1130 Patterson Rd · Cape Coral, FL 33909

$239,000

1 bd · 1.0 ba · 500 sqft · MultiFamily public records · 32 Days on market

Built 1953 9,975 sqft lot

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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 +26.6/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +1.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

2 Beautiful Homes In Cape Coral - TurnKey - GREAT INVESTOR OPPORTUNITY 2 manufactured homes zoned on a multi-family lot in Cape Coral that are turn-key and ready to be moved in to. This property is located on a dead end street, quiet/peaceful neighborhood, and centrally located with Publix, CVS, Target, and WaWa within walking distance. Home #1 (Apporx 1000 sf) This house is in the front. It has light yellow siding on the exterior and is a 2 bedroom, 1.5 bathroom with new cabinets, granite countertops, paint, and flooring throughout. Features a large walk in master bedroom closet & seperate washer and dryer area. All appliances are included. Home #2 (Approx 550 sf) This h

Key facts

• Walking distance
• Centrally located
• Quiet neighborhood

Tags

• QUIET NEIGHBORHOOD
• CENTRALLY LOCATED
• WALKING DISTANCE
• SEPARATE WASHER AND DRYER AREA
• KITCHEN APPLIANCES INCLUDED

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: No association fee

Exterior

• Parking: Driveway parking; Two parking spaces; Unpaved parking
• Utilities: Cable available; Septic tank; Well water
• Home design: Manufactured home; Single-story; Entry level: 1; Faces west; Resale property
• Construction: Vinyl siding; Rolled/hot mop roof
• Exterior features: Rectangular lot; East exposure; Outbuilding; No additional exterior features listed

Interior

• Kitchen: Electric cooktop; Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: Includes rooms listed as Other
• Flooring: Laminate
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Single-hung windows; Living/dining room; Shower only (separate shower); Walk-in closets; Unfurnished
• Laundry & utility: Washer hookup; Dryer hookup; Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath multifamily listed at $239k.

Deal economics

• At list price, monthly cash flow is $637 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $239k).
• Recommended offer: $232k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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 $2,814/mo this rent would consume 46% 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 $2k of loan paydown is wiped out by about $7k 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 32 days — a 3% lower offer ($232k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• 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 $231,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.18% ✓
• Cap rate: 9.49%
• Cash-on-cash: 11.43%
• DSCR: 1.51
• GRM: 7.1

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: -2.6%
• Equity multiple: 0.90×
• Total profit: $-6,393
• Equity at exit: $35,636

10-year hold

• IRR: 3.5%
• Equity multiple: 1.22×
• Total profit: $14,823
• Equity at exit: $20,664

Cash invested: $66,920 (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: 14.2×

Monthly cashflow live

• Estimated rent: $2,814 medium
• Mortgage (P&I): −$1,253
• Tax from tax record: −$233 /mo · $2,796/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$591
• Net cashflow: $637

Break-even live

Break-even rent $2,007

Max offer price $239,000

Occupancy floor 72%

Sensitivity live

Price	-10% $772	-5% $705	+0% $637	+5% $569	+10% $502
Rent	-10% $415	-5% $526	+0% $637	+5% $748	+10% $859
Rate	-1.0pp $757	-0.5pp $698	base $637	+0.5pp $575	+1.0pp $512

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,814
Total (2 units)			$2,814

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2500 Ne Pine Island Rd North Fort Myers, FL	1.0–3.0	1.0–2.0	962	$1,385	$1.44	4d	19	1.18mi
2505 Liberty Park Dr Cape Coral, FL	1.0–2.0	1.0–2.0	1092	$1,592	$1.46	4d	14	1.20mi

Listing history 13 events

1. 2026-06-17
   days on market $239,000 Active 32 DOM
2. 2026-06-16
   days on market $239,000 Active 31 DOM
3. 2026-06-15
   days on market $239,000 Active 30 DOM
4. 2026-06-13
   days on market $239,000 Active 28 DOM
5. 2026-06-10
   days on market $239,000 Active 25 DOM
6. 2026-06-09
   days on market $239,000 Active 24 DOM
7. 2026-06-08
   days on market $239,000 Active 23 DOM
8. 2026-06-07
   days on market $239,000 Active 22 DOM
9. 2026-06-03
   days on market $239,000 Active 18 DOM
10. 2026-06-02
    days on market $239,000 Active 17 DOM
11. 2026-06-01
    days on market $239,000 Active 16 DOM
12. 2026-05-31
    days on market $239,000 Active 15 DOM
13. 2026-05-16
    listed $239,000 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: $2,796 · $233/mo
• Projected year-2 tax: $2,796 · $233/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 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: $33,768
• − Mortgage interest: −$13,388
• − Property taxes: −$2,796
• − Insurance: −$1,195
• − Repairs & maintenance: −$2,701
• − Management: −$2,701
• − Depreciation: −$6,953
• Taxable income: $4,034
• Est. tax owed @ 24.0%: −$968
• After-tax cash flow: $6,678/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 — 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

1 event — show timeline

• 2026-05-16 Listed $239,000 FORTMLS

Property tax history

+8.5%/yr

Latest (2025): $2,796 · +3.8% YoY. Source: county tax records.