51-55 Lake St · North Fort Myers, FL 33903

$350,000

4 bd · 3.0 ba · 1,768 sqft · MultiFamily public records · 378 Days on market

Built 1979 10,236 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 +26.5/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Investment Opportunity or Multi Generational Living in North Fort Myers. Located just minutes from downtown and the Caloosahatchee Bridge, this updated duplex offers both versatility and value. Each side has its own private screened lanai, with a shared front entry area. The larger unit is a 3 bed, 2 bath layout, and the second unit is a 2 bed, 1 bath—ideal for an owner-occupant or rental investor. Major updates were completed including two new AC units, modern kitchens with granite countertops, stylish lighting, and updated bathrooms. The home features a 2014 metal roof, two walk-in laundry rooms, and a fully fenced separate backyard for each unit. A detached two-car metal garage and

Key facts

• Metal roof
• Modern kitchens
• Updated bathrooms

Tags

• PRIVATE SCREENED LANAI
• MODERN KITCHENS
• GRANITE COUNTERTOPS
• UPDATED BATHROOMS
• METAL ROOF
• WALK-IN LAUNDRY ROOMS

Property features AI

Finance

• Financial info: Tenant responsible for application fee, cable TV, electricity, internet, sewer, and water; Pets allowed
• HOA & community: Non-gated community; No association fee

Exterior

• Parking: Each unit includes 1 garage space
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable available
• Home design: Multi-family property with 2 total units in 1 building; Rectangular lot; Public-maintained road access; Resale property
• Construction: Wood siding; Wood frame construction; Metal roof
• Exterior features: Fenced yard; Patio; Storage; Outbuilding

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Microwave
• Bedrooms: Two 3-bedroom units; One 2-bedroom unit
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: Three units with full bathrooms (unit breakdown below); Unit 1 (Three Bedroom): 2 full bathrooms; Unit 2 (Two Bedroom): 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Single-hung windows; Screened lanai/porch; Ceiling fans; Smoke detectors
• Laundry & utility: Washer/dryer hookups in units; Washer and dryer present in units (per unit descriptions)

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/?-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $499 ($6k/yr) — positive. Per door: $166/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 3.6% in North Fort Myers — 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 74/100 on livability (#269 in FL, #4,409 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, 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 soft (-1.9%/yr); 472 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $4,027/mo this rent would consume 85% of the median local household income ($57k/yr) (locally 468% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 378 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $308,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 378 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.15% ✓
• Cap rate: 9.47%
• Cash-on-cash: 11.33%
• DSCR: 1.50
• GRM: 7.2

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: -10.6%
• Equity multiple: 0.63×
• Total profit: $-36,518
• Equity at exit: $52,186

10-year hold

• IRR: -6.7%
• Equity multiple: 0.64×
• Total profit: $-35,587
• Equity at exit: $30,262

Cash invested: $98,000 (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 33903

• Rents YoY: -1.9%
• Active inventory: 472
• Price-to-rent: 21.7×

Monthly cashflow live

• Estimated rent: $4,027 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$275 /mo · $3,295/yr
• Insurance: −$146
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$846
• Net cashflow: $499

Break-even live

Break-even rent $3,395

Max offer price $350,000

Occupancy floor 83%

Sensitivity live

Price	-10% $697	-5% $598	+0% $499	+5% $400	+10% $301
Rent	-10% $181	-5% $340	+0% $499	+5% $658	+10% $817
Rate	-1.0pp $675	-0.5pp $588	base $499	+0.5pp $408	+1.0pp $316

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	—	$4,026
Total (3 units)			$4,027

