845 E Gulf Dr #632 · Sanibel, FL
Flood risk 9/10 · Severe
- FEMA flood zone
- AE
- Chance of flooding over 30 yrs
- 0.99%
- Est. flood insurance / yr
- $1,737 – $8,500
Fire risk 1/10 · Minimal
- Est. fire insurance / yr
- $947 – $1,759
Heat risk 10/10 · Severe
- Hot days now (above 112°F)
- 7 days/yr
- Hot days in 30 yrs
- 27 days/yr
Wind risk 10/10 · Severe
- Chance of severe wind over 30 yrs
- 99.0%
Air-quality risk 2/10 · Minimal
- Unhealthy air days now
- 1 days/yr
- Unhealthy air days in 30 yrs
- 1 days/yr
Risk factors via First Street. Map © Google.
Why this score? — see what drove the B+ 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 +27.9/30.0
- ARV discount +15.0/15.0
- 1% rule +10.0/10.0
- DSCR +9.9/10.0
- Schools +6.9/10.0
- Condition / age +4.0/5.0
- Livability +3.4/5.0
- Rent growth +2.5/5.0
- Appreciation +0.0/10.0
$549,000
845 E Gulf Dr #632 · Sanibel, FL 33957
2 bd · 2.0 ba · 981 sqft · Condo
public records
· 10 Days on market
Built 1974
$560/sqft
· 34% below area
Est $835k · 34% under
$1386/mo HOA · 16% of rent
↓ 26% since listing
🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence
Listing remarks
Enjoy easy island living in this inviting second-floor, 2-bedroom, 2-bath condo at Sanibel Moorings, surrounded by lush tropical landscaping and only steps from the beach. The light and bright interior has a relaxed coastal feel with fresh paint, comfortable furnishings, impact-resistant windows and sliders, and an open living and dining area overlooking the courtyard. The kitchen features crisp white cabinetry, generous counter space and a convenient pass-through to the living area. Both bathrooms have been updated, including a spacious primary bath with dual vessel sinks and a walk-in shower, while the guest bath features a coastal-inspired vanity and tiled tub/shower.
Key facts
- Boat docks
- Swimming pools
- Tennis courts
Tags
Neighborhood map
Sold within
Property
Rental comp
Retail
Costco
Walmart
Transit
Schools
Stadiums
Fortune 500
· Circle radius: 6.0 mi
Loading POIs…
What this means for you Summary
Snapshot
- This is a 2-bed/2.0-bath condo listed at $549k. Condition is rated good.
Deal economics
- At list price, monthly cash flow is $1k ($15k/yr) — positive.
- The deal already cash-flows at list — no discount required.
- Meets the 1% rule at list price ($9k rent vs $549k).
- Cap rate 10.0% vs local median 2.6% 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: 582 active listings in the ZIP; 2 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).
- At $8,572/mo this rent would consume 84% of the median local household income ($123k/yr) — very limited rent-growth headroom before tenants either downsize or default.
Forward outlook
- Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k 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.
Negotiation context
- Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
- 2 sale attempts since 2y ago; this cycle's ask has dropped $30k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
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
$549,000
Questions for the listing agent
- Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
- What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
- What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
- 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?
- Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
- 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?
- 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.
- 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.
- 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
- 1.56% ✓
- Cap rate
- 9.99%
- Cash-on-cash
- 13.21%
- DSCR
- 1.59
- GRM
- 5.3
CMA / ARV
- ARV (median comp)
- $834,954
- List price
- $549,000
- Delta
- -34.25%
- Verdict
- UNDERPRICED
- Comps
- 20 within 1.0 mi
Show comp detail 12 sales within ~0.75 mi
| Address | Dist | Beds/Ba | Sqft | Sold | Price | $/sf | Match |
|---|---|---|---|---|---|---|---|
| 845 E Gulf Dr #121 | 0.07mi | 2/2.0 | 983 (+0%) | 2mo | $700,000 | $712 | 95 |
| 845 E Gulf Dr #1342 | 0.06mi | 2/2.0 | 983 (+0%) | 21mo | $840,000 | $855 | 79 |
| 671 E Gulf Dr Unit 1D3 | 0.30mi | 2/2.0 | 875 (-11%) | 5mo | $1,050,000 | $1,200 | 64 |
| 979 E Gulf Dr Unit C303 | 0.34mi | 2/2.0 | 1,184 (+21%) | 0mo | $740,000 | $625 | 59 |
| 1610 Middle Gulf Dr Unit B3 | 1.50mi | 2/2.0 | 937 (-4%) | 2mo | $370,000 | $395 | 56 |
| 979 E Gulf Dr #191 | 0.40mi | 2/2.0 | 1,184 (+21%) | 1mo | $790,000 | $667 | 56 |
| 629 Nerita St Unit A | 0.60mi | 2/2.0 | 1,079 (+10%) | 1mo | $525,000 | $487 | 54 |
| 1610 Middle Gulf Dr Unit D5 | 1.50mi | 2/2.0 | 1,050 (+7%) | 0mo | $360,000 | $343 | 53 |
| 641 Periwinkle Way Unit B5 | 0.65mi | 2/1.0 | 1,000 (+2%) | 22mo | $340,000 | $340 | 44 |
| 979 E Gulf Dr Unit D472 | 0.32mi | 2/2.0 | 1,184 (+21%) | 21mo | $855,000 | $722 | 43 |
| 1246 Fulgur St #306 | 0.80mi | 2/2.0 | 1,100 (+12%) | 4mo | $590,000 | $536 | 41 |
| 979 E Gulf Dr #162 | 0.40mi | 2/2.0 | 1,184 (+21%) | 18mo | $880,000 | $743 | 41 |
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
- -1.2%
- Equity multiple
- 0.95×
- Total profit
- $-7,135
- Equity at exit
- $81,858
10-year hold
- IRR
- 8.6%
- Equity multiple
- 1.67×
- Total profit
- $102,430
- Equity at exit
- $47,467
Cash invested: $153,720 (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.
