	2.0	1199	$2,000	$1.67	5d	1	0.48mi
1827 Embers Pkwy W Cape Coral, FL	4.0	3.0	1807	$2,300	$1.27	5d	1	0.52mi
1827 Embers Pkwy W Cape Coral, FL	4.0	3.0	1807	$2,500	$1.38	16d	1	0.52mi
17 El Dorado Blvd N Cape Coral, FL	3.0	2.0	1779	$2,200	$1.24	25d	1	0.55mi
305 NW 16th Pl Cape Coral, FL	3.0	2.5	1446	$2,095	$1.45	5d	1	0.56mi
512 NW 25th Ave Cape Coral, FL	3.0	2.0	1702	$2,100	$1.23	13d	1	0.59mi
231 NW 26th Ave Cape Coral, FL	3.0	2.0	1479	$2,300	$1.56	25d	1	0.64mi
128 NW 25th Pl Cape Coral, FL	3.0	2.0	1409	$2,850	$2.02	25d	1	0.65mi
2014 NW 9th St Cape Coral, FL	4.0	2.0	1828	$2,300	$1.26	25d	1	0.67mi
2022 NW 9th St Cape Coral, FL	3.0	2.0	1303	$1,611	$1.24	15d	1	0.67mi
2507 Embers Pkwy W Cape Coral, FL	3.0	2.0	1777	$2,450	$1.38	25d	1	0.72mi
1501 NW 4th St Cape Coral, FL	4.0	2.0	1809	$3,800	$2.10	5d	1	0.73mi
2447 SW Embers Ter Cape Coral, FL	3.0	3.0	1870	$2,100	$1.12	18d	1	0.74mi
2519 NW 7th St Cape Coral, FL	3.0	2.0	2017	$2,296	$1.14	5d	1	0.76mi
223 SW 22nd Ct Cape Coral, FL	3.0	3.0	1910	$3,500	$1.83	25d	1	0.82mi
2710 NW 5th Ter Cape Coral, FL	4.0	2.0	1830	$1,925	$1.05	18d	1	0.85mi
2637 NW 1st St Cape Coral, FL	3.0	2.0	1968	$2,475	$1.26	25d	1	0.85mi
1827 NW 10th St Cape Coral, FL	3.0	2.0	1864	$2,050	$1.10	25d	1	0.88mi
2453 NW 8th Ter Cape Coral, FL	3.0	2.0	1574	$2,200	$1.40	25d	1	0.90mi
1621 NW 9th Ter Cape Coral, FL	4.0	3.0	2020	$2,500	$1.24	25d	1	0.94mi
212 SW 25th Ave Cape Coral, FL	4.0	2.0	1828	$1,850	$1.01	25d	1	0.96mi
2465 NW 9th St Cape Coral, FL	4.0	3.0	2020	$2,595	$1.28	25d	1	0.97mi
1101 NW 19th Pl Cape Coral, FL	4.0	2.0	1711	$1,900	$1.11	5d	1	0.97mi
2716 NW Embers Ter Cape Coral, FL	4.0	3.0	1765	$3,000	$1.70	25d	1	0.97mi
221 SW 25th Ave Cape Coral, FL	4.0	2.5	1871	$2,600	$1.39	4d	1	0.97mi
2251 SW 4th St Cape Coral, FL	3.0	2.0	1806	$1,595	$0.88	12d	1	0.97mi
1108 NW 21st Pl Cape Coral, FL	3.0	2.0	1666	$2,060	$1.24	25d	1	1.00mi
2725 SW Embers Ter Cape Coral, FL	3.0	2.0	1970	$2,100	$1.07	4d	1	1.02mi
114 NW 13th Ave Cape Coral, FL	3.0	2.0	1422	$2,000	$1.41	16d	1	1.05mi
916 NW 15th Ave Cape Coral, FL	3.0	2.0	1458	$1,890	$1.30	5d	1	1.06mi

