200 Periwinkle Way #214 · Sanibel, FL 33957

$614,000

2 bd · 2.0 ba · 1,550 sqft · Condo public records · 303 Days on market

Built 1977 Good condition $396/sqft · 47% below area Est $1.158M · 47% under $1422/mo HOA · 12% 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 +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

FOR STATISTICS ONLY

Key facts

• Private beach access
• $1,422 HOA
• Parking

Tags

• VIEWS OF SAN CARLOS BAY
• IMPACT RATED WINDOWS AND DOORS
• RECENTLY REPLACED HVAC SYSTEM
• FULLY FURNISHED AND STOCKED
• PRIVATE BEACH ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $614k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $614k).
• Recommended offer: $540k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.3% 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 $12,197/mo this rent would consume 119% 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 $18k 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 $172k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 303 days — a 12% lower offer ($540k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $106k (15%) 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 $540,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 303 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 1977 — 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: 1.99% ✓
• Cap rate: 14.33%
• Cash-on-cash: 28.69%
• DSCR: 2.28
• GRM: 4.2

CMA / ARV

• ARV (median comp): $1,158,491
• List price: $614,000
• Delta: -47.00%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1101 Seagrape Ln Unit 5A	0.32mi	3/2.0 (+1)	1,633 (+5%)	20mo	$1,150,000	$704	55
1010 Kings Crown Dr	1.02mi	3/3.0 (+1)	1,597 (+3%)	9mo	$1,025,000	$642	44
651 E Gulf Dr #111	0.96mi	3/2.0 (+1)	1,542 (-0%)	26mo	$1,460,000	$947	39
1154 Harbor Cottage Ct	1.16mi	3/2.0 (+1)	1,493 (-4%)	19mo	$1,150,000	$770	38
976 Sand Castle Rd	1.29mi	3/3.0 (+1)	1,698 (+10%)	35mo	$859,000	$506	20
950 Sand Castle Rd	1.40mi	3/2.0 (+1)	1,773 (+14%)	32mo	$870,000	$491	16

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: 19.5%
• Equity multiple: 1.79×
• Total profit: $136,407
• Equity at exit: $91,549

10-year hold

• IRR: 27.9%
• Equity multiple: 3.48×
• Total profit: $425,964
• Equity at exit: $53,087

Cash invested: $171,920 (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: 2 active
• Median asking: $624,850 ($395/sqft)
• Median days on market: 182 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: +89.2% above current asking $/sqft

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: 4.2×

Monthly cashflow live

• Estimated rent: $12,197 medium
• Mortgage (P&I): −$3,220
• Tax from tax record: −$627 /mo · $7,521/yr
• Insurance: −$256
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,422
• Vacancy / Maint / Mgmt: −$2,561
• Net cashflow: $3,684

Break-even live

Break-even rent $7,533

Max offer price $614,000

Occupancy floor 65%

Sensitivity live

Price	-10% $4,032	-5% $3,858	+0% $3,684	+5% $3,511	+10% $3,337
Rent	-10% $2,721	-5% $3,203	+0% $3,684	+5% $4,166	+10% $4,648
Rate	-1.0pp $3,994	-0.5pp $3,841	base $3,684	+0.5pp $3,525	+1.0pp $3,364

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: $153,500
• Closing costs: $18,420
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
434 Lagoon Dr Sanibel, FL	2.0	2.0	1360	$6,000	$4.41	10d	1	0.47mi
424 Lagoon Dr Sanibel, FL	3.0	2.0	1704	$18,200	$10.68	119d	1	0.48mi

Property features AI

Finance

• Financial info: Pets allowed with conditions (maximum weight ~35 lbs)
• HOA & community: Monthly association fee (includes cable TV)Community amenities: beach rights and access, clubhouse, pool, tennis courts, management69 units in the communityCondo-hotel community with elevator; near hotel/motel

Exterior

• Parking: Assigned parkingGuest parkingOne assigned space
• Security: Smoke detectors
• Utilities: Public waterPublic sewerCable availableHigh-speed internet available
• Home design: Condo unit in a 3-story buildingEntry level: 2Resale propertyFaces east (primary facing direction)Has a view
• Construction: Block, concrete and stucco constructionBuilt-up and flat roof
• Exterior features: DeckOpen porchCommunity poolBay front waterfrontWest exposurePublic maintained road

Interior

• Kitchen: Electric cooktopRangeMicrowaveDishwasherDisposalRefrigeratorFreezer
• Flooring: CarpetTileWood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric)Central air conditioning (electric)Ceiling fans
• Interior features: Sliding and impact glass windowsFurnishedBreakfast barDual sinksSeparate shower (no tub)Cable TV
• Laundry & utility: Washer and dryer inside

