Cape Coral Rental Market Saturated?

[Terry Garza]

Hello all - 

I'm considering doing a luxury house hack in Cape Coral to get started in that area. I'm looking at new duplex construction homes that run in the range of 315K - 400k (some on the canal).  Looking at the rental sites, it concerns me the number of rentals listed and the length of time with no bites.  

I wonder if the rental market in the Cape has been tapped out.  Currently the rents run about $1200 - $1400 for a newer duplex. 

North Cape still has a lot of room for growth.

I appreciate your thoughts.