We were looking in Cape Coral last summer and found some better deals than that
Depends on what kind of water you want to be on....... If you need gulf or river access with a big boat, more expensive.....
We found a 3 bedroom place on a canal with a wildlife refuge across the canal, about 300 ft of canal front for 125k, didn't buy it because we aren't ready to move down there full time yet and our condo in Ft Myers suffices for now.
The reason it was low was because you could not get a big boat all the way back there, too many low bridges between the house and the river. But, you could have gotten something up to probably 20foot without a flying bridge back there...