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
- 582
- Price-to-rent
- 5.3×
Monthly cashflow live
↻
- Estimated rent
- $8,572 medium interval (Pro) →
- Mortgage (P&I)
- −$2,879
- Tax from tax record
- −$585 /mo · $7,026/yr
- Insurance
- −$229
- Flood insurance flood zone
- −$427 /mo · $5,118/yr
- HOA
- −$1,386
- Lot rent
- −$0
- Vacancy / Maint / Mgmt
- −$1,800
- Net cashflow
- $1,266
Break-even live
Break-even rent
$6,969
Max offer price
$549,000
Occupancy floor
80%
Sensitivity live
| Price | -10% $1,577 | -5% $1,422 | +0% $1,266 | +5% $1,111 | +10% $955 |
|---|---|---|---|---|---|
| Rent | -10% $589 | -5% $928 | +0% $1,266 | +5% $1,605 | +10% $1,943 |
| Rate | -1.0pp $1,543 | -0.5pp $1,406 | base $1,266 | +0.5pp $1,124 | +1.0pp $979 |
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
- $137,250
- Closing costs
- $16,470
- Club membership (one-time)
- —
- Reserves months
- —
- Total cash needed
- —
Loan-product check · same deal, 3 products live
Conventional
25% down · 7.5% · 30yr
- Cash invested
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
Personal DTI + credit; lowest rate.
DSCR
20% down · 8.5% · 30yr
- Cash invested
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
No personal income docs; deal must DSCR.
Hard money
10% down · 12.0% · 12mo
- Cash invested
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
Short-term bridge; refi at stabilization.
Rent comps 2 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 | 119d | 1 | 0.08mi |
| 849 Beach Rd Sanibel, FL | 2.0 | 2.0 | 800 | $2,600 | $3.25 | 10d | 1 | 0.27mi |
Property features AI
Finance
- Other
- On-site management
- Financial info
- Pets allowed with conditions (call; breed restrictions)
- HOA & community
- Homeowners association (monthly fee)Association fee includes management, cable TV, insurance, irrigation water, laundry, legal/accounting, grounds maintenance, pest control, recreation facilities, sewer, trash and waterCommunity amenities include beach rights, boat dock, beach access, boat ramp, business center, clubhouse, fitness center, laundry, barbecue/picnic area, pool, spa/hot tub, storage and tennis courtsCommunity has 122 units
Exterior
- Parking
- Assigned parkingGuest parkingOne assigned space
- Security
- Smoke detector(s)
- Utilities
- Public waterPublic sewerCable availableReclaimed water irrigation
- Home design
- Two-story buildingEntry level: 2North-facingSouth exposureResale propertyZero lot line
- Construction
- Tile roofInsulated Concrete Forms constructionStucco exterior
- Exterior features
- CourtyardOutdoor grillStorageTennis courtsWater featureLanai, porch and screened porchSecurity/high impact doors
Interior
- Kitchen
- DishwasherGarbage disposalIcemakerMicrowaveRange/stoveRefrigerator (with ice maker)
- Bedrooms
- Screened porch listed as a room type
- Flooring
- CarpetTile
- Bathrooms
- 2 full bathrooms
- Heating & cooling
- Central heating (electric)Central air conditioning (electric)Ceiling fan(s)
- Interior features
- FurnishedBuilt-in featuresTray ceilingsCloset cabinetryDual sinksLiving/dining roomCustom mirrorsShower (separate)Cable TVWindow treatmentsSliding windowsImpact glassShutters
- Laundry & utility
- Common area laundry
HOA detail $1,386/mo · $16,632/yr condo
- Likely covers
- landscaping
- Assessments
- None detected in remarks — confirm with the listing agent.
