845 E Gulf Dr #811 · Sanibel, FL 33957

$650,000

2 bd · 2.0 ba · 981 sqft · Condo public records · 265 Days on market

Built 1974 Excellent condition $663/sqft · 22% below area Est $840k · 23% under $1386/mo HOA · 13% of rent

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Why this score? — see what drove the A- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.9/10.0
• Condition / age +4.8/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your coastal retreat! This fully renovated, ground-level condo at Sanibel Moorings offers a perfect blend of style, comfort, and convenience on the beach side of the property. With 2 spacious bedrooms, 2 beautifully updated bathrooms, and a screened-in porch overlooking lush gardens, this property captures the essence of island living. A rare and valuable feature of this condo is its grandfathered-in washer/dryer hookup, providing added ease and practicality for longer stays or year-round living. No shared laundry trips here – just simple convenience right in your unit. Interior Features: Step inside to a bright, open space designed with coastal elegance.

Key facts

• Fitness center
• Screened-in porch
• Tennis courts

Tags

• SCREENED-IN PORCH
• DIRECT ACCESS TO BEACHES
• TWO HEATED SWIMMING POOLS
• TENNIS COURTS
• FITNESS CENTER
• GRILLING STATIONS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $650k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $650k).
• Recommended offer: $572k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 2.5% in Sanibel — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 67/100 on livability (#541 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: housing D+, amenities F, commute F.
• Lee (suburban): math 47% / reading 50% proficiency, ranked #42 of 73 in FL (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: The Sanibel School (math 92% / reading 92%, grade A+, #5 of 2,144 statewide, top 0%, 289 students, 12% FRL); South Fort Myers High School (math 23% / reading 30%, grade F, #489 of 667 statewide, top 74%, 1,917 students, 50% FRL) — zoned schools average 31% FRL vs 57% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 562 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $182k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 265 days — a 12% lower offer ($572k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $279k; list at $650k implies a 133% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $572,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 265 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.62% ✓
• Cap rate: 11.19%
• Cash-on-cash: 17.51%
• DSCR: 1.78
• GRM: 5.2

CMA / ARV

• ARV (median comp): $840,231
• List price: $650,000
• Delta: -22.64%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
845 E Gulf Dr #121	0.08mi	2/2.0	983 (+0%)	0mo	$700,000	$712	95
845 E Gulf Dr #1342	0.07mi	2/2.0	983 (+0%)	20mo	$840,000	$855	80
671 E Gulf Dr Unit 1D3	0.28mi	2/2.0	875 (-11%)	3mo	$1,050,000	$1,200	66
805 E Gulf Dr Unit C-1	0.17mi	2/2.0	902 (-8%)	24mo	$365,000	$405	59
641 Periwinkle Way Unit B5	0.63mi	2/1.0	1,000 (+2%)	20mo	$340,000	$340	47
979 E Gulf Dr Unit D472	0.34mi	2/2.0	1,184 (+21%)	20mo	$855,000	$722	43
1246 Fulgur St #306	0.82mi	2/2.0	1,100 (+12%)	3mo	$590,000	$536	42
979 E Gulf Dr #162	0.42mi	2/2.0	1,184 (+21%)	17mo	$880,000	$743	41
1220 Junonia St Unit B2	0.64mi	1/1.0 (-1)	970 (-1%)	28mo	$549,000	$566	40
979 E Gulf Dr Unit C324	0.36mi	2/2.0	1,184 (+21%)	27mo	$870,000	$735	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.21×
• Total profit: $37,727
• Equity at exit: $96,917

10-year hold

• IRR: 14.9%
• Equity multiple: 2.21×
• Total profit: $220,182
• Equity at exit: $56,200

Cash invested: $182,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

Active competition Active MLS

• For sale now: 0 active · 5 under contract

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 33957

• Home prices YoY: -15.7%
• Active inventory: 562
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $10,500 medium
• Mortgage (P&I): −$3,409
• Tax from tax record: −$575 /mo · $6,895/yr
• Insurance: −$271
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,386
• Vacancy / Maint / Mgmt: −$2,205
• Net cashflow: $2,228

Break-even live

Break-even rent $7,679

Max offer price $650,000

Occupancy floor 74%

Sensitivity live

Price	-10% $2,596	-5% $2,412	+0% $2,228	+5% $2,044	+10% $1,860
Rent	-10% $1,399	-5% $1,814	+0% $2,228	+5% $2,643	+10% $3,058
Rate	-1.0pp $2,556	-0.5pp $2,394	base $2,228	+0.5pp $2,060	+1.0pp $1,889

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $162,500
• Closing costs: $19,500
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
827 E Gulf Dr Unit G8 Sanibel, FL	2.0	2.0	1040	$10,500	$10.10	73d	1	0.08mi

