1866 Ibis Ln · Sanibel, FL 33957

$625,000

2 bd · 2.0 ba · 1,167 sqft · SingleFamily public records · 149 Days on market

Built 1978 9,713 sqft lot $6/mo HOA

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Why this score? — see what drove the C- 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 +22.5/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.0/10.0
• 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

Excellent Opportunity to own a true artisan's home located in the heart of Sanibel on a very quiet culdesac street! This home had flood damage due to hurricane Ian and has been gutted to the studs, remediated, has electricity restored, and is ready for its new owner to customize to their liking. Come enjoy Island life and be a part of the wonderful "New Sanibel" to come. Enjoy the quiet and peaceful backyard backing up to conservation land, walk/bike to your favorite restaurants, library, Farmer's Market, or shop at all the local stores, catch the beautiful Sunrises/Sunsets with a quick 10-minute bike ride to the beach. This is one that you do not want to miss.

Key facts

• Fully renovated
• Metal roof
• Cbs construction

Tags

• FULLY RENOVATED
• ENERGY EFFICIENT
• CBS CONSTRUCTION
• METAL ROOF
• IMPACT RATED WINDOWS
• FULL FOAM INSULATION

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Annual association fee: $75; Non-gated community

Exterior

• Parking: Attached garage (1 space); Covered parking (1 space); Driveway; Paved parking
• Security: Security/high impact doors; Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available; High-speed internet available
• Home design: Single-story home; Resale property; Faces west; East exposure
• Construction: Block, concrete and stucco construction; Metal roof; Built on slab foundation
• Exterior features: Patio (open); Porch; Security/high impact doors; Smoke detector(s)

Interior

• Kitchen: Dishwasher; Disposal; Icemaker; Microwave; Range; Refrigerator; Refrigerator with ice maker; Kitchen island; Pantry; Breakfast bar
• Bedrooms: Main level primary; Bedroom on main level; Den
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air; Ceiling fans
• Interior features: Impact glass windows; Window coverings; French doors; Breakfast bar; Dual sinks; Kitchen island; Pantry; Tub/shower; Cable TV; Window treatments; Split bedrooms; Unfurnished
• Laundry & utility: Washer hookup; Dryer hookup; Laundry in garage; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $625k.

Deal economics

• At list price, monthly cash flow is $627 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $622k (0.5% below list).
• Recommended offer: $550k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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: 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: 526 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $19k 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 149 days — a 12% lower offer ($550k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $505k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $550,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 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 1978 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.00% ✗
• Cap rate: 8.32%
• Cash-on-cash: 7.22%
• DSCR: 1.32
• GRM: 8.4

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: -9.6%
• Equity multiple: 0.65×
• Total profit: $-61,274
• Equity at exit: $93,190

10-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-1,643
• Equity at exit: $54,039

Cash invested: $175,000 (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: 8.4×

Monthly cashflow live

• Estimated rent: $6,219 medium
• Mortgage (P&I): −$3,278
• Tax from tax record: −$315 /mo · $3,785/yr
• Insurance: −$260
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$6
• Vacancy / Maint / Mgmt: −$1,306
• Net cashflow: $627

Break-even live

Break-even rent $5,425

Max offer price $625,000

Occupancy floor 85%

Sensitivity live

Price	-10% $981	-5% $804	+0% $627	+5% $450	+10% $273
Rent	-10% $136	-5% $381	+0% $627	+5% $873	+10% $1,118
Rate	-1.0pp $942	-0.5pp $786	base $627	+0.5pp $465	+1.0pp $300

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: $156,250
• Closing costs: $18,750
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1992 Roseate Ln Unit 414 Sanibel, FL	2.0	1.0	900	$1,400	$1.56	4d	1	0.21mi
2445 W Gulf Dr Unit 32E Sanibel, FL	2.0	2.0	1243	$18,000	$14.48	25d	1	1.33mi
2445 W Gulf Dr Unit 47B Sanibel, FL	2.0	2.0	1243	$20,000	$16.09	25d	1	1.35mi

HOA detail

• Monthly dues: $6 · $72/yr
• Likely covers: electric

Listing history 23 events

1. 2026-06-22
   days on market $625,000 Active 149 DOM
2. 2026-06-17
   days on market $625,000 Active 145 DOM
3. 2026-06-16
   days on market $625,000 Active 144 DOM
4. 2026-06-15
   days on market $625,000 Active 143 DOM
5. 2026-06-13
   days on market $625,000 Active 141 DOM
6. 2026-06-10
   days on market $625,000 Active 138 DOM
7. 2026-06-09
   days on market $625,000 Active 137 DOM
8. 2026-06-07
   days on market $625,000 Active 135 DOM
9. 2026-06-02
   days on market $625,000 Active 130 DOM
10. 2026-06-01
    days on market $625,000 Active 129 DOM
11. 2026-06-01
    days on market $625,000 Active 128 DOM
12. 2026-01-22
    listed $625,000 Active
13. 2024-04-08
    historical
14. 2024-02-17
    listed $839,000 Active
15. 2023-06-29
    soldstatus $505,000
16. 2023-06-01
    soldstatus $505,000 Closed 679-char remark

    Show marketing remark (679 chars)

    Excellent Opportunity to own a true artisan's home located in the heart of Sanibel on a very quiet culdesac street! This home had flood damage due to hurricane Ian and has been gutted to the studs, remediated, has electricity restored, and is ready for its new owner to customize to their liking. Come enjoy Island life and be a part of the wonderful "New Sanibel" to come. Enjoy the quiet and peaceful backyard backing up to conservation land, walk/bike to your favorite restaurants, library, Farmer's Market, or shop at all the local stores, catch the beautiful Sunrises/Sunsets with a quick 10-minute bike ride to the beach. This is one that you do not want to miss.