Listing history 49 events
-
2026-09-24days on market $549,000 Active 10 DOM
-
2026-09-23days on market $549,000 Active 9 DOM
-
2026-09-22days on market $549,000 Active 8 DOM
-
2026-09-21days on market $549,000 Active 7 DOM
-
2026-09-20days on market $549,000 Active 6 DOM
-
2026-09-19days on market $549,000 Active 5 DOM
-
2026-09-18days on market $549,000 Active 4 DOM
-
2026-09-17days on market $549,000 Active 3 DOM
-
2026-09-16days on market $549,000 Active 2 DOM
-
2026-09-15remarks 699-char remark
-
2026-09-15pricedays on market $549,000 Active 1 DOM
-
2026-07-26days on market $579,000 Active 327 DOM
-
2026-07-24days on market $579,000 Active 325 DOM
-
2026-07-23days on market $579,000 Active 324 DOM
-
2026-07-22days on market $579,000 Active 323 DOM
-
2026-07-21days on market $579,000 Active 322 DOM
-
2026-07-18days on market $579,000 Active 319 DOM
-
2026-07-18days on market $579,000 Active 318 DOM
-
2026-07-16days on market $579,000 Active 317 DOM
-
2026-07-15days on market $579,000 Active 316 DOM
-
2026-07-13days on market $579,000 Active 314 DOM
-
2026-07-13days on market $579,000 Active 313 DOM
-
2026-07-12days on market $579,000 Active 312 DOM
-
2026-07-10days on market $579,000 Active 311 DOM
-
2026-07-10days on market $579,000 Active 310 DOM
-
2026-07-07days on market $579,000 Active 308 DOM
-
2026-07-06days on market $579,000 Active 307 DOM
-
2026-07-05days on market $579,000 Active 306 DOM
-
2026-07-02days on market $579,000 Active 303 DOM
-
2026-07-01days on market $579,000 Active 302 DOM
-
2026-06-30days on market $579,000 Active 301 DOM
-
2026-06-29days on market $579,000 Active 300 DOM
-
2026-06-28days on market $579,000 Active 299 DOM
-
2026-06-25days on market $579,000 Active 295 DOM
-
2026-06-22days on market $579,000 Active 293 DOM
-
2026-06-22days on market $579,000 Active 292 DOM
-
2026-06-17days on market $579,000 Active 288 DOM
-
2026-06-16days on market $579,000 Active 287 DOM
-
2026-06-16days on market $579,000 Active 286 DOM
-
2026-06-13days on market $579,000 Active 284 DOM
-
2026-06-09days on market $579,000 Active 280 DOM
-
2026-06-07days on market $579,000 Active 278 DOM
-
2026-06-02days on market $579,000 Active 273 DOM
-
2026-06-01days on market $579,000 Active 272 DOM
-
2026-06-01days on market $579,000 Active 271 DOM
-
2025-09-01$579,000 Active
-
2025-05-30historical
-
2025-02-07price $699,000
-
2024-05-20$779,000 Active
ⓘ 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
- $7,026 · $585/mo
- Projected year-2 tax
- $7,026 · $585/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
Nearby sold comps map
Loading sold comps map…
Walkable amenities ~0.75 mi
Loading nearby amenities…
Taxation est. · year 1
- Rental income
- $102,866
- − Mortgage interest
- −$30,753
- − Property taxes
- −$7,026
- − Insurance
- −$7,864
- − Repairs & maintenance
- −$8,229
- − Management
- −$8,229
- − HOA
- −$16,632
- − Depreciation
- −$15,971
- Taxable income
- $8,162
combined federal + state — saved on this device
- Est. tax owed @ 24.0%
- −$1,959
- After-tax cash flow
- $13,235/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
80/100
Cosmetic rehab
Est. rehab $4,905–$14,715 screening
This 2nd floor unit is in good condition with recent updates and a coastal-inspired design. The home is located in a well-maintained community with amenities and a beautiful view of the beach.
Components & finishes AI
Roof tile
Flooring carpet
Value-add opportunities
- Both Paint the exterior walls and siding — Painting the exterior will enhance the curb appeal and increase the home's value for both resale and rental. ↑
- Both Upgrade the flooring — Upgrading the flooring can improve the home's aesthetic and increase its value for both resale and rental. ↑
ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.
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
- Severe rent burden
- 3% of renters
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%
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%
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
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 |
|
||
Price history
-25.7% since first listed4 events — show timeline
- 2025-09-01 Listed $579,000 FORTMLS
- 2025-05-30 Listing Removed — FORTMLS
- 2025-02-07 Price Changed $699,000 FORTMLS
- 2024-05-20 Listed $779,000 FORTMLS
Property tax history
+2.2%/yrLatest (2025): $7,026 · +750.6% YoY. Source: county tax records.
Cash-flow waterfall
monthlySold comps — $/sqft
last 12 mo · ≤1 miLoading sold comps…