1020/1022 NE 8th Pl · Cape Coral, FL 33909

$425,000

6 bd · 4.0 ba · 2,418 sqft · MultiFamily · 19 Days on market

Built 2020 Good condition 10,018 sqft lot ↓ 27% since listing

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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).

• Cash flow +12.8/30.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• 1% rule +3.6/10.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

PERFECT FOR BOTH HOMEOWNERS AND INVESTORS ALIKE. Newer construction duplex built in 2020, featuring 3 bedrooms and 2 bathrooms on each side. Each unit offers a spacious open-concept layout, perfect for comfortable living and entertaining. TOTALLY TILED * * * The property is FULLY FENCED, providing added privacy and security. Ideally located near convenience stores, shopping centers, dining, and everyday essentials. Schedule your tour today! * * * * * * Unit 1020 has already been leased with an effective move-in date of May 23rd at a monthly rental rate of $1,600 — a great indication of the strong appeal and desirability of these units. Unit 1022 is currently available for show

Key facts

• Fully fenced
• 0.23 acre lot
• 2 garage spots

Tags

• NEWER CONSTRUCTION DUPLEX
• SPACIOUS OPEN-CONCEPT LAYOUT
• FULLY FENCED
• LAWN MAINTENANCE INCLUDED

Property features AI

Finance

• Other: Pets allowed
• Financial info: Gross scheduled income: $38,400; Operating expenses: $14,045; One unit currently showing actual/pro forma rent of $1,600; Tenant responsibility: electricity, pest control, sewer, telephone, water; Land lease expiration noted (2027-05-31)
• HOA & community: No association fee reported

Exterior

• Parking: Each unit includes an attached 1-car garage
• Utilities: Cable available; Public water (assessment unpaid); Public sewer (assessment unpaid); Irrigation available (municipal; extra cost)
• Home design: Multi-family property with 2 units; Resale condition; Rectangular lot; Lot dimensions approximately 80 x 125
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Fenced yard; Open lanai/porch for each unit; Auto garage door

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: Two 3-bedroom units (each unit has 3 bedrooms)
• Flooring: Tile flooring
• Bathrooms: Four full bathrooms total (each unit has 2 full bathrooms)
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Double-hung windows; Smoke detector; Cable available; Ceiling fans
• Laundry & utility: Washer/dryer hookups in each unit; Laundry area in garage

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $425k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-42 ($-501/yr) — negative. Per door: $-21/mo.
• To cash-flow at today's rent, offer at most $419k (1.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $366k (13.8% below list).
• Recommended offer: $366k (13.8% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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.

Location & tenants

• 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.
• Market conditions: Rents falling (-5.6%/yr); 1597 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 $3,665/mo this rent would consume 60% of the median local household income ($73k/yr) (locally 1657% 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 $13k 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 19 days — a 2% lower offer ($419k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: 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 $366,500 (13.8% 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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.86% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.42%
• DSCR: 0.98
• GRM: 9.7

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: -20.4%
• Equity multiple: 0.31×
• Total profit: $-82,211
• Equity at exit: $63,369

10-year hold

• IRR: -22.1%
• Equity multiple: 0.02×
• Total profit: $-116,294
• Equity at exit: $36,746

Cash invested: $119,000 (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 33909

• Home prices YoY: -23.1%
• Rents YoY: -5.6%
• Active inventory: 1597
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $3,665 high
• Mortgage (P&I): −$2,229
• Tax est. 1.5%: −$531 /mo · $6,375/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$770
• Net cashflow: $-42

Break-even live

Break-even rent $3,718

Max offer price $418,962

Occupancy floor 96%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,664
Total (2 units)			$3,665

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1309 NE 8th Pl Cape Coral, FL	6.0	4.0	2418	$1,575	$0.65	3d	1	0.40mi
15 SE 12th Ave Cape Coral, FL	5.0	2.5	2507	$2,436	$0.97	3d	1	1.42mi

Listing history 12 events

1. 2026-05-02
   historical $1,600
2. 2026-04-27
   listed $425,000 Active
3. 2026-04-23
   historical $1,600
4. 2026-04-22
   listed $1,600
5. 2026-03-13
   listed $1,850
6. 2026-03-13
   historical $1,850
7. 2025-10-17
   price $1,850
8. 2025-10-16
   listed $2,000
9. 2025-10-16
   historical $2,200
10. 2025-09-19
    listed $2,200
11. 2025-09-19
    historical $2,200
12. 2025-08-22
    listed $2,200

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 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: $43,980
• − Mortgage interest: −$23,807
• − Property taxes: −$6,375
• − Insurance: −$2,125
• − Repairs & maintenance: −$3,518
• − Management: −$3,518
• − Depreciation: −$12,364
• Taxable loss: −$7,727
• Est. tax savings @ 24.0%: +$1,854
• After-tax cash flow: $1,354/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 · 13 photos

Good 80/100 Cosmetic rehab

This multi-family home is in good condition with a good roof, exterior, and interior. It has a good curb appeal and is move-in ready. Repainting the exterior and maintaining the landscaping and HVAC system would further increase its value.

Value-add opportunities

• Both Paint the exterior walls and siding — Painting the exterior will improve the curb appeal and increase the home's value for both resale and rental.
• Both Trim and maintain the landscaping — Well-maintained landscaping can enhance the home's curb appeal and increase its value for both resale and rental.
• Both Inspect and maintain the HVAC system — A well-maintained HVAC system can improve the home's comfort and energy efficiency, increasing its value for both resale and rental.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior walls and siding — Painting the exterior will improve the curb appeal and increase the home's value for both resale and rental. ↑
• Both Trim and maintain the landscaping — Well-maintained landscaping can enhance the home's curb appeal and increase its value for both resale and rental. ↑
• Both Inspect and maintain the HVAC system — A well-maintained HVAC system can improve the home's comfort and energy efficiency, increasing its value for both resale and rental. ↑

ⓘ 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 — Cape Coral

• Score: 77/100
• State rank: #208
• US rank: #3098

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cape Coral, FL
• County: Lee County · 788,662 people
• City population: 217,388
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 40,231
• Household income: $73,053
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 1657.0

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 0.55)
• Race & ethnicity: White 56% Hispanic / Latino 36% Two or more races 24% Black 3% Asian 1%
• Hispanic origin (detail): Puerto Rican 7% Cuban 14% Dominican 4%
• Common ancestry: Romanian 2% Lithuanian 2% Serbian 1%
• Foreign-born: 20% · Canada, Jamaica
• Languages at home: 69% English-only · Spanish 27% Other Indo-European 1% German/W. Germanic 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: ▼ -94.24%
• Current HPI: 313.8761
• Rent YoY: ▼ -5.60%
• 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

-27.3% since first listed

12 events — show timeline

• 2026-05-02 Rental Removed $1,600 FGCMLS
• 2026-04-27 Listed $425,000 FORTMLS
• 2026-04-23 Rental Removed $1,600 FORTMLS
• 2026-04-22 Listed for Rent $1,600 FORTMLS
• 2026-03-13 Listed for Rent $1,850 FGCMLS
• 2026-03-13 Rental Removed $1,850 FORTMLS
• 2025-10-17 Price Changed $1,850 FORTMLS
• 2025-10-16 Listed for Rent $2,000 FORTMLS
• 2025-10-16 Rental Removed $2,200 NAPLESMLS
• 2025-09-19 Listed for Rent $2,200 NAPLESMLS
• 2025-09-19 Rental Removed $2,200 FORTMLS
• 2025-08-22 Listed for Rent $2,200 FORTMLS