5113/5115 24th St SW · Lehigh Acres, FL 33973

$399,900

6 bd · 4.0 ba · 2,412 sqft · MultiFamily · 137 Days on market

Built 2004 Fair condition 0.31 ac lot Est $533k · 25% 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).

• ARV discount +15.0/15.0
• Cash flow +12.9/30.0
• Schools +4.1/10.0
• DSCR +3.8/10.0
• 1% rule +3.6/10.0
• Livability +3.0/5.0
• Condition / age +2.2/5.0
• Appreciation +0.8/10.0
• Rent growth +0.8/5.0

Multi-family units

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

Listing remarks

Excellent income-producing duplex opportunity at an affordable price! New roof in 2023 and both well pumps replaced 2024! Built in 2004, this ideally located duplex features two spacious 3-bedroom, 2-bath units, each with its own 1-car garage and extra-wide private driveway space for each unit. Both units offer tile flooring throughout, vaulted ceilings, and a bright open space with plenty of room for furnishings. Each side enjoys a separate screened rear lanai overlooking a generous backyard area, providing added outdoor living space to enjoy with the family. The property is ideally located just minutes from Fort Myers, with close proximity to schools, shopping, dining, and easy access to

Key facts

• Screened rear lanai
• 0.31 acre lot
• 2 garage spots

Tags

• INCOME PRODUCING DUPLEX
• SCREENED REAR LANAI
• GENEROUS BACKYARD AREA
• CLOSE PROXIMITY TO SCHOOLS
• CLOSE PROXIMITY TO SHOPPING
• CLOSE PROXIMITY TO DINING

Property features AI

Finance

• Other: Lot dimensions approximately 100 x 134 x 102 x 134 (0.3093 acres)
• Financial info: Gross scheduled income: $37,200 (multi-unit); Land lease expires 2026-08-01; Tenant pays electricity, grounds care, internet, pest control, and trash collection; Pets allowed
• HOA & community: Non-gated community; No association fee listed

Exterior

• Utilities: Well water; Private sewer (septic tank); Cable available
• Home design: Resale property; Zoned RM-2
• Construction: Block, concrete, and stucco construction; Shingle roof
• Exterior features: Rectangular lot; Paved public road access; No additional exterior features listed

Interior

• Flooring: Tile
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Single hung windows; Tile flooring; Water softener

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $400k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-32 ($-382/yr) — negative. Per door: $-16/mo.
• To cash-flow at today's rent, offer at most $395k (1.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $346k (13.5% below list).
• Recommended offer: $346k (13.5% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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+, amenities 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: Veterans Park Academy For The Arts (math 41% / reading 45%, grade F, #1,366 of 2,144 statewide, top 64%, 2,133 students, 36% FRL); Oak Hammock Middle School (math 43% / reading 41%, grade D-, #340 of 571 statewide, top 61%, 1,563 students, 56% FRL); Lehigh Senior High School (math 23% / reading 45%, grade F, #394 of 667 statewide, top 60%, 2,476 students, 57% FRL).
• Market conditions: Rents falling (-7.0%/yr); 295 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $3,458/mo this rent would consume 69% of the median local household income ($61k/yr) (locally 1142% 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 $3k of loan paydown is wiped out by about $12k 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 137 days — a 12% lower offer ($352k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $345,800 (13.5% 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 137 days. Have you received any prior offers? Is the seller open to a 14% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.86% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.34%
• DSCR: 0.98
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $533,052
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2206-2208 Leda Ave S	0.23mi	6/4.0	2,370 (-2%)	13mo	$540,000	$228	76
5228-5230 27th St SW	0.36mi	6/4.0	2,392 (-1%)	9mo	$550,000	$230	74
2213/2215 Leda Ave S	0.24mi	6/4.0	2,330 (-3%)	18mo	$355,000	$152	69
5225/5227 28th St SW	0.39mi	6/4.0	2,351 (-2%)	14mo	$520,000	$221	66
5208/5210 30th St SW	0.40mi	6/4.0	2,351 (-2%)	15mo	$539,000	$229	65
2229/2231 Armour Rd	0.32mi	6/4.0	2,351 (-2%)	20mo	$530,000	$225	64
4909-4911 28th St SW	0.73mi	6/4.0	2,392 (-1%)	9mo	$550,000	$230	58
4921 Golfview Blvd	0.47mi	6/4.0	2,362 (-2%)	22mo	$435,000	$184	56
5315 26th St SW	0.51mi	6/4.0	2,362 (-2%)	21mo	$429,000	$182	55
2504 & 2506 Hawalaska St	0.47mi	6/4.0	2,250 (-7%)	19mo	$465,000	$207	51
4937/4939 Leonard Blvd S	0.46mi	6/4.0	2,238 (-7%)	18mo	$400,000	$179	51
2805-2807 Hawalaska St	0.65mi	7/3.0 (+1)	2,767 (+15%)	20mo	$458,000	$166	19