Property features AI

Finance

• Financial info: Pets allowed conditionally (call); maximum 1 pet up to 35 lbs; breed restrictions: no aggressive breeds
• HOA & community: Homeowners association with monthly feeAssociation fee covers management, cable TV, insurance, irrigation water, laundry, legal/accounting, grounds maintenance, pest control, recreation facilities, reserve fund, sewer, trash and waterCommunity amenities include beach rights, boat dock, beach access, business center, clubhouse, fitness center, laundry, barbecue/picnic area, pool, storage and tennis courtsCommunity has 122 unitsNon-gated community with boat facilities and tennis courts

Exterior

• Parking: Assigned parking (one space)Guest parkingPaved parking
• Security: Smoke detector(s)
• Utilities: Public waterPublic sewerCable availableMunicipal irrigation
• Home design: 2-story buildingEntry level: 1Resale propertyFaces eastExposed to the west
• Construction: Tile roofConstructed of block, concrete, stucco and wood frame
• Exterior features: CourtyardSecurity/high impact doorsStorageTennis courtsWater featureLanai, porch and screened porchCommunity poolBeach front, canal access and navigable water (waterfront)

Interior

• Kitchen: DishwasherDisposalIcemakerMicrowaveRangeRefrigeratorRefrigerator with ice maker
• Bedrooms: Includes guest quarters
• Flooring: TileVinyl
• Bathrooms: 2 full bathroomsDual sinksSeparate shower
• Heating & cooling: Central heating (electric)Central air conditioning (electric)Ceiling fan(s)
• Interior features: Breakfast barBuilt-in featuresCloset cabinetryDual sinksLiving/dining roomCustom mirrorsShower (separate, shower only)Cable TVWindow treatmentsSliding and impact windowsWindow coveringsFurnished
• Laundry & utility: Common area laundry

HOA detail $1,386/mo · $16,632/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 40 events

1. 2026-07-26
   days on market $650,000 Active 265 DOM
2. 2026-07-24
   days on market $650,000 Active 263 DOM
3. 2026-07-23
   days on market $650,000 Active 262 DOM
4. 2026-07-22
   days on market $650,000 Active 261 DOM
5. 2026-07-21
   days on market $650,000 Active 260 DOM
6. 2026-07-18
   days on market $650,000 Active 257 DOM
7. 2026-07-18
   days on market $650,000 Active 256 DOM
8. 2026-07-16
   days on market $650,000 Active 255 DOM
9. 2026-07-15
   days on market $650,000 Active 254 DOM
10. 2026-07-13
    days on market $650,000 Active 252 DOM
11. 2026-07-13
    days on market $650,000 Active 251 DOM
12. 2026-07-12
    days on market $650,000 Active 250 DOM
13. 2026-07-10
    days on market $650,000 Active 249 DOM
14. 2026-07-10
    days on market $650,000 Active 248 DOM
15. 2026-07-07
    days on market $650,000 Active 246 DOM
16. 2026-07-06
    days on market $650,000 Active 245 DOM
17. 2026-07-05
    days on market $650,000 Active 244 DOM
18. 2026-07-02
    days on market $650,000 Active 241 DOM
19. 2026-07-01
    days on market $650,000 Active 240 DOM
20. 2026-06-30
    days on market $650,000 Active 239 DOM
21. 2026-06-29
    days on market $650,000 Active 238 DOM
22. 2026-06-28
    days on market $650,000 Active 237 DOM
23. 2026-06-25
    days on market $650,000 Active 233 DOM
24. 2026-06-22
    days on market $650,000 Active 231 DOM
25. 2026-06-22
    days on market $650,000 Active 230 DOM
26. 2026-06-17
    days on market $650,000 Active 226 DOM
27. 2026-06-16
    days on market $650,000 Active 225 DOM
28. 2026-06-16
    days on market $650,000 Active 224 DOM
29. 2026-06-13
    days on market $650,000 Active 222 DOM
30. 2026-06-09
    days on market $650,000 Active 218 DOM
31. 2026-06-07
    days on market $650,000 Active 216 DOM
32. 2026-06-02
    days on market $650,000 Active 211 DOM
33. 2026-06-01
    days on market $650,000 Active 210 DOM
34. 2026-06-01
    days on market $650,000 Active 209 DOM
35. 2025-11-03
    listed $650,000 Active
36. 2025-08-29
    historical
37. 2025-04-14
    listed $650,000 Active
38. 1999-02-01
    soldstatus $279,000
39. 1986-07-01
    soldstatus $157,500
40. 1973-05-01
    soldstatus $34,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $6,895 · $575/mo
• Projected year-2 tax: $6,895 · $575/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥112°F today · 27 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $126,000
• − Mortgage interest: −$36,410
• − Property taxes: −$6,895
• − Insurance: −$8,368
• − Repairs & maintenance: −$10,080
• − Management: −$10,080
• − HOA: −$16,632
• − Depreciation: −$18,909
• Taxable income: $18,626
• Est. tax owed @ 24.0%: −$4,470
• After-tax cash flow: $22,271/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 10 photos

Excellent 95/100 None rehab

This fully renovated, ground-level condo at Sanibel Moorings offers a perfect blend of style, comfort, and convenience on the beach side of the property. The property is in excellent condition with no visible damage and is ready for immediate occupancy.