HOA detail $1,422/mo · $17,064/yr condo

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

Listing history 50 events

1. 2026-09-24
   days on market $614,000 Active 303 DOM
2. 2026-09-23
   days on market $614,000 Active 302 DOM
3. 2026-09-22
   days on market $614,000 Active 301 DOM
4. 2026-09-21
   days on market $614,000 Active 300 DOM
5. 2026-09-17
   days on market $614,000 Active 296 DOM
6. 2026-09-14
   days on market $614,000 Active 293 DOM
7. 2026-09-13
   days on market $614,000 Active 292 DOM
8. 2026-09-13
   days on market $614,000 Active 291 DOM
9. 2026-09-11
   days on market $614,000 Active 290 DOM
10. 2026-09-05
    days on market $614,000 Active 284 DOM
11. 2026-09-04
    days on market $614,000 Active 283 DOM
12. 2026-09-03
    days on market $614,000 Active 282 DOM
13. 2026-08-31
    days on market $614,000 Active 279 DOM
14. 2026-08-28
    days on market $614,000 Active 276 DOM
15. 2026-08-26
    days on market $614,000 Active 274 DOM
16. 2026-08-24
    days on market $614,000 Active 272 DOM
17. 2026-08-23
    days on market $614,000 Active 271 DOM
18. 2026-08-21
    days on market $614,000 Active 269 DOM
19. 2026-08-20
    days on market $614,000 Active 268 DOM
20. 2026-08-19
    days on market $614,000 Active 267 DOM
21. 2026-08-18
    days on market $614,000 Active 266 DOM
22. 2026-08-16
    days on market $614,000 Active 264 DOM
23. 2026-08-15
    days on market $614,000 Active 263 DOM
24. 2026-08-13
    pricedays on market $614,000 Active 261 DOM
25. 2026-08-11
    days on market $624,000 Active 259 DOM
26. 2026-08-10
    days on market $624,000 Active 258 DOM
27. 2026-08-09
    days on market $624,000 Active 257 DOM
28. 2026-08-06
    days on market $624,000 Active 254 DOM
29. 2026-08-05
    days on market $624,000 Active 253 DOM
30. 2026-08-04
    days on market $624,000 Active 252 DOM
31. 2026-07-28
    days on market $624,000 Active 245 DOM
32. 2026-07-26
    days on market $624,000 Active 243 DOM
33. 2026-07-24
    days on market $624,000 Active 241 DOM
34. 2026-07-23
    days on market $624,000 Active 240 DOM
35. 2026-07-22
    days on market $624,000 Active 239 DOM
36. 2026-07-21
    days on market $624,000 Active 238 DOM
37. 2026-07-18
    days on market $624,000 Active 235 DOM
38. 2026-07-18
    days on market $624,000 Active 234 DOM
39. 2026-07-16
    days on market $624,000 Active 233 DOM
40. 2026-07-15
    days on market $624,000 Active 232 DOM
41. 2026-07-13
    days on market $624,000 Active 230 DOM
42. 2026-07-13
    days on market $624,000 Active 229 DOM
43. 2026-07-12
    days on market $624,000 Active 228 DOM
44. 2026-07-10
    days on market $624,000 Active 227 DOM
45. 2026-07-10
    days on market $624,000 Active 226 DOM
46. 2026-07-07
    days on market $624,000 Active 224 DOM
47. 2026-07-06
    days on market $624,000 Active 223 DOM
48. 2026-07-05
    days on market $624,000 Active 222 DOM
49. 2026-07-02
    days on market $624,000 Active 219 DOM
50. 2026-07-01
    days on market $624,000 Active 218 DOM

ⓘ 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: $7,521 · $627/mo
• Projected year-2 tax: $7,521 · $627/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 ≥113°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: $146,363
• − Mortgage interest: −$34,394
• − Property taxes: −$7,521
• − Insurance: −$8,188
• − Repairs & maintenance: −$11,709
• − Management: −$11,709
• − HOA: −$17,064
• − Depreciation: −$17,862
• Taxable income: $37,915
• Est. tax owed @ 24.0%: −$9,100
• After-tax cash flow: $35,114/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

Good 80/100 Cosmetic rehab Est. rehab $7,750–$23,250 screening

This well-maintained and turnkey townhouse is located in a desirable waterfront community with stunning views of San Carlos Bay. The home is in good condition with no major repairs needed, making it a great investment opportunity.

Components & finishes AI

Flooring tile Counters granite

Value-add opportunities

• Both Painting the exterior walls and siding — A fresh coat of paint can enhance the curb appeal and increase the home's value. ↑
• Both Landscaping improvements — Enhancing the landscaping can improve the home's curb appeal and increase its value. ↑

ⓘ 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: 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 with conditions (maximum weight ~35 lbs)
• HOA & community: Monthly association fee (includes cable TV)Community amenities: beach rights and access, clubhouse, pool, tennis courts, management69 units in the communityCondo-hotel community with elevator; near hotel/motel

Exterior

• Parking: Assigned parkingGuest parkingOne assigned space
• Security: Smoke detectors
• Utilities: Public waterPublic sewerCable availableHigh-speed internet available
• Home design: Condo unit in a 3-story buildingEntry level: 2Resale propertyFaces east (primary facing direction)Has a view
• Construction: Block, concrete and stucco constructionBuilt-up and flat roof
• Exterior features: DeckOpen porchCommunity poolBay front waterfrontWest exposurePublic maintained road

Interior

• Kitchen: Electric cooktopRangeMicrowaveDishwasherDisposalRefrigeratorFreezer
• Flooring: CarpetTileWood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric)Central air conditioning (electric)Ceiling fans
• Interior features: Sliding and impact glass windowsFurnishedBreakfast barDual sinksSeparate shower (no tub)Cable TV
• Laundry & utility: Washer and dryer inside

Price history

+403.2% since first listed

14 events — show timeline

• 2026-05-18 Price Changed $634,000 FORTMLS
• 2026-04-25 Price Changed $639,000 FORTMLS
• 2026-03-30 Price Changed $649,000 FORTMLS
• 2026-03-21 Price Changed $659,000 FORTMLS
• 2026-03-11 Price Changed $669,000 FORTMLS
• 2026-03-01 Price Changed $689,000 FORTMLS
• 2026-02-11 Price Changed $699,000 FORTMLS
• 2025-11-25 Listed $720,000 FORTMLS
• 2021-11-02 Listing Removed — FORTMLS
• 2021-10-29 Sold (Public Records) $786,000 Public Records
• 2021-10-29 Sold (MLS) $786,000 FORTMLS
• 2021-09-10 Listed $759,000 FORTMLS
• 1992-06-01 Sold (Public Records) $275,000 Public Records
• 1985-07-01 Sold (Public Records) $126,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $7,521 · +724.0% YoY. Source: county tax records.