146 Paul Revere Pl · San Carlos Park, FL 33908

$167,500

2 bd · 2.0 ba · 1,284 sqft · Condo public records · 22 Days on market

Built 1984

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Why this score? — see what drove the B- 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 +29.3/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +4.1/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

BOATERS DREAM DON'T MISS THIS, Coach light Manor is a hidden gem right off of 41. This community has a pool and a private boat dock with a concrete ramp, fish cleaning station, and tiki hut with entertainment often. This home has been completely gutted and ready for you to make this home your own. Schedule your showing today and go look at this park you are going to fall in love, and YOU OWN THE LAND!!!

Key facts

• Built 1984
• Listed 22 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $168k.

Deal economics

• At list price, monthly cash flow is $163 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $168k).
• Recommended offer: $165k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 2.4% in San Carlos Park — 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 65/100 on livability (#662 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, crime B+; Watch: schools F, 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 (-1.2%/yr); 1244 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 33% of the median local income ($75k/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 $1k of loan paydown is wiped out by about $5k 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 22 days — a 2% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y 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.
• Current owner paid $80k; list at $168k implies a 111% gain — meaningful room to come down on a strong offer.

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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $164,987 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.22% ✓
• Cap rate: 10.52%
• Cash-on-cash: 15.09%
• DSCR: 1.67
• GRM: 6.8

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: -13.9%
• Equity multiple: 0.52×
• Total profit: $-22,546
• Equity at exit: $24,975

10-year hold

• IRR: -12.4%
• Equity multiple: 0.39×
• Total profit: $-28,609
• Equity at exit: $14,482

Cash invested: $46,900 (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 33908

• Home prices YoY: -32.8%
• Rents YoY: -1.2%
• Active inventory: 1244
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,051 high
• Mortgage (P&I): −$878
• Tax from tax record: −$83 /mo · $992/yr
• Insurance: −$70
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $163

Break-even live

Break-even rent $1,845

Max offer price $167,500

Occupancy floor 87%

Sensitivity live

Price	-10% $258	-5% $211	+0% $163	+5% $116	+10% $68
Rent	-10% $1	-5% $82	+0% $163	+5% $244	+10% $325
Rate	-1.0pp $248	-0.5pp $206	base $163	+0.5pp $120	+1.0pp $76