Listing history 12 events

1. 2026-06-22
   days on market $299,000 Active 18 DOM
2. 2026-06-18
   days on market $299,000 Active 15 DOM
3. 2026-06-17
   days on market $299,000 Active 14 DOM
4. 2026-06-16
   days on market $299,000 Active 13 DOM
5. 2026-06-15
   days on market $299,000 Active 12 DOM
6. 2026-06-13
   days on market $299,000 Active 10 DOM
7. 2026-06-10
   days on market $299,000 Active 7 DOM
8. 2026-06-09
   days on market $299,000 Active 6 DOM
9. 2026-06-08
   days on market $299,000 Active 5 DOM
10. 2026-06-07
    days on market $299,000 Active 4 DOM
11. 2026-06-03
    remarks 699-char remark
12. 2026-06-03
    listed $299,000 Active 1 DOM

ⓘ 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: $1,134 · $95/mo
• Projected year-2 tax: $2,482 · $207/mo
• Expected delta: +$1,347/yr (+$112/mo · 118.8%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 57% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $28,375
• − Mortgage interest: −$16,749
• − Property taxes: −$1,134
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,270
• − Management: −$2,270
• − Depreciation: −$8,698
• Taxable loss: −$4,241
• Est. tax savings @ 24.0%: +$1,018
• After-tax cash flow: $1,989/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

+121.6% since first listed

39 events — show timeline

• 2026-06-03 Listed $299,000 FORTMLS
• 2025-04-22 Rental Removed $2,000 FORTMLS
• 2025-03-23 Price Changed $2,000 FORTMLS
• 2025-03-12 Price Changed $2,100 FORTMLS
• 2025-03-10 Listed for Rent $2,400 FORTMLS
• 2025-02-28 Listing Removed — FORTMLS
• 2024-12-19 Price Changed $324,000 FORTMLS
• 2024-10-17 Price Changed $332,999 FORTMLS
• 2024-09-25 Rental Removed $2,400 NAPLESMLS
• 2024-09-25 Listed $339,999 FORTMLS
• 2024-09-05 Price Changed $2,400 NAPLESMLS
• 2024-08-29 Price Changed $2,600 NAPLESMLS
• 2024-08-18 Price Changed $2,400 NAPLESMLS
• 2024-07-25 Listing Removed — FORTMLS
• 2024-07-24 Price Changed $2,600 NAPLESMLS
• 2024-07-02 Listed for Rent $2,700 NAPLESMLS
• 2024-06-08 Price Changed $369,900 FORTMLS
• 2024-06-08 Price Changed $369,900 Stellar MLS as Distributed by MLS Grid
• 2024-04-23 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-04-23 Price Changed $359,900 Stellar MLS as Distributed by MLS Grid
• 2024-04-23 Listed $359,900 FORTMLS
• 2024-03-21 Listing Removed — FORTMLS
• 2024-03-11 Price Changed $361,900 Stellar MLS as Distributed by MLS Grid
• 2024-03-11 Price Changed $361,900 FORTMLS
• 2024-02-05 Price Changed $369,900 Stellar MLS as Distributed by MLS Grid
• 2024-02-05 Price Changed $369,900 FORTMLS
• 2023-12-13 Relisted — Stellar MLS as Distributed by MLS Grid
• 2023-12-13 Relisted — FORTMLS
• 2023-11-30 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-11-30 Pending — FORTMLS
• 2023-11-09 Listed $375,000 Stellar MLS as Distributed by MLS Grid
• 2023-11-08 Listed $375,000 FORTMLS
• 2022-06-27 Sold (Public Records) $385,000 Public Records
• 2022-06-24 Sold (MLS) $385,000 FORTMLS
• 2022-05-20 Pending — FORTMLS
• 2022-05-16 Listed $359,900 FORTMLS
• 2002-12-05 Sold (Public Records) $133,000 Public Records
• 2002-11-21 Sold (MLS) $133,000 FORTMLS
• 2002-10-24 Price Changed $134,900 FORTMLS

Property tax history

+0.8%/yr

Latest (2025): $1,134 · +15.5% YoY. Source: county tax records.