Property Description:
This 1,768 sq ft block pool home on a massive 16,348 sq ft lot (0.37 acres) in Cape Coral’s 33993 zip is priced at just $259,000 — cash only, as-is — and presents an opportunity for an investor. Built in 1983, the property backs up to a tranquil private lake, has no HOA, and is one of the few affordable homes left in the area offering both water frontage and a screened-in pool.
🛠️ Full Rehab
This home will need a complete gut and rebuild. It suffered flooding and has visible mold issues. Expect full replacement of the roof, HVAC, drywall, insulation, kitchen, baths, flooring, and more. The good news: it’s a solid block structure, the layout works, and the value is in the land, pool, and lake access. Property will be delivered vacant with clear title after probate concludes.
📊 Financial Breakdown:
| Address | Sq Ft | Sale Price | $/Sq Ft | Beds | Baths | Notes |
|---|---|---|---|---|---|---|
| 410 NW 11th St | 1,408 | $337,000 | $239 | 3 | 2 | 0.23 mi – pool, clean 2006 build |
| 037 NW 7th Ave | 1,165 | $295,000 | $253 | 3 | 2 | 0.55 mi – smaller, older, no pool |
| 228 NW 12th Ln | 1,768 | $489,000* | $277 | 3 | 2 | 0.2 mi – active, same size, pool |
| 308 NW 13th St | 1,926 | $489,900* | $254 | 3 | 2 | 0.22 mi – pending, pool, dated finishes |
| 525 NW 8th Ter | 2,406 | $629,999* | $262 | 4 | 2 | 0.53 mi – pending, pool, upscale 2007 build |
* = Active or pending listings as of May 2025.
The subject property sits on a larger lot than most comps, with direct water access and a pool — key differentiators that drive value in this part of Cape Coral. While newer and turnkey properties are sitting overpriced, the well-priced pool homes with water features are clearly moving.
✅ Recommended ARV Range
- Low-End ARV (entry-level finishes): 1,768 × $255 = $450,840
- Realistic ARV (mid-grade flip): 1,768 × $265–$275 = $468,520–$486,200
- High-End ARV (modern finishes + full curb appeal): 1,768 × $280 = $495,040
🔎 Final ARV Estimate: $460,000–$490,000
At a purchase price of $259K, this deal offers a $200K+ spread with a solid renovation strategy. With zero HOA, lake views, and a prime pool setup, this is a rare sub-$300K buy in NW Cape with the upside to justify a full gut.
📍 Located in the booming Mariner section of Cape Coral — just west of Santa Barbara Blvd and minutes from shopping, schools, and new construction. Properties like this with both pool and waterfront features are few and far between under $500K.