1246 Fulgur St #202 · Sanibel, FL 33957

$675,000

2 bd · 2.0 ba · 1,030 sqft · Condo public records · 79 Days on market

Built 1975 $1300/mo HOA · 19% of rent

---

Why this score? — see what drove the D 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 +12.3/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Schools +4.1/10.0
• DSCR +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Your Beach Getaway Awaits! This stunning 2-bedroom, 2-bath condo boasts Gulf views and has been beautifully remodeled, making it the perfect family retreat or rental property. Located in the sought-after Sanibel Siesta complex, the condo offers excellent rental income with the convenience of an on-site rental office. Whether you're looking for a relaxing vacation spot or an investment opportunity, this condo has it all. Enjoy direct access to the pristine Gulf of Mexico beach, take a dip in the pool, or explore the local area with on site bike rentals and exciting activities. Don’t miss out on the chance to own your slice of paradise

Key facts

• Remodeled
• On site bike rentals
• Gulf views

Tags

• GULF VIEWS
• REMODELED
• SANIBEL SIESTA COMPLEX
• DIRECT ACCESS TO BEACH
• ON SITE BIKE RENTALS

Property features AI

Finance

• Financial info: Pets allowed: conditional (call)
• HOA & community: Homeowners association with monthly fee; Association fee includes management, cable TV, insurance, internet, irrigation water, laundry, legal/accounting, grounds maintenance, pest control, reserve fund, sewer, and trash; Association amenities include bike storage and laundry; Condo-hotel community with elevator and proximity to hotel/motel; 62 units in the community

Exterior

• Parking: On-site management (building amenity)
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable available; High-speed internet available
• Home design: Condo unit in a 4-story building; Entry level: 1; North-facing; Resale property; Has a view; Waterfront on the Gulf
• Construction: Block, concrete, and stucco construction; Built-up/flat/rolled (hot mop) roof
• Exterior features: Security/high-impact doors; Automatic sprinklers/irrigation; Outdoor grill; Lanai/porch (screened); Private heated in-ground pool with electric heat; Pond on lot; Oversized lot; South exposure; Public-maintained road; Municipal irrigation

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: Split bedroom layout
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central electric cooling
• Interior features: Impact glass windows; Furnished; Breakfast bar; Open living/dining area; Tub with shower; High-speed internet available; Split-bedroom floorplan; Screened porch
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $675k.

Deal economics

• At list price, monthly cash flow is $-129 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $652k (3.4% below list).
• Meets the 1% rule at list price ($7k rent vs $675k).
• Recommended offer: $634k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.1% vs local median 3.8% 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: schools A+, 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.
• Market conditions: 526 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $5k 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.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($634k) 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 $275k; list at $675k implies a 145% gain — meaningful room to come down on a strong offer.

Recommended offer $634,500 (6.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 1.04% ✓
• Cap rate: 6.06%
• Cash-on-cash: -0.82%
• DSCR: 0.96
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -17.5%
• Equity multiple: 0.38×
• Total profit: $-116,879
• Equity at exit: $100,645

10-year hold

• IRR: -9.3%
• Equity multiple: 0.42×
• Total profit: $-109,457
• Equity at exit: $58,362

Cash invested: $189,000 (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 →

ZIP-level market 33957

• Home prices YoY: -15.7%
• Active inventory: 526
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $6,991 medium
• Mortgage (P&I): −$3,540
• Tax from tax record: −$531 /mo · $6,370/yr
• Insurance: −$281
• HOA: −$1,300
• Vacancy / Maint / Mgmt: −$1,468
• Net cashflow: $-129

Break-even live

Break-even rent $7,154

Max offer price $652,223

Occupancy floor 97%

Sensitivity live

Price	-10% $253	-5% $62	+0% $-129	+5% $-320	+10% $-511
Rent	-10% $-681	-5% $-405	+0% $-129	+5% $147	+10% $423
Rate	-1.0pp $211	-0.5pp $43	base $-129	+0.5pp $-304	+1.0pp $-482

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

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	25d	1	0.87mi
1992 Roseate Ln Unit 414 Sanibel, FL	2.0	1.0	900	$1,400	$1.56	4d	1	1.22mi

HOA detail condo

• Monthly dues: $1,300 · $15,600/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-17
   days on market $675,000 Active 79 DOM
2. 2026-06-16
   days on market $675,000 Active 78 DOM
3. 2026-06-15
   days on market $675,000 Active 77 DOM
4. 2026-06-13
   days on market $675,000 Active 75 DOM
5. 2026-06-10
   days on market $675,000 Active 72 DOM
6. 2026-06-09
   days on market $675,000 Active 71 DOM
7. 2026-06-07
   days on market $675,000 Active 69 DOM
8. 2026-06-03
   days on market $675,000 Active 65 DOM
9. 2026-06-02
   days on market $675,000 Active 64 DOM
10. 2026-06-01
    days on market $675,000 Active 63 DOM
11. 2026-06-01
    days on market $675,000 Active 62 DOM
12. 2026-03-30
    listed $675,000 Active
13. 2026-03-03
    historical
14. 2025-12-18
    price $675,000
15. 2025-03-17
    listed $719,000 Active
16. 1999-03-02
    soldstatus $275,000

ⓘ 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: $6,370 · $531/mo
• Projected year-2 tax: $6,370 · $531/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $83,892
• − Mortgage interest: −$37,810
• − Property taxes: −$6,370
• − Insurance: −$3,375
• − Repairs & maintenance: −$6,711
• − Management: −$6,711
• − HOA: −$15,600
• − Depreciation: −$19,636
• Taxable loss: −$12,322
• Est. tax savings @ 24.0%: +$2,957
• After-tax cash flow: $1,410/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.

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

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
• City population: 6,402
• Population (ZIP): 6,402

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

+145.5% since first listed

5 events — show timeline

• 2026-03-30 Listed $675,000 FORTMLS
• 2026-03-03 Listing Removed — FORTMLS
• 2025-12-18 Price Changed $675,000 FORTMLS
• 2025-03-17 Listed $719,000 FORTMLS
• 1999-03-02 Sold (Public Records) $275,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $6,370 · +483.3% YoY. Source: county tax records.