17. 2023-05-01
    status Pending 679-char remark

    Show marketing remark (679 chars)

    Excellent Opportunity to own a true artisan's home located in the heart of Sanibel on a very quiet culdesac street! This home had flood damage due to hurricane Ian and has been gutted to the studs, remediated, has electricity restored, and is ready for its new owner to customize to their liking. Come enjoy Island life and be a part of the wonderful "New Sanibel" to come. Enjoy the quiet and peaceful backyard backing up to conservation land, walk/bike to your favorite restaurants, library, Farmer's Market, or shop at all the local stores, catch the beautiful Sunrises/Sunsets with a quick 10-minute bike ride to the beach. This is one that you do not want to miss.

18. 2023-04-06
    price $529,500 679-char remark

    Show marketing remark (679 chars)

    Excellent Opportunity to own a true artisan's home located in the heart of Sanibel on a very quiet culdesac street! This home had flood damage due to hurricane Ian and has been gutted to the studs, remediated, has electricity restored, and is ready for its new owner to customize to their liking. Come enjoy Island life and be a part of the wonderful "New Sanibel" to come. Enjoy the quiet and peaceful backyard backing up to conservation land, walk/bike to your favorite restaurants, library, Farmer's Market, or shop at all the local stores, catch the beautiful Sunrises/Sunsets with a quick 10-minute bike ride to the beach. This is one that you do not want to miss.

19. 2023-03-21
    price $540,000 679-char remark

    Show marketing remark (679 chars)

    Excellent Opportunity to own a true artisan's home located in the heart of Sanibel on a very quiet culdesac street! This home had flood damage due to hurricane Ian and has been gutted to the studs, remediated, has electricity restored, and is ready for its new owner to customize to their liking. Come enjoy Island life and be a part of the wonderful "New Sanibel" to come. Enjoy the quiet and peaceful backyard backing up to conservation land, walk/bike to your favorite restaurants, library, Farmer's Market, or shop at all the local stores, catch the beautiful Sunrises/Sunsets with a quick 10-minute bike ride to the beach. This is one that you do not want to miss.

20. 2023-03-06
    price $560,000 679-char remark

    Show marketing remark (679 chars)

    Excellent Opportunity to own a true artisan's home located in the heart of Sanibel on a very quiet culdesac street! This home had flood damage due to hurricane Ian and has been gutted to the studs, remediated, has electricity restored, and is ready for its new owner to customize to their liking. Come enjoy Island life and be a part of the wonderful "New Sanibel" to come. Enjoy the quiet and peaceful backyard backing up to conservation land, walk/bike to your favorite restaurants, library, Farmer's Market, or shop at all the local stores, catch the beautiful Sunrises/Sunsets with a quick 10-minute bike ride to the beach. This is one that you do not want to miss.

21. 2023-02-06
    listed $584,000 Active 679-char remark

    Show marketing remark (679 chars)

    Excellent Opportunity to own a true artisan's home located in the heart of Sanibel on a very quiet culdesac street! This home had flood damage due to hurricane Ian and has been gutted to the studs, remediated, has electricity restored, and is ready for its new owner to customize to their liking. Come enjoy Island life and be a part of the wonderful "New Sanibel" to come. Enjoy the quiet and peaceful backyard backing up to conservation land, walk/bike to your favorite restaurants, library, Farmer's Market, or shop at all the local stores, catch the beautiful Sunrises/Sunsets with a quick 10-minute bike ride to the beach. This is one that you do not want to miss.

22. 2001-03-05
    soldstatus $245,000
23. 1975-03-01
    soldstatus $14,000

ⓘ 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: $3,785 · $315/mo
• Projected year-2 tax: $5,188 · $432/mo
• Expected delta: +$1,402/yr (+$117/mo · 37.0%)

ⓘ 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 · 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: $74,626
• − Mortgage interest: −$35,010
• − Property taxes: −$3,785
• − Insurance: −$8,244
• − Repairs & maintenance: −$5,970
• − Management: −$5,970
• − HOA: −$72
• − Depreciation: −$18,182
• Taxable loss: −$2,606
• Est. tax savings @ 24.0%: +$626
• After-tax cash flow: $8,149/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

+4364.3% since first listed

12 events — show timeline

• 2026-01-22 Listed $625,000 FORTMLS
• 2024-04-08 Listing Removed — FORTMLS
• 2024-02-17 Listed $839,000 FORTMLS
• 2023-06-29 Sold (Public Records) $505,000 Public Records
• 2023-06-01 Sold (MLS) $505,000 FORTMLS
• 2023-05-01 Pending — FORTMLS
• 2023-04-06 Price Changed $529,500 FORTMLS
• 2023-03-21 Price Changed $540,000 FORTMLS
• 2023-03-06 Price Changed $560,000 FORTMLS
• 2023-02-06 Listed $584,000 FORTMLS
• 2001-03-05 Sold (Public Records) $245,000 Public Records
• 1975-03-01 Sold (Public Records) $14,000 Public Records

Property tax history

-0.3%/yr

Latest (2025): $3,785 · +10.2% YoY. Source: county tax records.