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3414 Hancock Bridge Pkwy #403 North Fort Myers, FL	3.0	2.0	1786	$4,500	$2.52	4d	1	0.55mi
3414 Hancock Bridge Pkwy #403 North Fort Myers, FL	3.0	2.0	1786	$4,500	$2.52	4d	1	0.55mi
3414 Hancock Bridge Pkwy #1204 North Fort Myers, FL	3.0	2.5	2188	$5,900	$2.70	24d	1	0.55mi
3426 Hancock Bridge Pkwy Ph 05 North Fort Myers, FL	3.0	2.5	2330	$3,750	$1.61	24d	1	0.60mi
3426 Hancock Bridge Pkwy Ph 02 North Fort Myers, FL	3.0	2.5	2457	$7,500	$3.05	24d	1	0.60mi
3426 Hancock Bridge Pkwy #902 North Fort Myers, FL	3.0	2.0	1931	$3,200	$1.66	4d	1	0.60mi
3350 N Key Dr Unit B911 North Fort Myers, FL	3.0	2.0	1283	$3,800	$2.96	24d	1	0.65mi
1398 Evalena Ln North Fort Myers, FL	3.0	2.0	1479	$1,849	$1.25	3d	1	0.73mi
1201 Betmar Blvd North Fort Myers, FL	3.0	2.0	1380	$2,200	$1.59	4d	1	0.77mi
1299 Old Bridge Rd North Fort Myers, FL	4.0	3.0	1582	$2,200	$1.39	24d	1	1.11mi
1310 Thompson St North Fort Myers, FL	3.0	3.0	1387	$2,800	$2.02	24d	1	1.21mi
1195 Green Ave North Fort Myers, FL	3.0	2.0	1250	$1,850	$1.48	24d	1	1.34mi
3171 Sea Trawler Bnd #1803 North Fort Myers, FL	3.0	2.0	2144	$3,900	$1.82	24d	1	1.39mi
3140 Sea Trawler Bnd #1003 North Fort Myers, FL	3.0	3.0	2063	$2,400	$1.16	24d	1	1.45mi

Listing history 14 events

1. 2026-06-17
   days on market $350,000 Active 378 DOM
2. 2026-06-16
   days on market $350,000 Active 377 DOM
3. 2026-06-16
   days on market $350,000 Active 376 DOM
4. 2026-06-13
   days on market $350,000 Active 374 DOM
5. 2026-06-09
   days on market $350,000 Active 370 DOM
6. 2026-06-07
   days on market $350,000 Active 368 DOM
7. 2026-06-02
   days on market $350,000 Active 363 DOM
8. 2026-06-01
   days on market $350,000 Active 362 DOM
9. 2026-06-01
   days on market $350,000 Active 361 DOM
10. 2026-03-09
    price $350,000
11. 2025-06-03
    listed $375,000 Active
12. 2023-10-02
    soldstatus $400,000
13. 2000-02-04
    soldstatus $80,000
14. 1993-03-11
    soldstatus $54,500

ⓘ 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: $3,295 · $275/mo
• Projected year-2 tax: $3,295 · $275/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 26 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: $48,324
• − Mortgage interest: −$19,605
• − Property taxes: −$3,295
• − Insurance: −$6,868
• − Repairs & maintenance: −$3,866
• − Management: −$3,866
• − Depreciation: −$10,182
• Taxable income: $641
• Est. tax owed @ 24.0%: −$154
• After-tax cash flow: $5,833/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 — North Fort Myers

• Score: 74/100
• State rank: #269
• US rank: #4409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 57,035
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 23,655
• Household income: $56,993
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 468.0

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: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 14% Two or more races 8% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 3%
• Common ancestry: Lithuanian 4% Romanian 4% Italian 3%
• Foreign-born: 11% · Canada
• Languages at home: 88% English-only · Spanish 9% 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: ▼ -172.26%
• Current HPI: 256.773
• Rent YoY: ▼ -1.94%
• 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

+542.2% since first listed

5 events — show timeline

• 2026-03-09 Price Changed $350,000 FORTMLS
• 2025-06-03 Listed $375,000 FORTMLS
• 2023-10-02 Sold (Public Records) $400,000 Public Records
• 2000-02-04 Sold (Public Records) $80,000 Public Records
• 1993-03-11 Sold (Public Records) $54,500 Public Records

Property tax history

+16.5%/yr

Latest (2025): $3,295 · +14.0% YoY. Source: county tax records.