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: $41,875
• Closing costs: $5,025
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18234 Creekside Preserve Loop #101 Fort Myers, FL	2.0	2.0	1247	$2,000	$1.60	24d	1	0.28mi
7135 Greenwood Park Cir Fort Myers, FL	3.0	2.5	1730	$2,350	$1.36	24d	1	0.38mi
7008 Constitution Blvd #74 Fort Myers, FL	2.0	2.0	903	$3,000	$3.32	24d	1	0.40mi
7012 Constitution Blvd #206 Fort Myers, FL	2.0	2.0	932	$1,650	$1.77	24d	1	0.45mi
17989 San Juan Ct #1 Fort Myers, FL	2.0	2.0	1278	$1,750	$1.37	24d	1	0.54mi
7177 Albany Rd Fort Myers, FL	2.0	2.0	1095	$1,800	$1.64	24d	1	0.74mi
7296 Pebble Beach Rd Fort Myers, FL	2.0	2.0	971	$2,000	$2.06	24d	1	0.76mi
7296 Pebble Beach Rd Fort Myers, FL	2.0	2.0	971	$2,000	$2.06	12d	1	0.76mi
17435 Barbara Dr Fort Myers, FL	2.0	1.0	885	$1,399	$1.58	24d	1	0.78mi
7286 Jonas Rd Fort Myers, FL	3.0	2.0	1427	$2,556	$1.79	16d	1	0.79mi
7319 Albany Rd Fort Myers, FL	2.0	2.0	1300	$1,800	$1.38	24d	1	0.89mi
6163 Plumosa Ave Fort Myers, FL	3.0	2.0	1575	$6,500	$4.13	24d	1	0.94mi
18202 Matanzas Rd Unit 202 Fort Myers, FL	3.0	1.5	1100	$1,650	$1.50	16d	1	0.95mi
6187 Island Park Ct Fort Myers, FL	3.0	2.0	1372	$2,800	$2.04	3d	1	0.96mi
7346 Captiva Blvd Fort Myers, FL	2.0	2.0	1068	$1,995	$1.87	24d	1	1.02mi
7620 Laurel Valley Rd Unit NA Fort Myers, FL	2.0	2.0	1363	$2,400	$1.76	20d	1	1.06mi
7505 Pebble Beach Rd Fort Myers, FL	2.0	1.5	1000	$1,575	$1.57	15d	1	1.07mi
18448 Iris Rd Fort Myers, FL	2.0	2.0	1064	$2,200	$2.07	21d	1	1.10mi
18448 Iris Rd Fort Myers, FL	2.0	2.0	1064	$2,150	$2.02	11d	1	1.10mi
18448 Iris Rd Fort Myers, FL	2.0	2.0	1064	$2,150	$2.02	11d	1	1.10mi
6067 Perthshire Ln Fort Myers, FL	3.0	2.0	1650	$2,900	$1.76	24d	1	1.11mi
18464 Iris Rd Fort Myers, FL	3.0	2.0	1043	$2,400	$2.30	24d	1	1.14mi
18125 Hilda Dr Fort Myers, FL	3.0	2.0	1517	$2,056	$1.36	15d	1	1.15mi
7340 Stoney Grove CIR Fort Myers, FL	1.0–3.0	1.0–2.0	1106	$2,118	$1.91	2d	39	1.26mi
8009 Caloosa Rd Fort Myers, FL	3.0	2.0	1392	$2,300	$1.65	24d	1	1.27mi
7643 Winged Foot Dr Fort Myers, FL	2.0	2.0	940	$1,850	$1.97	2d	1	1.29mi
18543 Iris Rd Fort Myers, FL	2.0	1.0	1110	$1,795	$1.62	15d	1	1.30mi
17760 Park Village Blvd Fort Myers, FL	2.0	1.0	1235	$1,950	$1.58	24d	1	1.31mi
6123 Montego Bay Loop Fort Myers, FL	3.0	2.0	1647	$3,250	$1.97	14d	1	1.31mi
6123 Montego Bay Loop Fort Myers, FL	3.0	2.0	1647	$3,250	$1.97	14d	1	1.31mi
17758 Park Village Blvd Fort Myers, FL	2.0	2.0	1222	$1,900	$1.55	3d	1	1.31mi
19600 Veduro Cir Fort Myers, FL	1.0–3.0	1.0–2.0	993	$1,970	$1.98	15d	11	1.31mi
6113 Lake Front Dr Fort Myers, FL	2.0	2.5	1157	$1,850	$1.60	24d	1	1.34mi
18521 Olive Rd Fort Myers, FL	3.0	2.0	1798	$2,396	$1.33	3d	1	1.35mi
17748 Port Boca Ct Fort Myers, FL	2.0	2.0	1235	$1,950	$1.58	24d	1	1.35mi
17743 Port Boca Ct Fort Myers, FL	2.0	2.0	1222	$1,950	$1.60	24d	1	1.36mi
17743 Port Boca Ct Fort Myers, FL	2.0	2.0	1222	$1,950	$1.60	19d	1	1.36mi
17747 Port Boca Ct Fort Myers, FL	2.0	2.0	1222	$1,950	$1.60	24d	1	1.36mi
17745 Port Boca Ct Fort Myers, FL	2.0	2.0	1235	$1,950	$1.58	24d	1	1.37mi
17456 Overhill Dr Unit F Fort Myers, FL	2.0	2.0	1100	$1,850	$1.68	19d	1	1.39mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-17
   days on market $167,500 Active 22 DOM
2. 2026-06-16
   days on market $167,500 Active 21 DOM
3. 2026-06-16
   days on market $167,500 Active 20 DOM
4. 2026-06-13
   days on market $167,500 Active 18 DOM
5. 2026-06-09
   days on market $167,500 Active 14 DOM
6. 2026-06-07
   days on market $167,500 Active 12 DOM
7. 2026-06-01
   days on market $167,500 Active 6 DOM
8. 2026-06-01
   days on market $167,500 Active 5 DOM
9. 2026-05-26
   listed $167,500 Active
10. 2025-06-13
    historical
11. 2025-02-28
    price $184,000
12. 2024-12-13
    listed $199,000 Active
13. 2023-11-17
    soldstatus $79,500 Closed 406-char remark

