1910 NW 31st Ter

Cape Coral, FL 33993

$269,990D

3 bd · 2.0 ba · 1,284 sqft · Built 2025 · Land · Pending · 411 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,174/mo
• Mortgage (P&I): −$1,416
• Tax + insurance: −$231
• HOA: −$0
• Vac / Maint / Mgmt: −$457
• Net cashflow: $71/mo
• Annual: $851/yr
• Cap rate: 6.61%
• Cash-on-cash: 1.13%
• DSCR: 1.05
• 1% rule: 0.81%
• Cash to close: $75,597

Investor read

• This is a 3-bed/2.0-bath land listed at $270k.
• At list price, monthly cash flow is $71 ($851/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 $217k (19.5% below list).
• It's been on market 411 days — a 12% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $217k (19.5% below list) — sets the bar for 1% rule.
• 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.
• 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); 2680 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $41k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $98k; list at $270k implies a 176% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• 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.

Questions for listing agent

• It's been on market 411 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.