Deferred maintenance Est. $10,000–$30,000 screening

• Major Roof (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — The roof appears to be damaged and in need of immediate repair.

Value-add opportunities

• Resale Paint the exterior walls — Painting the exterior walls can enhance the curb appeal and make the property look more inviting to potential buyers. ↑
• Rental Trim the hedges and bushes — Well-maintained landscaping can attract more renters and make the property more appealing. ↑

C Composite school gradezoned avg 68/100

Zoned Schools

Elementary The Sanibel School A+ FL #5/2,144 Nat'l #94/41,679 High Cypress Lake High School D- FL #228/667 Nat'l #6,809/17,239

Schools (NCES district)

• District: Lee
• NCES district ID: 1201080
• Math proficiency: 47% ▼ -11.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $49,518
• Composite: 41.49/100
• National rank: #3458
• State rank: #42 of 73 in FL

C Composite livability gradescore 67/100

Livability — Sanibel

• Score: 67/100
• State rank: #541
• US rank: #10166

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing D+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sanibel, FL
• County: Lee · 871,946 people
• City population: 6,402
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 6,402
• Household income: $122,730
• Rent vs Own: 8.4% rent · 91.6% own
• Severe rent burden: 3% of renters

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Population outlook (Lee County) Hauer SSP2

• Today (2025): 871,946 people
• By 2030: 955,468 · +9.6%
• By 2040: 1,113,587 · +27.7%
• By 2050: 1,256,891 · +44.1%
• By 2075: 1,560,270 · +78.9%
• By 2100: 1,726,848 · +98.0%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Asian 1%
• Common ancestry: Italian 4% Romanian 4% Slovak 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 96% English-only · German/W. Germanic 1% Spanish 1% French/Haitian/Cajun 1%

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Political lean MEDSL · Lee

• 2024 margin: Strong R (+28.4) · D 35.5% · R 63.9%
• 2008→2024 swing: -18.0pp toward R · 2008: -10.4pp · 2024: -28.4pp
• All cycles: 2024: R+28.4 2020: R+19.2 2016: R+20.4 2012: R+16.6 2008: R+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.08%
• Current HPI: 501.0
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

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Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Property features AI

Finance

• Financial info: Pets allowed conditionally (call); maximum 1 pet up to 35 lbs; breed restrictions: no aggressive breeds
• HOA & community: Homeowners association with monthly feeAssociation fee covers management, cable TV, insurance, irrigation water, laundry, legal/accounting, grounds maintenance, pest control, recreation facilities, reserve fund, sewer, trash and waterCommunity amenities include beach rights, boat dock, beach access, business center, clubhouse, fitness center, laundry, barbecue/picnic area, pool, storage and tennis courtsCommunity has 122 unitsNon-gated community with boat facilities and tennis courts

Exterior

• Parking: Assigned parking (one space)Guest parkingPaved parking
• Security: Smoke detector(s)
• Utilities: Public waterPublic sewerCable availableMunicipal irrigation
• Home design: 2-story buildingEntry level: 1Resale propertyFaces eastExposed to the west
• Construction: Tile roofConstructed of block, concrete, stucco and wood frame
• Exterior features: CourtyardSecurity/high impact doorsStorageTennis courtsWater featureLanai, porch and screened porchCommunity poolBeach front, canal access and navigable water (waterfront)

Interior

• Kitchen: DishwasherDisposalIcemakerMicrowaveRangeRefrigeratorRefrigerator with ice maker
• Bedrooms: Includes guest quarters
• Flooring: TileVinyl
• Bathrooms: 2 full bathroomsDual sinksSeparate shower
• Heating & cooling: Central heating (electric)Central air conditioning (electric)Ceiling fan(s)
• Interior features: Breakfast barBuilt-in featuresCloset cabinetryDual sinksLiving/dining roomCustom mirrorsShower (separate, shower only)Cable TVWindow treatmentsSliding and impact windowsWindow coveringsFurnished
• Laundry & utility: Common area laundry

Price history

+1762.5% since first listed

6 events — show timeline

• 2025-11-03 Listed $650,000 FORTMLS
• 2025-08-29 Listing Removed — FORTMLS
• 2025-04-14 Listed $650,000 FORTMLS
• 1999-02-01 Sold (Public Records) $279,000 Public Records
• 1986-07-01 Sold (Public Records) $157,500 Public Records
• 1973-05-01 Sold (Public Records) $34,900 Public Records

Property tax history

+2.0%/yr

Latest (2025): $6,895 · +734.7% YoY. Source: county tax records.