I lived in Ft Myers for about 3 years and also owned a home in nearby Lehigh Acres for another 2.
Cape Coral abuts Ft Myers, so I know the area well.
This was back in the 90's and a lot has changed, I'm sure.
But while there, other than lack of good surf, I really enjoyed the area a lot.
I cannot answer with substance your questions about real estate values or a place to stay if you come, but I'm of the
opinion as a long term investment, it might make sense depending on how the figures come out - that is what you pay for the lot, what your real estate taxes would be, how long before you could build, and what you could get back in rentals in between your visits or until you permanently relocate to the area. That's something you'd have to put a pencil to.
There is a German American Social Club in the area....might be worth checking into for your inquiries:
German American Social Club of Cape Coral, Florida
They put on a wonderful Oktoberfest every year, BTW.
Good luck!