    Show marketing remark (406 chars)

    BOATERS DREAM DON'T MISS THIS, Coach light Manor is a hidden gem right off of 41. This community has a pool and a private boat dock with a concrete ramp, fish cleaning station, and tiki hut with entertainment often. This home has been completely gutted and ready for you to make this home your own. Schedule your showing today and go look at this park you are going to fall in love, and YOU OWN THE LAND!!!

14. 2023-10-17
    status Pending 406-char remark

    Show marketing remark (406 chars)

    BOATERS DREAM DON'T MISS THIS, Coach light Manor is a hidden gem right off of 41. This community has a pool and a private boat dock with a concrete ramp, fish cleaning station, and tiki hut with entertainment often. This home has been completely gutted and ready for you to make this home your own. Schedule your showing today and go look at this park you are going to fall in love, and YOU OWN THE LAND!!!

15. 2023-09-12
    listed $80,000 Active 406-char remark

    Show marketing remark (406 chars)

    BOATERS DREAM DON'T MISS THIS, Coach light Manor is a hidden gem right off of 41. This community has a pool and a private boat dock with a concrete ramp, fish cleaning station, and tiki hut with entertainment often. This home has been completely gutted and ready for you to make this home your own. Schedule your showing today and go look at this park you are going to fall in love, and YOU OWN THE LAND!!!

16. 2023-08-28
    status Active
17. 2023-07-26
    historical
18. 2023-07-15
    status Pending
19. 2023-01-30
    status Active
20. 2023-01-30
    historical
21. 2023-01-27
    listed $79,500 Active

ⓘ 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: $992 · $83/mo
• Projected year-2 tax: $1,390 · $116/mo
• Expected delta: +$398/yr (+$33/mo · 40.2%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $24,616
• − Mortgage interest: −$9,383
• − Property taxes: −$992
• − Insurance: −$5,956
• − Repairs & maintenance: −$1,969
• − Management: −$1,969
• − Depreciation: −$4,873
• Taxable loss: −$526
• Est. tax savings @ 24.0%: +$126
• After-tax cash flow: $2,084/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 — San Carlos Park

• Score: 65/100
• State rank: #662
• US rank: #13354

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lee County · 788,662 people
• City population: 27,337
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 37,423
• Household income: $75,396
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 1944.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 6% Two or more races 5% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 4% Slovak 3%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 4% Russian/Polish/Slavic 1% 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: ▼ -102.22%
• Current HPI: 209.7595
• Rent YoY: ▼ -1.18%
• 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

+110.7% since first listed

13 events — show timeline

• 2026-05-26 Listed $167,500 FSBO.com
• 2025-06-13 Listing Removed — FORTMLS
• 2025-02-28 Price Changed $184,000 FORTMLS
• 2024-12-13 Listed $199,000 FORTMLS
• 2023-11-17 Sold (MLS) $79,500 FORTMLS
• 2023-10-17 Pending — FORTMLS
• 2023-09-12 Listed $80,000 FORTMLS
• 2023-08-28 Relisted — FORTMLS
• 2023-07-26 Listing Removed — FORTMLS
• 2023-07-15 Pending — FORTMLS
• 2023-01-30 Relisted — FORTMLS
• 2023-01-30 Listing Removed — FORTMLS
• 2023-01-27 Listed $79,500 FORTMLS

Property tax history

-0.5%/yr

Latest (2025): $992 · +9.9% YoY. Source: county tax records.