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: -20.3%
• Equity multiple: 0.31×
• Total profit: $-76,908
• Equity at exit: $59,626

10-year hold

• IRR: -21.8%
• Equity multiple: 0.03×
• Total profit: $-108,530
• Equity at exit: $34,576

Cash invested: $111,972 (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 33973

• Home prices YoY: -3.4%
• Rents YoY: -7.0%
• Active inventory: 295
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $3,458 high
• Mortgage (P&I): −$2,097
• Tax est. 1.5%: −$500 /mo · $5,998/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$726
• Net cashflow: $-32

Break-even live

Break-even rent $3,498

Max offer price $395,299

Occupancy floor 96%

Sensitivity live

Price	-10% $245	-5% $106	+0% $-32	+5% $-170	+10% $-308
Rent	-10% $-305	-5% $-168	+0% $-32	+5% $105	+10% $241
Rate	-1.0pp $170	-0.5pp $70	base $-32	+0.5pp $-135	+1.0pp $-241

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,458
Total (2 units)			$3,458

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2216 Leda Ave S Lehigh Acres, FL	5.0	3.0	2750	$2,470	$0.90	17d	1	0.21mi
5214 25th St SW Lehigh Acres, FL	6.0	4.0	2316	$1,600	$0.69	25d	1	0.25mi

Listing history 12 events

1. 2026-06-22
   days on market $399,900 Active 137 DOM
2. 2026-06-17
   days on market $399,900 Active 133 DOM
3. 2026-06-16
   days on market $399,900 Active 132 DOM
4. 2026-06-15
   days on market $399,900 Active 131 DOM
5. 2026-06-13
   days on market $399,900 Active 129 DOM
6. 2026-06-10
   days on market $399,900 Active 126 DOM
7. 2026-06-09
   days on market $399,900 Active 125 DOM
8. 2026-06-07
   days on market $399,900 Active 123 DOM
9. 2026-06-02
   days on market $399,900 Active 118 DOM
10. 2026-06-01
    days on market $399,900 Active 117 DOM
11. 2026-06-01
    days on market $399,900 Active 116 DOM
12. 2026-01-26
    listed $399,900 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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: $41,496
• − Mortgage interest: −$22,401
• − Property taxes: −$5,998
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,320
• − Management: −$3,320
• − Depreciation: −$11,633
• Taxable loss: −$7,175
• Est. tax savings @ 24.0%: +$1,722
• After-tax cash flow: $1,341/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.

Condition & rehab AI · 14 photos

Fair 45/100 Moderate rehab

The home is in fair condition with some repairs and maintenance needed, including a new roof and painting. It has potential for significant value increase with these improvements.

Repairs flagged

• Major roof — The roof appears to be in poor condition, with visible wear and tear and potential damage.
• Moderate exterior siding — The exterior siding appears to be in fair condition, with some discoloration and minor damage visible.
• Moderate flooring — The flooring appears to be in fair condition, with some wear and tear visible.
• Moderate interior walls/paint — The interior walls and paint appear to be in fair condition, with some discoloration and minor damage visible.

Value-add opportunities

• Both New roof — A new roof would significantly improve the home's condition and appearance, making it more attractive to buyers and renters.
• Both Painting and minor repairs — Painting and minor repairs would improve the home's appearance and condition, making it more attractive to buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be in poor condition, with visible wear and tear and potential damage.	Major	$15,000–50,000
exterior siding · The exterior siding appears to be in fair condition, with some discoloration and minor damage visible.	Moderate	$3,000–15,000
flooring · The flooring appears to be in fair condition, with some wear and tear visible.	Moderate	$3,000–15,000
interior walls/paint · The interior walls and paint appear to be in fair condition, with some discoloration and minor damage visible.	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$24,000–95,000

Value-add ROI direction

• Both New roof — A new roof would significantly improve the home's condition and appearance, making it more attractive to buyers and renters. ↑
• Both Painting and minor repairs — Painting and minor repairs would improve the home's appearance and condition, making it more attractive to buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 14,392
• Household income: $60,530
• Rent vs Own: 77.1% rent · 22.9% own
• Severe rent burden: 1142.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 41% Black 36% Two or more races 21% White 18%
• Hispanic origin (detail): Mexican 21% Puerto Rican 7% Cuban 4% Dominican 1%
• Common ancestry: Hispanic 14% Russian 1% Estonian 1%
• Foreign-born: 23% · Canada, China
• Languages at home: 54% English-only · Spanish 31% French/Haitian/Cajun 13% 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: ▼ -8.43%
• Current HPI: 237.694
• Rent YoY: ▼ -6.99%
• 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

1 event — show timeline

• 2026-01-26 Listed $399,900 FORTMLS