2721 W Gulf Dr #108 · Sanibel, FL 33957

$899,000

2 bd · 2.0 ba · 1,318 sqft · Condo public records · 9 Days on market

Built 1975 $2000/mo HOA · 10% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a short sale subject to existing lender's approval, which could result in delays. Watch the spectacular sunsets from this first floor, corner unit which is perfectly decorated for easy island living and is being sold turnkey. The Kings Crown complex in known for its meticulously landscaped grounds and on-site management. Amenities include deeded beach access, tennis courts, elevators, assigned underbuilding parking, a large heated pool and ample additional under building storage closets. This is the perfect vacation condo for someone looking to escape to the shell laden, beautiful beaches of Sanibel and all that this barrier island has to offer.

Key facts

• Custom cabinetry
• High-impact windows
• Zero corner sliders

Tags

• ZERO CORNER SLIDERS
• EXPANSIVE SCREENED LANAI
• HEATED POOL
• HIGH-IMPACT WINDOWS
• LUXURY VINYL PLANK FLOORING
• CUSTOM CABINETRY

Property features AI

Finance

• Financial info: Pets allowed with conditions (call; one dog at purchase/no additional dogs)
• HOA & community: Homeowners association with quarterly fee; Association fees include management, cable, insurance, internet, legal/accounting, grounds maintenance, pest control, reserves, trash and water; Community amenities: beach rights and access, pool, pickleball, storage, management; Community of 54 units; Elevator in the building

Exterior

• Parking: Assigned deeded underground parking (one space)
• Security: High-impact doors (security)
• Utilities: Public water; Public sewer; Cable available; High speed internet available; Municipal irrigation source
• Home design: Single-story; Entry level: 1; North-facing; Has a view; South exposure; Waterfront on the Gulf
• Construction: Block, concrete and stucco construction; Built-up/flat roof; Raised foundation with pillar/post/pier
• Exterior features: Security/high-impact doors; Automatic sprinklers/irrigation; Storage; Lanai, porch and screened porch

Interior

• Kitchen: Dishwasher; Disposal; Icemaker; Microwave; Range; Refrigerator; Refrigerator with ice maker
• Bedrooms: Includes screened porch and great room (room types listed)
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Furnished; Breakfast bar; Built-in features; Family/Dining area; Kitchen island; Open living/dining area; Shower only with separate shower; Cable TV available; Walk-in closet(s); Window treatments; High speed internet available; Sliding and impact glass windows; Sliding doors
• Laundry & utility: Washer hookup inside; Dryer hookup inside; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $899k.

Deal economics

• At list price, monthly cash flow is $6k ($77k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $899k).
• Cap rate 15.4% 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 $6k of loan paydown is wiped out by about $27k 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 $252k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y ago 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 $525k; list at $899k implies a 71% 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $899,000

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.12% ✓
• Cap rate: 15.44%
• Cash-on-cash: 32.66%
• DSCR: 2.45
• GRM: 3.9

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: 25.5%
• Equity multiple: 2.05×
• Total profit: $265,217
• Equity at exit: $134,044

10-year hold

• IRR: 33.2%
• Equity multiple: 4.04×
• Total profit: $764,973
• Equity at exit: $77,729

Cash invested: $251,720 (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.

Methodology + full state rankings →

ZIP-level market 33957

• Home prices YoY: -15.7%
• Active inventory: 526
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $19,067 medium
• Mortgage (P&I): −$4,714
• Tax est. 1.5%: −$1,124 /mo · $13,485/yr
• Insurance: −$375
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$2,000
• Vacancy / Maint / Mgmt: −$4,004
• Net cashflow: $6,423

Break-even live

Break-even rent $10,936

Max offer price $899,000

Occupancy floor 61%

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2445 W Gulf Dr Unit 47B Sanibel, FL	2.0	2.0	1243	$20,000	$16.09	23d	1	0.49mi
2445 W Gulf Dr Unit 32E Sanibel, FL	2.0	2.0	1243	$18,000	$14.48	23d	1	0.56mi

HOA detail condo

• Monthly dues: $2,000 · $24,000/yr
• Likely covers: landscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-18
   days on market $899,000 Active 9 DOM
2. 2026-06-17
   days on market $899,000 Active 8 DOM
3. 2026-06-16
   days on market $899,000 Active 7 DOM
4. 2026-06-15
   days on market $899,000 Active 6 DOM
5. 2026-06-13
   days on market $899,000 Active 4 DOM
6. 2026-06-10
   remarks 699-char remark
7. 2026-06-10
   listed $899,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥112°F today · 25 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: $228,802
• − Mortgage interest: −$50,358
• − Property taxes: −$13,485
• − Insurance: −$9,614
• − Repairs & maintenance: −$18,304
• − Management: −$18,304
• − HOA: −$24,000
• − Depreciation: −$26,153
• Taxable income: $68,585
• Est. tax owed @ 24.0%: −$16,460
• After-tax cash flow: $60,621/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

+9.1% since first listed

6 events — show timeline

• 2026-06-08 Listed $899,000 FORTMLS
• 2015-02-06 Listing Removed — FORTMLS
• 2015-01-07 Listed $695,000 FORTMLS
• 2010-07-06 Price Changed $744,900 FORTMLS
• 2010-06-30 Sold (MLS) $525,000 FORTMLS
• 2006-10-02 Sold (Public Records) $824,000 Public Records

Property tax history

-12.6%/yr

Latest (2025): $1,602 · -0.4% YoY. Source: county tax records.