465-467 Lillon Ave S · Lehigh Acres, FL 33974

$394,900

6 bd · 4.0 ba · 2,362 sqft · MultiFamily public records · 266 Days on market

Built 2006 0.27 ac lot Est $527k · 25% under

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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 +17.4/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.4/10.0
• 1% rule +4.5/10.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Rent growth +1.3/5.0

Multi-family units

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

Listing remarks

Beautifully Renovated Duplex in Lehigh Acres – Fully Rented , Enjoy the benefits of a spacious corner location, with more yard space and no immediate neighbors on one side. Don’t miss this incredible opportunity to own a well-maintained and recently updated duplex in the growing community of Lehigh Acres. Each side of the property features 3 bedrooms and 2 bathrooms, providing spacious living areas ideal for families or tenants. Both units are currently rented at $1,700 per month each, generating immediate rental income. One lease is secured through January 2026, offering stability for investors, while the other unit is rented month-to-month, giving the new owner flexibility to

Key facts

• Renovated duplex
• More yard space
• 0.27 acre lot

Tags

• RENOVATED DUPLEX
• SPACIOUS CORNER LOCATION
• MORE YARD SPACE
• NO IMMEDIATE NEIGHBORS
• WELL-MAINTAINED DUPLEX
• IMMEDIATE RENTAL INCOME

Property features AI

Finance

• Other: Land lease expires 2026-01-31; Tenants pay electricity and internet; Pets allowed
• Financial info: Gross scheduled income: $31,600; Operating expenses: $9,200; Actual rent per unit: $1,700 (pro forma $1,700)
• HOA & community: No association fee; Non-gated community

Exterior

• Parking: Each unit has an attached garage (1 garage space per unit)
• Utilities: Cable available; Septic tank; Well water
• Home design: Multifamily building with 2 units; Resale property; Zoning: RM-2
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Rectangular lot; No additional exterior features listed

Interior

• Kitchen: Each unit includes cooktop, range, microwave, dishwasher, refrigerator
• Bedrooms: Two 3-bedroom units (each unfurnished)
• Flooring: Tile
• Bathrooms: Four full bathrooms total (two in each unit)
• Heating & cooling: Central air; Electric cooling; Ceiling fans
• Interior features: Tile flooring; Ceiling fans
• Laundry & utility: Laundry in each residence

🏷️ Possibly a rental listed for sale. The $394,900 price doesn't fit this home's estimated sale value (~$526,726) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $395k.

Deal economics

• At list price, monthly cash flow is $295 ($4k/yr) — positive. Per door: $148/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $376k (4.7% below list).
• Recommended offer: $348k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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+, schools D-.
• 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 (-4.7%/yr); 2460 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $3,764/mo this rent would consume 63% of the median local household income ($72k/yr) (locally 434% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $42k of equity ($3k loan paydown + $39k appreciation (10.0% local appreciation)).
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.0% rent growth), your $111k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$68k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 266 days — a 12% lower offer ($348k) 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $347,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 266 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.95% ✗
• Cap rate: 7.19%
• Cash-on-cash: 3.20%
• DSCR: 1.14
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $526,726
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
314/316 Limerick Ave S	0.60mi	6/4.0	2,398 (+2%)	13mo	$535,000	$223	59

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

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 25.5%
• Equity multiple: 3.02×
• Total profit: $222,867
• Equity at exit: $355,757

10-year hold

• IRR: 21.7%
• Equity multiple: 6.62×
• Total profit: $621,822
• Equity at exit: $767,204

Cash invested: $110,572 (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 33974

• Home prices YoY: 5.8%
• Rents YoY: -4.7%
• Active inventory: 2460
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $3,764 high
• Mortgage (P&I): −$2,071
• Tax from tax record: −$443 /mo · $5,316/yr
• Insurance: −$165
• HOA: −$0
• Vacancy / Maint / Mgmt: −$790
• Net cashflow: $295

Break-even live

Break-even rent $3,390

Max offer price $394,900

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,764
Total (2 units)			$3,764

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: $98,725
• Closing costs: $11,847
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19972 Green Pasture Rd Lehigh Acres, FL	5.0	2.5	2959	$3,000	$1.01	21d	1	1.49mi

Listing history 20 events

1. 2026-06-17
   days on market $394,900 Active 266 DOM
2. 2026-06-16
   days on market $394,900 Active 265 DOM
3. 2026-06-16
   days on market $394,900 Active 264 DOM
4. 2026-06-13
   days on market $394,900 Active 262 DOM
5. 2026-06-09
   days on market $394,900 Active 258 DOM
6. 2026-06-07
   days on market $394,900 Active 256 DOM
7. 2026-06-02
   days on market $394,900 Active 251 DOM
8. 2026-06-01
   days on market $394,900 Active 250 DOM
9. 2026-06-01
   days on market $394,900 Active 249 DOM
10. 2025-12-22
    price $394,900
11. 2025-12-03
    price $399,900
12. 2025-12-03
    price $399,000
13. 2025-10-13
    price $422,000
14. 2025-09-18
    listed $427,000 Active
15. 2023-12-01
    soldstatus $430,000
16. 2016-10-20
    soldstatus $179,900
17. 2005-05-12
    soldstatus $57,500
18. 2004-12-21
    soldstatus $29,900
19. 2004-12-21
    soldstatus $20,000
20. 1987-03-19
    soldstatus $15,700

ⓘ 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: $5,316 · $443/mo
• Projected year-2 tax: $5,316 · $443/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,168
• − Mortgage interest: −$22,121
• − Property taxes: −$5,316
• − Insurance: −$1,974
• − Repairs & maintenance: −$3,613
• − Management: −$3,613
• − Depreciation: −$11,488
• Taxable loss: −$2,957
• Est. tax savings @ 24.0%: +$710
• After-tax cash flow: $4,252/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 — 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): 19,927
• Household income: $72,192
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 434.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 52% Two or more races 31% White 26% Black 18%
• Hispanic origin (detail): Mexican 12% Puerto Rican 7% Cuban 20% Dominican 4%
• Common ancestry: Hispanic 7% Italian 1% Portuguese 1%
• Foreign-born: 32% · Canada, Jamaica
• Languages at home: 48% English-only · Spanish 43% French/Haitian/Cajun 7% 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: ▲ 16.53%
• Current HPI: 303.3399
• Rent YoY: ▼ -4.68%
• 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

+2415.3% since first listed

11 events — show timeline

• 2025-12-22 Price Changed $394,900 FORTMLS
• 2025-12-03 Price Changed $399,900 FORTMLS
• 2025-12-03 Price Changed $399,000 FORTMLS
• 2025-10-13 Price Changed $422,000 FORTMLS
• 2025-09-18 Listed $427,000 FORTMLS
• 2023-12-01 Sold (Public Records) $430,000 Public Records
• 2016-10-20 Sold (Public Records) $179,900 Public Records
• 2005-05-12 Sold (Public Records) $57,500 Public Records
• 2004-12-21 Sold (Public Records) $20,000 Public Records
• 2004-12-21 Sold (Public Records) $29,900 Public Records
• 1987-03-19 Sold (Public Records) $15,700 Public Records

Property tax history

+12.2%/yr

Latest (2025): $5,316 · +4.5% YoY. Source: county tax records.