406/408 SW 2nd Ter Cape Coral, FL 33991
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About this home
Welcome to 406-408 SW 2nd Ter! Fantastic investment or house-hack opportunity in the heart of Cape Coral! This well-maintained, income-producing concrete block duplex features 4 beds and 4 baths total—each unit offering 2 beds, 2 baths, screened lanai, laundry, and separate water and electric meters. One side is move-in ready, making it ideal for an owner-occupant or first-time homebuyer looking to offset their mortgage with rental income. Interior highlights include laminate wood flooring on one side, durable 18” ceramic tile on the other and upgraded vanities throughout. Exterior highlights include ample parking, recently installed gutters (2022), manicured landscaping. manual shutters (2022) and exterior painting (2022). Located in an X flood zone (no lender-required flood insurance), this property is on city water and sewer, and is zoned CORR, offering long-term flexibility and potential for mixed-use or future redevelopment (currently grandfathered in for multi-family use, buyer to verify with city). Nestled just off the vibrant Pine Island Road corridor, you’re minutes from Publix, Target, Sam’s Club, restaurants, schools, Sun Splash Waterpark, Matlacha, and Veterans Pkwy for quick access to Fort Myers. Roof replaced in 2021; HVAC units approx. 2014–2016 per seller. Whether you're an investor expanding your portfolio or a buyer seeking both lifestyle and passive income, this property offers location, flexibility, and long-term value in one of Cape Coral’s fastest-growing areas of the city. Schedule a showing today!
Source: FORTMYERS #225060164
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FAQs
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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